When most people hear the term financial services sector, the first thing they’re likely to think of is the hustle and bustle of Wall Street However, there’s more to the industry than just stock trading and investment services.In fact, the financial services sector includes a broad array of different types of financial services companies. What’s more, financial services companies are considered to be one of the most important parts of the economy in many different countries. What Companies Are in the Financial Services Sector?
Two simultaneous trends currently characterize the financial services industry. One is specialization, where companies provide targeted services to customers. The other is globalization, or the expansion of firms into developing countries and emerging market nations.
Types of Financial Services Companies
Companies in this sector include:
- Investment banking firms
- Money managers
- Brokerage houses
- Banks
- Lenders
- Insurance companies
- Tax and accounting firms
- Credit card companies
Types of finance jobs
Choosing to pursue a career in finance is an exciting first step on your professional path. Here are some jobs you can get in the finance field:
Corporate finance
Corporate finance jobs involve managing a company’s or organization’s finances. Employers in corporate finance seek employees who are responsible, professional, and proficient. A bachelor’s degree in business, finance, or management is practically necessary. Working knowledge of how a corporation operates can differentiate you from other candidates. You may need exceptional organizational, communication, and technical skills for an entry-level position.
Financial planning and advising
Financial advice or planning is another exciting area of finance. Financial planning involves meeting with a customer and assisting them in developing a workable strategy for their personal or corporate resources. What Companies Are in the Financial Services Sector? As a financial adviser, you have the chance to assist individuals with their financial needs. If you’re knowledgeable about financial legislation, investment methods, or insurance regulations, you may be a valuable asset, helping businesses and individuals across a range of sectors.
Typically, this sort of employment requires a college degree in finance or business or several years of practical experience in the financial industry. Some qualities required for this type of profession are communication abilities, managerial abilities, and attention to detail.
Banking
This is typically the most well-known financial career in the financial field. Obtaining a job at a bank is an excellent entry-level employment choice for someone interested in pursuing a career in finance. Commercial banks provide a variety of financial services, including checking accounts, savings accounts, loans, and individual retirement accounts (IRAs).
Most banks require prospective employees to acquire a bachelor’s degree before beginning employment. The experience level and precise skill set needs may vary according to the position for which you’re applying. If you succeed in your local branch, you may ultimately receive a promotion to the corporate headquarters. What Companies Are in the Financial Services Sector? If you have interpersonal communication, customer service, and administrative abilities, a job in banking may be a good fit for you.
Accounting
Accountants play a critical role in ensuring the financial position of a business or individual. They can work alone, but most of them work for an accounting firm. Corporate accountants manage several financial operations to ensure the smooth operation of the business or organization. Private accountants audit and maintain their clients’ financial records to ensure they are complying with the law and making prudent financial decisions. A bachelor’s degree in accounting, finance, or business is often necessary for accountants. Accounting professionals usually excel at money management, decision-making, and corporate communication.
What Companies Are in the Finance Field?
There are over one million finance companies in the U.S. alone, including local, statewide, regional, national, and global institutions. Below, you’ll find information on the largest finance companies, as well as where to apply for jobs there.
Bank of America
Founded in 1904, Bank of America is one of the world’s leading commercial and investment banks. In addition to standard banking services, it offers wealth and risk management services and financial products such as business loans, credit cards, and mortgages.
Why is Bank of America one of the best finance companies to work for? It employs more than 200,000 people in a variety of positions, including teller, call center, and customer service jobs.
Capital One
Capital One is one of the world’s best finance companies. Its primary financial services include consumer and commercial banking and credit. Additionally, Capital Goods One prides itself on its financial inclusion, philanthropy, and high-quality customer support.
If you’re interested in working for Capital One, you can find a variety of jobs from customer service to software engineering. The company currently employs over 50,000 people.
American Express
American Express offers a wide range of credit options to individual customers, small and mid-sized companies, and corporations. In fact, American Express is known for introducing the first credit card in the U.S. and Canada in 1958. Today, it offers tons of member benefits and perks, including the redeemable Membership Miles program for travelers.
At American Express, you’ll find a diverse range of jobs, including financial analyst jobs, tech jobs, and travel agent jobs
Citigroup
As one of the top financial services companies, Citigroup offers commercial banking, financial advising services, securities services, treasury and trade solutions, and much more. The company got its start in New York City in 1812 but has since expanded its services globally. What Companies Are in the Financial Services Sector?
From customer service to financial advising and portfolio management, Citi offers a diverse range of jobs in the financial sector. In fact, more than 200,000 people currently work for Citi.
Why Work in the Financial Sector?
Now that you know what companies are in the finance field, let’s explore the top reasons to work for one of them. Here are four benefits you can expect when working for the top finance companies:
- High Earning Potential: If you’re looking for a high-paying career, finance is the way to go. Get a glimpse of how much you can earn in the finance industry with this list of the highest-paying finance jobs. Plus, you can use Monster’s Salary Tool to find out how much specific finance jobs pay. Just enter the job title and location into the search bar to see the median salary and pay range.
- Plenty of Career Options: Whether you just finished your finance degree or are an entry-level employee looking to move up, your career in the financial industry can go in any direction. Finance companies often look for skilled candidates to fill financial, marketing, management, IT, and legal roles.
- Tons of Growth Opportunities: No matter where you begin in the financial industry, there’s always room for growth. In fact, Monster has listed financial management as one of the finance jobs with the highest growth opportunities in the future. What Companies Are in the Financial Services Sector?
- Excellent Benefits: Benefits vary from one company to another. Some of the benefits offered in the financial industry include annual bonuses, 401k matching, stock options, health insurance, paid family leave, business travel expense coverage, disability and sick leave, and vacation time. Some companies offer student loan assistance, tuition reimbursement, rewards programs, company cars, and other incentives.
Conclusion
Companies in the finance field currently employ eight million people and are actively creating new roles year over year. Now that you have a better understanding of what companies are in the finance field, it’s time to think about your next step. If you enjoy working with numbers, are detail oriented and like structure, the financial sector offers many opportunities for you to thrive. With all the jobs available in this field, knowing which opportunities to apply to can be overwhelming. Take a moment to identify what you are looking for in a career and what you’d like to avoid doing so can help narrow down the best jobs to target.
