Breaking into the Finance Industry

Why would I wantto work in finance?

The UK finance sector in the UK is quite simply huge. Despite the economic slowdown brought on by start of the recession at the tail end of 2008 and the inevitable downsizing in employment that soon followed, the finance sector continues to be one of the most sought after destinations for newly qualified graduates.

Graduate salaries in banking are among the highest in the UK with institutions across the sector offering competitive salaries in a bid to attract and retain the best candidates.

But this has led to increased competition for jobs. In accountancy, for instance, there are around three graduates for every job and as many as 50 applications per vacancy for some of the more prestigious graduate programmes.

Nearly all businesses work on the basis of profit and loss, and it’s these in the finance departments who keep this in check so all the other areas of the business can be budgeted for correctly. That puts those in finance right at the very heart of every business

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The UK finance sector covers a wide range of areas and equally varied are the numbers of different job roles that are available from across the industry.

Bank Cashier - processing payments or issuing currency face to face or from a call centre

Risk Manager - using complex modelling systems to determine potential risk to a client’s assets and trading position

Accounting Technician - preparing accounts and performing tax audits

Management Accountant – assessing the potential financial future of an organisation.

Financial Adviser - providing strategic financial advice to private and corporate clients

Stock Broker - managing the investment portfolio of private clients or companies by buying and selling stocks and shares

Competition for jobs may be high but once you get your foot in the door the finance sector can provide a rewarding career. Sure, the hours can be longer than the standard 9 to 5, but the financial rewards easily make up for this.

The majority of roles are on a full-time basis. However, flexible working and part-time opportunities do exist although they are primarily limited to front-of-house positions in a bank or call centre.

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How much can you earn in the Finance sector?Salary by Gender Salary by Company Size

Salary by Experience Salary by Location

Salary by Job Role

Breaking into the Finance Industry

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What are the common finance career paths?

The variety of jobs available within the finance sector varies considerably with opportunities open to both graduates and non-graduates alike. So if you considering a new career within this sector and are wondering what options are available to you regardless of whether you have a degree or not, here are a few ideas.

For Non GraduatesThe most common route of entry for non-graduates into banking is working as a Bank Cashier before taking the next step up into a Senior Cashier then Bank Manager role.

From here you will move into a specialist role such as card services or operational management before reaching the top of the banking tree as a Vice- then President/Chief Executive.

On the financial services side, one of the most popular career options is that of Financial Adviser. Advisers can move up to Senior level and various management position within the organisation. Account Clerks can qualify for Accounting Technician status before choosing from a number of different career paths, such as Internal Auditor, Finance Controller, Tax Analyst or Senior Auditor.

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Further Reading- How can I choose the right company?

- What are my transferrable skills?

- Should I work part-time, temporary or permanent?

Breaking into the Finance Industry

Another popular choice is that of an Actuary. Upon completing professional qualifications, Actuaries can then progress relatively quickly into a managerial role with some opting to specialise in key areas of life insurance, healthcare or risk management, for example.

For GraduatesGraduate trainees will often start off on a ‘fast-track’ training programme which may lead to a managerial position.

Qualified Bank Manager’s will then follow the Specialist-to-Vice-President career path. Investment Analysts will take the logical step to become a Fund Manager before moving into an Associate position and ultimately Vice President.

On the other side of the finance sector, newly qualified Accountants will invariably move into a Senior Accountant, Financial Controller or Auditor position before working towards Chartered status. Thereafter, there are opportunities to continue into a Finance Director role, then Managing Director or Chief Executive.

Each company will have its advantages and disadvantages and it is important for you to choose the type of company that is right for you

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Job SearchesAccountancy Corporate FinanceFinancial Analysis Financial ControlFinancial Planning Financial SalesInsurance InvestmentsRisk Management Tax

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Where can I find out about finance employers?

Finding out about different employers and the different working environments that you may be expected to work in is one of the most important parts of your job hunt so that you can find the employer which best matches your requirements.

If you have recently graduated then your university is your first port of call. Visit the careers library which will contain a number of graduate-specific publications giving the low-down on some of the top employers within your chosen sector.

Speak with your former tutors and tap them for information on particular employers in your local area who they may be able to put you in touch with that may provide you with information on your chosen career and what it’s like to work for their company.

And who knows, they may even have a suitable vacancy where they work.

Even if you haven’t been to university, think of the people you already know. Do any of your family or friends work in finance? If not, do they know anyone who does? What contacts do your former colleagues, clients or suppliers have – will they be willing to put you in touch with someone who works in one of the companies you have earmarked as a potential employer?

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Breaking into the Finance Industry

When you finally get to speak with someone working in one of your target organisations, ask questions about how they started out, what qualities their employer seeks, and what constructive advice and tips they can give to help get your foot in the door.

Recruitment and graduate fairs also offer a great opportunity to meet with key personnel from some of the companies on your wish-list.

Seize this chance to introduce yourself, ask questions about their organisation, and establish a new contact that may be able to pull a few strings for you.

The finance sector is awash with industry-specific publications and websites that will keep you updated on the latest developments affecting the sector and provide information on some of the biggest players in the business.

