The world of retail banking has moved on. Why not move with it?
The financial services industry is focused on saving, protecting and generating income. Virtually every adult has at least one financial product, and companies could not exist without the protection and income the sector provides. It is one of the country's biggest exports and is vital to the economy.
The industry covers personal and private banking, insurance protection and pensions, investments, the financial markets, accountancy and financial advice/management. To protect consumers, the Financial Services Authority (FSA) regulates the sector. Jobs are available in the following areas:
- front operations - banking personnel, insurance brokers, financial consultants and investment bankers work with clients, helping them to make informed decisions
- central operations - fund managers, debt collectors and stock market traders carry out decisions made by clients, such as a sale of shares
- back office - accountants, analysts, underwriters and insurance technicians research and process information, and maintain records.
The sector has undergone major transformations in recent years, with traditional high street banks and insurance providers diversifying to compete with retailers. New markets and products are constantly being developed, including property services, employee benefits, credit cards and loans. Technology is driving changes, with improved services for managing money and buying products online. Many clerical roles exist, although increasingly call centre and administrative support are often being placed with outside contractors.
Employers usually look for a broad range of personal skills, including being able to work well in a team, being self-motivated, having good communication skills, and showing an interest in financial and business affairs.
The sector employs over half a million people in the UK. Downturns in the economy can affect the number of graduate intakes and the stability of high-level positions. London is the key investment centre in the UK, however, financial jobs do exist in most towns in the UK in both the private and public sectors.
The financial services sector offers opportunities at all levels, and there is usually more than one route into a job. Vocational qualifications in business administration and IT can help secure jobs in banks, building societies or as insurance/accounting technicians. Some positions require a relevant degree.
Employers often provide some support for study, both financial and allowing study leave. Structured in-house training is complemented by professional qualifications approved by the FSA to enhance learning and provide transferable skills.
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