Jobs in Financial Services in 2008 and 2009
With today's economy it might seem that jobs in financial services will be harder to find in 2008 and 2009. But employment opportunities for finance professionals will likely be good, and the current business problems are part of the reason why. While banks and investment firms will be laying off employees during the remainder of 2008 and into 2009, others firms and government agencies are in need of skilled finance people to help them deal with today's complex problems. Finance professionals with specific technical skills are already in demand.Every organization that handles cash, extends credit, or prepares a budget needs finance professionals, and some employers are struggling to find people with the necessary skills. Employers need finance professionals knowledgeable in tax accounting and Sarbanes-Oxley to handle their rapidly evolving business needs. Cost accountants are sought after simply because the labor market has not produced enough experienced cost accountants to replace those leaving the field. Business changes are also creating job opportunities for those with general finance experience and for new graduates.Employers are looking for finance professionals with degrees and certifications. A bachelor's degree is the minimum educational requirement for most finance positions, but jobs are easier to get for those with advanced degrees. All things being equal, employers favor a job candidate with an MBA over one holding a bachelor's degree. For managerial positions a graduate degree is sometimes required.Employers also want Certified Public Accountants, or CPAs, which are in short supply. The number of people applying for CPA licenses has dropped sharply since most states instituted a 150 hour education rule, and now many areas are experiencing a shortage of CPAs. Certified Management Accountants, or CMAs, are becoming increasingly popular with employers. Unlike a CPA, a CMA focuses on management accounting, cost accounting, and decision support. Both certifications adhere to a strict code of ethics, which is attractive to employers. Relevant experience is important for those seeking jobs in financial services. Employers are looking for candidates who have demonstrated the ability to analyze financial information, answer management's questions, and make recommendations about the future value of alternate choices. They seek people who can show how they have cut costs, raised productivity, and improved the bottom line. Employment opportunities always exist for those who can demonstrate how they have made a significant positive impact on a firm.Employment opportunities in finance should remain favorable in these tough economic times. The current unemployment rate reflects a poor job market for unskilled and semi-skilled workers, but not so for professional workers. Finance professionals in particular enjoy an unemployment rate that is about half of the official average, and those with the right skills and experience are currently in demand.
Wednesday, 31 December 2008
Thursday, 4 December 2008
How to sell
How to sell anything, to anybody, anywhere at any price was the title of a talk given to me to deliver at the National Achievers conference in Kuala Lumpur and Singapore in 2001 in front of over 5,000 participants in each city.Although I was fortunate to share the stage with inspiring speakers like Robert Kiyosaki, I was the only speaker on sales.How to sell is one thing, but to how to sell anything, to anybody anywhere at any price is another. At least that is what I thought when the title was first given to me. However, the more I thought about it, the more I realized this topic, "ABC, 123 Sales Results System" covered all the bases.Let's first build a solid foundation for how to sell. How to sell starts with Attitude - a desire to want to sell, with a belief in yourself, that you can sell. How to sell requires you to believe in your organization, it value proposition, it's products and services and the supporting team players.When you believe, others will too. However, If you do not believe in yourself, your organization, it's products and services, the supporting team players, or the market, nor will the prospect. How to sell is based first on beliefs.Your beliefs is your foundation to how to sell successfully or not. Your beliefs determine your attitude. It is our attitude that determines how you feel. How we feel determines the actions you take. The actions you take determine your results.When it comes to how to sell, your beliefs lead the way. Your beliefs are under your control and only you can change them. As an adult you should be able to distinguish between what is real and what is not in your beliefs and clean them up. You need to get your beliefs up to a 10 if you want to succeed in life, not only in sales.The next step in how to sell is to ensure you demonstrate appropriate results oriented Behaviors. Behaviors are your daily habits. First do you have personal goals? If so, great as they are your guiding motivators when it comes to how to sell.If not, how can you ever achieve goals for others, if you first cannot achieve them for yourself. You cannot give something to somebody else if you do not have it to give away in the first place.When it comes to how to sell, our personal goals keep us focused, disciplined and motivated. Our corporate goals also keep us employed, focused, disciplines and motivated when it comes to how to sell.However, when it comes how to sell to the market place, our behavior for results has to be targeted. Targeted to markets and prospects that will give us the quickest market positioning, reputation and results, in the shortest time frame.In others words, how to sell requires you to do some homework and consider your return on time invested (R.O.T.I.). How, when and where can you maximize your R.O.T.I.?How to sell requires the right foundation as we have learned in Attitude and Behavior. How to sell also requires that you follow a sales results system, or sales process. This is referred to having the appropriate Competencies when you are face to face with a client.The Competencies that we are referring to here when it comes to how to sell are communication skills. The art of asking in depth questions and listening, while taking notes is fundamental when it comes to how to sell.With competent communication skills we can build rapport, develop trust and start a relationship. The first competency step in how to sell. How to sell requires that you also qualify the prospect. With trust you can proceed to set parameters, uncover buying motivators, financial ability, and decision making processes, qualifying the prospect.It is at the summary stage that you will know if you can help them with a solution or not. If not, let them know you cannot. If you can, proceed to prescribe them a solution. How to sell up until this point is all about building trust qualifying the prospect. That is the job of a real sales professional.Now take note that you are asking all the questions up until this point putting you in control of the sales process. That is how to sell. How to sell is not about telling - it is not about you, your company, products, services or solutions.How to sell professionally is about engaging the prospect into buying- it is all about them, their needs, their budget and their decision.
