The financial services sector consists of the businesses that assist individuals and corporations with investing their money. It also encompasses the services that help people with transferring funds, credit and debt management. It includes companies that are involved in insurance, banking, money market, factoring and hire purchase finance etc. This industry is a powerful economic force and its practices, standards and operations affect the way other businesses operate.
Careers in this industry are generally very secure, although this largely depends on the size of the company and your own personal skills. Salaries are typically good and will depend on the level of experience, but it is worth noting that bonuses are often not available.
There are a number of different jobs available within the industry, such as underwriters who assess risk for insurers and advise investment bankers on loan risks. Brokers buy and sell securities on behalf of their clients, whilst prime brokerage is an exclusive type of bundled broker service meant for high-net-worth individuals. There are also companies that specialise in advising and providing wealth management solutions, such as family offices.
Many of these financial services firms offer a variety of specialised services, such as stock exchanges, credit rating agencies, venture capital financing and leasing, mortgage and debt resolution services. They also provide global payment services, including debit and credit card networks and international wire transfers. They can also offer a variety of ancillary services, such as foreign currency exchange and credit card machine services.