Finance qualifications are a must for progression in many careers within the sector, as structured pathways can lead towards the achievement of specific professional designations
Many people study for professional finance qualifications while working - especially as a large number of part-time and distance learning options are available in areas including accounting, banking, investment management, insurance and risk management, and financial management and tax.
Masters courses in finance
Although the Masters in Finance (MiF) may sound like a general postgraduate qualification, it often refers to a specific financial services programme, which leads to achieving the Chartered Financial Analyst (CFA) designation, offered by CFA Society UK.
You're still likely to learn the essential knowledge and quantitative skills required for a career in the financial industry, whether that's in retail, commercial or investment banking, corporate finance, or broking in both public and private sector organisations - but this course is reserved for ambitious candidates with a clear career plan.
Institutions offering this degree through the CFA University Affiliation Programme include the University of Exeter, Imperial College London and The University of Warwick Business School.
MSc Finance courses typically ask for a related maths, economics or finance degree (among others) while some require a number of years' work experience before you'll be accepted onto a course.
One of the most far-reaching areas of finance, a career in accountancy would suit anyone who's well organised, analytical, logical and good with numbers. To progress to management level or even start your own business, you'll need to consider taking a relevant accounting course.
This is a vast area, but the Chartered Banker Institute provides distinct core banking qualifications designed for new entrants to the sector all the way through to experienced professionals looking to achieve chartered banker status. These include:
- Associate Chartered Banker Diploma - to build upon your current skillset and gain a professional qualification, which entitles you to use the Associate Chartered Banker designation.
- Professional Banker Diploma - supports the development of your technical knowledge and job-specific skills.
- Professional Banker Certificate - an introduction to the sector for those working in non-banking specialisms such as marketing, HR or IT.
As High Fliers' The Graduate Market in 2021 points out, investment banks (£50,000) and banking and finance companies (£32,500) featuring in The Times Top 100 Graduate Employers offer some of the most generous graduate starting salaries, with continuing professional development further increasing your earning potential. To explore this high-paying career path in more detail, read our top tips on getting into investment banking.
If you're interested in postgraduate study but want to ensure that the curriculum is current and relevant to the competitive business world, you may wish to explore industry-approved banking courses such as those available from Cass Business School.
Both full and part-time Masters programmes are available in areas such as banking and international finance, corporate finance and investment management. These degrees are often designed in partnership with industry professional bodies, such as the CFA, Chartered Alternative Investment Analysts Association (CAIA) and the Chartered Insurance Institute (CII).
Many finance graduate schemes offered by leading employers also give graduates the opportunity to achieve a professional banking qualification as part of the programme. You may also wish to consider the top UK banking apprenticeships, which provide on-the-job training as you study towards a recognised qualification.
Financial services qualifications
The field of financial services is broad, and can be divided into commercial and investment banking. As banks and other financial institutions provide a range of services for both types, there will be some overlap between the different specialisms.
For an overarching qualification, the CII has developed the Level 3 Certificate in Financial Services. This award offers two targeted learning routes for those working in operational and technical support positions. With the CII qualification, you can choose to go down one of two routes - life and pensions or general financial services.
The Chartered Institute for Securities and Investment (CISI) also has various pathways for those working in financial services, with options at foundation, qualifying, advanced and professional levels in capital markets and corporate finance, compliance and risk, financial planning, Islamic finance, operations and wealth management.
These finance courses have been designed and developed in conjunction with industry so they're considered the benchmark for employees at major banks and financial organisations.
As you progress your career in financial services, you may wish to consider the professional qualifications available from The London Institute of Banking & Finance. These include the Level 4 Financial Services, Regulation and Ethics (FSRE), Diploma in Business & Commercial Banking & Conduct, and Diploma for Financial Advisors, plus the Level 5 Commercial and Corporate Lending (CCL).
