Banking, investment and insurance : Entry and progression

How do I find a job?

• Search job vacancies.
• Competition for jobs is fierce. One of the toughest areas to get into is investment banking, with a large number of applicants for each vacancy. Insurance is an expanding area with a number of jobs available. Related areas such as accounting, business services or technology may be of interest.
• Major employers offer structured internship and graduate schemes. Deadlines occur all year round, although deadlines for investment banks and insurance companies are mostly in the autumn term.
• Smaller organisations may advertise their vacancies throughout the year, especially during the summer.
• Application details can usually be found on the company’s website. Some companies will deal with applications as soon as they are received so it is advisable to apply early.
• Internships and graduate schemes are advertised online and on university careers service websites.
• Specialist recruitment agencies and the local and national press also advertise vacancies.
• Many companies attend careers fairs or give presentations either on campus or at their premises. These events provide networking opportunities so it is essential to research beforehand the companies that interest you.
• Many firms now hire graduates via their work placement schemes. This means that competition for internships is fierce and the recruitment process is as rigorous as it is for graduate schemes. You may be put through to the latter stages of a company's graduate scheme recruitment process, e.g. the assessment centre or interview, if you have already completed an internship with them and made a good impression.
• Find out more about job application advice.

What skills do I need?

Most companies welcome applications from all subject disciplines, although a numerate subject such as economics, finance or mathematics can be particularly relevant. An IT degree is usually required for technology graduate schemes. The majority of larger employers ask for a minimum of a 2:1 and will sometimes also specify UCAS points. Requirements set by smaller companies may vary.

Employers generally look for evidence of:

• excellent numeracy skills;
• the ability to work with figures and statistics;
• a genuine interest in finance;
• analysis skills;
• self-motivation;
• accuracy and attention to detail;
• negotiation skills;
• teamworking skills;
• leadership skills;
• the ability to learn quickly and work under pressure;
• excellent communication and interpersonal skills.

Internships, work experience and being an active member of industry-related societies can help you to develop the skills that employers look for and demonstrate initiative, motivation and commitment. 

Where can I find work experience?

Many companies now offer internships to students in their penultimate year, either as a year-long industrial placement or during the summer period. They are increasingly seen as an important entry step on to a graduate programme, with many employers aiming to make job offers at the end of the internship.

Most large companies advertise internship schemes on their websites. University careers services also advertise work experience and voluntary opportunities. You might also obtain an internship by networking with people who already have contacts in the industry. 

Is postgraduate study useful?

Although a postgraduate qualification is not essential, if your undergraduate degree is in a non-vocational discipline you can study for a vocational Masters degree to enhance your knowledge. There is a wide range of courses available in specialised subjects such as investment management, financial risk management, insurance and risk management, and accounting.

It is usual for firms within the financial services industry to support further study and industry-specific professional qualifications and to pay for exam fees and courses as well as allocating study leave. Undertaking a qualification may be required for career progression. Membership of an industry specific professional body is also useful and in some areas is compulsory. For example, to work in stockbroking you must be an 'authorised person' with the Financial Services Authority (FSA) .

Graduates in front office roles, such as sales or trading, are expected to pass a regulatory threshold qualification within six months of joining an organisation.

You will be expected to keep your knowledge up to date through continuing professional development (CPD). 

How can my career develop?

Graduates generally enter the industry as trainees. Some graduate schemes are structured so that progression and development within the company is clear. Other schemes have an element of flexibility, allowing individuals the opportunity to work where their strengths lie. Graduate schemes offer rotations around various functions and departments so that graduates can experience different areas before choosing their specialism.

There is no typical career path within the financial services sector and movement across the industry is common.

Many companies will sponsor relevant professional qualifications, such as the Chartered Financial Analyst (CFA) programme for those working in investment and risk management.

There are great opportunities for fast progression to senior managerial positions for those who can demonstrate commitment, dedication and results. Networking is particularly important for career progression - you may get headhunted after a few years in your role.

There are increasing opportunities for career development internationally, particularly in emerging markets. For more details see opportunities abroad.