Features: Alternative routes into financial careers

Written by Jordan Butler, Editor, Graduate Prospects, January 2013

A career in finance can prove to be both lucrative and rewarding, but do you need a financial degree to succeed?

It isn't always necessary to study a finance-led degree in order to progress into these careers. Most companies will demand a 2:1 degree or higher and evidence of strong numeric skills, but a specialised degree isn't always required.

What degree do I need?

Of all the graduates that became graduate-level finance professionals six months after leaving university in 2011, only 21% studied accounting and finance degrees, according to research by the Higher Education Statistics Agency (HESA). The rest came from a variety of degree backgrounds, such as business studies, economics, English, history, law, maths and politics.

Switching career paths

David Tomlinson is an example of a graduate who moved into a finance career after studying an unrelated subject. He left the University of Central Lancashire with a Bachelors degree in journalism in 2009.

'I've always had a passion for both reading and writing, and have always held a great appreciation for people who can captivate me with their words. Journalism seemed like a very exciting path to take.'

Despite this his career took a very different route as he slowly became attracted to finance. He is now enroled on a graduate placement with the Royal Bank of Scotland (RBS).

'I am currently on my first placement, in which I am working in a telephone centre in Manchester. The work is varied, one day I may be driving process efficiencies, the next coaching staff on call qualities.

'The scheme is split into four six-month placements; each in a different area within the bank, aimed at giving us good 'ground-level' knowledge.'

Getting into graduate banking

After his CV was initially accepted, the placement acceptance process was long and predictably tough.

'I had to complete a set of competency questions, followed by a timed numeracy exam and eventually a 45 minute telephone interview. Once all of this was complete, I was invited to the RBS assessment centre in Edinburgh. Although this was very challenging and often nerve-wracking, it was also one of the best experiences of my working life.'

Even though David specialised in words not numbers, he still feels that his degree has prepared him for a change of career path.

'My degree gave me the confidence to communicate with my peers and superiors. There is also a lot of studying still to be done in my new role and I use my university experience to help me through that.'

Research your options

For those looking to emulate David's switch into finance, his advice is simple. 'Find people within the sector, ask them questions and build your knowledge on the company and on the economic climate in general. There are so many areas within the bank so it is important to take your time in finding the one best suited to you.'