Five Highest Paying Jobs in the Financial Services Industry
What are the main functions that financial firms perform? Finance is a wide term that includes many things regarding the study, development, and management of financial assets and investments. All financial firms have one goal and that is to provide low-risk investment opportunities to investors. The most important function of financial firms is to participate in the financial markets. They participate by buying and selling financial securities, borrowing funds from banks and issuing loans to businesses.
In Digital Waves , we will discuss some of the top five highest-paying jobs in the financial services industry. We will look at treasury, credit, banking, investment, and mergers and acquisitions. Our discussion of these topics will help you decide which position is best for you. As always, your specific situation and objectives will help you determine which position is right for you.
The largest financial firms in the world are usually members of the New York Stock Exchange, or NYSE. This group of global companies specializes in both shares and derivatives, currency, insurance, bond, and mutual funds. Many of the financial firms also provide financial services to individuals as well.
Financial firms also participate in the banking sector. Banks are primarily responsible for the secure keeping of customer financial information. In addition to this, banks provide financial services such as lending money, making investments, and dealing in the sale of goods and services. Many financial services industry workers are employed by large banks.
A number of financial institutions specialize in providing insurance policies. In fact, nearly all of the major financial institutions in the world are involved in some form of insurance activities. Insurance is necessary because there can be claims made against an entity when it becomes damaged or ill. Some types of insurance policies are risk management insurance policies, life insurance policies, property insurance policies, and automobile insurance policies. Therefore, financial firms must always have insurance policies to provide coverage in the event of any accidents or illnesses that may occur on their properties or assets.
Another segment within the financial industry that requires many employees are accounting professionals. Accountants are responsible for gathering financial data and preparing financial reports for different levels of the company. Many financial firms hire accountants with a background in accounting. Typically, people who have a degree in accounting will be considered for entry level positions in the financial industry. Individuals who have experience in analyzing financial data may be considered for upper level positions.
An individual with knowledge of the business is needed in the corporate finance department of a financial firm. Corporate finance refers to the section of a financial firm devoted to the acquisition and disposition of company assets. This includes investments, partnerships, mergers, and acquisitions. An individual with experience in the area of business will be considered a valuable employee and will be able to climb the ladder of success within the company. In order to excel in this position, it is important to have strong writing skills and a background in accounting or finance. Even those who have a bachelor's degree in business or economics may find their way into the corporate finance department if they are properly groomed.
Financial firms must continue to grow and thrive to remain in operation. With Digital Waves and a dwindling number of consumers, financial firms must increase their ability to provide customer service. According to KPMG, financial service firms will have to adjust their strategies to meet the changing needs of their clients and customers.
According to KPMG, the greatest opportunity for increased revenue will come from creating new products, services and operational procedures to stay ahead of competitors. The creation of digital information is expected to create an "appetizing" platform for financial firms to compete in the market. Additionally, new regulations concerning mutual funds, insurance, credit cards, securities, derivatives and commodity markets are likely to create a need for financial advisory positions in brokerage firms.
Other positions in the financial services industry are available at different levels. Accountants perform an accounting job by collecting and analyzing financial data, preparing financial reports, and implementing financial solutions. Brokerage firms also work with borrowers and lenders to process their loans and provide advice on how to handle financial problems. Actuary works with healthcare companies to help determine the cost and treatment for patients and manage healthcare costs.
According to KPMG, analysts and brokerages should take advantage of big data and operational procedures. KPI or key performance indicators should be included in financial service firms' business plans. New procedures such as mobile, wireless and video analytics are likely to create new opportunities for financial firms. Big data analytics, artificial intelligence and social media can help firms analyze customer behavior. Finally, financial services professionals who develop new online applications can anticipate future competition.
