Financial services are a vital part of the global economy, and they help both companies and individuals manage their finances. The industry encompasses everything from banks to credit-card companies to investment funds, and it can be broken down further into several subsectors.

Some of the most important subsectors are banking, insurance and payment services. Banks provide a wide range of financial services, from checking accounts to loans and mortgages. They also offer a variety of other services, such as cashing checks and providing notary services. They can also be involved in the securitization of assets and other investments.

Credit card companies, such as Visa and MasterCard, enable people to make purchases with their cards. These companies earn money from merchants by charging them a percentage of each transaction. Other payment service providers, such as PayPal and Venmo, allow consumers to pay online without using a traditional bank account. Debt resolution services, such as Rocket Money, work with creditors to negotiate lower payments for those who are struggling to pay their bills.

Overall, professionals who work in the financial services sector are very happy with their jobs. They tend to have good promotion prospects, and a career in this field can be highly rewarding. It’s a fast-paced industry, and many roles require high levels of concentration, but those who are up for the challenge can find it to be incredibly satisfying. As a bonus, because the world of finance is so international, it’s often easy to relocate if you decide to change firms or locations.