If you're looking to achieve an insurance focused qualification, the CII also offers the Advanced Diploma in Insurance. From this, and having gained five years' relevant experience, you may be eligible to apply for chartered status as an insurance broker, insurer, insurance practitioner or insurance risk manager.
Wealth management courses
You could decide to attain the Certified Financial Planner with the CISI, which covers pensions and provisioning, and pensions advice. However, you'll only be eligible to study towards the award once you've gained at least one year of supervised practical experience, or three years unsupervised.
Other routes include the wealth management study pathway for wealth managers, discretionary portfolio managers, independent financial advisers, private bankers and private client managers. The seven levels range from foundation level to the Level 7 Chartered Wealth Manager qualification.
Recognised pensions qualifications are available for those working in employee benefits and retirement savings. The Pensions Management Institute (PMI) offers relevant courses for those entering the industry, as well as established pension scheme managers and pensions consultants (at Levels 2-4).
If you wish to undertake postgraduate study in this specialist area, Cass Business School runs the one-year full-time MSc Investment Management, a dedicated programme designed in partnership with the CFA Institute and CISI.
Financial planning certificates
Following the Financial Conduct Authority's (FCA) Retail Distribution Review (RDR), advisers were required to attain minimum knowledge levels. So, if you've achieved the necessary standard, such as the CISI's Investment Advice Diploma or the Chartered Wealth Manager qualification, you may now wish to study the Level 6 Diploma in Financial Planning. By choosing the professional route, you can become a Certified Financial Planner.
Qualification for Chartered Financial Planner status is also possible if you hold the CII Advanced Diploma in Financial Planning, have at least five years' industry experience and are a member of the CII or the Personal Finance Society (PFS).
Whether you're applying for a bookkeeping job or are hoping to start a business, the Institute of Certified Bookkeepers (ICB) allows you to study a bookkeeping course either at home or through an accredited training provider such as Kaplan.
If you successfully complete any three of the four core ICB bookkeeping certificates at Level 4, you'll have achieved the Diploma in Advanced Bookkeeping and Accounts. After two years of good standing as a professional member, you'll become a fellow and ICB-certified bookkeeper where you can carry out roles to a senior employed or self-employed standard.
The Association of Accounting Technicians (AAT) offer five short bookkeeping courses, from introductory and foundation levels to the Advanced Certificate in Bookkeeping qualification, which can be used to progress to professional AAT bookkeeping member status (AATQB).
The Chartered Tax Adviser (CTA) qualification from the Chartered Institute of Taxation (CIOT) is the highest attainment for those involved with tax. As well as passing the modular exams within two to three years, you'll also need three years' professional experience in a relevant role.
A joint programme between the CIOT and the Institute of Chartered Accountants in England and Wales (ICAEW) enables students to achieve the CTA and ACA qualifications, leading to ICAEW Chartered Accountant and Chartered Tax Adviser status within three to four years.
Students working in a relevant role can choose one of three routes:
- Taxation of Major Corporates (FTSE 350 companies)
- Indirect Taxation
- Taxation of Owned-Managed Businesses.
You'll need to pay separate registration and exam fees to each organisation.
Another option is the ATT CTA Tax Pathway, which gives students the chance to study for ATT (Association of Taxation Technicians) and CTA qualifications - through a flexible approach of classroom-based teaching, distance learning or self-study - while becoming members of the two organisations within a shorter timeframe.
Explore what it takes to become a tax adviser.
The Association of Corporate Treasurers (ACT) offers a progressive learning path for those looking to become a treasury professional.
Their qualifications are mapped to four treasury job levels: tactical, operational, managerial and strategic. This means there's a qualification to suit your needs at whatever level you're at. You can study to support your career development as your progress from a junior to more senior position or jump on and off the study pathway at your appropriate level.
Flexibility is a key part of the ACT learning experience - you can make progress at a pace that suits you.
Read about the role of a corporate treasurer.
Find out more
- Browse accountancy, banking and finance job profiles.
- Learn more about specific roles at graduate finance jobs.
- Explore the finance sector.