Financial services comprise one of the most important and influential sectors in our economy. They provide a range of services that help individuals and businesses manage money, including banking, insurance, stock brokerages, and asset management.
Banks and investment banks are examples of financial services, although many other businesses also offer these services, such as credit unions, insurance companies, and stock brokers. In recent years, there has been a rise in the use of technology to augment, streamline, digitize or disrupt these traditional services.
Consumers need a range of financial services, such as mortgages and life insurance policies, to protect themselves and their families. Insurance providers, including insurance brokers and underwriters, are also a part of the financial services industry.
Governments use financial services to raise short-term funds and meet capital expenditure requirements. They can do this by issuing Treasury bills in the money market or selling securities in the stock market.
The industry is highly regulated, which means that firms are under a lot of pressure to stay compliant with changes in law and regulations. This can be challenging, but is essential for financial service firms to ensure that they are protecting their customers and keeping up with the latest security standards.
In addition to providing these services, financial services are also a critical driver of the national and global economy. In fact, the stronger the financial services sector, the healthier the economy is.
The financial services industry is a competitive field that pays well, especially in entry-level roles. You can expect to earn PS45,000 at entry, and you can quickly see a substantial increase in pay over time if you work hard and are willing to work collaboratively.