Finance

There are two core areas of finance within the retail sector where graduates can find a niche:

The central finance function deals with reporting financial information to internal management and external regulatory bodies.

The commercial finance side is concerned with analysing the figures reported by the central finance teams to measure performance and make strategic recommendations. If you work in commercial retail finance you might be analysing the results of particular product promotions or looking at individual store performance.

Within large retailers there will be individual finance teams supporting all the different areas within the business, from buying to property teams.

You will normally be based in the office, but you will regularly meet with people from other parts of the business. A standard working day is from 9.00 am until 5.30 pm, although you’ll sometimes need to be prepared to work longer hours, such as at financial year ends when finance departments must meet regulatory and/or budgetary requirements.

Starting out in retail finance

Many graduates who go into finance have business, finance or mathematics-related degrees. However, it’s possible to enter the field with any degree background, provided you have an analytical mindset and are comfortable with numbers.

'If you work in commercial retail finance you might be analysing the results of particular product promotions or looking at individual store performance.'

Graduate finance schemes with many retailers give you the chance to work towards a professional qualification over three years, usually with CIMA (Chartered Institute of Management Accountants). During this time you will do several placements within the business to give you the necessary experience to gain the qualification. Each placement will build on your experience and knowledge, and involve you taking on real responsibility. You will also need to complete exams twice a year – it’s common for retail employers to allow study leave for these.

Skills for graduate finance jobs in the retail sector

You must enjoy being presented with problems and working through them to reach a solution. Working in finance requires a lot of interaction with colleagues at all levels throughout the business (not just numbers!), so it’s important to be good with people and skilled at communicating and explaining complex financial information.

In practical terms you’ll need to be focused, good at organising your time and hardworking, as you’ll need to study for professional exams alongside doing a full-time role. Working for a retailer is particularly interesting because you are always dealing with tangible things, whether that’s sales, customers or strategies.

Sharon Gordon is finance manager at Somerfield. She has a degree in mathematics, operational research and statistics from Cardiff University.