The financial services industry includes a number of professional firms that deal with money management, investment, savings, lending and insurance. It also encompasses a range of supporting businesses, such as credit card companies and banks that offer services like debit cards and online banking, credit rating agencies and debt resolution services, foreign exchange services and wire transfer providers, and commodity asset and stock trading platforms.
These industries provide an essential service to the economy and are therefore vital to everyone’s daily lives. They enable consumers to buy goods and services that they might not otherwise be able to afford, and to save for the future. They also help business to grow by facilitating investments and production, and by providing an important barometer of the economy – a vibrant capital market is a sign of a healthy economic environment.
Getting involved in the industry means becoming part of an important community and will likely involve extensive training, mentoring, support and encouragement from your supervisors. You will probably be tasked with real work from the start, and as you gain experience, your salary may increase to around PS45,000, although it could be higher. This is still not as high as some other parts of the finance sector but it’s certainly competitive enough to attract smart and quick-thinking people.
A career in the financial services industry is exciting and challenging, and there are a number of different routes you can take. You might specialise in one area or be a generalist, and some roles require you to be highly knowledgeable about multiple aspects of the business. For example, a mortgage broker might need to know everything from the latest government policies to local property prices, while an insurance agent will be required to have extensive knowledge about different kinds of insurance.
Another option is to focus on the regulatory side of the industry, which involves ensuring that different types of financial institutions are operating within the law and maintaining transparency with their customers. This role is often carried out by independent governing bodies that are designed to oversee and enforce regulations in this area.
Banks are a key part of the financial services industry, and they’re responsible for holding and investing money for both individuals and businesses. They also act as a lender by helping people and businesses to qualify for loans which they can use for specific purposes, such as buying a house or car. Banks make their money by charging interest on the loans that they give out, and they also earn revenue from fees and commissions for their services.
Other financial services include investment funds, trusts and stockbrokers, which all buy and sell assets like commodities or stocks and shares. These types of organisations can also offer advice to the public about how to manage their own finances, and they can provide a valuable source of income for their employees. Finally, there are a number of angel investors who look for promising small businesses and startups to invest in, typically by purchasing a stake in the company and taking on some degree of responsibility for its future.