Financial services are a broad category of industries that encompass a variety of business activities. These activities include deposit taking, lending of all types (including credit unions and mortgage banks); financial leasing; payment services; securities trading; capital market activities; asset management and other auxiliary services. They can be grouped into three general categories: personal finance, corporate finance, and investment banking.
Personal finance includes the activities that individuals undertake to manage their income and spending, including savings and investments. Corporate finance includes the initiatives and transactions that businesses and governments undertake to further their economic goals. These activities may involve the inflow or outflow of money, and may include issuing stocks, borrowing, or levying taxes.
The financial services industry is a huge one, and it has a significant impact on the economy of countries around the world. Whenever this sector experiences trouble, it can have serious ramifications for the rest of the economy. When it thrives, it can boost confidence and purchasing power among consumers.
There are many different jobs within the financial services industry, and some of them can be quite lucrative. For example, a career as an equity analyst or fund manager can bring in salaries of up to PS45,000 – and this figure can increase with experience.
Other jobs in the sector include private equity and venture capital providers, which provide funding for smaller companies in exchange for ownership stakes or profit participation. Then there are those who work to underwrite and advise companies on mergers and takeovers. Lastly, there are regulatory bodies that oversee the operations of various financial institutions to ensure transparency and fairness for their clients.