{"id":1722,"date":"2020-11-27T12:00:22","date_gmt":"2020-11-27T11:00:22","guid":{"rendered":"https:\/\/joblookup.com\/explore\/?page_id=1722"},"modified":"2024-07-22T11:55:49","modified_gmt":"2024-07-22T10:55:49","slug":"banking-and-financial-services-career-guide","status":"publish","type":"page","link":"https:\/\/joblookup.com\/explore\/banking-and-financial-services-career-guide\/","title":{"rendered":"Banking and Financial Services Career Guide"},"content":{"rendered":"<div class=\"row\">\n<div class=\"col-md-9\"><span data-preserver-spaces=\"true\">The banking and financial services sector is large and varied. Organisations in this industry do everything from providing traditional high street banking to innovating with cutting edge Fintech (Financial Technology) solutions. <\/span><span data-preserver-spaces=\"true\">There are, as you might imagine, a large and diverse amount of job opportunities available in this field as a result. The banking and financial service sector is one of the highest paid industries to work in. It&#8217;s also notoriously demanding and highly competitive. Whether you&#8217;re interested in building a career as a Financial Advisor for one of the top investment banks, or developing new software solutions for a blockchain, below is an overview of the skills, qualifications, and earning potential for some of the most popular careers in banking and financial services.<br \/>\n<\/span><\/div>\n<div class=\"col-md-3 text-center my-auto\"><img decoding=\"async\" class=\"img-fluid\" src=\"https:\/\/joblookup.com\/explore\/wp-content\/uploads\/2020\/11\/17454-1024x1024.jpg\" alt=\"digital money transfer technology background\" \/><\/div>\n<\/div>\n<h2>Potential Roles in Banking and Financial Services<\/h2>\n<hr \/>\n<p><span data-preserver-spaces=\"true\">Not all banking and finance roles are focused purely on hard data and numbers &#8211; there is often a demand for industry commentators and specialist journalism too. A good understanding of people can get you just as far as being highly numerate, although the truth is both skills are often required. The most common roles in this sector tend to fall into the below categories:<\/span><\/p>\n<p><a href=\"\/[[country]]\/jobs\/banking?radius=20\" target=\"_blank\" rel=\"noopener noreferrer\">Banking roles<\/a><span data-preserver-spaces=\"true\"> fall into three specialisms:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Retail banking, which covers high street banks and loans\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Commercial banking, which focuses n business and customer transactions<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Investment banking, which is centred on helping businesses to raise money in financial markets and handle mergers and acquisitions<\/span><\/li>\n<\/ul>\n<p><a href=\"\/[[country]]\/jobs\/financial advisor?radius=20\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Advisor\u00a0jobs<\/a><span data-preserver-spaces=\"true\"> are focused on helping people and\/or businesses make the best financial decisions. Financial Advisers can work solo, as part of a team, and in large and small organisations.\u00a0<\/span><\/p>\n<p><a href=\"\/[[country]]\/jobs\/fintech?radius=20\" target=\"_blank\" rel=\"noopener noreferrer\">Fintech opportunities<\/a><span data-preserver-spaces=\"true\"> usually require some degree of software, IT, or programming skills in addition to a good understanding of the financial landscape. It can be one of the most exciting areas of finance to work in, given the focus on innovation and start-up culture.\u00a0<\/span><\/p>\n<h2>Salary and Career Progression<\/h2>\n<hr \/>\n<p><span data-preserver-spaces=\"true\"><strong>Banker<\/strong> salaries vary slightly depending on which area you want to specialise in. Retail bankers in the UK can expect to start on anything from \u00a318,000 to \u00a327,000 per year, depending on the company and role, and also rise with experience. In the US, the average salary varies and can range between $33,000 and $45,000. The average salary for a Bank Manager is around \u00a340,000 (UK) \/ $60,000 (US) and can increase with bonuses. Senior management roles In the UK can bring in earnings of between \u00a355,000 to \u00a385,000 . In the US the average salary of a senior bank manager is $75,000. \u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Commercial banking salaries tend to fall in a similar bracket to retail, although starting salaries tend to be higher. The average salary for a Commercial Banker in the UK is around \u00a348,000, with a base salary range of \u00a335,000 to \u00a3100,000. In the US the average salary for a Commercial Banker is $92,000, with a base salary ranging from $56,000 to $146,000.<br \/>\n<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Investment banking has the most earning potential careerwise. In the UK Investment Bankers have an average salary of \u00a360,000 in 2023, with a base salary ranging from \u00a330,000 to \u00a3116,000. In the US the average salary is $118,000, with a base salary range of $61,000 to $250,000\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>Financial Advisors<\/strong>, when fully qualified, can expect to earn from \u00a330,000 to \u00a345,000. This can increase to \u00a360,000 at mid to senior levels, and up to over \u00a3100,000 per year when working for some large private banks. The average salary for a Financial Advisor in the US is $65,000, with a base salary range of $41,000 to $118,000\u200b\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>Fintech<\/strong> is a potentially riskier field than the other career options, but can also be very financially rewarding. In 2023, fintech professionals in the UK earn an average of \u00a362,500, starting at \u00a345,000 and rising to \u00a383,000 with experience. In the US, the average is around $130,000, with entry-level positions at $94,135. Salaries in this sector surpass national averages, reflecting high demand, especially for technical and specialist roles, and are higher in major financial hubs.