Moving Up In The Finance Industry

Moving up in the Finance Industry

What can my next finance move be? The world of finance never stands still. Characterised by peaks and troughs, the industry is arguably the one that revels most when the economy is strong and feels the pinch more than other sectors when it is not. But that’s what makes the industry so interesting, challenging, and for those with ambition, opportunistic. Just as entry level jobs are hotly contested, the same can be said of all positions from across the financial spectrum. So if you have decided that you want to pursue your career further and are wondering what your next move could be, here is a selection of some of the paths open to you from across the accountancy, banking and financial services industry. Graduate Accountant Qualified accountants are hot property and there are a number of different avenues that you can take. Some opt to specialise in areas such as tax or management accounting in the public or private sector while others choose to moving into a Senior Accountant, Auditor, Financial Controller or Management Accountant role .

Job Searches Accountancy Financial Analysis Financial Planning Insurance Risk Management

Corporate Finance Financial Control Financial Sales Investments Tax

www.monster.co.uk Trainee Bank Manager The career structure in banking is more akin to most commercial organisations. Upon completing your apprenticeship as it were, trainees managers will move up as Assistant Manager before taking on a Branch Manager position and then into Regional Manager. Actuary As a Student Actuary you will be expected to work towards becoming a fully fledged actuary - a process that can take anywhere between three and six years. Once fully qualified your Actuarial career will move forward relatively swiftly, first into a Senior Actuary/Junior Consultant role and then Section Manager position. Investment Analyst After around three years of when you will have undergone professional development and developed considerable experience as an Analyst, the next logical step is Fund Manager before moving into an Associate role. Tax Adviser Upon gaining the Association of Taxation Technicians (ATT) qualification you can move into a number of specialist fields of tax consultancy, commerce, industry, government or the private sector. Some people opt to go it alone as a freelance tax consultant. The importance of continued professional development across the finance sector cannot be underestimated. So once you have identified the path that you want your career to take, find out what courses are training programmes are available through your employer or relevant professional association.

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Moving up in the Finance Industry

What achievements should I add to my CV? If you were an employer receiving hundreds of applications for an advertised position, what would you look for to determine who the best applicant was? The answer to sort the good from the great is simple -: achievements. All of us will remember a time when someone has said to you, I know something you don’t know - the words almost sing to you as you read them. And admit it, you really wanted to know what it was that they knew but weren’t telling, didn’t you? That knowledge gives that person the edge. So what gives you the edge when it comes to your career, what do you know that others don’t? What makes you stand out? What makes you the most suitable person for promotion? What makes you so different to all other applicants? Are you the person who consistently plans and implements highly profitable strategies for new and existing financial products? Perhaps you are the most proficient actuary in your department at identifying potential risk and introducing significant cost-saving measures. Or maybe it’s you who your manager turns to when he needs a French-speaker to liaise with colleagues based in Paris. The secret to making your CV stand out from the crowd is to capitalise on your career enhancing moments, the times when the limelight shone on you.

www.monster.co.uk So you need to identify the key requirements of the job you want and think of as many relevant examples of instances when you have outperformed your colleagues and gone beyond what is expected of you in your current job – instances when you gained recognition for doing more than a good job. “I effectively lead a team to achieving my branch’s new product sales target for four consecutive quarters and significantly reduced customer waiting times by 20% over the course of six months.” “I developed a new collection system that reduced outstanding sums due from tenants, and upgraded the existing systems which improved processes and doubled efficiencies within the department.” “In my current role I delivered process and control improvements and successfully implemented an ERP system across a broad range of industry sectors.” Effective CVs are those that make employers sit up and take notice and recognise that you bring something extra to the table. Just remember to keep your example statements relevant to the job you are applying for, not the job you already have.

Further Reading - How should I list my previous jobs on my CV? - What makes a good CV design and layout? - How can I make my CV more effective?

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Moving up in the Finance Industry

What are the important skills to develop? The importance of continuous professional development in the finance sector cannot be overestimated. Regardless of whether you have designs to ascend to the top of the tree in banking, accountancy or financial services, you won’t get there unless you acquire the skills needed to fulfil your ambitions. Time is a precious commodity and one that costs employer’s money - and finance people don’t like losing money! During the so-called honeymoon period in a new job, you are given time to find your feet and develop the skills needed to perform your new role successfully. However, if you can demonstrate that you can hit the ground running whilst saving both time and money, you will win many admirers. Each new step in your career will have a new set of new skills that you will be expected to learn on the job. But if you can show an employer that you already have some of these key skills your application will stand out from your fellow applicants. For example, if you are an Investment Manager applying for promotion as Fund Manager, being proficient at analysing financial information relating to their fund manager’s clients, such as company accounts, market analysis, profit and loss or cash-flow

www.monster.co.uk statements, is doing little more than performing your existing job duties. But by knowing that Fund Managers use this information to make the best decisions for their clients and becoming more involved in this decision-making process, you not only demonstrate your willingness to learn new skills but also your obvious passion for the industry and commitment to the organisation – all of which will give you the edge when the next round of promotions come. You are in control of your career and it is up to you to find out what skills are needed for each new job that you move into. Speak to people already working in the role you want to find out what it is they do, what skills and attributes they posses and what makes them good at their job. Look at the job description in adverts or get a copy of the full job spec from your HR department to get an understanding of the key skills needed. And once you have this information find out what staff development and training schemes exist in your company to help you acquire the skills you will need. Or contact the professional association that represents your specific filed of expertise.

