Financial services are a major part of the economy, providing capital and liquidity to businesses of all sizes. They also play a critical role in the country’s overall economic health and wellbeing, as well as that of individuals. A strong financial services sector leads to a healthy economy, which in turn means consumers are more likely to spend their money and boost businesses of all kinds.
The financial industry is made up of many different sectors, each with their own niche and specialization. Some of these include:
Credit services – Companies that offer a variety of lending options, including mortgages, factoring, and credit cards. They also provide investment products like mutual funds. Financial services also include debt resolution and global payment services such as Master Card, Visa, and RuPay.
Banking – Provides checking, savings and loan accounts, as well as investment products such as mutual funds, etc. Banking services are crucial to the economy because they facilitate capital flow and create jobs.
Insurance – The financial services industry includes agents and brokers who sell and purchase insurance for both individuals and businesses. There are also underwriters who assess and mitigate risk, and reinsurers who sell insurance to insurers to protect them from catastrophic losses.
Capital markets – Facilitates the trading of stocks, bonds and other securities. This includes public and private markets, as well as exchanges that trade derivatives, commodities, and other instruments. Financial services companies in this sector also provide underwriting and advisory services, as well as research and data analysis.
Investment management – Manages assets on behalf of clients, with the goal of meeting specified investment goals. This can be done through passive or active strategies, such as value investing or growth investing. Financial services firms also offer advisory and brokerage services to high-net-worth investors.
Family office – Investment and wealth management firm that handles the finances of a wealthy individual or family. They may also provide a wide range of other financial services, such as private banking, wealth management, and estate planning.
A strong financial services sector is vital to the world economy, and a good place to start your career. While it can be difficult to break into the field, there are many entry-level positions that allow you to build your skills and gain experience. With a little bit of patience and grit, you can land a job that pays very well and makes you proud to be a part of this industry. If you’re interested in a career in financial services, reach out to Phyton Talent Advisors today to discuss your options! We’ll help you find the right path for your unique needs and aspirations. Your network matters more than ever, especially in this highly competitive industry!