The financial services industry is one of the most important to the UK, and in turn, jobs within financial services have increased significantly over the past few years. There are 1.1 million financial services employees employed in the UK.It is an industry that offers a wide variety of roles and career opportunities and, as a result, attracts large numbers of prospects. Take a look at some of the positions we are working on in the City at the moment!
As with all industries, there are pros and cons to working within this exciting space. If you’re toying with the idea of a career move in the City, here are some of the things you may want to consider:
Benefits:
Financially rewarding
There is potential to achieve a higher-than-average income at all levels within the industry, as well as a promising career path, great benefits and bonuses. City-based firms often reward hard-working employees with wellness benefits like free gym membership, access to healthy meals and medical consultations.
Variety
No day will ever be exactly the same. The fast pace and unpredictable nature of the industry means you’ll always be busy and learning new things. There’s likely to be an exciting buzz around the office and definitely no time for clock watching.
Exposure
On a daily basis you’ll be faced with high-profile individuals and businesses. It gives you an excellent opportunity to network with new people every day, and this in turn can open lots of doors. In this space, it’s usually not about what you know; it’s who you know.
Social Scene
The financial services industry is known for its ‘work hard, play hard’ mantra. It wouldn’t surprise us if you met life-long friends in the City. And if you’re a bubbly person who loves to socialise, you’ll fit right in.
Potential risks:
Long hours
Working in financial services is not a typical 9-5 affair. Approximately one in three of all employees work in excess of 40 hours per week and a large number work considerably more than that. The work itself can be fairly high pressured and stress-inducing due to the fast pace and the demanding nature of clients and colleagues. To minimise burn-out, we strongly recommend focussing on personal wellness and encourage you to take all of your annual leave. This will help counter-balance any stress caused.
Difficult characters
In a support role you may be expected to deal with employees that will not give you an easy ride!
Competition for jobs is high
As financial services offers good promotion prospects and numerous career opportunities, this means it is a competitive industry. And you’re competing with the best of the best.
Few permanent opportunities
Due to the unpredictable nature of the economy, many of the financial services firms prefer to hire into long-term contracts rather than permanent roles. If you want to work in the City you’d need to be comfortable with this. Rest assured, those in long-term contracts enjoy all the same benefits and bonuses as permanent staff!
We believe the benefits of working in the City far outweigh the risks, but at the end of the day it needs to feel right for you and your lifestyle choices. If you want to discuss taking your next step, get in touch today.
FAQs
They can include high stress, big responsibility, long working hours, continuing education requirements, and, in some cases, a lack of job security—the finance industry is generally quite cyclical.
Is financial services a good career choice? ›
Finance degree jobs can provide relatively high pay, stability, opportunities for advancement and consistent demand projections. Careers in finance may also offer flexibility for employees by allowing them to work remotely or in hybrid environments.
Why do you want a career in the financial services industry? ›
Example answers
'Working in finance gives me a chance to learn from experienced professionals. Given this employer's experience and reputation, I know it might provide me with great growth opportunities, which I plan to use to support both the organisation's day-to-day operations and its long-term goals.
What are the pros and cons of hiring a financial planner? ›
Pros of hiring a financial advisor include gaining access to expertise, leveraging time, and sharing responsibility. However, there are also potential downsides to consider, such as costs and fees, quality of service, and the risk of abandonment.
What are the advantages of financial services? ›
Financial institutions offer investment services to help individuals and businesses manage and grow wealth. They provide access to investment products such as stocks, bonds, mutual funds, and other securities. They also offer advisory services to guide clients in making informed investment decisions.
Why is it so hard to get a job in finance? ›
The finance industry is famously hard-charging, especially at the junior levels, and you need to show you can handle it and more. Good references are valuable no matter what, but, more importantly, impressing your bosses during an internship can be a great way to open doors for a future full-time job with that company.
How stressful is a career in finance? ›
Finance is not always a stressful career, but for the highest-earning jobs it can be. Long hours and an “always on call” mentality can be extremely stressful for finance professionals, especially those dealing with global markets.
Is financial services hard? ›
Most financial services industry positions are fast-paced and high-stress. Financial analysts and traders are assessed according to their performance, and a string of bad calls can impact your income or even cost you your job.
Is finance math heavy? ›
One thing that's for sure is the high amount of math you will need to study. Finance is a mathematical discipline, so if you aren't as comfortable with math as with other ways of thinking, you may find it more challenging.
Can you make money in financial services? ›
Finance roles that typically pay the most include positions such as investment banking managing directors, hedge fund managers, or private equity partners. Chief financial officers (CFOs) of large corporations are also highly paid positions.
Transferrable knowledge and skills
You're expertise in that area can transfer easily to other analytical roles, particularly within asset management and investment banking. A role in regulation or compliance is equally worthwhile. Knowledge of financial regulations is invaluable to companies.
Where do you see yourself in 5 years? ›
“In the next five years, I see myself taking on increasing responsibilities within the company and contributing to its growth. I am passionate about continuous learning and developing my skills in the XYZ field, and I intend to pursue relevant certifications and training opportunities to enhance my expertise.
What are the positives and negatives of being a financial advisor? ›
The benefits of becoming an advisor include unlimited earning potential, a flexible work schedule, and the ability to tailor one's practice. The drawbacks include high stress, the hard work needed to build a client base, and the ongoing need to meet regulatory requirements.
What are the cons of a financial manager? ›
Cons of Becoming a Financial Manager
Managing the financial health of an entire organization comes with a great deal of responsibility. That responsibility can, in turn, cause you a lot of stress. This can be a very fast-paced job, too, which can contribute to work-related stress.
What are the advantages and disadvantages of financial literacy? ›
In conclusion, financial literacy has both its advantages and disadvantages. On the one hand, being financially literate can help individuals make more informed decisions with their money and avoid debt. On the other hand, financial literacy can also lead to people becoming more materialistic and obsessed with money.
Author Tiger Contributor Tiger Recruitment Team 