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Helping you find a career in financial services

The financial services industry is one that can be fast-paced and demand long working hours. Yet the job is also hugely rewarding, with many financial professionals reporting that they feel inspired and motivated by seeing their work contribute directly to the success of their company.

The industry is responsible for managing money and assets of businesses or paying customers, as well as dealing with investing and lending. The financial services industry covers:

Commercial (or high street) banking
Investment banking
Financial advisors
Hedge funds
Private equity
Tax insurance Often, those working in financial services will be required to continue with their education while working. This means that with hard work, discipline and determination, a person can progress into more senior roles fairly quickly.

N Written by Navdeep

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Skills required for a career in the Financial services industry

If you're interested in a career in the financial sector, you'll need to have a good head for numbers. You'll frequently be required to coordinate with other departments (such as the marketing or sales department) so you'll benefit from having great communication and teamwork skills while also being able to work comfortably on your own.

Negotiation is a core skill that you'll likely need at some point during your career too. More skills include:

Typical Financial services career progression routes

Apprenticeships are now offered at all levels and across every sector of the financial industry. Completing one allows individuals to qualify as highly skilled specialists and taking this route can really help you progress in your career.

Job titles differ greatly across each sector and will, therefore, depend upon which one you choose to concentrate on with your apprenticeship. However, individuals can go on to be responsible for leading teams as well as delivering on core areas or services of businesses.

More information can be found on the Institute for Apprenticeships.

Typical Career Development for the Financial services industry

All financial services roles require some expertise and/or technical knowledge, so it's very likely that you'll need to complete some sector-specific training. Every part of the industry has its own professional bodies. Some of these include:

Retail banking: The London Institute of Banking & Finance, Chartered Banker Institute (CBI)
Commercial Business banking: The London Institute of Banking & Finance, Chartered Banker Institute (CBI)
Workplace pensions: Pensions Management Institute (PMI)
Investment management: Chartered Insurance Institute (CII)/Personal Finance Society, The London Institute of Banking & Finance, CFA Institute/CFA UK, Chartered Institute of Securities & Investment (CISI)
Investment banking: CFA Institute/CFA UK; The London Institute of Banking & Finance
Operations: Chartered Banker Institute (CBI; Chartered Institute of Credit Management (CICM), The London Institute of Banking & Finance; Chartered Institute of Securities & Investment (CISI) The relevant professional bodies in whichever part of finance you're working in will be able to advise on courses, and might even run some themselves.

How much do Financial services professionals get paid?

As an apprentice, you'll earn a minimum of £3.70 per hour if you're under 19 or in the first year of your apprenticeship, or the National Minimum Wage if you're over 19. This works out at around £150 - £240 per week.

The industry is known for paying its professionals generously and this applies to all sectors. Investment banking, for example, also rewards hardworking professionals with bonuses that can significantly boost their basic salary.

The average salaries for a range of financial services roles, according to PayScale, are included below:

Private banker: £58,748
Investment banker: £60,000 + bonus
Tax manager: £47,549
Insurance underwriter: £26,388
Insurance broker: £25,867
Hedge fund manager: £83,600
Portfolio manager: £57,300
Investment strategist: £113,700

What qualifications do I need for a Financial services career

To get a job in this sector as a school leaver, it's a good idea to undertake a vocational qualification. A diploma, certificate or short course that's regulated by the Financial Services Authority (FSA) can give you the practical skills you need to get a job in this sector.

Professional organisations such as the FSA, as well as colleges, can provide these qualifications.

Alternatively, you could look at apprenticeships in finance. Apprenticeships will see you studying and working for a company at the same time. You will work alongside experienced staff and will have one day off per week to study, usually at a local technical college or equivalent. This can be a great route for those who don't want to go to university.

Financial services further reading

Royal Economic Society British Insurance Brokers' Association Association of British Insurers (ABI) Chartered Insurance Institute
Chartered Institute of Taxation
The Association of Taxation Technicians
UK Finance The National Skills Academy for Financial Services The Financial Conduct Authority (FCA) The Prudential Regulation Authority British Bankers Association

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