Wednesday, 3 December 2008
Marketing Manager in Financial Services
Marketing plays an important role in almost every industry sector. In its simplest form, it is about ensuring that customers' needs are met whilst maximising the profits of a company. A marketing manager's responsibilities can vary enormously, but will always have this as a central objective.
Daily tasks and duties will depend on the company size, structure and industry sector but may include:
monitoring and analysing market trends
studying competitors' products and services
exploring ways of improving existing products and services, and increasing profitability
identifying target markets and developing strategies to communicate with them.
Most marketing managers work 37 hours a week, between the hours of 9am and 6pm. As with many jobs with tight deadlines, they may be expected to work additional hours at certain times to ensure that targets are met. Some positions may require a lot of travel, particularly when working for an international company.
Salaries can range from around £25,000 a year for someone new to the role, to £40,000 or more for a senior manager.
A marketing manager should:
have knowledge of a wide range of marketing techniques and concepts
be an excellent communicator
be able to respond well to pressure
think creatively
be interested in what motivates people
All industry sectors employ marketing managers. Jobs are generally concentrated around major cities such as London, Edinburgh, Birmingham and Liverpool. This is a popular area of work so competition can be intense.
There are no set entry routes, but marketing managers often progress into the role after gaining several years of marketing experience, possibly as an executive or assistant, or in a specialist role such as advertising or brand manager. Typically, employers look for graduates.
On-the-job training is complemented by professional marketing qualifications. These range from introductory certificates to advanced level qualifications.
A successful marketing manager may be able to progress to more senior posts such as marketing director or even managing director. It may be possible to work abroad.
Daily tasks and duties will depend on the company size, structure and industry sector but may include:
monitoring and analysing market trends
studying competitors' products and services
exploring ways of improving existing products and services, and increasing profitability
identifying target markets and developing strategies to communicate with them.
Most marketing managers work 37 hours a week, between the hours of 9am and 6pm. As with many jobs with tight deadlines, they may be expected to work additional hours at certain times to ensure that targets are met. Some positions may require a lot of travel, particularly when working for an international company.
Salaries can range from around £25,000 a year for someone new to the role, to £40,000 or more for a senior manager.
A marketing manager should:
have knowledge of a wide range of marketing techniques and concepts
be an excellent communicator
be able to respond well to pressure
think creatively
be interested in what motivates people
All industry sectors employ marketing managers. Jobs are generally concentrated around major cities such as London, Edinburgh, Birmingham and Liverpool. This is a popular area of work so competition can be intense.
There are no set entry routes, but marketing managers often progress into the role after gaining several years of marketing experience, possibly as an executive or assistant, or in a specialist role such as advertising or brand manager. Typically, employers look for graduates.
On-the-job training is complemented by professional marketing qualifications. These range from introductory certificates to advanced level qualifications.
A successful marketing manager may be able to progress to more senior posts such as marketing director or even managing director. It may be possible to work abroad.
Tuesday, 2 December 2008
Pensions Sales Advisor
Pensions advisers and managers work with individuals and businesses on choosing and running pension schemes. They help people to make financial plans for their retirement. They also advise businesses on pension schemes for their employees.
