Financial services are a group of industry sectors that include deposit-taking, loan and investment services, insurance, redistribution of risk and other financial activities. They are the pillar of the economy, and play a crucial role in everyone’s daily lives.
There are a wide variety of roles within the financial services sector, and many employers will offer you intensive training to ensure that you have all the skills you need to succeed in your new career. Generally speaking, the pay isn’t huge but it’s a competitive field and if you do well in your role you’ll quickly find yourself earning a good salary.
A brokerage firm acts as a middleman between the buyers and sellers of securities, such as stocks, mutual funds, options, bonds and other financial instruments. This kind of financial service earns its revenue from commissions, which are paid to brokers on every trade they facilitate.
Insurance is a form of protection against unforeseen costs and potential loss. It covers a range of expenses, including health, car and property insurance. Insurance companies generate their revenue from premiums.
Pensions, credit unions, banks and fintechs all make commercial gains by building their customers’ financial wellbeing. They do this by providing products like loans, savings accounts and pensions and by helping people to manage their finances. However, despite the huge impact that financial services have on society, nearly nine million UK adults do not feel confident in making decisions about their money.