Financial services are an important component of the economy and play a major role in facilitating the flow of capital across the world. This industry is also responsible for enabling people to save for their futures.
The financial services sector encompasses a wide variety of companies that provide money management and related services to individuals, businesses, governments, and international organizations. These include banks, credit card companies, insurance companies, brokerage firms, and investment funds.
Banking is the most well-known of the financial services sectors. Banks and other banking institutions provide checking and savings accounts as well as credit cards, mortgages, loans, and other products to consumers.
Another key subsector of the financial services sector is insurance. Insurance companies provide services for protection against death, property loss, liability, and lawsuits.
Brokerage companies, which are not to be confused with banking, offer consumers a range of investment opportunities in stocks, bonds and mutual funds. They also buy and sell securities on behalf of their clients.
Other important financial services include asset management, which is the process of evaluating a company’s assets and making investments to increase its value. The industry is a large and complex one, with numerous opportunities for professionals to advance in their careers.
The field is often highly competitive, but it pays well. Most employees earn around PS45,000 a year, with potential to reach high five figures.