Financial services encompasses a wide variety of activities that support the economic system. These include banking, investing, borrowing and insurance. The industry’s roots go back to 1680 when the first insurance coverage was offered to insure brick and frame houses against fire damage. For globalEDGE’s purposes, all work related to money and asset management is classified under the umbrella of Financial services.
A career in this industry could lead to a long and rewarding career path. The pay isn’t as great as some other sectors, but there are a lot of opportunities to get ahead and move up the ranks. Companies in this sector are known to promote from within based on merit, and many encourage their employees to pursue further education. They also tend to invest heavily in their employees, offering on-the-job training and a wide range of new tools and resources to keep up with the industry.
The four main sectors of financial services are commercial banks, investment firms, asset management and insurance companies. Commercial banks offer a wide array of products and services, including loans, deposits, credit cards and other electronic payment systems. They also underwrite debt and equity for businesses looking to raise capital or finance mergers and acquisitions. Investment firms, on the other hand, provide access to investments through various markets and investment vehicles to help clients grow their wealth. They are also known for their research and analysis capabilities, which can assist in the decision-making process.