Financial services are the industries that directly handle money (including banking, investments, credit and lending, insurance and the redistribution of risk). They provide individuals with ways to save and invest their money securely, as well as help businesses get the cash they need for expansion.
Ultimately, a healthy financial services sector allows people to afford things like houses and cars. It helps businesses grow and expand, safeguards them against risks like death and illness, and provides the critical infrastructure to operate in a global economy.
It is the largest industry in the world, making up about a quarter of the global economy. It drives equity market capitalisation and earnings and serves as the backbone of a country’s financial system.
In addition to traditional banking services, there are other specialised subsector of financial services like private equity, venture capital and angel investors who supply investment capital to firms in exchange for ownership stakes or profit participation. There are also other providers of financial market utilities such as stock exchanges, clearing houses and derivative and commodity exchanges.
As a result of the vital role they play, careers in financial services are generally very high paying. However, it is important to weigh the pros and cons of this career field before committing. Our experts at Phyton Talent Advisors suggest that you consider the following before you decide whether a job in this industry is right for you.