Financial services are those industries that provide banking, insurance and investment products to consumers and businesses. The sector is a major contributor to economic growth and is constantly evolving to meet customer needs, particularly in a time when people are becoming increasingly aware of the risks involved in debt and money management.
It is also under increasing pressure to make commercial gains while delivering improved customer service. Despite technological advances, there is still widespread lack of understanding of financial products and services, high levels of indebtedness and poor money management among many UK consumers.
The financial services industry includes thousands of depository institutions (banks and credit unions), providers of investment products, insurers and other credit and financing organizations. It also includes the companies that provide critical financial utilities, such as clearing and settlement. In addition, there are a number of non-bank financial services providers, including credit-card companies, mortgage brokers and insurance agents.
A financial good is a product or service that is related to finance, such as a car or a house. Financial services are the things that go into securing those financial goods, such as mortgages and insurance policies. These include the inspection and appraisal of a property or car, the credit checks, the loan approval process, the legal work and the mortgage documents.
Some financial services are available only to those who have enough money to afford them, while others are more widely available, such as bank accounts and credit cards. A third category of financial services are the investment banks, which make money by underwriting and arranging debt and equity issues for firms.
Financial services are also vital for those who want to start their own business. The help provided by these services can make it easier for budding entrepreneurs to take risks and invest in their ideas, boosting economic dynamism.
Lastly, the financial services sector helps governments to raise short-term funds and fund capital expenditures. This can be done through the money market or the bond markets, where government securities are traded.
The financial services sector offers a range of career opportunities that are suitable for people from all walks of life, from entry-level positions to highly-skilled roles. Most of the major employers in this field are heavily invested in their employees, providing them with intensive training and mentoring to give them the tools they need to succeed.
A career in this industry is incredibly rewarding for people who are intelligent, quick-thinking and team players. But it’s important to remember that, as a competitive industry, it only takes those who are most likely to flourish to make it to the top. Not everyone will be cut out for the fast-paced world of financial services, so it’s best to consider your options carefully before diving in! The good news is, the salaries in this industry are very attractive, especially compared to other sectors. You can expect to earn a salary of up to PS45,000 within this sector after just a few years in any role, with the potential to rise to the high 5 figures.