Getintofinance Web

cisi.org/getintof inance

Ever walked into a bank and wondered how they manage everyone’s money?

Ever heard about the stock market on the radio or television and wondered what it all means?

This guide will give you an introduction to the world of f inance, and help you decide whether it might be an interesting route for you……

What are financial services? 5

Sectors within financial services 6

Why a career in the financial services? 9

Could financial services be for you? 10

Entry into the financial sector 12

How can we help you? 13

Case studies 15CV and interview advice 18Useful organisations 19

get into f inance

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why

how

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?cisi.org/getintof inance

what

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What are f inancial services? Financial services help with the making, investment and management of money for both people and organisations. For example, trading shares in the stock market, or helping people put money away for a rainy day.

Keeping money in a piggy bank might be safe, but financial services try to get money to work by investing in a range of products. Financial services might also help you plan for the future or help you to start a business.

Banks are places to keep your money but the money doesn’t just sit there in a vault. Banks use that money and lend it to people who need it; for example, people who want to buy a house or a car. The borrower will then pay the bank back with interest.

Organisations other than banks also deal with money. Trust funds and stockbrokers may buy and sell commodities like coffee or oil. They aim to buy at a low price and sell at a higher one, much like a shop, except they don’t keep the product in a warehouse.

The financial services industry also serves the public by giving out advice on how they might make the most of their savings.

It sounds easy, but it isn’t….Financial services companies are competing against each other. When everybody wants to buy the same thing or the product is popular but in short supply, the price will rise. There may also be other factors that affect the price, such as production costs or events in the country where it is produced.

Let’s take the example of a country which is a large producer of coffee. It may have a bad harvest which will reduce the amount of coffee that is available. Because it is still in demand, but there is less of it, people will compete for it by offering more money to buy it.

But it’s not just about money….Roles within the financial services are varied and not just about buying and selling. Unfortunately not everybody is as honest as you’d expect, so people have to be there to control the system and ensure that everyone is trained properly for their job. There are also roles to do with supporting the processes, such as analysts and economists.

The UK regulators are independent bodies which regulate the financial services industry in the UK. These regulators oversee the industry and makes sure customers are treated fairly.

Over 2 million people work across the UK in financial and related professional services

* TheCityUK, 2012

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Sectors within f inancial services

Retail banking represents services offered directly to the public by high street banks such as Barclays, HSBC and Santander. These services include current accounts, savings accounts, mortgages, personal loans, insurance and credit cards.

Activities include: providing services for savings, mortgages, loans and insurance products.

Operations cover the wide range of activities which happen in the ‘back office’ of a business and help the company run on a daily basis. This includes everything from IT, HR and Administration to Marketing and Management.

Activities include: processing orders, managing IT systems, recruiting financial professionals, compliance, training, record keeping and advertising.

Insurance brokers analyse clients’ needs and

negotiate the best deal with insurance companies. This could be for

individuals or for businesses. Within the insurance industry there are lots of opportunities.

These range from highly specialised, analytical roles to general business management.

Activities include: advising and arranging insurance policies such as, pensions, life assurance, medical

insurance, car insurance and home insurance.

InsuranceAsset

Management

Operations

Retail Banking F inancial Advice

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Financial advisers help people and small businesses to plan

and grow their finances to meet agreed objectives.

Activities include: advising on life and pension polices, mortgages,

savings, investments and

financial protection.

Accountancy is the reporting of financial information.

Activities include: accounting, book-keeping, payroll, auditing and taxation.

Asset management is the professional management of assets or investments for a wide range of clients including government agencies, pension funds and companies and collective or pooled schemes such as investment trusts, ISAs and mutual funds.

Activities include: investment management, compliance, investment research.

Wealth management is all about managing money. Investment managers advise wealthy people on where they should invest and help them get the most from their money.

Activities include: investment advice, accounting, tax advice, managing property portfolios, financial protection and retirement planning.

