When considering a career in the financial sector, the first images that may come to mind are often those of individuals working in retail banks, selling insurance, or engaging in stock trading. However, the financial services industry offers a broad spectrum of roles that goes beyond these traditional stereotypes. Whether you’re inclined towards numbers as an accountant, aspire to be an actuary managing risk, or dream of making investment decisions as a banker, the financial sector encompasses an array of possibilities.
Roles in the Financial Services Sector
1. Accountants
• Responsibilities: Managing the financial systems of businesses, preparing financial reports, and ensuring compliance with tax laws and regulations.
• Skills Needed: Strong numeracy skills, IT proficiency, problem solving, strategic thinking, attention to detail, and effective communication.
2. Auditors
• Responsibilities: Verifying the accuracy of company accounts, building trusting client relationships, and conducting investigations when necessary.
• Skills Needed: Relationship-building, skepticism, and the ability to communicate effectively.
3. Actuaries
• Responsibilities: Providing advice to insurance companies for accurate pricing, assessing and managing risk, and utilising complex computer models.
• Skills Needed: Exceptional numeracy skills, expertise in statistics, computer programming, and advanced analytical modelling.
4. Bankers
• Responsibilities: Making decisions on lending and other financial services, either in retail or investment banking.
• Skills Needed: Customer service, numeracy, understanding of risk, and effective communication.
5. Financial Advisers
• Responsibilities: Advising clients on investment decisions for long-term planning, building client relationships, and understanding market dynamics.
• Skills Needed: Market and investment knowledge, analytical skills, strong listening skills, and the ability to build client relationships.
6. Investment Managers
• Responsibilities: Managing funds and investments on behalf of clients, requiring market analysis and customer interaction.
• Skills Needed: Numeracy, information gathering, customer service, and communication.
7. Investment Analysts
• Responsibilities: Analysing markets and products, providing insights to support investment decisions.
• Skills Needed: Commercial awareness, numeracy, analytical skills, research capabilities, and effective communication.
8. Traders
• Responsibilities: Dealing in stocks and shares on financial markets, making rapid decisions under pressure.
• Skills Needed: Commercial awareness, information gathering, confidence, and effective communication.
9. Insurers
• Responsibilities: Providing or arranging insurance cover, involving underwriting, brokerage, and claims assessment.
• Skills Needed: Pricing expertise, risk management, and assessing claims.
Beyond Finance-Specific Roles
• Firms in the financial sector also offer a plethora of non finance roles, including administration, management, marketing, sales, human resources, legal, and medical advisory positions.
• The industry’s large scale provides ample opportunities for diverse career paths, making it accessible to individuals interested in financial matters and markets.
Understanding the Financial Services Sector:
• The financial services sector encompasses various businesses managing money, including banks, credit unions, insurance companies, accountancy firms, and investment funds.
• Roles may be customer-facing or backroom positions, with varying requirements for numeracy skills, communication skills, and commercial awareness.
• The sector is not limited to finance-specific jobs, making it inclusive for professionals with diverse skills and interests.
A career in the financial services, insurance, and banking sector offers not only financial roles but also a wide array of business functions. From customer-facing responsibilities to behind-the 13
scenes operations, this dynamic industry welcomes individuals with a range of skills, making it a versatile and rewarding field to explore.