Financial services is a broad term covering a variety of businesses that handle money. These companies include credit unions, banks, insurance firms, accountancy businesses, stock brokerages and investment funds.
The main goal of the financial industry is to manage money. This is achieved through a variety of methods, including depositing and lending money to customers. Some financial services also help people and companies make smart financial decisions.
Banks, credit card providers and insurance companies are the most common examples of these companies. These businesses are responsible for handling deposits, issuing and redeeming credit cards, and making loans.
These companies earn revenue primarily from fees and commissions. They also earn a portion of their revenue from the spread on interest rates charged between loans and deposits.
Other financial services involve investing in stocks, bonds and derivatives. These companies buy and sell these assets for a profit.
The finance industry is a large and diverse field that requires a variety of skills and qualifications. For instance, a financial advisor may have a bachelor’s degree in finance or accounting and pass the FINRA exam to become a licensed investment product salesperson.
A career in the finance sector can be very rewarding if you enjoy working with others and helping them reach their goals. If you are a person who wants to work with a global company, there is no shortage of opportunities in this field.