Financial services employment is offered by companies that deal in insurance, securities brokerage, investment banking, securities trading, investment management, securities analysis and financial planning. The wide array of activities performed in the financial services industry is associated with personal, commercial and industrial finance. One can apply for an entry level post or senior designation in fiscal services depending upon one’s experience.
Some of the financial services firms are relatively thinly-staffed. They have few management layers offering more opportunities to participate in decision making. Moreover, one employee is responsible for handling multiple tasks.
If you have the ability to work fast and deliver excellent results, the financial services industry is the best place for you. However, the work pressure can be too high for some. Financial services jobs require one to possess excellent communication and interpersonal skills.
Financial Services Employment: Services Providers
Financial services are provided by banks, credit card companies, consumer finance companies, stock brokerage, investment funds and few government sponsored enterprises. The financial services industry comprises of the following:
- Commercial banks: These financial institutions deal in the movement of money, foreign currency, shares, stocks, loans, pensions, trade finance, mortgages and pensions.
- Investment banks: These institutions deal with corporate finance. They also facilitate mergers and acquisitions, stock market analysis, capital market activity (for instance, shares and bonds), and fund and portfolio management.
- Independent financial advisors: They assist people in planning their financial future.
- Broking firms: These firms carry out the sale and purchase of stocks and shares.
- Insurance and reinsurance: Such companies offer financial protection against risk associated with premium cost.
- Unit and investment trust companies: Financial institutions that adopt various strategies, such as portfolio management, to help investors earn more on their investments.
Financial Services Employment: Compensation
Salaries of those working in the financial services industry are very attractive. Moreover, many companies offer bonuses which bring a lot of variability in the total compensation. The amount of bonus increases with an upward movement in designation. The major factor influencing bonuses is company profit. Those who are in sales jobs, especially financial advisors, are offered formulaic commissions depending on the company policy.