In the UK and many other larger economies across the globe, the financial services sector is a significant contributor to overall gross domestic product (GDP) and employment. According to a report by TheCityUK, which represents the financial services industry in the UK, banking and insurance contribute to more than 7% of employment and account for more than 10% of the United Kingdom’s GDP.
With the 2008 financial crisis firmly in the rear view mirror for many financial institutions, there’s a renewed need for hiring financial talent. According to a study performed by recruitment specialist Morgan McKinley, the market for available jobs in the financial services sector continues to increase at a monthly average of 14%. Procorre research has also shown that it is part of a long term upward trend. Individuals seeking new roles in the sector will not lack for opportunities, with many hiring managers seeking to plug a skills gap and nurture future talent.
While it is widely perceived that London is the financial capital, other cities like Leeds, Birmingham and Edinburgh are also burgeoning financial centres, so there’s no need for job seekers and graduates to restrict themselves to one location in their job hunt.
It is usual for financial companies to take applications from a variety of disciplines, although it’s crucial for applicants to have an above-average understanding of numbers and show desire to work in the financial sector. Additionally, individuals who demonstrate attention to detail, analytical skills, and the ability to work in high-pressure situations are desired by many employers.
Experienced finance professionals may have noticed that with emerging skills gaps in the financial sector, there seems to have been an upswing in opportunities for specialised positions. Even though time is always of the essence when an opportunity presents itself, there are a few things to consider first.
While it is simply common sense to evaluate an offer before accepting it, there are some specific considerations which consultants in the financial sector should take into account:
Money shouldn’t always be the deciding factor
Many often make their decision to accept a project based simply on the pay or the promise of more work in the future. While money is obviously a big factor in the decision-making process, making the transition based on money alone can be shortsighted.
Start by being honest with yourself about potential negative aspects of a new project. This will ensure you are making the move for the right reasons. Conversely, evaluate the positives too. Additional benefits which offer more security are a good indication that the company is invested in its contractors. When looking to deploy its skilled and experienced financial consultants on projects, global professional services consultancy Procorre recognise that it is essential to consider more than just financial terms. Tangible benefits like private healthcare, life cover, and project income guarantees are some additional ways the consultancy supports its consultants. For clients that work with Procorre, having motivated experts on board assures them of good results.
The new company’s stability
The financial industry is a dynamic one. It’s important to carefully gauge a financial institution’s stability through disclosure information, news and industry websites. Analysing financial performance over a number of years and comparing this to competitors and benchmark levels are some of the things a prospective contractor can do to help form an accurate overview of a company.
Small firm versus big firm
Finance firms are not created equal. It’s important for an individual to understand what it means to work on a project for a small firm, compared to a big firm.
For example, big firms often have additional work resources and good compensation packages that make the project more attractive. However, decision making takes on a more structured approach at such companies. This means consultants may find they have less freedom when it comes to making decisions.
Smaller firms tend to offer leaner compensation packages and typically rely on a few, but critical, business deals/partnerships to keep operating. However, employees at smaller firms often have more autonomy over their roles.
Passion is key
Finally, it’s important for individuals to look past the offer on the table and consider whether they really have enthusiasm for the role. Passion is what keeps people going, even when work hours go late into the night, or the results required go beyond what’s in the job description. Passion and motivation are what lead to long-term success.
In our next post, we look at why taking on projects abroad is something you should consider and what opportunities are emerging for recent graduates and those moving into the finance sector.
