Financial services are the economic services provided by the finance industry, which encompasses a broad range of service sector firms that manage money, including credit unions, banks, insurance companies, consumer and commercial finance companies, investment funds, and asset management firms. Financial services also include credit-card networks and credit card machines, global payment systems such as Visa and MasterCard, debt resolution services, and equity and bond markets. A key feature of financial services is that they provide incentives for individuals to save and invest, thereby driving economic growth.
In addition, financial services encourage consumers to purchase more goods and services and thereby promote consumption. This stimulates production and enables producers to earn higher profits. This in turn provides further impetus to saving and investing, and the cycle continues. The presence of financial institutions in the economy is one of the barometers of a country’s economy and shows how much economic activity is occurring. A busy capital market is indicative of the economic health of a nation and is a positive sign.
A career in financial services can be rewarding, with many positions offering competitive salaries and excellent benefits. In addition to the pay, employees often have access to a variety of training opportunities, with businesses in the field known for promoting from within and encouraging professionals to continue their education. Depending on the specific position, some jobs require a degree in a relevant field, while others simply need a good work ethic and the ability to learn quickly.
There are a number of different ways to get into a career in financial services, and some positions are more suited to certain candidates. For example, if you have connections that can vouch for your character and abilities, you may have a better chance of landing an interview for a job as an advisor or investment portfolio manager. However, entry into the industry is possible without a degree as well, and many firms offer on-the-job training as well as intensive mentorship programs that can help you develop the necessary skills.
Moreover, there are various professional associations for those looking to get into the industry. In addition, there are independent regulatory bodies that oversee the different financial institutions and ensure that their clients are treated fairly. These are an important part of the financial services industry, as they promote transparency and improve overall customer experience. In addition, they are responsible for ensuring that there are adequate safeguards in place to protect consumers from fraud and other risks.