Personal pensions advisers help individuals to choose the most appropriate scheme. They carry out financial forecasts, advise on pensions and adjust existing schemes.
Pension scheme advisers help businesses find the best scheme for their employees. They liaise with employers about the performance of company schemes, negotiate with other professionals, calculate the value of pension funds and issue statements.
Pensions managers oversee and train a team of advisers, ensuring that pension schemes operate effectively and correctly.
Pensions advisers and managers usually work 40 hours a week, Monday to Friday, but personal pension advisers may work evenings and weekends to fit in with clients. They are generally office-based but travel to see clients.
Salaries may range from £15,000 to over £65,000 a year, generally with performance-related bonuses on top.
A pensions adviser or manager should:
have good communication and numerical skills
enjoy working with people
be able to give impartial, unbiased advice
understand the relevant law
be interested in finance.
There are opportunities throughout the UK. Employers include banks, building societies, insurance companies and pension consultancies. There is keen competition for jobs.
While there are no set qualifications, degrees, HNCs/HNDs or BTEC qualifications in subjects like finance, accountancy or business management may be useful. Most pensions managers are graduates.
All pensions advisers and managers must gain professional qualifications before they can give advice. Entry requirements vary - some do not require academic qualifications. Pensions advice is often a second career.
Training is usually a combination of practical experience and professional qualifications, available from a range of professional bodies. They also do ongoing training to keep up with changes in the financial sector.
There are good opportunities for progression to more senior roles. Many advisers and managers become self-employed. Some people diversify into other areas of financial advice.
Personal pensions advisers help individuals to choose the most appropriate scheme. They carry out financial forecasts, advise on pensions and adjust existing schemes.
Pension scheme advisers help businesses find the best scheme for their employees. They liaise with employers about the performance of company schemes, negotiate with other professionals, calculate the value of pension funds and issue statements.
Pensions managers oversee and train a team of advisers, ensuring that pension schemes operate effectively and correctly.
Pensions advisers and managers usually work 40 hours a week, Monday to Friday, but personal pension advisers may work evenings and weekends to fit in with clients. They are generally office-based but travel to see clients.
Salaries may range from £15,000 to over £65,000 a year, generally with performance-related bonuses on top.
A pensions adviser or manager should:
have good communication and numerical skills
enjoy working with people
be able to give impartial, unbiased advice
understand the relevant law
be interested in finance.
There are opportunities throughout the UK. Employers include banks, building societies, insurance companies and pension consultancies. There is keen competition for jobs.
While there are no set qualifications, degrees, HNCs/HNDs or BTEC qualifications in subjects like finance, accountancy or business management may be useful. Most pensions managers are graduates.
All pensions advisers and managers must gain professional qualifications before they can give advice. Entry requirements vary - some do not require academic qualifications. Pensions advice is often a second career.
Training is usually a combination of practical experience and professional qualifications, available from a range of professional bodies. They also do ongoing training to keep up with changes in the financial sector.
There are good opportunities for progression to more senior roles. Many advisers and managers become self-employed. Some people diversify into other areas of financial advice.
Insurance Sales
Insurance business development managers are employed by insurance companies to build up business accounts through other agents. Their job is to promote their company's insurance products and key features, and encourage the agents to sell insurance to their customers or employees.
They try to attract new business, sometimes on a very large scale. A business development manager's work includes:
identifying new business opportunities
setting up meetings and preparing sales presentations to potential clients
telling agents about changes to products
setting up call centre support teams
tracking sales performance and profitability of accounts.
They usually work office hours, Monday to Friday. Although they generally have an office base, travel to visit clients is a big part of the job. Some cover a regional area. It is possible to work from home or work part time.
Salaries start from approximately £18,000, rising to £40,000 or more for senior business development managers.
Insurance business development managers need:
to know about insurance products and the industry
excellent communication skills
good organisational and negotiation skills
honesty and discretion
to be enterprising and show initiative
to enjoy meeting new people.
Most insurance companies, large and small, employ business development managers. There are job opportunities nationwide, giving insurers access to regional and national brokers. They are also employed by larger brokers to develop business accounts with corporate clients.
