A wide range of employers feature in the banking, investment and insurance sector of the UK, including building societies, investment banks, commercial banks, broking firms and insurance companies.
Investment/ Wholesale Banking – Offering the highest risk, investment banking relies upon the state and performance of the world’s economy. This sector is based on providing specialised financial advice and services to commercial, industrial and government clients. It is said that half of all European global investment banking happens in London.
Retail – This sector cover the services provided in high street banks to small business and individual customers via the banks branch network. Private banking is one of the fastest growing areas in all financial services in recent times; it is when services are offered to high net worth individuals. It is similar to traditional retail banking but offers more services to help wealthy clients look after their money better.
One of the main concerns of retail banking in the future will be coping with identity fraud and the result from the Office of Fair Trading bank charges investigation.
Investment/Asses Management – Asset management firms have had to develop and improve their operations by provided better opportunities for clients due to the global market and improved technology. The UK is home to third largest market for asset management. Individuals who work in this sector will need to be aware of both national and international trends and to keep up for new emerging markets.
Financial Advice – IFAs/Independent financial advisers supply advice and information to both businesses and individual clients on products and services that include, investments, pensions, insurance and mortgages.
Many IFAs are self employed and have a group of clients that they will work for on a commission basis. But moves have been made to make fee based services more common than commission services to improve public confidence.
Insurance – The insurance sector in the United Kingdom is the largest in Europe and the third largest in the world. It is considered to be the largest employer in the financial services sector with an estimated 340,000 people working in it, which is a round a third.
So does working in one of these sectors sound appealing? It should be noted that while jobs in the financial, investment and insurance world are often well paid and with excellent benefits packages, they do require a lot of time and effort and can be extremely stressful. Talk to a professional Finance Recruitment company to discuss your options and how to start your career.