The pros and cons of a career in financial services

The financial services industry is one of the most important to the UK, and in turn, jobs within financial services have increased significantly over the past few years. There are 2 million financial services employees employed in the UK, and 665,700 of those are based in London alone[1]. It is an industry that offers a wide variety of roles and career opportunities and, as a result, attracts large numbers of prospects. Take a look at some of the positions we are working on in the City at the moment!

As with all industries, there are pros and cons to working within this exciting space. If you’re toying with the idea of a career move in the City, here are some of the things you may want to consider: 

Benefits:

Financially rewarding 

There is potential to achieve a higher-than-average income at all levels within the industry, as well as a promising career path, great benefits and bonuses. City-based firms often reward hard-working employees with wellness benefits like free gym membership, access to healthy meals and medical consultations.  

Variety 

No day will ever be exactly the same. The fast pace and unpredictable nature of the industry means you’ll always be busy and learning new things. There’s likely to be an exciting buzz around the office and definitely no time for clock watching.

Exposure 

On a daily basis you’ll be faced with high-profile individuals and businesses. It gives you an excellent opportunity to network with new people every day, and this in turn can open lots of doors. In this space, it’s usually not about what you know; it’s who you know.

Social Scene 

The financial services industry is known for its ‘work hard, play hard’ mantra. It wouldn’t surprise us if you met life-long friends in the City. And if you’re a bubbly person who loves to socialise, you’ll fit right in.  

Potential risks: 

Long hours 

Working in financial services is not a typical 9-5 affair. Approximately one in three of all employees work in excess of 40 hours per week and a large number work considerably more than that [2]. The work itself can be fairly high pressured and stress-inducing due to the fast pace and the demanding nature of clients and colleagues. To minimise burn-out, we strongly recommend focussing on personal wellness and encourage you to take all of your annual leave. This will help counter-balance any stress caused.

Difficult characters 

In a support role you may be expected to deal with employees that will not give you an easy ride!

Competition for jobs is high 

As financial services offers good promotion prospects and numerous career opportunities, this means it is a competitive industry. And you’re competing with the best of the best.

Few permanent opportunities

Due to the unpredictable nature of the economy, many of the financial services firms prefer to hire into long-term contracts rather than permanent roles. If you want to work in the City you’d need to be comfortable with this. Rest assured, those in long-term contracts enjoy all the same benefits and bonuses as permanent staff!

We believe the benefits of working in the City far outweigh the risks, but at the end of the day it needs to feel right for you and your lifestyle choices. If you want to discuss taking your next step, get in touch today.

 

[1] The City UK - https://www.thecityuk.com/ 
[2] Grad Jobs - www.gradjobs.co.uk/ 

Categories: Job Seekers

Tags: Candidates, Career Advice, Day to Day, Recruitment

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