Do you have outstanding mathematical skills?
Are you interested in working in a finance-oriented environment?
If so, a career in Economics, Finance or Banking could be the right option for you!
We have all dealt with financial or banking issues at one point or another in our lives. This sector opens the opportunity to be at the “other side” of these processes by working in all types of organisations such as banks, businesses, universities and private think tanks.
Professionals in these fields range from Business Advisers and Investment Analysts to Accountants and Economists.
It is this sector which builds relationships and trust with clients in order to provide financial services. These clients could be other companies, the public or even the government.
Working within this particular field could vary from offering advice on large financial decisions to researching the latest government policy and establishing an action plan.
This sector is divided in the following three key areas:
Economics is a field that is primarily based around providing specialist knowledge on a specific issue through the implementation of economic theory and knowledge, with the aim of improving efficiency through the analysis of data and statistics.
As this role is very much research-based, professionals can specialise in numerous areas including; supply and demand, taxation policy, employment levels, market research, business statistics and international development.
Even though professionals specialise in a variety of sectors the type of work they carry out remains consistent throughout. Examples of common duties are as follows:
Professionals with the Finance sector are often responsible for offering financial advice to customers and clients – unlike Economists, they do not carry out the initial research, but commonly offer support based on the research that has already been produced.
Similarly, professionals work in numerous fields and tend to specialise in one area, however, they are often involved in the creation of budgets both for long and short term. Compared to a role in Economics, this area is very much hands on and often requires professionals to work on the development of policy or financial decisions.
There are numerous graduate-schemes which are based within finance, including accountancy and investment and often offer excellent job progression.
Banking is a broad area of work which focuses around the financial services provided to third-party companies and the general public. Professionals working within Banking include branch managers, cashiers and specialist business advisers.
This area also covers the investment sector which covers a number of areas including trading on the stock market through the selling of stocks and highlighting any possible venture capital.
Professionals are expected to make decisions which will ultimately result in their customer or client making a significant profit, this differs to Economics and Finance as they often only offer financial advice to their customers and not make decisions on their behalf.
Entry requirements for trainee, apprentices or entry-level positions vary but candidates with GCSEs grades A-C or equivalents are generally accepted.
More senior positions will benefit significantly from the following:
Note: In some cases employers may consider an application in which a candidate doesn’t have a degree; however, it is often a requirement.
Professionals within the sector can expect to enjoy exceptional salaries right from entry-level positions.
Depending on which area the individual will work in will ultimately determine their salary. The breakdown below highlights the salary differences:
Figures are intended as a guideline only.
It’s also common that high-performing professionals in this sector can enjoy generous bonuses on top of their fixed salary.
According to a recent TheCityUK report; financial services sector employ more than 1m people in the UK, while almost another 1m work in associated professional services – that is one in 14 of all jobs.
While The Economics, Finance and Banking sector – collectively – has suffered from recent recessions and downturns in the economy; it has picked up over the years and is still considered one of the most important sectors to the UK Economy with good prospects for the future.