Financial services are the activities involved with managing and exchanging money. They include banking, investing and insurance. The financial services industry is a huge part of the economy and employs millions of people around the world. It helps individuals get the loans they need for mortgages, cars and college and allows them to save for retirement and other goals. It also provides businesses with the capital they need to grow and prosper.
Typically, people think of banks, stock brokers and mortgage lenders as separate entities but all three are part of the financial services industry. Other financial services include investment companies, credit unions and loan associations, finance companies, debt resolution services and even real estate agencies. The lines between these sectors are becoming increasingly blurred thanks to advancements in technology.
A healthy financial services sector is vital to a nation’s economy and helps everyone in it, whether they are an individual consumer or a large corporation. A bank is a place where customers can deposit and withdraw funds, but it’s also a provider of credit card services, personal loans and even mortgages. Investment firms help people make smart investments in things like stocks and bonds that can provide a high return over time.
Many people are drawn to careers in the financial services because they offer great pay. Depending on the type of role and the company, entry-level salaries in the field can start at PS45,000 and increase to the upper 5 figures as you gain experience. Bonuses aren’t as prevalent as in other industries but you can expect to be promoted based on merit.
Another perk of a career in the financial services is job security. As an in-demand industry, positions are usually secure and there is a wide range of positions available. This makes it easy to find a new job should you decide you want a change in location or challenge.
However, it’s important to note that jobs in the financial services can be stressful, and work-life balance can be difficult. You will likely be required to work long hours and face a lot of pressure, particularly in the case of investment banking and hedge fund management roles. It’s also not unusual for people in these roles to work 16-20 hours a day, which can lead to burnout and other mental health issues.
If you’re thinking about a career in the financial services, it’s important to know the different types of roles and products available. This will help you determine if it’s the right industry for you. Then, you can start looking into specific jobs and begin your search for the perfect role to suit your needs. The Phyton Talent Advisors team is ready to guide you through the process, so connect with us today.