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The term “financial services” comprises many different things. There are a plethora of opportunities in the financial sector for candidates to find the right fit. From banking to investments and beyond, the options are vast and varied.So if you are considering a career in financial services, you first need to get an idea of the industry’s scope in order to decide which path best suits you and your skills.Here are the main types of financial services for you to consider:
Banking includes handing deposits into checking and savings accounts, as well as lending money to customers. About 10% of the money deposited into banks must stay on hand, as dictated by the Federal Deposit Insurance Corporation’s (FDIC) reserve requirement. The other 90% is available for loans. Some of the interest the bank earns from these loans is given to the customers who have deposited money into the bank.
This branch of financial services helps both people and organizations with a variety of tasks. Financial advisors can help with due diligence on investments, provide valuation services for businesses, aid in real estate endeavors, and more. In each case, advisors help to guide people in the right direction when making financial decisions.
This type of financial service helps people to save money intelligently, and receive a return on their investment when possible. If you have a 401K program through your employer, that is one type of wealth management.
Mutual funds institutions offer a type of investment that multiple parties share in. These investments are managed by a professional, not the investors themselves. The buy-in for a mutual fund is not quite as large as some traditional investments in bonds, the stock market, or the like, so they are a popular option for people who are a little hesitant with their finances. The investments are also diversified, which helps to mitigate risk.
This is one of the most common areas of financial services. Most people have some understanding of insurance; it is a system that you pay into monthly or annually which acts as a safety net and covers costs of some large expenditures which are often unforeseen. There are many kinds of insurance: health, auto, home, renters, and life insurance, just to name a few.
If you want to work in this industry, you need to research and understand not only the different kinds of financial services, but also the different kinds of financial services institutions. Below are just a few kinds of institutions that offer the aforementioned services.
If you’d like to further explore a career in financial services, take a look at our job listings. If you choose to apply, one of our expert recruitment consultants will be in touch with relevant opportunities.
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