The financial services industry provides a variety of economic services to the public. It comprises many businesses, including banks, credit unions, and credit-card companies. This industry is also a prime target for cyber-attacks, which are why cybersecurity is so important for these companies. This article will discuss how to become a part of the financial services industry and what education is required.
Careers in financial services
Careers in financial services can be challenging and exciting. This industry is very diverse, with jobs in every sector ranging from providing bank accounts and credit cards to developing complex computer models and helping governments raise money. It is important to note that careers in financial services do require initiative, which is necessary for success. Many companies in this sector are open to taking on new challenges and developing new skills.
People who enjoy analyzing data will find careers in financial services rewarding. However, the sector is not for those with a weak analytical streak. This field requires someone who isn’t afraid of complex numbers and loves working with raw data. Anyone who has worked in a social science or business school will have some experience in analysing data, and financial services graduates will have experience in the field. Analytical skills aren’t limited to numbers though; they can be applied to just about any kind of essay.
An education required for a job in financial services typically includes a bachelor’s degree in accounting or finance. However, a master’s degree can also be helpful for advancement, particularly in positions that require a high level of responsibility. Depending on the type of job you’d like to pursue, you may also need special certifications or licenses. Those specializations typically require continuing education requirements as well. For example, if you’d like to work as a securities broker, you may need to pass the FINRA exam.
Financial services sales agents consult with clients on a variety of financial services and often cater to their specific needs. They must also be able to explain to potential clients how their services will benefit them. In addition to checking accounts, they may also handle certificates of deposit, individual retirement accounts, and credit cards. To work as a securities sales agent, you’ll need a bachelor’s degree, as well as economics, business, and other related courses. In addition, you may want to consider enrolling in a CFP Board-registered program, which provides training for client-facing planners.
Cybersecurity threats to financial services
The financial services industry is facing unique challenges when it comes to building resilience against cybersecurity threats. For example, financial services providers must consider uptime during cyber attacks, as well as how to maintain compliance with regulators. In addition, financial institutions must consider the lost business that can result from compromised information. In 2017, data breaches in the United States alone reached record highs.
Recent data breaches have heightened consumer concern about cybersecurity. For example, the breach of First American Financial exposed over 885 million files containing customer social security numbers, driver’s license information, and account information. Increasingly, financial services are also facing increasing regulatory scrutiny, as federal and state regulators respond to the threat of cyberattacks.
While external cyberattacks are a major risk, internal attacks are also a significant risk. For example, a disgruntled employee might offer up his or her credentials to hackers, or a bank teller may be underpaid and refuse to review security concerns. Human error is also a major concern.