When you think of financial services, you may picture banks, brokers and mortgage lenders. But that is just the tip of the iceberg, because this massive industry also encompasses other sectors like insurance companies and securities traders. And it doesn’t just serve people – it serves small and large businesses, nonprofits and even governments.

The financial services industry has many different sectors that work together to make the system function. These include credit-card companies, global payment networks and exchanges, debt resolution services, accounting and tax filing services. And, as the world continues to become more interconnected through technology, the lines between these industries are blurring.

In short, the financial services sector helps people and businesses get the capital they need to grow. For example, financial services enable individuals to borrow money to purchase consumer products such as computers and cars, or invest their savings into higher-yielding assets like real estate and stocks. And these companies help control the country’s money supply, reducing or increasing its liquidity as needed.

But the industry is not without its challenges. For one, there is a lot of competition for top talent. And, with new tools being introduced to the field seemingly every day, a successful career in financial services requires an ability to constantly learn and adapt. Plus, the majority of financial firms are for-profit, and as such they often place more emphasis on aptitude over tenure when promoting employees up the ranks.