Financial services are the broad group of businesses and industries that touch your money in some way. They include everything from private banks to credit unions, investment firms and insurance companies. They also encompass accounting and tax services, international money transfer companies, credit card networks and payment processing systems. They are the heart of the economy, connecting individuals and organizations with the capital they need to grow.

A healthy financial services industry meets many needs: it allows people to invest in the things they want most, save for mortgages or education, and safeguard their health and property with insurance. It also allows businesses to secure loans and expand, providing jobs for millions of workers.

There are two kinds of financial services: financial goods and financial services. A financial good is something you own, like a car or a house, and the associated financial services are what help you obtain those goods and maintain them over time. For example, a mortgage is a financial product, but the loan process, inspections and paperwork are the financial services that support it.

The financial services industry is vast, and opportunities are plentiful for those with the right mix of hard and soft skills. For example, a successful career in finance requires strong math and data analysis skills. But it also relies on interpersonal communication and collaboration. A successful candidate will be able to work well with others and have the confidence to navigate complex financial documents. If you’re interested in learning more about this exciting field, enroll in a Forage finance virtual experience program.