A healthy financial services sector is a vital part of the nation’s and NYC’s economy. It helps people get the money they need to purchase homes, cars, education and more, as well as protect their property and health with insurance.
There are many career paths in the financial services industry, ranging from investment bankers and real estate agents to hedge fund managers and credit card lenders. If you want to make a difference in your community and help people get what they need, this is the industry for you!
Financial services include banks that offer checking and savings accounts, as well as lending money to customers. Some of the money deposited in a bank is required to stay on hand as FDIC reserves, but the rest can be used for loans.
Brokerages and loan associations also provide banking services, as well as mortgages and personal loans. They can also offer investments in stocks, bonds and mutual funds.
Insurance is part of the financial services industry, as are insurance companies, brokers and underwriters who provide services like searching for or negotiating rates on policies. They are responsible for protecting consumers from losses caused by fire, theft, weather and other accidents.
Managing finances for individuals and businesses is a complex job, but one that can be rewarding if you have the right skills. A financial advisor can help you set up an investment portfolio, determine which debts and equity to use and how much risk you should take. They can also help you assess the risk of a new business venture or assist with your real estate endeavors.