A Career in Financial Services

Financial services

Financial services include all the activities that help individuals manage their money and assets. This includes deposit-taking; lending of all types; financial leasing; payment and money transmission services; securities trading; securities underwriting; money broking; asset management, including pension fund management; custodial, depository and trust services; and all other advisory, intermediation and other auxiliary financial services (credit reference and analysis; investment and portfolio research and advice; advice on acquisitions; and corporate restructuring and strategy).

A career in financial services can be an excellent choice for people who like to interact with high profile individuals and companies on a daily basis. There is a very strong networking element to the industry and it would not be surprising to meet life-long friends in the City! The work can be intense and highly stressful at times, but many finance professionals feel that the rewards outweigh the pressure.

One of the biggest benefits of a job in the City is the opportunity to earn a high salary. The average salary in the City is around PS45,000, with the potential to increase to the high 5 figures over time. This is a very competitive industry, however, so it’s essential to be able to stay focused and remain ahead of the game. Many firms are known for promoting employees from within based on merit, and they offer plenty of opportunities for professional development.

The financial services industry is a vital part of the global economy, and it plays an important role in setting the standards for other industries when it comes to their business practices and regulations. It is estimated that a third of the world’s gross domestic product (GDP) is managed by financial services companies.

Financial services companies are also known as the ‘four pillars of the economy’ as they provide the necessary backbone for the rest of the economy to function effectively. Financial services contribute significantly to the GDP of all countries and are a key driver for economic growth.

Some of the most important players in financial services are banks, insurance firms, and credit unions. They are responsible for the vast majority of the financial transactions in any country.

Consumer financial services are made up of companies that help consumers afford products and services by allowing them to pay for them in installments over a fixed period of time, such as a credit card or mortgage. Consumers can use these services to finance major purchases or cover unexpected expenses, such as medical emergencies or disasters.

Commercial banking services are provided by corporate and investment banks. These companies underwrite debt and equity for public and private corporations, advise on mergers and acquisitions, and provide structured finance and asset management services to businesses with more complex financing needs. Other financial services provided by commercial banks include wealth management, credit-card and prepaid cards, international money transfers, and credit rating agencies. These services are used by both businesses and consumers. Financial services companies are known for investing heavily in their employees and providing plenty of training opportunities for new hires. The industry is also known for promoting from within, making it an attractive career option for ambitious graduates.

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