When most people think of careers in financial services, they imagine bankers and investors. However, the industry is much broader than that. In fact, “financial services include everything that touches money,” says Ryan Duitch, president of Arro. That includes not only the obvious (banking, investing, insurance), but also less expected categories such as real estate and even debt resolution services.
Essentially, financial services are the initiatives and transactions that companies, governments, and individuals engage in as they pursue specific economic goals. These include purchasing products or assets, selling those goods or assets, taking out loans and other debt, and levying taxes that further specific monetary objectives. The financial services industry is one of the most powerful in the world, and when it’s strong, the economy generally follows suit.
There are numerous kinds of financial services institutions, from credit unions and mortgage banks to investment firms and insurance agencies. Some are conglomerates, such as banks that have purchased other firms (often in the insurance or brokerage industries) and combine them under a single umbrella brand. Others are more specialized, such as family offices that offer wealth management for high net worth families and private clients.
Regardless of the type of financial service, all offer a range of benefits to those who work there. For example, many companies provide extensive on-the-job training and mentorship, allowing professionals to learn and grow their skillsets. This is especially true of companies that promote from within based on merit, rather than tenure.