Financial Businesses
You may not walk into your dream job right away, bur the good news is that finance is a vast industry, so once you’re in, there’s plenty of room to evolve, move around, and find your niche. First, however, you have to get your foot in the (entry level) door.
Anti-money Laundering and Anti-Terrorist Financing Act
The Anti-Money Laundering and Anti-Terrorist Financing Act (WWFT) entered into force on 1 August 2008. The Wwft provides a comprehensive set of measures to prevent the use of the financial system for money laundering or terrorist financing.
The WWFT reflects a risk-based approach. This means that institutions must perfom their own appraisal of the risks posed by individual clients or products, so that they may adapt their compliance efforts to those risks. The Wwft does not prescribe the manner in which an institution should achieve a certain goal, but only what goals should be achieved.
Client Assessment and Notification Duty
Client assessments consitute an important element in the set of measures available to prevent money laundering and terrorist financing. Whereas institutions must, in principle, comply with all client assessment measures, the intensity with which meansures are applied may be adjusted to the risk posed by a certain type of client, relation, product or transaction.
Fianancial and other institutions that, in a professional capacity or on a commercial basis, provide certain (financial) services identified by the law, must notify any unusual transactions to FIU Netherlands. Unusual transactions may be identified by using the so-called list of indicators.
Training Supervision of Compliance with the WWFT
ExpatFlex is capable of training staff that fulfill a statutory role in supervising compliance with the Wwft by institutions under its (prudential) supervision. Staff trained by ExpatFlex is capable of assessing and enforcing adequacy of the prcedures and measures implemented by the institutions to counter money laundering and terrorist financing.
Continuing Financial Education
If you’ve already graduated, continuing education is another great way to boost your financial IQ and demonstrat your commitment to a financial-sector career. Finance-specific credentials such as the chartered finanical analyst (CFA), certified public accountant (CPA), or certified financial planner (CPF) designations can all help your job prospects, depending on the particular facet of finance you are targeting.
Financial Analyst
Financial analysts work for investment companies, insurance companies, consulting firms, and other corporate entities. Responsible for consolidating and analyzing budgets and income statement projections, they prepare reports, conduct business studies, and develop forecast mopdels. Financial analysts research economic conditions, industry trends, and company fundamentals. They also often recommend a course of action about investments, reducing costs, and improving financial performance.
Financial Auditor
The role of the financial auditor is a particularly relevant one today. In the decade since the 2007-09 financial crisis and global recession, governments and regulatory agencies have imposed more stringent operational requirements and compliance standards on businesses, financial transactions, and investment practices. As a result, companies have had to become more diligent in their self-policing and reporting practices.
Auditors’ work somewhat overlaps with that of accountants, but their mandata is broader: They conduct risk assessments and are repsonsible for keeping the company from breaching regulations. As an auditor, you review companies’ financial statements and ensure that their public records are kept accurately and in compliance with existing legislation. You check not just the books, but overall business practices and procedures as well, suggesting ways to reduce costs, enhance revenues, and improve profits.
Investment Banking Analyst
Investment banking is one of the most prestigious areas of the financial sector; professionals within it assist individuals, corporations, venture capital firms, and even governments with their requirements related to capital. Investment banks underwrite new debt and equities for all types of corporations, aid in the sale of securities, take companies public, and help to facilitate mergers and acquisitions, reorganizations, and broker trades for both insitutions and private investors.
An analyst is usually the entry-level role at an inventment bank, hedge fund, or venture capital firm. The most common duties include producing deal-related materials, performing industry research and financial analyses of corporate performance, and collecting materials for due diligence. Recommendations based on your interpretation of financial data often play a role in determining whether or not certain activites or deals are feasible.
