When most people think of financial services, they probably envision banks and other businesses that manage money. However, there’s a lot more to the sector than that. Financial services include a variety of professional firms that help clients with their investments, credit and debt management, retirement planning, and much more.
A healthy finance sector is vital to the world economy and individual wellbeing. It helps people get the loans they need for mortgages, cars and education, enables individuals to save for their futures and protect their assets through insurance policies, and supports businesses as they grow.
The definition of financial services varies from country to country, but usually includes the central bank; depository institutions such as commercial banks and building societies; credit unions or cooperatives; credit and financial leasing companies; and other business services, such as payment systems, money market funds and deposit taking firms. In addition, it can include the securities industry and the providers of critical financial utilities such as payment processing, clearing and settlement, investment funding, and asset management.
Financial services are a crucial component of the global economy and they’re an integral part of our day-to-day lives. It’s because of the importance of the sector that we take great care to provide our customers with a wide range of products and services to suit their specific needs.
Our goal is to bring financial wellness to the world by enabling more people to take control of their finances and reach their potential. When people feel in control of their finances, they’re more resilient in the face of life’s unforeseen challenges and are better equipped to save for their goals. That’s why we work to raise awareness and support initiatives like Talk Money Week, to break the taboo around talking about money.
A career in financial services can be highly rewarding. You’ll work with a variety of people, from high-profile investors to the average person looking for help with their finances. You’ll also have the opportunity to learn new skills and build a diverse portfolio of experience. Many financial services firms are known for promoting from within, so it’s possible to advance quickly based on merit.
The downside to a career in finance is that it’s often stressful and challenging, especially for those working in the more regulatory sectors of the industry. These roles require extensive training and strict compliance with rules and regulations. There are also often long hours, as the industry isn’t immune to economic cycles.
If you’re interested in a career in financial services, it’s important to weigh the pros and cons carefully. It’s a fast-paced and demanding industry, but it can be extremely satisfying if you have the right qualities. It’s important to be quick-thinking, ambitious and a team player in this sector. Those who thrive in it will likely have a good work-life balance and enjoy the prestige that comes with the role. The pay isn’t huge, but it’s competitive and you’ll have the potential to earn well into the high 5 figures after a few years.