Monster’s Career Snapshots show you the skills you need in order to take your career to the next level: Financial Accountant

Financial Planner

Investment Banker

Personal Banker

Risk Manager

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Moving up in the Finance Industry

How can I get my boss to notice my efforts? Most of us are modest about our achievements at work and often shy-away from getting praise for a job well done. But if no-one knows how great you are at your job, you simply won’t get ahead. To get on in your career you need to know everything there is to know about your job, do it well and be better than anyone else doing the same job. It’s that simple. But what if you are doing a great job yet the powers-that-be don’t recognise the work you do? How can you make your mark so that you will stand out from your peers and your promotional potential will be spotted by your boss? If your boss doesn’t realise how good a job you are doing your career will progress as fast as a snail in mud. So you need to take the bull by the horns to boost your status and get the recognition you deserve without making it look like you are craving attention. Think of ways to make things work better or more efficient. For example, if you have to sell 50 new products each week yet only a few people actually achieve this, produce a report or recommendation document to your boss on how everyone can meet this target. If you are as good at your job as you say you are, this report will highlight you as the person who can demonstrate best practice.

www.monster.co.uk When asked when you can complete a report by, always say Friday even though you know you can do it by Wednesday. But you also need to over-deliver on your promise too. Make sure the report not only fulfils the brief but contains recommendations for a range of client investments, for instance. This shows your determination to add value to everything you do and that you will always deliver on time. Taking on additional responsibilities is one of the best ways to get noticed at work because it shows you as someone who is willing to support your manager when they really need your help and is prepared to roll their sleeves up and get stuck in. But choose carefully the jobs that you volunteer to do and make sure they place you in a positive light. Team work is a fundamental aspect of many roles in the finance sector, especially in banking. So if you are involved in a team project you need to be seen as the person running the show. Be the person who organises regular update meeting with your project colleagues, sets the agenda, and feeds back to your boss. This not only demonstrates your leadership skills and organisational skills but also shines the limelight on you when the project comes to a successful conclusion. As good as internal recognition is, it can't compare with the praise you get from outside the company. Testimonials from customers or suppliers are one of the most effective ways of getting your boss to recognise your achievements. Don’t be afraid to ask for a note of gratitude.

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Moving up in the Finance Industry

Should I move internally or externally? The UK finance sector has undergone more changes in the last ten years than at any point in its long history; from mergers and acquisitions to the overseas expansion of some of the UK’s most famous high street banks and the development of the so-called ‘global village’. And as the industry continues to evolve so too do the various career opportunities available to you. All you have to do is decide what career path you want to take and plot your course accordingly. Sometimes, though, the path you want to take forces you to make a decision as to whether you stay with your current employer or pursue your ambitions elsewhere. The question of whether you stay or go is answered by understanding what motivates you and whether your career ambitions can be realised where you are right now: • Are there opportunities to move into the role you want? • Do you feel suitably challenged? • Are your skills fully utilized? • Do you get the credit you deserve for the job you do? • Do you feel valued by your employer? • Are the company’s values in sync with yours?

www.monster.co.uk If the answer to these questions is a resounding ‘No’, then you need to dust off your CV, get it updated and find an organisation that will give you more ‘Yeses’ Changing from one employer to another is largely accepted as the most effective – and sometimes the only - way of climbing the career ladder in the finance sector. So conduct an audit on your job prospects where you are currently working and ask yourself, If push came to shove would it be such a bad thing if I left in the long term? Choosing to stay with your company out of some sort of loyalty may earn you the appreciation of your employer but it will do more harm to your career than good if the opportunities that you crave can never be realised where you are.

How much can you earn in the Finance sector? Salary by Gender

Salary by Company Size

Salary by Experience

Salary by Location

Salary by Job Role

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Moving up in the Finance Industry

What attributes make a good manager? Performing well in your job is one thing, but being a great Manager is something entirely different. The problem is that too many people fall into the frustratingly annoying habit of banging on about how great they are at doing their current job and why that makes them the best candidate for the newly advertised manager’s job. But it doesn’t. It’s all very well being the best Analyst but will that make you a good Fund Manager who has to manage ten other people as well as the person replacing you, and have to suffer the wrath of a client when an investment has not delivered the anticipated set of results? Or will being the most prolific Stock Broker in the business mean that you will have the necessary skills and personal qualities to manage an entire team of brokers or investment analysts? Maybe, maybe not.

