Financial services are a vital component of the national and global economy, impacting both individuals and companies. The sector includes everything from credit and debt resolution to banking, investments, credit card transactions and even insurance. The industry is regulated by independent agencies that oversee different financial institutions and uphold transparency and fairness for their clients.
Some of the most common financial services include global payment providers like Visa and MasterCard, accounting and tax filing services, debt resolution and credit score management companies and merchant account and card reader services for businesses. Other important sectors include investment services, which help consumers invest in the stock market and other opportunities, and credit and loan services such as mortgages, car loans and personal loans. Financial market utilities are also a big part of the financial services industry, providing platforms for stock, commodity and derivative exchanges and transaction processing systems.
As a result, there are plenty of career paths for those looking to work in the financial services industry. Whether you’re interested in banking, investments or something else entirely, the opportunities are vast and varied.
Whether you’re in a bank or working for yourself, there are a number of steps you need to take to get started. For starters, you’ll need to create a business plan that sets out how you’re going to run your company, what products or services you’ll offer and how you’ll make money. There are a number of different ways to do this, but some common options include charging a flat fee per service or an hourly rate, or collecting a percentage of the assets you manage for each client.