Financial services encompass thousands of depository institutions, providers of investment products, insurance firms, other credit and financing organizations as well as the essential financial utilities that power their operations.
Money plays a vital role in life and the financial services industry plays an integral role in creating, managing and investing it. It allows individuals and organisations to save for emergencies or invest in stocks on the stock market; or lend it out when someone needs it most.
The financial service industry is a fast-paced, competitive field that offers you plenty of opportunity to advance your career and earn a good salary. Plus, it’s in high demand so if you want to move away from one city or company, the process can be completed quickly.
Finance offers a vast array of job opportunities, some well-known like investment banker or loan officer; others may not be so obvious.
Generally, pay in this industry isn’t particularly high, but it does have the potential for growth with experience. Furthermore, if you work for a large company, benefits such as health and life insurance may be provided to you.
Information technology has greatly shaped this industry, leading to automation of many job tasks. As such, financial services offer an ideal career path for those with an aptitude in computer technology.
Business and commercial banking – Provides a range of services, such as deposit accounts, loans, credit cards, investments to businesses, corporations, and individuals alike. Furthermore, they underwrite debt and equity for both private and public entities.
Mergers and Acquisitions – Underwrite, advise, and facilitate company mergers or takeovers.
Structured Finance – Craft intricate (usually derivative) products for high net worth individuals and institutions with more complex financial requirements.
Insurance – Provides coverage for both personal and commercial lines of risk through agents, brokers, and stockbrokers.
Financial services have a storied past. The first insurance policy was issued in 1680 following the Great Fire of London.
Real estate is another example of a financial good and service. A property purchase is one example, while everything that goes into supporting the transaction – like getting a mortgage, insuring it, or inspecting it – constitutes financial services.
In reality, the term “financial services” is often applied to any transaction that involves obtaining or protecting a financial asset.
Financial Services help to foster economic vitality by encouraging production, saving and investing activities. Doing so increases demand for goods and products, leading to an uptick in production and income – giving producers more profits to work with. In this way, economic growth and prosperity is fostered both for the economy as a whole and individual consumers within it.
