Financial services are a crucial part of the economy and provide help to both private citizens and businesses. They enable people to save and invest money, protect themselves against financial risks and expand their business both nationally and internationally. This industry includes everything from credit cards to loan opportunities. In addition, the industry also regulates and manages the financial system by monitoring and reporting on market misconduct.
There are a huge number of jobs in this sector. Some of them are obvious, such as investment bankers or mortgage brokers. However, some are less obvious. For example, Duitch notes that PayPal employees working in customer service or dispute resolution are in the financial services industry, as are people who work for a real estate company or a home inspector.
Other areas of the industry include stock market and trading, mortgage lending, consumer finance, insurance, and more. Many of these jobs are highly lucrative, but they also come with a high level of stress and a lack of work-life balance. People in these positions often work 16- to 20-hour days, and burnout is common.
Financial services are important because they allow for the free flow of capital, which is necessary for economic growth. They also help individuals and businesses save and invest their money, which in turn promotes economic dynamism. In addition, financial services provide a variety of other important services, such as factoring and invoice discounting, credit and debit card transactions, and shifting short-term funds in the money markets.