Financial services encompasses a huge range of offerings, from insurance and money management to payments and digital banking technology. This broad industry includes everything from legacy banks and credit card issuers to emerging challengers. As a result, there are many opportunities to find work within the finance sector.

A crucial part of the economy, Financial services provide the means to put money to productive use. For example, instead of stashing their savings under their mattresses, consumers can give it to intermediaries who might invest it in the next great technology or allow someone to buy a house. These types of transactions are made possible through a well-developed network of financial markets that connect savers with those with investment ideas. The more lubricated this system is, the more likely it is that individuals and businesses can raise capital to achieve their goals.

The financial services industry is a key part of the national and global economies, and it’s home to many career-launching opportunities for intelligent, quick-thinking people who are willing to take risks. However, it’s important to understand what exactly financial services are before you decide whether or not it’s the right fit for you.

There are three general types of financial services: personal finance, consumer finance, and corporate finance. Personal finance refers to a person’s ability to plan, implement, and manage their financial activities that affect them directly. This includes how they earn money, spend it, save and invest it, and borrow. Consumer finance is a subset of personal finances that is made up of credit cards, mortgage lenders, and student and personal loans.

Corporate finance focuses on the financing of large companies, including those in the public and private sectors. This can include underwriting debt and equity for companies in need of funding as well as advising on mergers and acquisitions. There are also specialty areas in the financial services industry, such as structured finance, which specializes in creating intricate (and often derivative) products for high net worth individuals and institutions with more complicated financing needs.

In the past, the financial service industry was booming until it collapsed in 2008. While the industry is still recovering from that collapse, there are some signs of hope for the future. One is that more and more millennials are entering the workforce, meaning that younger workers will have access to more financing options than their older counterparts did.

While the pay in this industry isn’t as lucrative as some other industries, it is still competitive. Entry-level positions in this industry start at around PS45,000, and can rise to the high five figures after a few years on the job.

The best way to prepare for an interview in the financial services industry is to network with as many people as possible and learn about the different career paths available to you. It’s also a good idea to find a mentor in the industry, as they can help you navigate this fast-paced field and set realistic career goals.