There are no formal entry requirements, but employers generally prefer some sales and insurance experience. Many people gain some experience in insurance before managing accounts, often as technicians or in marketing or sales support. Some large insurance companies take on graduates each year on a management programme.
Training is mainly on the job, though there may be in-house courses. Trainees also study for insurance qualifications. Mature applicants are welcome, and their previous experience may be useful.
Progress in their career often depends on how well their accounts do. They may move on to become a sales manager or area manager, or into senior management. Others move into related roles, such as marketing or training.
They try to attract new business, sometimes on a very large scale. A business development manager's work includes:
identifying new business opportunities
setting up meetings and preparing sales presentations to potential clients
telling agents about changes to products
setting up call centre support teams
tracking sales performance and profitability of accounts.
They usually work office hours, Monday to Friday. Although they generally have an office base, travel to visit clients is a big part of the job. Some cover a regional area. It is possible to work from home or work part time.
Salaries start from approximately £18,000, rising to £40,000 or more for senior business development managers.
Insurance business development managers need:
to know about insurance products and the industry
excellent communication skills
good organisational and negotiation skills
honesty and discretion
to be enterprising and show initiative
to enjoy meeting new people.
Most insurance companies, large and small, employ business development managers. There are job opportunities nationwide, giving insurers access to regional and national brokers. They are also employed by larger brokers to develop business accounts with corporate clients.
There are no formal entry requirements, but employers generally prefer some sales and insurance experience. Many people gain some experience in insurance before managing accounts, often as technicians or in marketing or sales support. Some large insurance companies take on graduates each year on a management programme.
Training is mainly on the job, though there may be in-house courses. Trainees also study for insurance qualifications. Mature applicants are welcome, and their previous experience may be useful.
Progress in their career often depends on how well their accounts do. They may move on to become a sales manager or area manager, or into senior management. Others move into related roles, such as marketing or training.
Saturday, 8 November 2008
Tough work in finance
Maybe it’s a side effect of skimming the New York Times and the Wall Street Journal every morning, but I’m starting to feel really bad for people who work in finance. Not all of them, of course; the ones who got us all into the mess we’re in deserve the scorn they’re receiving, along with some corporate alchemy (turning golden parachutes into lead). But banking and financial services are huge industries that everybody depends upon, and the worldwide ugliness we’re experiencing has got to be taking a heavy personal and professional toll on the folks who are left holding the bag.
Banks and investment groups are bigger brands today than ever before in history — though I can’t say I’ve done a whole lot of research to back that up — so whenever there’s news of a crisis or misstep, everything related to that brand takes a hit, and so does public confidence in general. The latest victims are in the Persian Gulf; Kuwait is planning a bank bailout, and Saudi Arabia is about to loan some $2.3 billion to low-income borrowers. (Link may require free registration.) Qatar’s stock market lost nearly 9 percent of its value yesterday. If you think they didn’t like the U.S. before, just wait — blame for the worldwide economic ugliness can be laid at our doorstep, and I’m sure some more fists will be shaken in our direction before this is over.
How do bankers and investment brokers deal with all this, and keep their customers from putting their money in the First National Bank of Mattress? you knew I’d work my way back to this … the answer is good CRM practices. The banking industry should be marketing the safest account options for individuals and businesses, and brokers should emphasize the securities that are the most, er, secure. They have to turn a profit, but the way to do this is to restore a feeling of confidence — relative to the rest of the world, if not absolute — that will encourage smart saving and sound investment. Account managers have to be even more consultative than usual, and make sure they’re selling a good solution for what the customer wants. If ever there was a time for long-term thinking, it’s now. Well-served customers are not only more likely to keep their business with you, but to keep their business — period. With financial uncertainty comes greater risk of failure, and any further mishandling at this point can destroy lives and livelihoods.
The need for good CRM is evident in any business when times are tight; financial services companies just have it harder right now because of the huge black eye they’re sporting. As with many shakeups in the past, the key is confidence. Panic leads to disaster, and FDR’s words have never rung more true: “The only thing we have to fear is fear itself.”
