Careers in the Financial Services Industry

The financial services industry is large and diverse, encompassing everything from banks to insurance companies. When it comes to choosing a career path within this field, the options can seem overwhelming. To help, we’ve broken down four key roles in the sector:

Depository services include deposit-taking (checking accounts, savings accounts, money market funds and mutual funds); financial leasing; payment and clearing services; and other ancillary financial services, including investment research and advisory, intermediation, and data processing. These services are used by savers and borrowers to obtain the financing they need to purchase goods or services, invest in new or existing businesses, make purchases or pay for daily living expenses.

Banking is one of the most well-known types of financial services and includes all activities related to providing credit, such as mortgages, consumer loans and credit card payments. Banks also offer a wide range of other financial products and services, including commercial loans and business loans; money market and mutual fund investments; securities trading; financial consulting and advice; and credit rating and evaluation services.

Insurance services are a subsector of the financial services industry that provides protection against risks, such as loss or damage to assets (e.g., car and home insurance), against liabilities, such as death and medical costs (e.g., life and health insurance), and against a range of other financial risks, such as interest rate fluctuations (e.g., annuities).

As the world’s economy has become more global and financial markets have diversified, many of these jobs have grown in importance. But working in this highly specialized field can also bring challenges, such as high levels of stress and long hours (it’s not uncommon for people in some positions to work 16 to 20 hours per day).