7 Promising Careers in The Financial Industry – Guest Blog by Ruby Clarkson
If you’re looking for a fantastic career that ticks all the boxes, you should consider working in the financial industry.
Exciting, dynamic and extremely future-focused, many of these careers can provide excellent opportunities, great starting salaries and allow you to find your own area of expertise and create the job of your dreams.
You don’t need to have a degree in finance or related career. As long as you have great maths skills, an analytical mind, excellent interpersonal skills and a strong desire to succeed, you can thrive in the industry.
With all of that in mind, here are seven careers in finance that you should definitely consider.
1. Financial planner
Choose a career in financial planning and you’ll be rewarded by an excellent salary, great job security and numerous opportunities for personal growth and career progression.
Financial planners work with businesses and individuals to help promote their financial stability and encourage financial growth.
Using their knowledge and expertise, they consider factors such as market developments and financial trends to develop a plan that ensures maximum return on investment for their clients.
This usually involves dealing with a wide range of portfolios and making suggestions about savings and investments, wealth preservation and tax planning.
According to financial experts The Fry Group, part of the role also involves “…proactively identify[ing] any changes which might have an effect on [a client’s] tax position – whether [their] situation is impacted due to buying or selling assets or letting a property, or simply alters as a result of new legislation.”
This is great for those who love to stay ahead of their game and informed about the latest legislation, as well as those looking for a stable yet evolving career.
2. Corporate Finance
Those working in corporate finance are responsible for managing an organisation’s money. Either employed directly by the company or working as a consultant, they check how the company spends its money and how much revenue it brings in.
Their responsibilities involve helping to balance the books, identifying ways to increase profits, improving cash flow and optimising the overall financial stability of the business.
If you’re great at problem-solving, you have a great eye for detail and you have excellent analytical skills, corporate finance might be the perfect career for you.
Accounting is one of the most common financial careers for a great reason. Businesses always need help keeping their books in order, so you’re unlikely to ever be short of clients or work.
As an accountant, it will be your job to keep track of incoming and outgoing money, deal with taxation, read reports and occasionally make suggestions on how to improve income or reduce spending. You’ll usually have to make sure taxes are paid correctly and on time.
Most businesses need an accountant, so you can take your pick of the customer base you’d like to work with. You can choose from larger organisations, smaller businesses, sole traders or small businesses.
You’ll need excellent numeracy skills, attention to deal and an analytical mind to thrive in this career.
According to the Prospects career advice service, you’ll also need to gain certain qualifications to get started; “The AAT qualification is typically the minimum level expected of an accountant, but to ultimately become a chartered accountant, you’ll have to progress to the ACCA, ACA or CIMA qualifications.”
FinTech is the newest kid on the block in the financial industry. Combining finance with technology, FinTech allows people to manage their finances more efficiently through apps, websites and other technologies without speaking to another human.
This includes things like money transfers, applying for credit and managing investments, and can often include cryptocurrencies too.
If you’re good with numbers, your bright and bold and you know how to code (or you’re willing to learn), Fintech is an excellent industry to explore.
Business is booming in this sector with ever-increasing numbers of career opportunities available for a range of skillsets. This growth doesn’t seem to be slowing down anytime soon either.
According to Marketwatch, “Banks and firms are investing heavily in technology-based solutions, competing with contemporary fintech companies. This is the key growth driver for the global fintech market, which will pin its worth at approximately USD 305.7 billion by 2023, at a CAGR of 22.17% during 2018-2023.”
5. Retail and commercial banking
Perhaps the largest employer in the financial industry is the retail and commercial banking industry. Offering a huge number of jobs to those with varying employment and educational backgrounds, this sector is a great way to get started in the industry
You’ll be working with large banks, small banks and building societies and allowing businesses and individuals to manage their money effectively. This will include products such as savings, loans, mortgages and insurance.
To work in this career you should have great interpersonal and numeracy skills and be able to work effectively as a team.
The insurance industry offers a huge range of opportunities to people from all walks of life, especially university graduates (regardless of what subject their studied).
It’s a great career if you have an analytical brain and you’re passionate about making a difference in the world. On a day to day level, you’ll likely be carrying out risk assessments, gathering evidence and resolving claims against insurance policies.
Employing more than 400,000 people in the UK, it offers a stable, well-paid career with plenty of opportunities for personal growth.
Like many financial careers, you will need to do further training to become a professional by gaining the CII Advanced Diploma in Insurance (ACII). Many larger insurance companies will contribute to the costs of obtaining this qualification.
7. Investment banking
Investment bankers help businesses and individuals to access the capital they need via investors, potential business partners and financial institutions. You might also work on mergers, acquisitions, lending bonds and shares.
Offering an excellent starting salary of around £25,000, you can also choose between a range of career specialisations that best suit your unique skills and experience.
Most enter the profession by obtaining a degree in investment banking or another subject which focuses strongly on maths. There’s also a range of further qualifications you can gain to get ahead in the industry and improve your earning potential. An internship is also highly recommended when you’re first getting started.
If you work well under pressure, you have excellent negotiation skills and your analytical skills are second to none, this could be the perfect career for you.
As should be evident by now, the financial industry offers a huge range of careers which provide an excellent salary whilst also allowing you to progress up the ranks. Whichever of these seven careers you choose, you’re sure to gain great job satisfaction.