The financial services industry is a vital part of the economy, and it includes everything from banks to insurance companies. It’s important to understand the role these industries play in both your personal and professional life, as they’re responsible for helping you save, invest, and manage your money. But with so many different jobs and roles within the industry, deciding which one is right for you can be challenging.
What are Financial Services?
A financial service is any service that relates to the management of money, including banking, credit, and investing. It’s also any service that facilitates the movement of money from one person to another. These services are necessary for any society to function and are often seen as the backbone of a country’s economic infrastructure. A healthy financial services sector is essential for a strong economy, and it helps millions of people get the loans they need to purchase homes and cars, safeguard their property through insurance policies, and retire with adequate incomes thanks to savings and investment accounts.
In addition to these core areas, a financial service can include a broader range of activities, such as the facilitation of payments and wealth management. The main members of the financial services sector are depository institutions (including commercial and investment banks, building societies, credit unions, and credit cooperatives); credit-card companies; insurers; and private equity funds and venture capital providers. Other important members of the industry include brokers, investment agencies, and stock market companies.
Financial services are a crucial part of the economy, and there are many career opportunities available for those who want to work in this field. However, it’s important to note that not all roles are created equal, and working as a teller at your local bank won’t necessarily pave the way for you to become an investment banker. To find the right role for you, consider your career goals and skill set, then look for a position that aligns with those objectives.
The pay in the financial services industry can be competitive, but it’s not as high as some other sectors. The average salary for a professional in this field is about PS45,000 per year, but some positions can pay as much as the high five figures.
Working in the financial services industry can be stressful, especially for those who work in trading or asset management. These roles can require long hours, and it’s not uncommon to see workers put in 16- to 20-hour days. In addition, many financial services jobs are heavily regulated, which can stifle innovation and creativity. However, those who are driven to succeed and have the right mix of skills can still make a successful career in this field.