<br \/>\n<\/span><\/p>\n<p class=\"text-center\"><img decoding=\"async\" class=\"img-fluid img-thumbnail\" src=\"https:\/\/joblookup.com\/explore\/wp-content\/uploads\/2020\/11\/close-up-financial-report-with-businesspeople-background.jpg\" alt=\"Financial reports on a desk during a meeting in a top bank\" \/><\/p>\n<h2>Qualifications, Education and Experience<\/h2>\n<hr \/>\n<p>If you want to get into <strong>banking<\/strong>, then you&#8217;ll need any of the following qualifications:<\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Finance degree<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Economics degree<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Management degree<\/span><\/li>\n<li><span data-preserver-spaces=\"true\"> Business degree <\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Marketing and management degrees are also viable, as is a c<\/span><span data-preserver-spaces=\"true\">ompleted apprenticeship scheme from a bank. A level<\/span><span data-preserver-spaces=\"true\"> 3 vocational qualification in business is another option.<br \/>\n<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>Financial Advisors<\/strong> will need the following qualifications and\/or experience:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">A degree in financial services, business management, or accountancy<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Financial advisor higher apprenticeship<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Financial services professional degree apprenticeship<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\"><strong>Fintech<\/strong> roles are not as clear cut, but any of the following qualifications can be very useful:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Computer science degree<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Software engineering degree<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Accounting degree<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Mathematics degree<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Data science or related degree<\/span><\/li>\n<\/ul>\n<h2>Skills<\/h2>\n<hr \/>\n<p><span data-preserver-spaces=\"true\">If you&#8217;re interested in a career in <strong>banking<\/strong>, then the following skills will be essential regardless of whether you choose to go into retail, commercial, or investment banking:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Problem-solving<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Self-discipline<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Excellent written and verbal communication<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Customer service focused<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Emotional intelligence<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Excellent numeracy\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Leadership<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Well organised<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\"><strong>Financial Advisors<\/strong> will benefit from having these skills and traits:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Able to network and build client relationships<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Self-motivated<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Highly organised<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Excellent numeracy\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Good IT skills<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Target driven<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Decision making<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Customer service<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Negotiation<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Excellent communication skills, both written and verbal<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Discretion where required<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Able to explain complex information simply<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\"><strong>Fintech<\/strong> professionals will need a variety of skills depending on their area of specialisation (software, client relations, etc), but the following are a good starting point whatever aspect of Fintech you&#8217;re interested in:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Programming<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Applied statistics<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cybersecurity<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Communication skills<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Empathy\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Emotional intelligence<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Creativity<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adaptability<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Problem-solving<\/span><\/li>\n<\/ul>\n<p class=\"text-center\"><img decoding=\"async\" class=\"img-fluid img-thumbnail\" src=\"https:\/\/joblookup.com\/explore\/wp-content\/uploads\/2020\/11\/woman-scrolling-laptop.jpg\" alt=\"A programmer working on some Fintech software on a laptop.\" \/><\/p>\n<h2>Working Hours<\/h2>\n<hr \/>\n<p><span data-preserver-spaces=\"true\">The working hours for bankers can vary greatly, usually in line with earning potential. Retail bankers can expect their working hours to be fairly predictable, and more often than not limited to 9-5.