Why work in finance?
30 July 2020
In 2019, approximately 1.1 million people were employed in a job within the financial services industry. Considering the many draws to working in one of the many areas of this industry, it’s easy to see why so many people opt for a career in finance.
From the benefits to a career in finance, one of the most appetising is the freedom to move in different directions based on your own personal aspirations. In this blog, we look at working within this field, what exactly it entails and identify factors that could make it the ideal career choice for you.
What is working in finance?
The financial services sector generated £132 billion in 2018 alone, and with such a hefty and consistent investment into the UK economy comes the need for qualified professionals to carry out relevant roles in the industry.
Whether it’s for a bank, firm or independently, jobs in finance are available to meet a variety of needs. For example, mortgage advisers help with people who are looking to buy a property, financial advisers provide support for people who require assistance with managing their money and there are other specific roles for professionals that deal with pensions, tax, investments, stocks and a number of other considerations.
What does a career in finance entail?
One of the many benefits of working in finance is that you aren’t solely restricted to a single role, with opportunities available to develop into a senior position or move sideways into another industry area. In essence, a career in finance is based on money, but this could be managing it, investing it, protecting it or other duties that are required in today’s world.
As soon as you complete your course and gain a relevant qualification, you could choose to move into banking, accountancy, tax, insurance or pensions, and many subcategories if you choose to specialise in a specific area. The vast selection of roles in finance is also reflected in the typical volume of vacancies across the UK and Ireland, so you really are able to move in the direction that interests you most providing you have relevant skills and qualifications.
Is a career in finance rewarding?
Many of the people who work in finance benefit from the positive feeling of helping others. Although it depends on the specific route you decide to go down, it could be argued that all of the roles in the financial industry are helping someone to some degree.
However, if you want to help people who need professional financial advice directly, working as a financial adviser or mortgage adviser will allow you to do exactly that, as you’ll be helping people who need assistance with their personal finances or advice when it comes to arranging a mortgage on a property.
Should I work in finance?
Reasons for seeking a career in finance are personal to you and could be based on your own personal aspirations or a sudden change in your career path that led you towards roles in finance.
If you’ve always dreamed of becoming an employee of a bank, law firm or operating independently, it’s likely that you will have undertaken a degree in accounting, business, law, economics or a similar area to achieve your goal. However, this isn’t the only path into working within financial services, and if you’re experienced in another industry, you won’t find that doors into finance are completely shut.
For newcomers, it may seem overwhelming to start a career in finance, but if you take on a financial services apprenticeship, you don’t actually need any previous experience or qualifications that are relevant to your course. Instead, providing you have the desire and drive to succeed, you will be given the opportunity to kickstart your career in finance.