The financial services industry is one of the most important to the UK, and in turn, jobs within financial services have increased significantly over the past few years. There are 1.1 million financial services employees employed in the UK.It is an industry that offers a wide variety of roles and career opportunities and, as a result, attracts large numbers of prospects. Take a look at some of the positions we are working on in the City at the moment!
As with all industries, there are pros and cons to working within this exciting space. If you’re toying with the idea of a career move in the City, here are some of the things you may want to consider:
Benefits:
Financially rewarding
There is potential to achieve a higher-than-average income at all levels within the industry, as well as a promising career path, great benefits and bonuses. City-based firms often reward hard-working employees with wellness benefits like free gym membership, access to healthy meals and medical consultations.
Variety
No day will ever be exactly the same. The fast pace and unpredictable nature of the industry means you’ll always be busy and learning new things. There’s likely to be an exciting buzz around the office and definitely no time for clock watching.
Exposure
On a daily basis you’ll be faced with high-profile individuals and businesses. It gives you an excellent opportunity to network with new people every day, and this in turn can open lots of doors. In this space, it’s usually not about what you know; it’s who you know.
Social Scene
The financial services industry is known for its ‘work hard, play hard’ mantra. It wouldn’t surprise us if you met life-long friends in the City. And if you’re a bubbly person who loves to socialise, you’ll fit right in.
Potential risks:
Long hours
Working in financial services is not a typical 9-5 affair. Approximately one in three of all employees work in excess of 40 hours per week and a large number work considerably more than that. The work itself can be fairly high pressured and stress-inducing due to the fast pace and the demanding nature of clients and colleagues. To minimise burn-out, we strongly recommend focussing on personal wellness and encourage you to take all of your annual leave. This will help counter-balance any stress caused.
Difficult characters
In a support role you may be expected to deal with employees that will not give you an easy ride!
Competition for jobs is high
As financial services offers good promotion prospects and numerous career opportunities, this means it is a competitive industry. And you’re competing with the best of the best.
Few permanent opportunities
Due to the unpredictable nature of the economy, many of the financial services firms prefer to hire into long-term contracts rather than permanent roles. If you want to work in the City you’d need to be comfortable with this. Rest assured, those in long-term contracts enjoy all the same benefits and bonuses as permanent staff!
We believe the benefits of working in the City far outweigh the risks, but at the end of the day it needs to feel right for you and your lifestyle choices. If you want to discuss taking your next step, get in touch today.
FAQs
The Pros & Cons of a Financial Services Career
- So what are the main pros and cons of a financial services career?
- Strong Career Prospects (+) ...
- High Stress and Long Hours (-) ...
- Good Income Potential (+) ...
- Regulatory Requirements (-) ...
- Good Working Conditions (+) ...
- Cyclical Nature (-)
The pros and cons of a career in financial services
- Financially rewarding. ...
- Variety. ...
- Exposure. ...
- Social Scene. ...
- Long hours. ...
- Difficult characters. ...
- Competition for jobs is high. ...
- Few permanent opportunities.
Finance degree jobs can provide relatively high pay, stability, opportunities for advancement and consistent demand projections. Careers in finance may also offer flexibility for employees by allowing them to work remotely or in hybrid environments.
What are the cons of being a finance major? ›
Cons of getting a finance degree
Long hours: Many finance jobs require long hours, particularly in investment banking and other high-pressure roles. Stressful work environment: The finance industry can be stressful, particularly during economic uncertainty or market volatility.
What are the pros and cons of hiring a financial planner? ›
Pros of hiring a financial advisor include gaining access to expertise, leveraging time, and sharing responsibility. However, there are also potential downsides to consider, such as costs and fees, quality of service, and the risk of abandonment.
What are the advantages of financial services? ›
Financial institutions offer investment services to help individuals and businesses manage and grow wealth. They provide access to investment products such as stocks, bonds, mutual funds, and other securities. They also offer advisory services to guide clients in making informed investment decisions.
What is the hardest job in finance? ›
The most (and least) stressful jobs in banking and finance
- Most stressful job in finance : Investment Banker (M&A or capital markets professional) ...
- Second most stressful job in finance : Trader. ...
- Third most stressful job in finance : Risk management & Compliance.
Salaries in the finance industry
According to the U.S. Bureau of Labor Statics (BLS), careers in finance pay a median salary of $76,850 — 66% higher than the median salary for all occupations in the nation ($46,310).
Is finance a hard major? ›
Is Finance a Hard Major? Finance is a somewhat difficult major. The difficulty with finance comes down to its concepts that students would not have experienced before in their lives, the financial lingo in the field, and the concentration of math in the subject.
Is financial services stressful? ›
The median annual wage for business and financial occupations is $46,310 higher than the median annual wage for all occupations. Drawbacks of a career in finance can include high stress, long working hours, continuing education requirements, and, in some cases, limited job stability.
Working in the FS (financial services) sector is one of the most rewarding careers you could have. You'll learn how to act commercially, focus on the bottom line whilst making positive change and be exposed to global issues like global warming, wars, political decisions, and even pandemics.
Is finance math heavy? ›
One thing that's for sure is the high amount of math you will need to study. Finance is a mathematical discipline, so if you aren't as comfortable with math as with other ways of thinking, you may find it more challenging.
Is finance a stable career? ›
The short, simple answer is: Yes, finance is still a good career path, but it will probably not be as good relative to other careers as it has been over the past few decades. If you are at a top university or business school, have the qualifications, and start early, that's fine.
Are finance jobs hard to get? ›
You don't need an MBA to work in finance, but the field is highly competitive, especially at the entry-level. Internships offer experience, exposure, and a tryout for a full-time gig.
Is finance a happy major? ›
Overall, finance students rate their satisfaction with their degree a 3.1 out of 5.
What are the positives and negatives of being a financial advisor? ›
The benefits of becoming an advisor include unlimited earning potential, a flexible work schedule, and the ability to tailor one's practice. The drawbacks include high stress, the hard work needed to build a client base, and the ongoing need to meet regulatory requirements.
What are the advantages and disadvantages of financial literacy? ›
In conclusion, financial literacy has both its advantages and disadvantages. On the one hand, being financially literate can help individuals make more informed decisions with their money and avoid debt. On the other hand, financial literacy can also lead to people becoming more materialistic and obsessed with money.
Author Tiger Contributor Tiger Recruitment Team 