And as one of the leading employment sectors in the UK, there are a number of industry associations that provide a more in-depth synopsis on your chosen area.

Key Industry Associations

- British Banker’s Association (BBA)- Building Societies Association (BSA)- Financial Service Authority (FSA)- Association of Chartered Certified Accountants (ACCA)- Chartered Institute of Management Accountants (CIMA)

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What qualifications are important in finance?

Regardless of whether you have a degree or not, your studying days are not over when you start your career in the finance sector. There are several professional qualifications that you will be expected to undertake if you have ambitions to progress your career further than the level you started at.

If you take the non-graduate route into banking, the lowest pointy of entry as a Cashier or Adviser will require a minimum of four or five GCSEs grades A-C, including Maths and English.

Once in the role there are a number of qualifications that you can study around your existing work commitments that will prove highly advantageous for those interested in management, including NVQ Levels 2 and 3 in Retail Financial Services or Customer Service, and NVQ Levels 1 and 2 in Contact Centre Operations.

Similarly, Financial Advisers and Underwriters may not need a degree to launch their career but, they will also be expected to complete parts 1, 2 and 3 of the Financial Planning Certificate.

With increased competition for places, more and more employers prefer to recruit graduates. Some investment roles, such as Fund Manager and Investment Analyst, look for accountancy, maths or economics graduates and encourage trainees to study for one of two main professional qualifications – Investment Management Certificate (IMC) and Certificate in Securities & Financial Derivatives.

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Breaking into the Finance Industry

Similarly, accountancy, which has traditionally been a non-graduate profession yet is now overwhelmingly (80%) made up of graduates who hold degrees in a mathematical or business discipline, although a HND is sometimes sufficient.

But unlike banking, postgraduate study is not necessary to progress your career in accountancy, with the exception of Management Accountants who are expected to complete the Certificate in Business Accounting followed by the Chartered Institute of Management Accountants (CIMA) Professional Qualification.

Holding a professional qualification demonstrates a keen interest in your field and can strengthen your application for your next position.

Given the high number of applicants in relation to the number of jobs available, any work experience that you have gained within your chosen sector will boost your application. Some of the so-called ‘Big Four’ accountancy firms, for instance, offer internships for penultimate-year graduates.

For everyone else, any work experience – either paid or voluntary - within an environment that teaches you the skills needed to work in the finance sector – such as analytical, numerical and communication skills - will be beneficial.

Find Finance Courses- UCAS- The Open University

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What skills are finance employers looking for?

Handling and spending other people’s money commands a high level of responsibility and requires a certain type of person. So employers within the banking, accounting and financial services sector look for candidates who possess a number of key skills and qualities to ensure that their investment in you will be one of the best they make.

As we have seen, there are a range of different jobs within the industry but regardless of whether you work as a Bank Cashier or are completing a graduate training programme to qualify as an Accountant, there are a number of key skills and personal attributes that are common to all positions, including:

excellent communications skills, both verbally and orally

good all-round IT skills

sensitivity and integrity yet assertive at the same time

an analytical and logical approach to problem solving

commercial awareness and interest in your chosen field

ability to work on your own initiative

motivated and ambitious

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Breaking into the Finance Industry

Some positions will require all of these attributes in addition to a very specific skill set.

For instance, Investment Analysts need to be politically and economically aware whilst being fully versed in all aspects of finance.

Stock Broker’s rely upon their expressive and strong interpersonal skills to forge highly profitable working relationships with their clients who in turn will trust them with their stocks and other investments.

And Accountants will be expected to have a greater understanding of and ability to deal with highly complex information.

Even though you may have never worked in this sector before doesn’t mean that you won’t posses some if not all of these skills. Employers are looking to find out what your ‘potential worth’ to their organisation could be.

So think of instances when you have used some of these skills in your old career, during your work placement or even non-work related activities.

Don’t get hung up in the fact that you haven’t had the opportunity to use them in a work situation – you are selling your ‘potential worth’ not your current value.

Further Reading- What are my transferrable skills?

- How can I improve my skills on my own initiative?

- Should I become a specialist or a generalist?

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What makes agood finance CV?

The fictional character Gordon Gecko’s “Greed is Good” tirade in the film Wall Street was the mantra that defined the money-hungry finance sector of the 1980s.

But as the real-life tale of rogue-trader Nick Leason in the 1990s soon reminded us, greed is not necessarily such a good thing – especially when it costs your employer some £827m and causes the collapse of one of the world’s oldest banks.  

However, there are better – and more secure - ways to get yourself noticed in this increasingly competitive finance sector without trying to prove that you are a risk taker (and an irresponsible one at that).

The secret to writing an interview-winning CV is to give an employer a glimpse of what they will get in return for their investment in you. With recruiters taking as little as 30 seconds to determine whether you will be short-listed or not, you need to catch their attention fast and breathe life into your CV.

In other words, you need to match your skills with those required by the job and show how- and to what effect- you have used them in a practical setting.

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Further Reading- How can I tailor my CV to an audience?

- What are my unique selling points?

- What are the classic CV mistakes to avoid?

