Financial services are the processes by which individuals and businesses acquire goods such as cash, credit or insurance. The sector is a vital part of the economy and plays a crucial role in personal financial wellness.
A wide range of financial goods and services are provided by the industry, from real estate to insurance and everything in between. Some of the most common types of jobs are in banking and investment, though there are many more.
Banks and other financial institutions offer various services to customers, including holding money, issuing loans and transferring funds electronically. They also provide services that allow people to make transactions abroad such as currency exchange and wire transfers.
Other organisations that deal with money include trust funds, stockbrokers and insurance companies. These organisations may buy and sell commodities such as coffee or oil, and aim to buy at a low price and sell at a higher one.
Government Benefits From Financial Services
The presence of financial services in the country allows the government to raise both short and long term funds to meet its revenue and capital expenditure needs. These funds are raised by issuing Treasury Bills in the money market and by selling government securities in the securities market.
Careers in Financial Services
The financial services industry is a broad, diverse and exciting area of work, spanning a variety of industries and areas of expertise. There are many different options for those seeking to build a career in this field, and the skills necessary are often transferable across other sectors.