The Financial services industry provides a wide range of economic services. It includes a large number of businesses, such as banks, credit-card companies, and credit unions. In addition to providing these services, the industry also provides various job roles and educational requirements. To get more information about the career possibilities and education needed, read this article.
Regulatory bodies for financial services are groups of government agencies that oversee the operations of financial institutions. Some of these agencies are national, while others are international. The major purpose of financial regulation is to protect consumers. Some bodies also have additional goals, such as preserving the stability of the financial system. The Consumer Financial Protection Bureau (CFPB) is one such organization.
These bodies oversee the activities of financial firms and markets, and aim to keep the industry honest and transparent. They also publish statistics and reports to give consumers an overview of the financial services industry. Although these publications are often useful, they may not have all of the information that consumers need. Also, the information they provide may not be updated regularly.
Job roles in financial services range greatly. Many involve sales, risk-taking, and meetings with clients. Sales positions typically involve advising clients on financial products, such as checking accounts and mutual funds. Others require pitching ideas to clients. However, these roles often require special skills and training. For example, an investment adviser might sell stock options.
The financial services industry employs over eight million people in the United States alone and is expected to grow eight percent by 2030. With so many different job roles, it can be difficult to choose a career path. Luckily, there are some general job descriptions below to help you narrow down your options.
There are many career opportunities within the financial services industry for those with strong IT skills. These jobs can range from help desk work to developing computer grids or programming supercomputers. Typically, financial services companies have two sections within their IT department, one that deals with day-to-day systems, and one that focuses on developing new systems and integrating them into the firm’s current framework.
Those interested in working in the financial services sector should complete specialized education at a recognized university or institute. The education should include studies in economics, accounting, and finance. Careers in the financial services industry include commercial banking, financial planning, leasing, mortgage, and credit card services.
Financial services professionals help clients manage their wealth by providing investment management and tax strategies. These professionals have many responsibilities, and often need formal qualifications, including a bachelor’s degree and FINRA certification. They may also need a securities license. In addition, some states require financial services professionals to be certified as securities agents or Chartered Financial Analysts.
Many financial services careers involve direct contact with clients, and good communication skills are essential. Degrees in finance, economics, or business are typical prerequisites. Additionally, individuals should have a strong understanding of corporate governance, banking regulations, and foreign currency.
The financial services industry comprises several different sectors. These include insurance, products and financial planning. In the years ahead, the global financial services market is expected to grow at 9.9% CAGR, reaching a total value of $28.5 trillion by 2025. This growth will be fueled by growing demand for affordable loans and financial services and the adoption of new technologies.
In the United States, the financial services industry accounts for 7.4% of the total U.S. GDP, and employs 6.55 million people. The industry is a vital part of the U.S. economy, and consists of over 540,000 private and government establishments. According to the World Bank, there will be over six million employees working in the financial services industry in 2021.