Wholesale banking provides services to large corporations/banks by other banks, involving

high-value investments.

Activities include: advising and dealing on securities and/or derivatives, Treasury dealing, investment

management, corporate finance and compliance.

Retail banking represents services offered directly to the public by high street banks such as Barclays, HSBC and Santander. These services include current accounts, savings accounts, mortgages, personal loans, insurance and credit cards.

Activities include: providing services for savings, mortgages, loans and insurance products.

Operations cover the wide range of activities which happen in the ‘back office’ of a business and help the company run on a daily basis. This includes everything from IT, HR and Administration to Marketing and Management.

Activities include: processing orders, managing IT systems, recruiting financial professionals, compliance, training, record keeping and advertising.

Asset Management

F inancial Advice

Wholesale Banking

Wealth Management

Accountancy

UK fund managers are responsible for managing £3.2 trillion in assets

*TheCityUK, 2012

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?why

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Why a career in f inancial services? Apart from providing a good salary, the financial services industry is interesting and challenging, with one day rarely like the next. It is not just about buying and selling shares but has a range of roles that fit people from a range of backgrounds and interests.

Working in this fast-paced, competitive industry can be very exciting and rewarding.

You might find yourself better suited to working for an organisation, or for a smaller firm, helping people invest their money.

Many of the banks, insurance firms and investment companies based in the UK are part of international groups, so the industry offers the potential to travel and work abroad.

Size of the f inancial services industry Over 2 million people work across the UK in financial and related professional services, more than 7% of total UK employment (TheCityUK 2012). It’s a huge industry and offers lots of exciting job opportunities. London is a leading financial centre: The London Stock Exchange, Lloyds of London and the Bank of England are all based in the city.

There are also lots of opportunities outside of London; Scotland is the second largest financial hub in the UK and is recognised as one of Europe’s leading financial centres. Manchester, Leeds, Bristol, Cardiff and Belfast are also thriving financial services cities.

Graduates entering the industry can earn an average salary of £29,000

*High Fliers Research Limited, 2012

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Could f inancial services be for you?A career in finance makes use of a variety of skills. You won’t need all of them but a talent in one area may make you a valuable addition to a company or bank.

MathsMaths skills are used for a variety of roles within the industry. Being able to count obviously helps when dealing with money but it is also used in the analysis of data; such as profits, margins (how much profit you are making on a product) and even predictions about the future!

LanguagesFinance is a global industry and being able to speak other languages can help make sure everything runs smoothly. A good level of English is also required when dealing with a range of people in order to make sense of the technical language used. Even though most people in financial services speak English, better relationships can be built by understanding the language and culture of other nations.

EconomicsEconomics is the study of the production, distribution and consumption of goods and services. Knowledge of how the world of finance works is essential to being successful in the industry. Understanding connections between what’s going on in the world and how that affects the price of goods and services and the needs of people can make the difference between success and failure.

Computer Studies and ITThere is very little in the world that is not affected by computers and information technology. In a world that is changing all the time, it is important that people making decisions related to the buying and selling of products have all the up to date information at hand. Financial services is highly dependant on IT systems.

ScienceWhile not absolutely necessary for a successful career in finance, knowledge of specialist areas of investment, such as technology, and how they work, can often grant you an edge in what is a competitive area. For example, mobile phones use copper, silver, gold and palladium, all sold on the London Metal Exchange.

Entry level roles such as a customer service adviser in a building society have a starting salary of around £15,000 -£17,000

* Open Doors 2012

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?how

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Entry to the f inancial services industryYou don’t need a degree to work in financial services but employers are looking for candidates with the right skills and ambition to succeed. Here are some of the options available to you when you leave school:

Qualif icationsA levels and universityHere are some recommended A level subjects, which could set you in the right direction for a career in financial services.

