Graduate Job Guide: Banking & Finance

To many of us, the world of banking may seem like a dull and dreary place to work, but high finance, or even the everyday world of commercial banking, savings and loans, and even insurance, can be an exciting and potentially lucrative career choice.

Industry Overview:

At its core, banking, whether in fund management, trading or wealth management, as well as the many other fields in the banking sector, are all about looking after other people’s money. With that comes a large measure of responsibility, and it is a high pressure field.

The various support professions available in the banking field, whether administration, information technology and even marketing, are all similarly high pressure, since these positions are all interwoven with the ideal of making the bank, and its clients money, and any slip ups can lead to huge losses.

Far from being boring, the world of finance is fast paced, filled with tension and energy, and can be extremely rewarding, both from a personal, and financial viewpoint, and for those who thrive on pressure, can be a great career choice.

Requirements:

Before you decide on a career in the banking sector, you will need to make sure that you meet a few basic criteria.

First and foremost, a love of figures, aptitude for mathematics and a desire to work with money are critical. Once you’ve crossed those off your list, looking at your secondary skills and talents, whether you have people skills, a passion for information technology, or a love of all things legal will help you identify a niche within the vast range of possibilities the banking world has to offer, from fund management to client services, accounting or IT support, among many others.

Numeracy alone, or even combined with an appropriate degree are, however, no longer enough to guarantee your success in the international banking and finance industries. You will need to display all round capabilities, in communications, working as a part of a team, leadership potential, and initiative, in order to pique potential employers’ interest.

It is entirely possible to enter the field of banking, finance or insurance with only a secondary school qualification, albeit dependent on good marks for mathematics and or accounting, it will be in a low level position, and advancement within the field will be largely dependent on a tertiary qualification, in the form of a degree, as well as your own natural aptitude and a little hard work.

Positions:

The banking industry offers opportunities in financial management, trading, administrative support, IT, marketing, and a host of other specific career paths and job types.

Within the UK, London, one of the world’s three financial capitals, is undoubtedly the location of choice, with numerous large financial houses being based there. Then again, if travel is on the agenda, there are opportunities in most countries for talented and qualified individuals, so a career move to New York, Tokyo or just about anywhere on the globe is also a possibility.

Any number of large banking houses, from Citigroup to HSBC and others could be on your list of potential employers, as could any of the large insurers, and a host of other finance related companies, so there are many options when it comes to which company to work for.

If you are looking for a profession that offers fast paced, high pressure work, the possibility for fast growth, and great earning potential, and if you have a head for figures, banking may be the choice for you!

When deciding on a further course of study, you will need to know which area of banking you are interested in, whether it be the IT side of things, where a computer science qualification will serve you well, or marketing, were a degree in communications or public relations, or in finance itself, where a business or accounting degree, followed, perhaps, by an MBA, will be your best course of action.

For specialized fields, such as those in actuarial positions, you will need to complete a formal actuarial qualification, as with other specialized positions. Studies towards a career in banking and finance can therefore take up to six years to complete, but entry level positions for graduates in these fields, who excel, tend to be easier to come by due to less competition, and may also offer better starting salaries.

Career Prospects:

With starting salaries ranging between £20,000 and £35,000 for investment banking, and promotions and advancement in most fields within the financial sectors based on merit, hard work and achievement, rather than a fixed hierarchy, or seniority, banking is definitely a field where qualified, hard working and talented individuals can grow very quickly within a company.

The banking sector is also fiercely competitive, and top achievers are often head hunted, with moves between various financial institutions, either for higher salaries, or to better positions, are commonplace.

In short, if you are clever, hard working and talented, you can achieve a meteoric rise within a relatively short time frame.