We all know that the finance industry plays a crucial role in our economy. In fact, the growth and progress of a nation are heavily relying on its financial stability. Also, when it comes to providing jobs to people, the financial industry has a lot to offer, and without its existence, millions of people around the world will be unemployed. As a matter of fact, many aspiring professionals are aiming to land a job in this industry.
Also, with today’s technology, applying for financial institution is within reach. Most of the companies will post career vacancies online. In addition, many companies conduct job caravans such as the career fairs in georgia. However, before applying, keep in mind that working for this industry is not as simple as ABC. You must put an emphasis on many factors and always ensure that you find your niche before making your first step. In this article, allow us to break down the various sectors under the finance industry.
It’s safe to assume that all of us are aware that insurance firms are financial institutions too. Thus, this industry falls under finance sector as well. Also, we all know that there’s a lot of insurance policies such as life insurance, home insurance, auto insurance, health insurance and much more. Hence, it goes without saying that this sector employs millions of people around the world.
We all know that companies and corporations heavily rely on accountants and without them, the companies and corporations will most likely suffer significant financial loss. Also, accounting firms offer their services to help business entities reach its full potential.
As the name suggest, retail banking is a financial department that deals with retail customers. The primary product of retail banking is deposit accounts including checking, savings, money market, and certificate of deposits. Also, retail banks offer loans such as mortgages, auto loans, home equity, credit cards, student loans and personal loans. Retail banks also offer wire transfers, account transfers, and merchant payments. In addition, retail bank also deal with fraud, claims, forgery, and disputes. Thus, when it comes to employment, the retail banking employs millions of people around the world.
The role of business banking is comparable to retail banking. What separates them is the fact that business banks or commercial banks focus on corporations and business entities. They are dealing with deposit accounts for corporations, and they offer business loans too. In addition, commercial banks offer wire transfers, cash management, treasury management and private equity management. Plus, most of the commercial banks accept utility payments such as gas bills, phone bills, water bills and rental payments. Commercial banking is credited for employing millions of people around the world too.
Unlike retail banking and commercial banking, investment banking does not deal with deposit accounts. Also, investment banking is more complicated compared to retail banking and business banking. An investment bank works by providing services to individuals, corporations and even the government. Investment banks specialize in corporate finance, risk management, financial advisory, foreign exchange, capital raising, underwriting, research, and trading.