Banks and investment groups are bigger brands today than ever before in history — though I can’t say I’ve done a whole lot of research to back that up — so whenever there’s news of a crisis or misstep, everything related to that brand takes a hit, and so does public confidence in general. The latest victims are in the Persian Gulf; Kuwait is planning a bank bailout, and Saudi Arabia is about to loan some $2.3 billion to low-income borrowers. (Link may require free registration.) Qatar’s stock market lost nearly 9 percent of its value yesterday. If you think they didn’t like the U.S. before, just wait — blame for the worldwide economic ugliness can be laid at our doorstep, and I’m sure some more fists will be shaken in our direction before this is over.
How do bankers and investment brokers deal with all this, and keep their customers from putting their money in the First National Bank of Mattress? you knew I’d work my way back to this … the answer is good CRM practices. The banking industry should be marketing the safest account options for individuals and businesses, and brokers should emphasize the securities that are the most, er, secure. They have to turn a profit, but the way to do this is to restore a feeling of confidence — relative to the rest of the world, if not absolute — that will encourage smart saving and sound investment. Account managers have to be even more consultative than usual, and make sure they’re selling a good solution for what the customer wants. If ever there was a time for long-term thinking, it’s now. Well-served customers are not only more likely to keep their business with you, but to keep their business — period. With financial uncertainty comes greater risk of failure, and any further mishandling at this point can destroy lives and livelihoods.
The need for good CRM is evident in any business when times are tight; financial services companies just have it harder right now because of the huge black eye they’re sporting. As with many shakeups in the past, the key is confidence. Panic leads to disaster, and FDR’s words have never rung more true: “The only thing we have to fear is fear itself.”
Wednesday, 5 November 2008
Insurance industry
The Insurance IndustryThe insurance industry deals with indemnifying individuals against loss incurred. For the loss incurred to be indemnified, one needs to have an insurable interest and he/she must have paid their premiums. The insurance industry is divided into various segments including insurance agent, brokers and carriers. Insurance carriers are the principal organizations that undertake to indemnify the insured against losses incurred. Insurance agents and brokers place business with the insurance companies. The agents and brokers are independent entities. There are also other professionals involved in the insurance business, for example the loss adjustors. Insurance carriers develop the policy statements. They define the necessary conditions that are required before one gets insured. After signing the policy document the insured is required to pay premiums. The premiums form a pool which the insurance company invests in other sectors of the economy, such as real estate and bonds. In case the insured loss occurs the carrier might sell off part of the investments in order to indemnify the insured. Two different kinds of carriers exist; primary insurance carriers and the secondary carriers. The primary insurance carriers offer insurance services to individuals. Secondary insurance carriers offer insurance services to the insurance companies. It is a mandatory requirement that insurance companies cede a certain percentage of their business to reinsurance companies. Primary insurance carriers offer insurance products such as life insurance, disability insurance, property insurance as well as liability insurance cover. Homeowners’ policies as well as automotive insurance cover both property and liability. Group insurance is another insurance product offered by carriers. The group insurance product is offered to employers for their employees. Group insurance cover may also be offered to trade unions.
Jobs in Finance and Banking
Jobs in the finance industry are diverse and far reaching. Banking jobs have long been viewed as dull and uninteresting but this could not be further from the truth. With roles in financial planning, investment banking and real estate to name but a few, career paths in the finance industry are plentiful.
Commercial banking jobs are wide ranging, they offer great entry level positions and good career progression. The many large organisations in commercial banking also offer good employment security. Commercial banks provide employ more people than any other sector of the finance industry, they offer good opportunities to understand the world of business and interact with customers.
The world of corporate finance is wholly different as it usually entails working 'in house' using your technical knowledge to plan for a businesses future, the work is driven towards the growth of the business. Fundamentally jobs in this sector of the banking industry create value for their company, they are predominantly performance related so subsequently can be high pressure, although this pressure is elongated and based upon long term goals.
Financial planners carry out similar tasks to those in the corporate sphere; these jobs however are focussed upon helping individuals plan for their future. The work requires outstanding interpersonal skills while it can be ultimately rewarding; both financially and personally. For this role understanding of estate planning issues, investments and taxes is a prerequisite.
The field of insurance also offers a variety of finance jobs; insurance is increasingly becoming a lucrative field as more and more people become dependent upon it. Jobs in this sector include calculating risk and anticipating future problems. Job roles include underwriter, customer and sales representative, as well as asset manager. Today the insurance industry is trying to leave its negative image in the past and promote the idea that their industry is there to help people in times of need.
