The Financial Services Industry
Financial services are all about money – from putting it in the bank for a rainy day to buying and selling stocks. This broad sector encompasses everything from credit card companies and mortgage brokers to hedge fund managers and payment processors. It even includes all the people that help you manage your personal finances, like investment advisors and retirement planners.
While there is a lot of movement in the industry with many companies hiring and firing, it is a stable career path for those who want to stay in the field for long periods. This is mainly because the pay in this sector is good and there are opportunities for advancement. Plus, new tools and technologies are constantly being introduced to the industry so there’s always something exciting to do.
In addition, it is also a safe profession because the jobs are generally secure. With the Covid-19 pandemic causing stress and anxiety among consumers, it’s never been more important to build their financial wellbeing. Financial services firms can help them save money, invest wisely and keep their debt at a manageable level.
The major players in the financial services industry include central banks; depository institutions (savings and loans banks and building societies); insurance companies; credit unions; mortgage banks and housing finance agencies; financial intermediation firms such as securities dealers, factoring companies and hire purchase financiers; and providers of critical financial market utilities such as stock exchanges, clearing houses, derivative and commodity exchanges and payment systems including real-time gross settlement and interbank networks. They also include private equity funds and venture capital providers who provide investment capital to businesses in exchange for ownership stakes or profit participation.