The financial services industry provides a wide range of economic services. These businesses include credit unions, banks, and credit-card companies. There are also a number of careers in the financial services industry. Here’s a look at what these businesses require in order to succeed. Also, read on to discover what’s excluded.
Careers in financial services
The financial services industry is growing, and it offers an exciting range of career options. According to the Bureau of Labor Statistics, there are over six million jobs in the sector, and its output is expected to grow 15.2% over the next decade. The sector is also rapidly evolving. New technologies and increased customer expectations are creating fertile ground for disruptive innovation. With this in mind, financial services professionals need new skills and expertise to remain competitive. Compliance officers, AML and KYC officers, and financial risk managers are just a few of the career opportunities available in this growing industry.
Careers in financial services are also extremely lucrative. As Phyton Talent Advisors work with professionals in the field, we see firsthand that the pay in these fields is substantially higher than in other industries. This is especially true for entry-level positions in the field. With the right training, aspiring financial services professionals can make significant advances in their career and see their pay rise generously.
Education required
Education required for financial services positions usually includes a bachelor’s degree in business or accounting. Some jobs also require sales skills and passing FINRA exams. In addition, some financial services jobs require Certified Public Accountant status. Keeping up with industry trends can help you remain competitive and provide better service to clients. Read trade publications and follow industry leaders on social media.
Entry-level positions in financial services include customer service representatives, accountants, and credit analysts. While these positions are less prestigious, they can give you invaluable experience in the financial industry. Internships at financial institutions are also helpful in gaining valuable experience. Additionally, many jobs in the field require strong communication skills. This means that you must be friendly and able to explain complex concepts to clients.
Exclusions from financial services
The consultation document lays out criteria for financial services entities to be excluded from the Amount A calculation. However, many financial services entities do not meet all of the criteria. Some are standalone businesses, while others are part of larger financial services groups. Therefore, their revenues may be included in Amount A. However, there are exceptions, such as those that deal in asset management or reinsurance.
A third example of an exception is the Regulated Financial Services Exclusion. This allows a business to exclude its profits from the Double Taxation Mechanism and Safe Harbor. However, to qualify for this exclusion, the financial services entity must meet the criteria of the Regulated Financial Services Exclusion. The company must then file documentation and apply the revenue threshold.