ü Accounting ü Economicsü Business Studies ü Maths / Statisticsü Computing ü Law

Completing A levels can lead on to studying at university and securing a degree. Most of the top banks run graduate recruitment schemes and this is often the common route into jobs such as Investment Banking, Stockbroking and Analysis. It is an advantage to have a degree with high mathematical content, such as physics, engineering, accountancy, economics, finance or business.

Professional qualif ications Professional bodies, such as the CISI, offer introductory qualifications to help you build the skills employers are looking for. Adding a professional qualification to your CV will help you impress employers and show you really want to build a career in financial services. Some of these can be studied independently via distance learning using workbooks and elearning.

ApprenticeshipsA range of apprenticeships are available which will help you learn about the industry and gain some practical experience. These vocational courses will build your skills and give you access to higher level qualifications later on. Some CISI qualifications can even be taken as part of an apprenticeship.

Level 2 NVQ Apprenticeship Frameworks include:

ü Accountingü Business and Administrationü Providing Financial Services

Work experience and internshipsWork experience is really important and a great way to sample what working in the industry is really like. Look on employers’ websites to see if they run work experience schemes and don’t be afraid to write to companies directly. Most employers will expect a CV to show evidence of successful work experience or employment, even if it was a holiday job, voluntary role or helping to run the family business.

School leaver programmes and entry level jobsSome firms offer school leaver programmes and you can find out about these by checking on their websites and searching online. Also look out for entry level jobs such as data entry and administration; these can help you get a ‘foot in the door’ at large organisations, which may offer the opportunity to progress if you work hard. www.directions.org.uk list post-school and college job opportunities within the finance sector.

You can earn up to 60 UCAS points by studying the CISI Certificate for Introduction to Securities & Investment.

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How can we help you?You might be planning to go to university or straight into a job, or simply looking into all the available options. Whatever your situation the CISI can help you get started. We provide career and qualifications advice to help you get into finance.

We offer a range of qualifications which are designed to help young people learn about and enter the financial services industry. You can study our qualifications at school or college, alongside your A levels, or we also have study options suited to those in employment, fulfilling an apprenticeship, on a gap year or between jobs.

Our qualifications will provide you with a valuable understanding of the investment industry and could help you find your first job in a top Investment Bank. You don’t need any previous qualifications or experience so contact our team today to find out more.

F ive reasons to study with the CISI1. 92% of the world’s top banks take CISI exams

and our qualifications are highly recognised within the industry

2. There are opportunities to complete work placements as part of our qualifications

3. We have elearning tools which make studying interactive and fun

4. Adding a professional qualification to your CV will impress employers

5. You will receive CISI Student membership and have access to our online resources, events and magazines

Case studyJoe HayesStudied the Certificate for Introduction to Securities & Investment at Chatham Grammar School for Boys

F ind out more8 cisi.org/getintofinance

%020 7645 0714

* [email protected]

I am very interested in the financial services industry and I believe the Certificate will give

me a head start in the financial sector. It will show that I am passionate about this

industry and help to differentiate me from other applicants. In terms of classwork, I have

enjoyed looking at the structure of the industry, considering such things as

custodian banks and insurance companies.

How can we help your school / college?If your school is interested in teaching CISI qualifications as part of their sixth form curriculum then we can help to train staff and support the delivery of our introductory courses

• The Certificate for Introduction to Securities & Investment (Cert IS&I)

• The Certificate in Finance, Risk & Decision Making (Cert FRD)

• The Diploma in Finance, Risk & Investment

We already work with a network of educational centres and have partnered many of these with leading financial firms. This enables schools to build partnerships with employers to offer industry days, sponsorship and work experience opportunities for students studying the qualification.

But don’t just take our word……..

Six reasons why your school should join the CISI1. Develop students’ financial awareness and

boost their CVs with an industry recognised award

2. Free teacher training and materials, with all expenses covered

3. The Cert IS&I is fully recognised by Ofqual and carries UCAS points

4. Public funding is available and there are sponsorship opportunities from local firms

5. Flexible teaching structure and opportunity for students to progress onto higher level qualifications

6. Work experience opportunities for students through CISI’s Investing in Futures initiative

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New CISI qualification: Fundamentals of Financial Services – provides an overview of the industry and will prepare you

for a career in financial services.