Breaking into the Finance Industry

Instead of stating that you have ‘Strong numeric skills’, you need to quantify this so that the person reading your CV doesn’t sit there thinking So what? Add strength to these skills by saying:

“As President of my university rugby club, I was responsible for managing the finances of the club including budget allocation, sponsorship funds and expenses.”

or;

“During my internship working within the tax division of one of the leading accountancy firms, I was involved in a number of tasks, including verifying financial statements, analysing data, checking assets, and assessing the control’s within clients’ business systems.”

Work experience is important to employers but equally important is your ability to convince them that you have the potential to be a success in the job you are applying for. So whether you have experience in the finance sector or not, you need to include around six or seven examples of instances (like those above) in your former career or during university days when you have used the skills required for this job.

Consider who will be reading your application.  Avoid using abbreviations, technical jargon or job titles that may be confusing to someone reading your CV who has little or no knowledge of the sector you are coming from. Remember that CVs are often read at great speed so make sure it is clear and concise for the reader.

Free CV TemplatesBank Cashier Financial Accountant

Financial Analyst Investment Manager

Risk Manager

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What does the job interview process consist of?

Your CV has sufficiently impressed an employer to invite you to an interview. Now you are just a couple of steps away from securing the job that you want. But first you need to make a good impression at the interview.

Interviews can take a number of different formats and you need to know in advance which one will be used in your case.

Large graduate employers, for instance, will typically run an assessment centre at their head office that is designed to give you an opportunity to demonstrate your potential, skills and abilities by undertaking a series of tasks, such as group exercises with your fellow candidates, presentations and psychometric testing.

This can last anything from a few hours to an entire day, with time also made for a one-to-one interview.

Other employers will tend to follow the traditional two-stage interview process. The first will normally be run by the department head or line manager, and the second could involve a panel of two or more people, but rarely more than four interviewers – usually made up of a line manager, senior manager, and someone from HR.

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Breaking into the Finance Industry

Providing you do your research beforehand, you’ll be able to anticipate what will be asked of you at interview and have great answers to respond with. And the secret to pre-empting likely topics of discussion lies in the job advert itself. So make sure you keep a copy of it and highlight the key points it mentions.

For instance, if the advert says, ‘We are looking for a motivated and self-disciplined Accountant’, you should be expected to answer questions about instances when you have demonstrated your ‘motivation’ and ‘self-discipline’.

Perhaps your motivation is manifested in your efforts to keep abreast of the latest industry trends, or your self-discipline has enabled you to study for your Diploma in Financial Management around your existing work commitments.

Similarly, anticipate the ‘strengths and weaknesses’ questions that you inevitably be asked. And gather as much information as possible about the company.

Employers want more than a candidate with the right skills and experience – they want someone who has a genuine desire to want to work for their organisation.

So do your background research and ensure that you can talk confidently about them.

Further Reading- How do I make a good first impression?

- What should I wear to my job interview?

- How can I calm my job interview nerves?

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What career goals shouldI set myself?

Once you sign on the dotted line and become a fully fledged employee of the finance sector, it is natural for you to start looking towards the future to discover what opportunities exist for you to scale the dizzying heights of the industry.

Simply being in the position to even consider what path your career may take is an accomplishment in itself. With more than three-times as many job applicants as there are job available in the finance sector you have done well to ward off competition from your fellow applicants.

How far you progress in your career - and the time it takes you - is dependent on how motivated you are to keep your skills and industry knowledge updated, and the route of entry that you took to get where you are now.

For instance, if you are entering the sector fresh from university, most graduate training programmes provide the opportunity for fast-track career development, with many trainees moving into a management position at the end of their training before eventually progressing to a senior management role.

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Monster’s Career Snapshots show you the skills you need in order to take your career to the next level:Financial Accountant Financial Planner

Investment Banker Personal Banker

Risk Manager

Breaking into the Finance Industry

This is particularly the case in banking where a graduate will invariably reach Branch Manager level sooner than a colleague who entered the profession via the shop floor as a Bank Cashier, for example.

Even if you don’t have a degree yet have ambitions to climb the career ladder, the opportunity still exists for you to advance into more senior roles, albeit at a slightly slower pace.

Ultimately, career progression without undertaking further professional study will be sluggish at best. From NVQs in Retail Financial Services to Master’s in Business Administration (MBA), there are a number of accredited professional qualifications that the industry strongly advises you to study for which will enhance your career prospects.

As with any industry there is always more than meets the eye when you eventually dig deeper. Some things about the finance sector will be exactly how you imagined. Some will be worse than you expected and some will be much better.

The trick to knowing whether you have made the right career decision is to recognise where your interests and skills lie and if the job you are doing matches your requirements. And if they don’t, there are a wide range of other options available to you in finance sector where you can easily make a smooth transition from one field to another.

What Next?

If you’re still looking for advice on finding the right job, creating a great CV or tips on job interview, career-advice.monster.co.uk contains everything you ever wanted to know, and more!

If you’re ready to apply for jobs, upload you CV to Monster and then take a look through the latest Finance roles.

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They say that the grass isn’t greener on the other side, but often it is. Our series of eBooks brings together expert advice to help you secure the job you want and build a successful career.

For more career tools, visit career-advice.monster.co.uk.