Financial services is a huge sector of the economy and one which employs millions of people. It helps us to save for the future, protect our property and health through insurance and allows businesses to grow by providing them with capital in the form of loans. A healthy financial services industry also gives us the confidence to discuss money matters openly, breaking down the taboo around talking about finance.
This industry includes banks and building societies, credit unions, fintechs, insurance companies, pensions providers, reinsurance firms and the many debt resolution agencies that exist. It also encompasses credit card companies, payment networks and clearing houses. Other parts of the industry include exchanges that facilitate stock, derivative and commodity trades and financial market utilities such as real-time gross settlement systems or interbank networks.
There are thousands of jobs available in this vast sector, but not all will pave the way to your desired career path. A degree is not always necessary, as some roles are entry level and offer a pathway into the industry even for those with no formal qualifications. However, if you’re serious about advancing your career, it’s worth considering the different sectors and the skills that are required to work within them.
Banking services provide a secure place for individuals to store their money, offering a variety of deposit products such as savings accounts and checking accounts that can earn interest. In addition, they allow consumers to borrow funds for a range of reasons such as buying a home or car. They also act as middlemen between savers and borrowers, extending credit to those who need it.