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Secrets of the Sectors: Finance

Introducing another new series on our news blog! A new collection of articles will be discussing various job sectors: Finance, Admin, Charity, Construction, Customer Service, Education, Engineering and more! We will be giving statistics on each of these industries, and giving inside knowledge as to what its really like to work in each field.

So let’s get to it!

Finance

If you’re interested in working in the finance sector, you should consider which area of the industry is best suited for you. The finance sector can be split into: Accounting, banking and finance, financial planning, insurance, investments and pensions, and tax.

Accounting

Accounting refers to financial accountants as well as managerial accountants. Financial accountants are responsible for the management and record keeping of a company’s accounts. Conversely, managerial accountants are more concerned with operational reports from within the company itself.

Prospective accounts should look to study the appropriate accountant qualifications. A specialist area should also be chosen, for example: audit, business recovery and insolvency, corporate finance, forensic accounting, tax. After these steps have been completed, the individual should try to find work or an apprenticeship in the industry. Many apprenticeships offer a way to achieving chartered account status whilst you work. Key firms that offer work in the accountancy sector are: Deloitte, EY, KPMG, and PwC.

Banking and Finance

Out of the all groups within the finance sector, banking and finance are the biggest employers. The role of people within banking and building societies is essentially to help individuals and companies to mange their money. This groups main employers include: Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland Group, and Santander UK. Moreover, investment banking employers include Citigroup and Morgan Stanley.

Insurance

Individuals wanting to work in insurance should expect to work closely with other professionals such as doctors, lawyers and fire officers. The insurer will work with other professions in order to gather evidence and asses risk, as well as settle claims against insurance policies. Companies such as Admiral, Aviva, RSA Group and Standard Life, are some of the UK’s main insurers.

Investments and Pensions

Professionals working within investments and pensions perform tasks such as researching the potential of funds and mitigating financial risks and liability. Additionally, investment companies will measure performance, support investment, assess risks, manage data, and be involved with trading and stockbroking.

Tax

This part of finance is often thought of as a subset of accounting. Tax professionals can work as advisers to their employer’s clients, or apply for governmental positions.

So how do I get into a job in Finance?

Most businesses within the finance sector will ask their employees to have at least a 2:1 at university level. If a university degree is not held by the applicant, employees may request a specific number of UCAS points or minimum A level grades.

Vocational finance qualifications can often be achieved once you are working in the industry. However, if you wish to complete these qualifications before applying for roles, employers may regard them as more important than a degree.

Many businesses within the finance sector offer jobs for graduates via graduate schemes or entry-level jobs.

Whilst finance sector workers work long hours, salaries can be high; starting at around £17,000 and reaching a potential of £56,000 in investment banking. The sector also offers much opportunity for progression, as well as bonuses, salary increases, and further benefits.

Where should I study?

If you want to study a finance degree, it’s worth considering the following universities:

  • University of Bath
  • University of Glasgow
  • Lancaster University
  • University of Leeds
  • University of Warick

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