The finance industry is a vast realm that encompasses many different types of organizations. One of the more common types of financial services is the banking sector. Banks provide a number of services to consumers and businesses alike that range from a simple checking account, to issuing credit cards, electronic money transfers, notary services and more. Other financial services include credit unions, investment banks, brokerage firms and mortgage lenders.
These companies also offer a variety of other products such as mutual funds, insurance and hire purchase finance that help boost economic activity and create more jobs. They also help producers to maximize their returns by giving them the opportunity to raise finance at reasonable rates.
While a degree isn’t always necessary to break into the field, many people with degrees in finance often work their way up the career ladder more quickly than those without them. Networking is a huge part of getting into the industry, and many companies encourage their employees to continue their education and invest in on-the-job training.
In addition, the industry is heavily regulated. There are independent agencies that oversee the different financial institutions and ensure transparency and fairness to all. Some of the most prominent regulatory bodies in this industry include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency.
While the pay in this field isn’t massive, it can be quite competitive. The average salary is around PS45,000, and there is the potential to reach the high five figures.