Want to work in the City? Here’s what you need to know to get a job in finance.
After the financial meltdown, the economy seems to be in recovery mode. City workers are positive and enthusiastic, which is good news for those in finance and banking.
Important specialist skills in finance
Employers are honing in on specialist skills, such as cost and financial control, finance project integration and automation, to follow through long-term mergers such as Lloyds TSB and HBOS.
Finance experience you need
Employers, especially from the larger PLCs, are looking for people with experience in:
- Financial and regulatory policy/ control
- Financial planning
- MI analysis and product control
Paul Briggs, director of recruitment firm, Hays Financial Markets, says: “There is a call for jobs in financial and MI analysis, treasury and hedging-based positions, and people with strong financial statutory control experience as businesses seek more granular understanding in their reporting.”
Work for Accountants
Jobs abound for chartered accountants, too. If you don’t have the qualifications, experience in specialist areas, such as product control, counts for a lot.
How long does it take to get a job in finance?
Nick Dunnett, director of contractor business recruitment at Robert Walters, says: “A newly qualified accountant, with recent experience in financial services audit, should now expect to wait four weeks for a good contract role – it would have taken on average eight weeks this time last year. But it’s not unheard of to land a job within 48 hours of registering.”
Who’s hiring in the City?
There’s been an upturn in roles in financial services, investment banks and boutiques. “Big banks who have ridden the downturn well are constantly hiring to refresh their talent pool and retain a competitive edge,” Dunnett says.
Sort your paperwork
Banks now want to be absolutely certain of the people they are hiring. You will need:
- Stringent references
- Credit and criminal checks
- Be prepared for your work history to come under the spotlight.
- Copies of your training and qualification papers could help to accelerate the recruitment process.
What do finance jobs pay?
Business analysts with product control knowledge can earn between £450-£600 per day, compared with £350-450 per day one year ago.
Learning and development
In contract work, it is difficult to learn and develop on the job as a payroll worker would. However, Dunnett offers this advice: “Be diligent, be recognised and put your hand up and say: ‘I want to talk about my career path’. A lot of clients value people who want to stay with their company.”
CITY STATS: The City of London, which encompasses the historical financial powerhouse, the Square Mile, still has a bigger economy than Belgium or Sweden, and ranks on par with New York City as the leading centre of global finance.
Approximately 320,000 people work in the City. It is said to hold more than 500 financial institutions – more Japanese banks than Tokyo and more American ones than New York.
Attracting an elite workforce, there is no question that any work experience here looks excellent on your CV.
Find your perfect job at tntjobs.co.uk