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
The Pros & Cons of a Financial Services Career
- So what are the main pros and cons of a financial services career?
- Strong Career Prospects (+) ...
- High Stress and Long Hours (-) ...
- Good Income Potential (+) ...
- Regulatory Requirements (-) ...
- Good Working Conditions (+) ...
- Cyclical Nature (-)
The pros and cons of a career in financial services
- Financially rewarding. ...
- Variety. ...
- Exposure. ...
- Social Scene. ...
- Long hours. ...
- Difficult characters. ...
- Competition for jobs is high. ...
- Few permanent opportunities.
Cons of getting a finance degree
Long hours: Many finance jobs require long hours, particularly in investment banking and other high-pressure roles. Stressful work environment: The finance industry can be stressful, particularly during economic uncertainty or market volatility.
Is a career in finance worth it? ›
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.
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 5 disadvantages of using a financial institution? ›
Disadvantages of Financial Institutions
- Complex and Lengthy Process. These organizations follow strict guidelines for giving loans since they must meet government standards. ...
- Security Deposit. ...
- Hidden Risk Involved. ...
- Limitation on the Borrower. ...
- Wrapping It Up.
Here's an example of how to highlight your educational background in your answer:"I chose to study finance because I realized I was passionate about investing and excellent at investment strategies. I took capital markets, financial accounting, corporate finance, financial modelling, and portfolio management courses.
What is the hardest job in finance? ›
The most (and least) stressful jobs in banking and finance
- Most stressful job in finance : Investment Banker (M&A or capital markets professional) ...
- Second most stressful job in finance : Trader. ...
- Third most stressful job in finance : Risk management & Compliance.
Finance degrees are generally considered to be challenging. In a program like this, students gain exposure to new concepts, from financial lingo to mathematical problems, so there can be a learning curve.
Are finance jobs hard to get? ›
You don't need an MBA to work in finance, but the field is highly competitive, especially at the entry-level. Internships offer experience, exposure, and a tryout for a full-time gig.
A career in finance can be very lucrative. The average salary for a finance major is $101,038. Pursuing a career as a financial advisor or another form of financial sales can go well beyond this number, whereas a career in corporate America or the government typically stays close to it.
Can finance majors make a lot of money? ›
As of May 10, 2024, the average annual pay for the Finance Degree jobs category in California is $99,199 a year. Just in case you need a simple salary calculator, that works out to be approximately $47.69 an hour. This is the equivalent of $1,907/week or $8,266/month.
Is finance a happy career? ›
Most people have traditionally viewed finance careers as high-cost but high-reward. It's extremely difficult to break in, but once you're in, the compensation and exit opportunities make the initial effort worth it.
Is finance math heavy? ›
Believe it or not, mastery of advanced math skills is not necessary to have a career in finance. With today's technology, all math-related tasks can be done by computers and calculators. That said, there are some basic math skills that would certainly make you a better candidate in the finance industry.
Does finance require math? ›
While each program will vary slightly, students earning a finance degree can expect to take a sizable amount of math classes. Finance degrees will often cover more basic mathematical concepts such as algebra and statistics, as well as more industry-specific math courses such as probability and business mathematics.
What is the advantage of financial services? ›
Providers of financial services, then, help channel cash from savers to borrowers and redistribute risk. They can add value for the investor by aggregating savers' money, monitoring investments, and pooling risk to keep it manageable for individual members.
What is the benefit of financial services? ›
The financial services sector is the primary driver of a nation's economy. It provides the free flow of capital and liquidity in the marketplace. When the sector is strong, the economy grows, and companies in this industry are better able to manage risk.
What are the pros of financial system? ›
Financial systems are crucial for economies as they promote economic growth. They enable individuals and institutions to save, invest, manage risks, and conduct transactions efficiently. Financial systems also play a role in price discovery, ensuring fair prices for assets and commodities.
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 