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Commercial bankers, on average, tend to work from up to 40 to 60 hours per week.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Investment bankers work the longest hours. 80 hour weeks are common, and working at the weekend is often expected. Some investment bankers can easily average 100 hours per week in total.<br \/>\n<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Financial Advisors tend to work around 40 hours per week, although it is worth noting that working hours can be non-traditional. Financial Advisors might be required to meet with clients over the weekend or in the evenings, for example.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Fintech working hours are highly variable, and many Fintech companies offer flexible and remote working. That said, depending on the nature of the role and the level of the business, working in fintech normally means working weeks of 40 hours or more.\u00a0<\/span><\/p>\n<h2>Notable Locations<\/h2>\n<hr \/>\n<p><span data-preserver-spaces=\"true\">While London is well known as a centre for financial services and banking, it certainly isn&#8217;t the only option. London, and the Square Mile, in particular, does tend to offer the most opportunities and the highest paying roles. There are many other locations worth considering, however, including:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Manchester<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Leeds<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Bristol<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Edinburgh<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Liverpool<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>In the US, New York City, particularly Wall Street, is renowned as a global centre for financial services and banking. New York City offers a wealth of opportunities and some of the highest-paying roles in finance, but several other U.S. cities are also key players in the financial industry, such as:<\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Chicago<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">San Francisco<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Charlotte<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Boston<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Los Angeles<\/span><\/li>\n<\/ul>\n<h2>Notable Companies<\/h2>\n<hr \/>\n<p>Below are some of the main banks and financial organisations that operate in the UK or US. Many of these organisations offer good entry-level opportunities and long-term career progression:<\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Bank of England<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Barclays<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Deloitte\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">HSBC<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">UBS<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Morgan Stanley\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">PWC<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Goldman Sachs<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Citi Bank<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Some notable Fintech firms are:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Monzo<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Atom<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Revolut\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Wise<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Stripe<\/span><\/li>\n<\/ul>\n<h2>Next Steps<\/h2>\n<hr \/>\n<p><span data-preserver-spaces=\"true\">If you&#8217;re already looking for the next step up in your financial services or banking career, or an apprenticeship opportunity, then make sure to <a href=\"\/uk\/jobs\/finance\" target=\"_blank\" rel=\"noopener noreferrer\">see what finance roles are currently available across the UK or US<\/a> now.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You can also <a href=\"\/signup\" target=\"_blank\" rel=\"noopener noreferrer\">register with us here at JobLookup<\/a> and set up regular job alerts. Don&#8217;t forget to <a href=\"\/explore\/the-ultimate-jobseeker-guide\/\" target=\"_blank\" rel=\"noopener noreferrer\">check our Ultimate Jobseeker Guide for general job search tips<\/a> as well.\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The banking and financial services sector is large and varied. Organisations in this industry do everything from providing traditional high street banking to innovating with &#8230;<\/p>\n","protected":false},"author":3,"featured_media":1724,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[16,25],"tags":[],"class_list":["post-1722","page","type-page","status-publish","has-post-thumbnail","hentry","category-careers","category-sectors"],"acf":[],"_links":{"self":[{"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/pages\/1722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/comments?post=1722"}],"version-history":[{"count":22,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/pages\/1722\/revisions"}],"predecessor-version":[{"id":3695,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/pages\/1722\/revisions\/3695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/media\/1724"}],"wp:attachment":[{"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/media?parent=1722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/categories?post=1722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/tags?post=1722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}