How do I get a graduate job in financial services?

Everything you need to know about graduate jobs with financial services employers. Whether you want to work in actuarial, assurance, insurance, regulation, retail banking or risk, you can find answers to key questions here.

'Financial services’ as a career sector is difficult to define. One company’s financial services vacancy might be another’s banking and investment role and the variety of graduate jobs available defies easy clarification. However, all financial services roles directly affect the everyday lives of ordinary people. Those who work in financial services are in the unique position of being able to help people make the most of their money and are employed by businesses that offer products and services designed to protect and improve people's finances. 

Graduates choosing careers in the financial services industry can be employed in a number of different areas including the financial regulation industry, which ensures that the UK financial system operates to the standards set by Parliament. Financial regulation jobs exist in the UK regulatory body (the Financial Services Authority) or in companies which need specialists in compliance with legal requirements.

How can I get a graduate job in financial services?

Financial services is quite a complex area of work at first glance with over 50 different formal careers on offer and opportunities for graduates to join at various levels including professional, technical, claims handling, customer service or administrative support. There are a wide range of graduate schemes and jobs on offer in the sector to which graduates can apply direct. Employers look for applicants with a good academic record and transferable skills.

What degrees and skills are relevant for a financial services career?

You can get a job in financial services without a finance or business degree. A certain level of numeracy will certainly help, but it’s perfectly possible to enter the sector with just a GCSE in maths. This is because recruiters are keen to recruit a balanced workforce and look for a wide range of skills and abilities in graduates, including:

  • Planning and organisation
  • Teamworking
  • Communication/interpersonal skills
  • Management potential
  • Adaptability
  • Motivation
  • Analytical abilities
  • Numerical skills.

Some employers will be looking for graduates in business-related disciplines, but many are on the lookout for management potential, so your degree subject will be less important than the skills and experience you have notched up while doing it. If you don’t have a related degree, you will need to show your commitment to entering the area you’re interested in. Find an internship in a financial services organisation, attend company presentations and careers fairs, and research the area and companies you are applying to.

What are the main areas of work in financial services?

Graduates are often surprised by how many different career paths there are within financial services. People can join at various levels and the size of many companies in the industry also opens up opportunities in areas such as IT, human resources and training, marketing, project management and product development.

Many roles will require an understanding of customers’ needs and circumstances in order to advise which the most appropriate product is for them, but there are also many people working behind the scenes in essential support roles – for example, issuing policy when customers buy financial products or arranging for the safekeeping of legal documents connected with a client’s financial affairs.

The main areas of work are:

  • Actuarial. Actuaries work with statistics and probabilities and are employed in three main business areas: pensions, insurance and investment. 
  • Insurance. The industry provides financial protection to individuals and businesses from unforeseen risks. Job opportunities exist in underwriting (calculating the price of risks); managing operations (making sure transactions occur smoothly and overseeing improvements); sales and marketing; claims; and specialist areas such as actuarial, marketing, IT and strategy. 
  • Life assurance and pensions. Areas of business that usually deal with the long-term aspects of an individual’s life, ensuring that people are set up according to their personal needs and the potential pitfalls they could face. The main products offered are pensions, life assurance and investment. 
  • Regulation and compliance. The practice of working with the financial services industry to ensure that legal standards are adhered to. The range of firms subject to regulation means that there is a wide choice of role and employer. Graduates could work for the UK regulatory body (the Financial Services Authority, or FSA) or in a compliance role within a commercial organisation. 
  • Retail banking. Retail banks deal with clients ranging from individuals with personal accounts to multinational corporations. The sector used to be dominated by the high street banks but there is far more competition these days, with building societies, supermarkets and internet providers now offering financial services.
  • Risk management. This is concerned with ensuring that a company has good processes, meets its objectives and avoids unexpected losses.

Financial services employers

Due to the diversity of the sector, graduates could find themselves working for a traditional high street bank, building society or insurer, or with one of many other organisations now providing financial services such as supermarkets and specialist firms. Opportunities exist in four main areas:

Financial services providers
Large companies offering a range of financial services such as retail banking and savings accounts. These tend to be international groups with a network of branches across the UK.
Diverse international groups
Businesses that have built their reputations in a different sector but have diversified into financial services. Examples include companies such as Sainsbury’s, Tesco and Virgin Money.
Specialist firms
Firms that offer services such as actuarial consulting, risk management, underwriting and reinsurance.
Regulation
The industry regulator, the Financial Services Authority (FSA), also employs graduates.

Find out how to choose the best financial services employer: bank, actuarial consultancy, insurance company or insurance broker - the choice is yours.

How can I work out whether a graduate career in financial services is for me?

The best way to find out whether the career would suit you is to get work experience in financial services and most employers run formal graduate internships. These are usually aimed at penultimate year students and most run in the summer holidays. Recruiters spend a lot of time structuring internships so that they provide an accurate idea of what working life is like: as well as an induction and training, it is likely that you will be given your own workload and project to manage. The work will be similar to that of a recent graduate employee.

Doing an internship is one of the best ways to get a job in financial services before you graduate. Most financial services employers use their internships as part of their graduate assessment process: one actuarial consultancy told us they aim to fill 75 per cent of their graduate places with their interns. This means that the application process for the internship will be as rigorous as for a graduate position so you will need to do your research and prepare well.

What does the application process for financial services jobs involve?

Many of the big recruiters run graduate schemes and most applications are made online. Closing dates for applications vary widely so it’s best to check individual employers’ websites. Recruiters will want to see academic achievement, expecting a 2.1 or 2.2 degree as well as evidence of ‘soft’ skills such as communication, teamwork and relationship building. As well as filling in an online application form you may have to complete relevant aptitude tests, perform a variety of tasks at an assessment centre day and attend one or more interviews.

How do salaries in financial services compare with those in banking and investment?

Starting salaries are not as high as those in banking and investment but they are still generous – often between £25,000 and £30,000. Bear in mind that many companies also offer excellent benefits, including discretionary bonuses, golden hellos, gym membership, life assurance, private healthcare and share options.

Further help and research

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