Financial services refer to the range of businesses that manage money, including banks, credit unions, insurance companies, accountancy firms, stock brokerages, investment funds and some government-sponsored enterprises. They are found in every economic-developed country and cluster in local, national, regional and international financial centers.
The presence of these enterprises ensures that the economy is functioning in an effective manner. Moreover, the presence of these institutions also enables a country to raise adequate finance to boost production and improve its economic status.
Some of the key financial services are – banking, credit card, hire purchase, insurance and asset management. These services are used by individuals and businesses to enhance their income and standard of living.
A bank is one of the oldest forms of a financial service provider and it takes deposits from individuals and earns interest from those funds. In return, it lends that money to other businesses or individuals in need of cash.
An investment banker is a financial services professional who manages funds, and he often works for a large investment firm or bank. He may work in an office, but he also can be out on the road meeting with investors.
Another important service that financial services provide is money transfer and payment processing. These firms allow consumers to deposit and withdraw money through various online and mobile apps.
This sector has a broad scope of operations and is subject to government supervision and regulation, depending on the country. These agencies make sure that consumers are treated fairly and that the providers of these services are following the laws of the land.
It includes thousands of depository institutions, providers of investment products, insurance companies, credit and financing organizations and the critical financial utilities that support these functions.
These services include everything from currency exchange and wire transfer to credit cards machine and network providers, debt resolution, and global payments providers such as Visa and Mastercard.
The financial services industry is a highly competitive and dynamic field that requires excellent interpersonal skills. It can be very rewarding to find a job in this field and be part of an organization that helps others.
Whether you want to work in a traditional, big-name finance firm or in a smaller, more community-oriented company, the field has career opportunities for everyone.
Some of the perks of working in this sector are:
It is a secure career that pays well and offers a good deal of freedom to move about in your job, city, etc.
You can choose a role that will give you the best chance of success in your future, such as becoming an investment banker or working in the insurance industry.
There are a lot of options for you to take when choosing a career in this sector, but remember that not all positions will pave the way to a high-level position or even a promotion.
The key to succeeding in this career is to be proactive and stay on top of the latest trends in the industry. You can do this by attending financial industry events, getting certified, and developing an extensive set of transferable skills that will be helpful no matter where you end up in your career.