Investment banking has long been seen as the most lucrative sector in the financial industry. The job includes purchasing assets, trade securities and offering financial assistance. As well as large multinational investment banking firms there are smaller companies that operate on a more regional level. These jobs are important to world finance as the work larger companies undertake is often for governments.
Being a money manager is one of the most rewarding jobs in banking. It fundamentally involves the investment side of the stock market. Dealing in stocks and bonds makes up the majority of the work although freedom to work how you like is a large constituent of these jobs.
Unfortunately starting in money management is difficult, top companies only hire experienced individuals, although experience can be gained with local pension fund companies and insurance companies. Understanding portfolio theory, fixed income investments and gaining official qualifications will assist in getting this type of finance job.
Finally there is the financial field of real estate, jobs in this sector are diverse and vary from construction to mortgage brokering and leasing. With over a third of the world's wealth tied up in real estate this is a financially rewarding sector to enter. The close ties real estate has with society in terms of infrastructure development gives these jobs a sense of social responsibility, while the work offers different challenges on a daily basis. Of all the jobs in banking this is often the most interesting field to enter.
As previously stated, jobs within the banking and financial industries vary greatly; with so many disparate fields there is much to offer prospective financiers. The skills needed in the banking industries are considerably unique to each field. However, if you feel you are shrewd with funds and in most cases great with people, working in the finance industry could be the career path for you.
Commercial banking jobs are wide ranging, they offer great entry level positions and good career progression. The many large organisations in commercial banking also offer good employment security. Commercial banks provide employ more people than any other sector of the finance industry, they offer good opportunities to understand the world of business and interact with customers.
The world of corporate finance is wholly different as it usually entails working 'in house' using your technical knowledge to plan for a businesses future, the work is driven towards the growth of the business. Fundamentally jobs in this sector of the banking industry create value for their company, they are predominantly performance related so subsequently can be high pressure, although this pressure is elongated and based upon long term goals.
Financial planners carry out similar tasks to those in the corporate sphere; these jobs however are focussed upon helping individuals plan for their future. The work requires outstanding interpersonal skills while it can be ultimately rewarding; both financially and personally. For this role understanding of estate planning issues, investments and taxes is a prerequisite.
The field of insurance also offers a variety of finance jobs; insurance is increasingly becoming a lucrative field as more and more people become dependent upon it. Jobs in this sector include calculating risk and anticipating future problems. Job roles include underwriter, customer and sales representative, as well as asset manager. Today the insurance industry is trying to leave its negative image in the past and promote the idea that their industry is there to help people in times of need.
Investment banking has long been seen as the most lucrative sector in the financial industry. The job includes purchasing assets, trade securities and offering financial assistance. As well as large multinational investment banking firms there are smaller companies that operate on a more regional level. These jobs are important to world finance as the work larger companies undertake is often for governments.
Being a money manager is one of the most rewarding jobs in banking. It fundamentally involves the investment side of the stock market. Dealing in stocks and bonds makes up the majority of the work although freedom to work how you like is a large constituent of these jobs.
Unfortunately starting in money management is difficult, top companies only hire experienced individuals, although experience can be gained with local pension fund companies and insurance companies. Understanding portfolio theory, fixed income investments and gaining official qualifications will assist in getting this type of finance job.
Finally there is the financial field of real estate, jobs in this sector are diverse and vary from construction to mortgage brokering and leasing. With over a third of the world's wealth tied up in real estate this is a financially rewarding sector to enter. The close ties real estate has with society in terms of infrastructure development gives these jobs a sense of social responsibility, while the work offers different challenges on a daily basis. Of all the jobs in banking this is often the most interesting field to enter.
As previously stated, jobs within the banking and financial industries vary greatly; with so many disparate fields there is much to offer prospective financiers. The skills needed in the banking industries are considerably unique to each field. However, if you feel you are shrewd with funds and in most cases great with people, working in the finance industry could be the career path for you.
Working in Finance
In the UK financial sector, information technology has become the backbone. Information technology, or IT, has emerged as such an important part to any financial service provider’s success because of the need for information. Banks need to maintain updated information on their client’s accounts in order to keep their business and help them function on a daily basis. Financial advisors need to have the latest information on interest rates, accounts, and other factors which may affect their advice to clients. In the end, IT networks have become the single most powerful determinant of a firm’s success or failure in finance.
