If you’re considering a career in the finance service sector, you’re not alone. According to a report by Chris Rhodes from the House of Commons Library, in 2018, there were 1.1 million financial service jobs in the UK, which made up 3.1 per cent of all jobs. Aside from its popularity, there are more reasons to enter the finance service industry.
Here are the most relevant ones for you:
The finance service sector contributed £132 billion to the UK economy in 2018. It made up 6.9 per cent of the country’s total economic output that year. It is the country’s biggest tax earner. And although Brexit has affected the industry, financial organisations have opened new hubs to ensure they continue trading with the EU — their biggest export market.
Because of its size of the industry and the number of services it offers, there are many career paths to choose from.
Within sectors like actuarial, insurance, regulation, or banking, you can undergo training in different specialisations. These opportunities give employees the chance to explore different roles in different divisions of the industry. Or you can simply choose to climb the career ladder of one specialisation.
Here are some of the top finance careers in the country:
— Financial Analysts evaluate markets and investment vehicles and make recommendations to their employers on policies and direction.
— Accountants maintain their employers’ books and ensure they adhere to the law.
— Investment Bankers advise on financial matters. They also buy and sell assets to make profit. They are among the highest paid in the industry.
— Insurance workers may start as analysts or actuaries. They set insurance rates based on data trends. The insurance market in the UK is the third largest in the world.
Here’s where it gets interesting. According to Glassdoor, the average financial analyst in the UK earns £41,137 a year. Those working for big financial institutions in the London area earn between £35,000 to as much as £59,000 a year.
Based on research by CNBC, 4 out of the 10 highest paying entry level jobs in the UK are in the finance service sector.
Working in the finance sector is not easy. Although the UK has a relatively strong economy, the pressure of making impactful decisions and the changing landscape make the work challenging. Now, with Brexit on the way, uncertainty is on the rise. This just means you’ll be conditioned to adapt, grow, and get stronger when you work in finance.
UK’s finance sector is robust because it is dynamic. The sector has endured a number of difficult challenges in the past that have been predicted to cause its failure like the Big Bang deregulation of financial markets in 1986 and the 2008 financial crisis.
Through these problematic circumstances, the industry remained resilient and even managed to thrive. Now, with the emergence of new trends like the freelance and sharing economies, finance services are more important than ever. Investments and growth raise the demand for the industry and ensure its future.
A career in the finance services sector can be rewarding, to say the least. Its promise of high salaries, growth, and prestige can easily appeal to anyone with the determination to succeed in a fast-paced, changing environment. Sounds like you? If you’re set on entering this advantageous industry, consider consulting a finance recruitment agency