Careers in the Financial Services Sector

Financial services

The financial services sector consists of businesses that provide banking and other services related to the flow of money. This includes all lending (deposit-taking, loans and financial leasing); credit reference and analysis; securities trading; security underwriting; money broking; asset management, including pension fund management; custodial, depository and trust services; payment and transmission services; and the provision of auxiliary financial services (such as advice on acquisitions, investment and portfolio research and advice, and financial data processing).

The industry also provides insurance, which in turn protects individuals and companies from financial risks. Depending on the type of insurance, financial services can cover the risk of death or injury, the loss or damage of property, and even lawsuits.

Other ancillary financial services include debt resolution, global payment systems and networks (such as Visa and Mastercard), currency exchange and wire transfer services, credit card machine services and networks, and insurance-related services such as the issuance of life and property insurance, wealth management and retirement planning. In addition, the industry consists of professional services firms that help clients with accounting and taxation issues.

A career in the financial services can be rewarding and exciting as well as lucrative. The industry is highly competitive and offers great job stability as positions are always in demand. The financial services sector is important as it promotes investment, production and savings in a country, thus leading to economic growth. When this sector is strong, a country can enjoy economic prosperity and higher living standards for its citizens.