Breaking into the Finance Industry

Why would I want

to 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

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.
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• 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.

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

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Breaking into the Finance Industry

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 Graduates

The 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.

Further Reading
- How can I choose the right company?
- What are my transferrable skills?
- Should I work part-time, temporary or permanent?
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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 Graduates
Graduate 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
.

Job Searches
Accountancy Corporate Finance
Financial Analysis Financial Control
Financial Planning Financial Sales
Insurance Investments
Risk Management Tax

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Breaking into the Finance Industry

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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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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Breaking into the Finance Industry

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.
 www.monster.co.uk

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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Breaking into the Finance Industry

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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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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Breaking into the Finance Industry

What makes a
good 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.

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?
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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 Templates
Bank Cashier Financial Accountant
Financial Analyst Investment Manager
Risk Manager

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Breaking into the Finance Industry

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.

Take part in a Virtual Job Interview to find out if your

answers are what Finance employers want to hear.

Click here when you’re ready to begin.

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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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Breaking into the Finance Industry

What career goals should

I 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.

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
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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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 Breaking into the Finance Industry

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