Financial services are the activities that businesses and individuals undertake to manage money, including saving, investing, lending and borrowing. They include banking services (deposit-taking, savings accounts; loans and credit cards; cash management); securities trading and brokerage; underwriting of debt or equity for issuance of bonds or shares by companies; and payment and settlement services. The financial services industry is an essential part of the global economy because it lubricates the channels through which people and businesses raise and invest capital, and distribute risk.
Financial markets channel savings to those with investment ideas and thereby help individuals and businesses meet their financial goals and grow the economy. Financial services also provide insurance products like health, life and property to individuals to protect them against losses and unforeseen events. In addition, the sector is a key source of liquidity, a necessary ingredient in economic growth, as well as a vehicle for redistribution of wealth and income.
The vast scope of financial services offers many career opportunities for professionals who have the right skills and passion. However, it is important to carefully consider each job title and how it fits into a candidate’s overall career plan before making a decision. While some entry-level jobs within the industry may offer excellent training and valuable experience, they might not help a candidate move up the corporate ladder in the long term. Furthermore, the fast-paced nature of the industry means that employees often need to learn and acquire new tools quickly.