Find out more cisi.org/getintofinance

Students wishing to embark on a career in financial services will enhance their prospects

significantly by taking the CISI qualifications.

Professor Moorad Choudhry FCSI, Treasurer, Corporate Banking Division

The Royal Bank of Scotland Group

In my experienceoffering work experience brings

a career in financial services to life for the students.

Chris Scott, Chartered FCSIQuilter

We are really grateful to Charles Stanley for

the sponsorship to set up this unique opportunity and for all the support from the CISI in delivering this qualification.

Faith Jarrett, Head Teacher King’s School Ottery St Mary

Cert IS&I training provider

We have hosted school visits and believe

they were helpful to pupils facing career choices and understanding more about the financial services

industry in general. Charlotte Black MCSI, Director of Corporate Affairs Brewin Dolphin

I really enjoyed Mr Choudhry’s career talk

on investment banking. Having a talk from someone of his senior position and

over 30 years of banking experience was very helpful.

Feedback from Pure Potential school leavers event 2012

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?who

Case StudiesName Jodie Cargill Job roleCompliance Assistant EmployerCollins Sarri Statham Investments Qualifications Studying the Level 3 Advanced Apprenticeship in Providing Financial Services

How did you get into the f inancial services industry?I chose to get into the industry by working as an apprentice. I felt that this would offer me the chance to gain both knowledge of the sector and work experience at the same time, something that studying at university would not.

Through Bromley College I’m studying an Advanced Apprenticeship. I’m currently working towards taking my exams for the CISI Investment Operations Certificate (IOC), which, once completed, will enable me to further my career within the industry.

What do you enjoy most about your job?The thing I enjoy most about working as an apprentice is the compliance aspect of my job, as I get first-hand experience resolving queries. Day-to-day I assist with managing emails and queries, monitoring calls, dealing with complaints and updating policies and procedures. I have regular training to help broaden my knowledge and experience within the specialist area of compliance.

Do you have any advice for anyone wanting to get into the industry?I’d recommend an apprenticeship programme as it gives people the chance to gain knowledge and experience at the same time, plus a qualification, which are vital for this industry.

Name Toni DangJob roleResearcherEmployerBarclays Investment BankingQualificationsBSc (Hons) Economics, University College London

How did you get into the industry? I was drawn towards investment banking due to the fast-paced environment. I started with Barclays when I joined its spring intern programme a few years ago. This led to an opportunity to join the summer internship and I went on to fill a full-time post in Research after graduation.

What do you enjoy most about your job?The chance to become an expert in my own niche area and to have other people come to me for my opinion. A key quality required for research is being able to form your own view and be able to articulate and defend it. Research is an interactive role as we cooperate with sales and trading, so you meet and work with many people.

Do you have any advice for anyone wanting to get into the industry?Do your research to see if it is the right career for you. Attend careers fairs and insight days to find out what the business areas are about, network and ask the bankers lots of questions.

An internship is an invaluable opportunity to sample the job. When you get there work hard, be enthusiastic and don’t be shy to build your own network of contacts. Finally, always be yourself - there is a huge diversity within a bank in terms of background and personalities so there is a right desk for everyone.

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Name Raihan SadiqJob roleFund Managers AssistantEmployerWestbury Private ClientsQualificationsIT NVQ Level 1 & 2

How did you get into the industry? I completed an IT NVQ Level 1 & 2 course through City Gateway which eventually got me an apprenticeship placement at Westbury Private Clients. I was very nervous when I started. I didn’t have a clue what equities or bonds were but my boss, James Goodchild, gave me booklets and I started reading the Financial Times every day.