A vigourous IT network is not immune to the problems of the outside world. Networks can be hacked into or connected to malicious networks, which may be used to steal information or funds. IT security in the financial sector is crucial for a company that wants to maintain the highest standard of service to their customer. After all, it makes little sense to spend hundreds of thousands of pounds on new equipment only to have it broken into due to poor security. Identity theft and viruses alike can harm a firm’s efficiency and their trust in the community.
IT professionals who have an interest in security issues are benefiting greatly from the concern over identity theft. IT security jobs in the financial sector, not to mention other sectors, have become more important over the last five years. Essentially, IT security professionals assess the needs of their employer and determine the best course of action to ensure long term security. Simple solutions, like keyword protection and virus scans, are not so simple when they are multiplied by hundreds of computers. IT security professionals who take financial sector positions need to realise the issues that arise regularly in their job.
IT security threats are constantly changing, with new viruses emerging daily to replace ones that were eliminated by network security. IT professionals need to be on top of these new threats before they happen, a tricky proposition for even the best worker. However, security workers in the financial sector also need to consider the business aspect of their profession. IT departments in general, and security specifically, does not have an endless amount of funds to fight short and long term problems. While financial service firms are investing more heavily in IT security than ever before, it is still limited when compared to other departments. As such, IT security workers need to balance good solutions with budgetary concerns.
A vigourous IT network is not immune to the problems of the outside world. Networks can be hacked into or connected to malicious networks, which may be used to steal information or funds. IT security in the financial sector is crucial for a company that wants to maintain the highest standard of service to their customer. After all, it makes little sense to spend hundreds of thousands of pounds on new equipment only to have it broken into due to poor security. Identity theft and viruses alike can harm a firm’s efficiency and their trust in the community.
IT professionals who have an interest in security issues are benefiting greatly from the concern over identity theft. IT security jobs in the financial sector, not to mention other sectors, have become more important over the last five years. Essentially, IT security professionals assess the needs of their employer and determine the best course of action to ensure long term security. Simple solutions, like keyword protection and virus scans, are not so simple when they are multiplied by hundreds of computers. IT security professionals who take financial sector positions need to realise the issues that arise regularly in their job.
IT security threats are constantly changing, with new viruses emerging daily to replace ones that were eliminated by network security. IT professionals need to be on top of these new threats before they happen, a tricky proposition for even the best worker. However, security workers in the financial sector also need to consider the business aspect of their profession. IT departments in general, and security specifically, does not have an endless amount of funds to fight short and long term problems. While financial service firms are investing more heavily in IT security than ever before, it is still limited when compared to other departments. As such, IT security workers need to balance good solutions with budgetary concerns.
Working in Finance
Financial Services offers a wealth of opportunities for graduates across a wide variety of different sub sectors from investment banking jobs to stockbroking jobs, investment management to insurance.
The insurance industry is one of the world's oldest financial services industries and in fact the number of insurance jobs is roughly one third the total number of financial services roles at any one time. Roles generally revolve around claims, underwriting, broking, accountancy, risk and compliance. And, as insurance employment is truly global, it's a sector which also offers opportunities to work overseas in places such as continental Europe, Bermuda, the Cayman Islands and the United States.
Investment banks raise funds and provide complex financing structures for commercial client activity as well as offering merger & acquisition advice, treasury dealing and securities trading. Investment banks tend to be huge entities with offices across the globe. Staff numbers often run into the thousands which in turn creates a vibrant job market. It's also possible to work for smaller, so called "boutique" investment banks which specialise more heavily around a particular area. Jobs in investment banking have traditionally been split out into three main areas, back office, middle office and front office. Jobs in the investment banking front office include sales and trading, equity research and corporate finance. Middle office roles include product control, financial control, risk and compliance. If the job is in an investment bank back office, it's likely you'll be working in operations and non-finance related roles such as human resources, marketing or secretarial/office support.
Private wealth managers help clients make informed decisions on where to invest their money by offering advice on tax, pensions, life assurance, asset management and estate planning. Private wealth management jobs therefore include all aspects of client relationship management from bringing in new business to devising the planning strategies behind a client's wealth. Private wealth management jobs can be found either in accountancy or law firms, boutique private wealth management firms, private banking arms of clearing banks, investment banks, stockbrokers and private client fund managers.
