Banking and Finance opportunities and qualifications

There are many different roles within banking, which are not always clear-cut. Although banking can be broadly divided into “retail banking” and “investment banking”, these functions can often be found within the same organisation – the large “High Street” banks, for example, also have corporate and investment banking operations.

Retail Banking

Covers the financial services provided by the "High Street" banks for individual personal customers and small businesses through their branch network, especially: safe custody of money, transmission of money between accounts, provision of loans, foreign exchange, etc., provision of financial advice, provision and marketing of financial services e.g. insurance, mortgages, stockbroking. Employers include UK clearing banks, building societies, foreign banks with a UK branch network and finance houses.

The work involves: responsibility for the overall management of staff, work and resources of a branch, advising customers on business and personal finance, authorising loans and overdrafts within bank's guidelines, developing contacts with the local community and businesses. You will be expected to meet targets and promote the bank’s products and services. The work therefore involves elements of human resource management and marketing as well as banking.

Qualities required include good inter-personal skills, leadership, persuasiveness, integrity, adaptability and business awareness. Some banks expect management staff to be completely mobile throughout the U.K.  although others only demand mobility within a limited geographical area.

Investment Banking

Covers the provision of specialised financial services and advice to industrial, commercial and government clients.

It involves corporate finance - mergers, acquisitions, Stock Exchange quotations for new issues, arranging loan facilities for governments and corporations, financing large international projects, large-scale foreign exchange dealings, negotiating acceptance credits, loans, export guarantee credits and investment management.

Employers include not only large international banks but also the large UK clearing banks, which may have separate graduate recruitment schemes for retail and investment banking. There are also a number of medium-sized (“mid-cap”) and small (“boutique” ) investment banks

Qualities required include: a very good academic record (2.1 min in any degree subject, plus good grades at A-level or equivalent) excellent interpersonal skills, good written and verbal communication skills and numeracy, resilience and confidence and business interest.

Satisfactions: Completion of a successful transaction, particularly when market is difficult. Well-paid.
Negatives: Long hours - starting at 7 .00 a.m. & finishing around 6 .00 p.m. Very demanding & aggressive environment.
Tips: May be easier to enter as an IT Consultant, qualified lawyer or part qualified/ qualified accountant than as new graduate.

Contract opportunities are limited to candidates with finance and banking experience and who can make an immediate contribution they must be immediately available, flexible with a good  set of references and an excellent credit rating.

Banking Qualifications- Fall into a number of different areas.

Compliance- Anti money laundering compliance and Financial Crime prevention

Chartered Institute of Banking services - www.secinst.co.uk

Chartered Financial Analyst Institute-

FSA Exams -set by the Security and investments Authority- www.sii.org.uk

Must be passed for the financial services authority a universal finance regulator to approve you as an investment banker. You need to pass regulations exams to to speak to clients and the securities and derivatives exams to deal in securities and derivates.

Also certificates in investment management and corporate can be taken – www.fsa.gov.uk

7 CITY-  www.7city.com or BPP – www.bpp.financialservices.com are traditionally used for course materials and training courses (5 days) and exams can be booked through www.siii.org.uk

Additional information can be provided through the Financial Services Skills Council www.fssc.org.uk