Careers in finance

Emma-Louise You might think of finance as big banks and people in suits, and indeed they're certainly part of the world of finance, but there's more to it than that. Managing the flow of money in and out is an essential part of running a business. Both businesses and individuals alike rely on financial services.

Frankie As of 2020, there were a total of just under 1.5 million people working in the financial sector. Let's take a look at some of the roles that make up the sector. Book-keepers are in charge of recording and maintaining a business' transactions, including turnover (the amount of money they take in a particular period), their expenses (what they spend), and profit (the amount of money left after expenses). Book-keepers earn a median salary of around £27,000 per year and the role has a projected growth of 5% by 2025, which is a predicted addition of over 8,000 new jobs.

Emma-Louise Another popular role is a financial adviser. They give advice to individuals on where to invest their savings and pensions. They earn a median wage of just under £42,000.

Frankie Chartered and certified accountants compile annual accounts, manage payroll – that's paying staff – and oversee the taxation of a business. Their median salary is almost £44,000, with a job projected growth of over 5,000 by 2025.

Emma-Louise And there are brokers, who buy and sell financial assets on behalf of other people. They trade shares in a lot of different commodities. Anything from gold to cars. In 2020, this role had a relatively high median salary of just over £65,000.

Frankie One of the first things that comes to mind when you think about finance is probably banking. Jobs in the banking industry include roles such as a bank clerk, someone who works behind the counter at a bank. As of 2020, there were approximately 85,000 jobs here. It's projected that there could be just under 900 fewer bank clerk jobs by 2025.

Emma-Louise For bank managers, otherwise known as financial institution managers, there's projected to be a very small growth of just under 260 new roles by 2025. However, similarly to brokers, bank managers earn a relatively high salary almost £59,000 as of 2020.

Frankie Insurance is another big part of the financial sector.

Emma-Louise You might take out insurance on expensive items to cover you in case they get lost or damaged.

Frankie That could be your phone, your house, your car, a holiday, or even life insurance. An insurance underwriter is someone who decides whether to insure a person or company and oversees setting up the details of that policy.

Emma-Louise As of 2020, there were just under 25,000 insurance underwriters, with a median salary of over £38,000.

Frankie There are some key skills that you'll need across many roles in finance. They include mathematical understanding and analytical thinking –

Emma-Louise that is being able to problem solve. Taking in information and applying it in order to achieve goals and improve efficiency.

Frankie Career paths into finance vary greatly, depending on the specific role you're interested in.

Emma-Louise Becoming a broker can be achieved through a university course, an apprenticeship, a graduate training scheme, or by applying directly to companies. If you're an aspiring stockbroker, you need to understand stock markets. That is a place where shares of public listed companies are traded and there are online tools out there that can help you practise essential skills without losing anyone's money. You'll gain insights, experience and skills that could open up new opportunities and your results could be part of your portfolio of work experience.

Frankie If you're interested in going to university, then you could consider courses in Management, Business, Economics, Finance, or Maths as part of your career path to becoming a stockbroker.

Emma-Louise In fact, these courses would be worth considering for a lot of job roles in the financial sector.

Frankie Similarly, paths to becoming a bank manager include either a university course, an apprenticeship or getting another job in a bank and working towards this role.

Emma-Louise For example, you could apply directly to join a bank in a customer service role and then learn on the job. You'll usually need five GCSEs or equivalent qualifications at grades 9 to 4 (A* to C) including English and Maths.

Frankie Let's get some more insight from someone working in finance. Raisah has been working in the sector for a few years now, she says: "After I graduated from university, I [did] an internship at an online news platform specialising in alternative assets, which is where I first learnt about Private Equity… Since then I've worked my way up through the industry. I love the intensity. It can be long hours, but I love working on something very challenging and delivering a difficult task."

Emma-Louise Michael, the CEO of the Institute of Chartered Accountants in England and Wales, says: "Choosing this career path means you'll be at the forefront of helping to solve some of the world's most fundamental problems, working together with other professionals. There are a variety of routes to becoming a chartered accountant, and there are no limits where your career may take you – both in terms of your role and your location." If you're interested in working in what can be a fast-paced dynamic environment, finance could be the right place for you.

Emma-Louise The projected growth for this industry is 4% by 2025, with approximately 55,000 new jobs predicted to be created.

Frankie Hey, you know, I'm excellent at finance myself.

Emma-Louise How do you work that out?

Frankie Because my bank says my bank balance is always outstanding.