ADD ADVICE TO FAVFinance & banking
There’s much more to working in finance than juggling numbers. Whether you want to run a high-street bank, look after the finances of a hospital, or work in the City as an investment banker, there are numerous opportunities available.
Finance is a competitive career area, but for good reason – it’s well-paid, there are further qualifications on offer and most employers recruit graduates from any discipline.
Finance and banking career areas
Most students entering finance train as accountants, with chartered, management and certified accountancy companies the biggest recruiters. Banking and insurance are also popular areas, followed by actuarial work and financial services.
Prospects for career progression are excellent. Further training and qualifications are necessary, but you’ll usually be able to obtain these through part-time study.
Finance is renowned for paying well, too. Don’t be surprised to see starting salaries of over £35,000 available. On top of that, performance-related bonuses are on offer in some areas.
Entry requirements for finance and banking
Employers can be choosy. Most do not look for degrees in specific subjects (actuarial work is an exception – nearly 90% of new entrants are maths and statistics graduates). However, they usually want a minimum class (very often a 2.1, but sometimes a 2.2). They may also look back to your A-level record, setting minimum standards there too. But academic worth isn’t enough, they also want an impressive combination of skills.
Look on any financial recruiter’s website and you’ll see lists of personal skills that the ideal applicant should have.
- ’Ability to relate to others’ – you will have to work with colleagues, often in small teams, and may work in different groups for different projects.
- ’Resilience’ – because you’ll probably be studying for exams after work, which will be hard going. If you fail one paper will you give up in despair or bounce back?
- ’Commitment’ – necessary if you’re going to put in all those hours after a day’s work.
Other common requirements are communication skills, problem-solving ability, teamwork, business awareness, interest in customer service, time management, leadership potential and, of course, numeracy.
In addition, cultural awareness and sensitivity are becoming increasingly important. Large financial companies are global organisations. Some graduates can expect overseas posting, while others work in this country with colleagues of other nationalities and backgrounds.
Several employers also mention the ability to question and criticise current practices. They do not want unquestioning acceptance of the status quo; instead they want new ideas that will take them ahead of their competitors. Could you be a financial leader of the future?
