Financial services enable people to make big purchases and save for the future. They allow companies to invest in new ideas, and they provide a safety net for people when they need it. And they are vital to the economy, helping it grow and creating jobs.
Think about all the ways that people use money: They deposit it in banks, which then lend it out to others. This helps create a chain reaction of economic growth, as the businesses in this sector invest and produce goods to meet consumer demand. It also allows consumers to save and buy more of the things they love, which improves their quality of life.
But not everyone has access to financial services. Around 2 billion people lack access to basic services like checking accounts, credit cards or mortgages. Without them, they are less likely to be able to take part in their communities’ economies and build wealth. The not-for-profit organisation, Financial Services Volunteer Corps (FSVC), works to strengthen the financial sectors of developing countries so that people can get more out of their money.
The world of financial services is vast, encompassing everything from credit card companies to investment firms. But you can narrow your focus by deciding what type of financial product or service you want to work in. For example, you could choose to work in debt securities, which is where you develop and trade debt instruments that are sold in markets and traded on exchanges. Or you might choose to work in structured finance, where you design more intricate products for high-net-worth clients.