Careers in Financial Services

Financial services

Financial services are the activities and processes that help people, businesses, governments, and institutions manage their finances. They include everything from paying bills and making loans to investing money and managing debt. The sector is huge, and it includes both for-profit companies and nonprofits that provide counseling services or money management advice. It is a vital part of every economy, and it’s important to understand the ins and outs of the industry before you decide to pursue a career in it.

Financial service providers play an important role in the economic development of a country by mobilizing savings and assigning credit. They work in doing optimum allocation of risk bearing by reducing, merging and trading various kinds of risks for mobilization of savings and lending credit to the people. They also facilitate reinvestment of savings and make payments to the depositors, borrowers and securities investors by administering payment systems like electronic funds transfer, issuing debit or credit cards, processing cheques, etc.

Another function of financial services is providing protection to the savers. They protect the investors from loss of funds due to fluctuations in business and natural calamities. They provide different insurance products to the investors like life, health, property, etc. The financial services also provide facilities like hire purchase, leasing and housing finance for the consumers to increase their standard of living by enabling them to buy expensive commodities.

They also facilitate the production of goods by supplying them with credit at reasonable rates for a long period of time. This enables the producers to maximize their returns on investment. They also ensure that the industrialists have sufficient amount of fund to finance their projects by providing them with long term loan facility.

Besides these, the financial services also provide other services such as bill discounting, factoring of debts, shifting of short-term funds in the money market, credit rating, e-commerce and securitisation of debts for effective funding management by the corporate houses and individuals. The financial services also ensure that the required amount of funds is available at the right time and in the right quantity for deployment in the business by raising it from the market through issuance of shares, bonds, mutual funds and debentures to the investors.

With the ever-growing need for financial services, there is no better time to consider a job in this field. It is one of the most lucrative careers around, and it pays better than many other jobs out there. Plus, the job security is great. Since financial services are so essential to the day-to-day lives of everyone, positions are always in demand. This also means that you have plenty of options when it comes to changing jobs or locations. This is especially true if you’re working in a niche within the industry, such as mortgage banking or asset management. This freedom of choice is an excellent perk for those looking to move up in their career. To learn more about the opportunities available in the financial services industry, contact Phyton Talent Advisors today.