Before forming Maigrit PLC and other businesses, I, Ike Madu, have been into the financial industry for over four years. Having worked as a manager and eventually as a Senior Consultant for companies that provide financial services, I, Ike Madu, have encountered a lot of prospective clients with misconceptions about the financial industry. In this view, I, Ike Madu, will provide some insights on its scope to give people a better understanding of the financial services industry.
Meaning Of Financial Services
Financial services involve money management of banks, finance companies, stock brokerages, investments and the like. It also includes the management of credit unions, consumer-finance institutions, credit card companies, and government-sponsored enterprises.
The Role Of Financial Services Industry in The Economic World
Engaging in every economic location, financial services industry, managing funds and moving them from one entity to another, the financial services industry is a major player in the global economy. With its growing market from individuals to partnerships, non-profit organizations and even to government agencies, financial services industry's scope is not only in banking, securities, and financial planning.
The financial services industry plays even bigger than that. It has a broader scope which includes Financial Information Services, Accounting Firms, Financial Consultation, and Regulatory Agencies and Securities Commissions. The industry is also responsible for Financial Management that functions as a corporate controller, treasury and even Internal auditing. These functions are commonly mistaken as Accounting responsibilities, but in fact, they are more on Financial services and management.
Share of The Financial Services Industry in the Market
A lot of people think that the financial industry has a little portion but as it holds a huge proportion in the world economy, the financial services industry also constitutes a fair share in the marketplace in terms of equity. However, in the aspect of earnings, the financial arena still has a room for growth.