Further Reading - How can I secure a pay rise? - What can I do to ensure a promotion? - How can I improve as a manager?

www.monster.co.uk If you want to be a manager you need to start thinking and acting like one. But first you need to recognise what qualities make a good manager and what kind of people excel in the finance sector, • ability to manage and support staff by facilitating relevant continuous professional development • an aptitude to motivate staff • proficiency at developing, implementing and evaluating sales policies • ability to establish and maintain strong working relationships with customers • confidence at making sound investment decisions • in-depth working knowledge of the whole financial industry • persuasive and confident communicator, able to deal with senior colleagues throughout the organisation and clients alike • persistence and assertiveness combined with tact and diplomacy Whilst you need to be a master of your current job, you also need to have an understanding of a wide range of other roles. Equally important is the ability to oversee a number of different projects simultaneously. So the ability to manage your time effectively, keep your cool under pressure and prioritorise tasks will be essential. Honesty and transparency are vitally important to employees. If your staff knows what is expected of them and you recognise their efforts and achievements, you will have a motivated and committed team who will be happy to work for you – and that’s half the battle won.

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Moving up in the Finance Industry

How can I make a long-term career plan? The times they are a-changing, so the song goes. And none more so than in the finance sector. Over the last 10-15 years the internet, overseas call centres, the emerging Asian markets, and an ageing population have all conspired to change the face of finance and the way we do business. Although we cannot predict the future of the industry with any great certainty, we can at least recognise a number of developments which are already taking place that will undoubtedly be the shape of things to come in the finance sector. One of the biggest characteristics of the banking industry in recent years has been that of outsourcing. Aside from some of the leading banks retaining their overseas customer service and sales operations in places such as India, the current trend of outsourcing some of the organisation’s so-called ‘back office’ functions to outside contractors specialising in HR or IT, for example, is expected to continue. The flip-side of this is that demand for specialist skills will inevitably rise. Similarly, mergers and acquisitions are expected to be a main feature of the sector, as many more so-called smaller institutions struggle to compete with some of the larger players in the business.

www.monster.co.uk The rapid growth and success of emerging markets in Asia, notably China and India, will continue to create more opportunities both at home and overseas for fully qualified banking and accountancy professionals – the UK’s portfolio of professional qualifications is widely regarded as the gold standard in the finance industry, which makes UK workers hot property. We have already seen the dramatic impact that technology had played in transforming the industry, and technology will continue to play a significant role in streamlining operations. As such, those with strong technical and IT knowledge combined with the ability to create and develop sophisticated financial tools will be in growing demand. Whether you decide to follow the managerial route or move into private practice, you will always need to stay a step ahead of the game, keep abreast of developments in your sector, and be prepared for what’s around the corner.

Improve Your Monster Experience If you have a Monster Profile, you may have noticed the Career Goals section on your personalised homepage. This is a perfect place to put your career aspirations down in writing, so you can look back in 6 months or 6 years to see how far you are towards achieving your goals. If you tell us your dream jobs, we’ll automatically update you on job opportunities that match so you can take note of the skills you need to develop, or apply right away. View or create your Monster Profile now.

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Moving up in the Finance Industry

Is finance the right industry for me? Now that you have been working in the finance sector for a number of years, do you envisage this to be the industry in which you will see out the rest of your career? Does your place in the industry motivate and excite you as much as it once did when you were a fresh-faced graduate, full of hope and ambition for your finance career? Or do you crave to do something entirely different? Sometimes in our careers we outgrow the job we are doing, or feel that we have done about as much as we can possibly do with the company we are working for. But that’s no bad thing. Being forced to re-evaluate what really motivates you can lead you to two conclusions: either you are in the right career or you need to get out and try your hand at something else. So how do you decide what is right for you? Understanding the difference between knowing how to do something and doing something because you want to do it is what will make you realise if you are in the right career or not. For instance, does your work give you a sense of accomplishment or is it ‘just a job’? Or if every job in the world paid exactly the same salary for the same level of qualifications and experience that you have, would you be doing the job you are currently?

www.monster.co.uk Even though you may have spent the best part of your career in this sector this is no guarantee that the rest of your career will be as good as this. The priorities you had during those early days invariably centred on salary, job title, and the opportunity to move your way up through the ranks. But as we get older our priorities change and you may start to feel that gaining recognition for the work you do or feeling suitably challenged with the opportunity to learn new skills become more important to you. The skills you obtain whilst working in the finance sector can be transferred into an innumerate range of different careers. So if you feel that this industry is not right for you, your options to try something else are considerable. Perhaps you thrive on the presentation of learning element of the job – teaching is an area that is increasingly in demand with universities and colleges of further education eager to take on people like you with considerable experience.

What Next? If you’re still looking for advice on finding the right job, creating a great CV or tips on job interview, career-advice.monster.co.uk contains everything you ever wanted to know, and more! If you’re ready to apply for jobs, upload you CV to Monster and then take a look through the latest Finance roles.

‘Grass is Greener’ eBooks

Moving up in the Finance Industry

They say that the grass isn’t greener on the other side, but often it is. Our series of eBooks brings together expert advice to help you secure the job you want and build a successful career. For more career tools, visit career-advice.monster.co.uk.