Stockbroking jobs are found mainly in investment banks but also within firms of brokers. In either case if you work in a stockbroking role you will advise clients on investment strategies, look at how much risk is involved and buy and sell securities on their clients' behalf. Many stockbroking jobs offer on the job training. However to progress , exams must be taken via the Securities and Investment Institute (SII) in order to become registered with the Financial Services Authority.
Considered the 'maverick' outsiders in the financial services world, most hedge fund companies are owned by successful former traders or fund managers who've decided to go it alone. There are many different types of job available in a hedge fund- these include:
a) Analysis: analysing the companies, markets and financial products a hedge fund invests in. b) Sales and marketing: the relationship managers who liaise with investors, and help sell the merits of the fund. c) Trading: executing the investment strategy, buying and selling financial products according to analysts' recommendations. d) Risk management and back office: settling trades, working out a hedge fund's risk exposure and making sure everything flows smoothly. In many small funds this is outsourced to 'prime brokerage' divisions in investment banks.
Investment managers or fund managers bear certain similarities to hedge funds. Essentially, investment management is the professional management of various securities (shares, bonds etc) assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Covering a wide range of specialist investment management jobs from portfolio administration, valuation, marketing, performance analysis and fund accounting through to fund manager's assistants, broker sales support and junior fund managers, the investment management sector offers some of the best job opportunities within fund managers, global custody houses and private banking companies across all product areas.
The insurance industry is one of the world's oldest financial services industries and in fact the number of insurance jobs is roughly one third the total number of financial services roles at any one time. Roles generally revolve around claims, underwriting, broking, accountancy, risk and compliance. And, as insurance employment is truly global, it's a sector which also offers opportunities to work overseas in places such as continental Europe, Bermuda, the Cayman Islands and the United States.
Investment banks raise funds and provide complex financing structures for commercial client activity as well as offering merger & acquisition advice, treasury dealing and securities trading. Investment banks tend to be huge entities with offices across the globe. Staff numbers often run into the thousands which in turn creates a vibrant job market. It's also possible to work for smaller, so called "boutique" investment banks which specialise more heavily around a particular area. Jobs in investment banking have traditionally been split out into three main areas, back office, middle office and front office. Jobs in the investment banking front office include sales and trading, equity research and corporate finance. Middle office roles include product control, financial control, risk and compliance. If the job is in an investment bank back office, it's likely you'll be working in operations and non-finance related roles such as human resources, marketing or secretarial/office support.
Private wealth managers help clients make informed decisions on where to invest their money by offering advice on tax, pensions, life assurance, asset management and estate planning. Private wealth management jobs therefore include all aspects of client relationship management from bringing in new business to devising the planning strategies behind a client's wealth. Private wealth management jobs can be found either in accountancy or law firms, boutique private wealth management firms, private banking arms of clearing banks, investment banks, stockbrokers and private client fund managers.
Stockbroking jobs are found mainly in investment banks but also within firms of brokers. In either case if you work in a stockbroking role you will advise clients on investment strategies, look at how much risk is involved and buy and sell securities on their clients' behalf. Many stockbroking jobs offer on the job training. However to progress , exams must be taken via the Securities and Investment Institute (SII) in order to become registered with the Financial Services Authority.
Considered the 'maverick' outsiders in the financial services world, most hedge fund companies are owned by successful former traders or fund managers who've decided to go it alone. There are many different types of job available in a hedge fund- these include:
a) Analysis: analysing the companies, markets and financial products a hedge fund invests in. b) Sales and marketing: the relationship managers who liaise with investors, and help sell the merits of the fund. c) Trading: executing the investment strategy, buying and selling financial products according to analysts' recommendations. d) Risk management and back office: settling trades, working out a hedge fund's risk exposure and making sure everything flows smoothly. In many small funds this is outsourced to 'prime brokerage' divisions in investment banks.
Investment managers or fund managers bear certain similarities to hedge funds. Essentially, investment management is the professional management of various securities (shares, bonds etc) assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Covering a wide range of specialist investment management jobs from portfolio administration, valuation, marketing, performance analysis and fund accounting through to fund manager's assistants, broker sales support and junior fund managers, the investment management sector offers some of the best job opportunities within fund managers, global custody houses and private banking companies across all product areas.
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