My placement was meant to be for 6 months but James had cut it down to three and offered me a full time contract at Westbury.

What do you enjoy most about your job?Learning something new everyday, looking after clients and helping Westbury grow.

James is my mentor and has taught me everything I know. When he offered me a full-time contract after three months, I have never signed a piece of paper so quickly. I couldn’t stop shaking his hand.

Do you have any advice for anyone wanting to get into the industry?Anyone who is interested in getting into the financial industry should go for it as long as they have a passion and something that will keep them motivated. There are various jobs and roles in the industry, you just have to get to know a few areas and then decide which one you want to chase.

I myself am pursuing a career as an Investment Manager; I would like to study wealth management with the CISI and become a qualified Investment Manager.

NameVictoria YungJob roleAssistant ManagerEmployerRathbone Investment ManagementQualificationsBA (Hons) Business, Liverpool UniversityCISI Investment Operations Certificate (IOC)

What attracted you to a career in investment management?I have always had an interest in business and finance, which was developed through studying business studies at A level and as a degree at the University. I excelled in financial modules which confirmed my desire for a career where I could use my analytical skills.

I joined Rathbone Investment Management straight from university and was drawn to the company because of its long established, highly reputable status.

What do you enjoy most about your job? I enjoy working in a fast paced, ever changing working environment. It is rewarding to know that my role adds value and contributes to continuously improving operational and investment management processes. I really enjoy the diversity of my work, and I am always being pushed to learn new things.

Do you have any advice for anyone wanting to get into the industry? Gain as much work experience as possible. Always show your enthusiasm and desire to learn and progress. Hard work will never go unnoticed. Even doing something as simple as reading a few articles of the Financial Times a week shows your interest in the industry.

üüX X

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We also offer FREE career talks within any school to help students understand the industry and the variety of job

opportunities which are available.

CV and Interview Advice

CV Do’s and Don’ts

DO

ü Write your name, address, nationality and visa situation (if applicable)

ü Detail your current and previous employment, role and dates worked

ü Outline your educational background and academic achievements/qualifications

ü Include any positions of responsibility such as school prefect or sport captain

ü Include a brief summary of your hobbies and achievements

ü Include referee details

ü Keep the CV ideally to one page, maximum two pages

ü Write in the third person

ü Keep your sentences short and concise

DON’T

X Forget to provide dates for all of your qualifications and employment

X Talk in the first person

X Let your CV become three or more pages long. If this happens, cut it down to one/two pages

X Be too long winded

X Lie or embellish your CV

Interview Do’s and Don’ts

DO

ü Be punctual

ü Remember that first impressions count

ü Maintain good eye contact and engaged body language

ü Be ready to turn your weaknesses into strengths

ü Demonstrate keenness and a positive attitude

ü Make sure you give a positive final impression

DON’T

X Give ‘shut’ answers

X Have your mobile on display (or take a call…)

X Be defensive or give misleading answers

X Forget to do your research on the company and (if you can) the interviewer

These tips have been provided by The McLean Partnership; a recruitment firm which specialise in financial services.

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Useful organisations

Industry information

General career advice

About us…

The Chartered Institute for Securities & Investment (CISI) is the largest and most widely respected professional body for those who work in the securities and investment industry in the UK and in a growing number of financial centres around the world. We have more than 40,000 members in 89 countries.

The Institute offers a range of qualifications, membership, training courses and learning resources to suit those aspiring to work in the industry, right through to the most experienced professionals. We partner with schools, colleges and universities to offer qualifications which help students understand the industry and prepare them for a career in financial services. As a registered charity, the CISI is particularly keen in widening participation and providing opportunities which encourage young people to work in a sector that they might not have considered attainable.

To find out more visit cisi.org/getintofinance

If you have any questions about the services we offer, or would like to know more about becoming involved with the

CISI, please contact us.

@cisi020 7645 0714

getintof [email protected]


October 2013

Getintofinance Web

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