Banking & Finance

The banking and finance industries include a wide variety of careers, including positions in asset management, loan processing and financial planning. The Banking sector offers a wide variety of different roles. The Industry splits into investment banks and retail banks. The latter are the high street banks, which you will be familiar with such as Lloyds or Santander and generally deal with individuals and companies. The Investment Banks offer more specialised services and opportunities exist is areas such as corporate finance and sales and trading.

Money, money, money! It’s true: banking, finance and accountancy careers are all about money. The world revolves around money. We talk about it, we spend it, we earn it, we lose it and we touch it every day. The world would not be able to function without money. Consequently, some of the most important jobs in the world are in the banking and finance sector.

Labour Market Information- Banking and Finance

• There are 510,630 banking jobs in Great Britain accounting for 1.7% of the country’s total employment. Approximately 25% of all banking jobs in Great Britain are specifically in the wholesale banking sector.

• There has been a decline in the number of banking jobs in Great Britain since 2011 – there are 13,559 fewer banking jobs, a decline of 3%.

• Within jobs in banking, there has been a particular downward trend in bank jobs specifically. Bank jobs account for three quarters of all banking employment in Great Britain and there are now 39,911 fewer jobs than there were in 2011 – a decrease of 11% – and in the past year alone, there are 12,130 fewer jobs, a decline of 3.3%.

• However, the number of jobs outside of London are actually rising.

• The Employers Skills Survey showed that there was currently a skills gap within the UK's financial sector, with a clear demand for suitably qualified professionals. This means that vacancies are likely to remain in these industries over the following years.

• Specialist recruiters Hays saw a positive outlook for partly and newly-qualified individuals within finance in the UK. Graduates can take advantage of the situation by planning their career in accordance with employer needs for those with specialist financial skills.

• Starting salaries to range from £20,500-£42,000 in accounting and professional services, £27,000-£40,000 in banking and finance, and £35,000-£60,000 in investment banking (High Fliers' The Graduate Market in 2019)

• The British Banking Association are currently working with leading banks to increase the number of women and ethnic minority individuals in leadership roles. At present women are on 25% of boards in banks and a target of 30% has been set for this year.

• In Redbridge, 1.6% of the population work in finance, which is below the national average of 3%.

Some further information on banking and finance