The Financial Services Industry

The financial services industry encompasses all work related to transferring, managing and investing money. It includes banking, credit unions, investment firms, and insurance companies, among others. Its diverse offerings support economic growth and development by encouraging strategic investments and fostering a culture of savings. It also supports businesses by providing essential financial infrastructure and facilitating domestic and international trade.

In the past, each sector within the industry specialized in its own niche. For example, banks offered checking and savings accounts while loan associations primarily provided mortgages and auto loans. However, beginning in the 1970s, consumers began to shift their money away from big banks and into other sectors like brokers and mutual fund companies. As a result, these companies began to expand their range of products and services. The lines between sectors became increasingly blurred and today the financial services industry is incredibly expansive.

Those who are looking to enter the workforce in this field should know that while the potential for earning is high, it’s also a very competitive career path. In addition to intense training and on-the-job learning, most roles in this industry require a bachelor’s degree or higher in subjects like accounting, mathematics, or business administration. In addition, the ability to network with the right people and build a solid portfolio are essential for success in this field.

Once on the job, most roles are typically paid on a salary + commission basis. This means that a successful candidate can earn anywhere from PS45,000 to the upper 5 figures, depending on the specific position. In addition, a good number of employers offer opportunities for career progression and additional education, helping employees move up the ranks even faster than they might in some other industries.

It’s worth pointing out that financial services is a cyclical industry and many roles aren’t immune to economic slumps. In addition, it’s important to understand that this type of work isn’t particularly stable and can be very stressful at times.

Ultimately, the key to success in this field is to focus on what you do best. If you have a strong understanding of current trends and customer needs, coupled with an ability to build relationships and network with clients, you’re destined for success in this lucrative industry. Just remember to be patient and persistent and don’t let a few setbacks derail your dreams. Then, you can begin to reap the rewards that come with a career in financial services.