Careers in Financial Services

Financial services

The financial services industry provides a variety of economic services. It consists of businesses such as banks, credit-card companies, and credit unions. However, financial services are much more than just those businesses. It includes career opportunities and regulatory matters, too. Here are some things to keep in mind. Keeping these tips in mind can make it easier to find a rewarding career in this field.

Paying for financial services

Financial services are often paid for in a variety of ways. Some are flat-rate, others are paid by commission or profit. A recent study of 5,000 households found that consumers ranked clear fees over low ones. While people could always handle some financial services themselves, it is sometimes more convenient to pay someone else.

Earning revenue through fees

Fee income is a major source of revenue for financial institutions. This revenue allows them to cover the costs of providing their services and enjoy a small profit for each event. For example, banks earn revenue from fees for services like overdraft protection, teller checks, and money orders. However, many financial institutions specify which services are free.

Fee income is a controversial area, as there are several schools of thought on the subject. One school of thought holds that many services should be included in the monthly account charge, allowing customers to use them whenever they want. On the other hand, another school of thought argues that a fee for services that are not included in a standard account is acceptable.

Regulations

Today’s financial services industry faces a slew of regulations and frameworks. The Financial Regulatory and Compliance Group at Greenberg Traurig unites attorneys from offices around the world to advise clients on a range of national and global regulatory issues. These issues range from regulatory compliance and enforcement matters, to legislative and policy issues.

These regulations have a profound impact on competition. For example, the Financial Industry Regulatory Authority (FINRA) has set rules for cybersecurity, including implementing controls to detect cyber threats. In the United States, these regulations govern brokerage firms. Meanwhile, the Payment Services Directive (PSD) is an EU directive that promotes competition in banking.

Careers

Careers in financial services are in high demand and generally have a high rate of job security. This industry provides a variety of job opportunities in various locations, and there are many opportunities for advancement within the industry. Financial services are also a great option for individuals who want a flexible schedule and a balanced lifestyle.

In the United States, the financial market has grown dramatically over the last 20 years. It now accounts for one-fifth of all publicly traded companies. Whether you’re interested in investment banking, securities, or risk management, financial services offers a variety of challenging career paths.