Since the "Big Bang" in the 1980s, which revolutionised financial services in the UK, this sector has become one of this country's biggest recruiters of high-calibre accountants.

No longer the home of a privileged few with the right connections and the correct school tie, this sector is now a true meritocracy where success is based on commitment and talent. As such it has become one of the most popular career options for candidates seeking their first move from practice, and for those currently working in industry.

A lack of banking or financial services experience is NOT a barrier to entry.

Accountants move into banking and financial services for six main reasons:
Remuneration
Training and Development
Intellectual Challenge
Career Mobility
Global Industry
IT and Infrastructure Support

Typical employers include:
Merrill Lynch, J.P. Morgan Chase & Co., Dresdner Kleinwort Benson, DLJ, Lehman Brothers, Goldman Sachs, BNP Paribas, NM Rothschild, VISA, Bear Stearns, CIBC World Markets, Deutsche, Close Brothers, Citigroup, WestLB Panmure, Pru-Bache, Abbey, 3i, AMP, AXA, QBE, Lloyds TSB.

The gap between salaries in the Banking and Finance sector and those in other areas has narrowed to some extent over the last few years. However, the sector still offers significantly higher earnings potential, given the generous benefits and bonus packages that are the norm. Bonuses of as much as 100% of base salary, though rare, are not unknown.

Training & Development

Companies in the Banking and Finance sector are committed to hiring talented individuals who are keen to acquire and develop professional and business skills. To achieve this, they offer qualifieds, the chance to build upon their existing skill set and stretch them even further.

Typically the major investment banks will offer:

• Product training, coaching, presentation skills and even language training.
• In-house technology training, providing tailored guidance on various applications such as Excel and Access, key tools in the day-to-day work of accountants.
• Skill set development with senior line managers, covering topics such as P&L reporting, systems development, multi-currency accounting and regulatory reporting.
• Strong rotational policies, allowing you to look at a variety of areas within a bank, further building upon your knowledge and network.

Continued professional training and opportunities for further qualifications (which are financially supported) such as SFA, IMRO, PIA, MBA, and treasury qualifications.

Whatever area of a bank you decide to join, it is highly likely that you will work as part of a multi-skilled team. This engenders a culture of sharing ideas and knowledge across international markets and other business units.

Operating in one of the most competitive markets in the world, in which banks offer highly sophisticated financial and advisory services to clients, a key factor to any bank's commercial success is the ability of its people to find practical solutions to very complex problems. You could face technical challenges across a range of businesses which require you to think laterally, or numerical problems which demand your analytical skills. Furthermore you must understand how your recommendations will impact not just locally but beyond.

You will undoubtedly have a steep learning curve, which will not flatten, if you wish to progress. From an early stage you will be prepared for new challenges, promotion, inter-departmental transfer or indeed secondment to an overseas office.  

Global Industry Unlike any other industry, banking is truly global in its nature - it has to be. The recent spate of mergers is testament to the fact that, in order to compete, banks have created a "Bulge Bracket" to offer as wide a range of products in as geographically diverse areas as possible to existing and prospective clients. It is not uncommon for the larger investment banks to have significant operations across the world including United States, Europe, Asia and in emerging markets. Few, if any, other industry sectors offer a more dynamic working environment, where trading continues around the clock across a multitude of economies, cultures and currencies.

The global nature of banking creates the need to share highly complex information across and between investment banks. Investment in IT and support is an absolute necessity in order to bring together in multi-disciplinary teams, often stretching across continents, to deliver tailor-made solutions to clients. Therefore, the sector provides and invests in cutting-edge technology, which you will utilise and harness if you make the move into banking.  

The options you have available are wide ranging, but can be grouped in to the following roles:

Product Analysis
Financial Control
Equity and Fund Analysis
Risk Management
Projects
Operational Risk Review
Corporate Finance

SUMMARY: Product analysts are positioned in the "middle office" and are regarded as a key knowledge resource within a bank, particularly by the front office (i.e. traders). Working closely with the traders you will be responsible for analysing and providing daily performance figures for traders. You could be analysing Vanilla products or more complex (Exotic) product areas. You will learn a great deal about the products and through your daily work gain exposure to other key issues within this environment such as valuation and settlement systems. It's fast, decisive and fun - certainly not a place for wallflowers!

BACKGROUND: You will need above average academic results (banks are particularly interested in candidates with a mathematical aptitude) and be either part or fully qualified. Given the nature of the job, you will need to demonstrate excellent communication and interpersonal skills.

CAREER PROGRESSION: Product analysis, risk management, fund management, equity analysis, financial control or trading.

SUMMARY: Financial control in banking differs considerably from the common practice of most businesses. Vast sums of money are traded daily and information is needed constantly to strict reporting timetables. Reporting is highly systems driven and you can become involved in a variety of developmental, analytical and project-driven exercises in conjunction with monthly and quarterly reporting. Crucial decisions are made on an ongoing basis and the information you provide will directly influence that decision-making process. Roles evolve constantly, to keep pace with the fast-moving nature of the business and all reporting and trading are monitored and regulated by official governing bodies.

BACKGROUND: You can be part or fully qualified with a good degree and evidence of constant progression through your professional studies and beyond. A practical understanding of accounting systems is required, along with a thorough knowledge of spreadsheet packages coupled with the all important communication skills.

CAREER PROGRESSION: Business analysis, product control, risk management, systems development, trade support.

SUMMARY: An extremely high profile role which involves detailed analysis of economic sectors, or businesses within those sectors, providing either fund managers or equity traders with some incisive recommendations. Such roles exist within investment banks, fund managers, or brokers. You will analyse investments by using a variety of tools such as key ratios, market trends, quality of management, briefings and any other sources, which will help you in the formation of an opinion. It is a constantly changing role with global implications.

BACKGROUND: Obviously, given the level of interaction involved in these positions, you really do need advanced interpersonal and communication skills. Only the very best are fortunate to secure a role in this area.

CAREER PROGRESSION: It is normal for individuals to stay broadly within this area and become specialised in business sectors. Most people ultimately aim to inherit their own portfolio and look after funds on behalf of clients.

SUMMARY: Highly sophisticated spreadsheet and modelling techniques are used to assess the inherent risk in trading positions. You will work very closely with traders monitoring daily limits and reviewing profit and loss. You could be involved in scenario analysis quantifying how much money would be lost if hypothetical market movements occurred and also playing a pivotal role in risk model valuations, utilising value-at-risk predictions and comparing different methods of modelling risk.

BACKGROUND: Risk is a very popular area for highly mathematical entrants. PhDs and MBAs also find this an extremely challenging and highly interesting position.

CAREER PROGRESSION: Due to the very specific nature of risk it is less likely to provide as many opportunities for diversification, but will offer a constantly evolving intellectual challenge.

SUMMARY: By their very nature project roles can span across any area of the bank and cover any number of the products. They are varied and take into account both strategic and tactical issues. You will be expected to work to deadlines and must be highly organised, but in return you will gain a thorough understanding of more than one business area and the workings of an investment bank. This is the ideal role for candidates that like to problem solve, use their analytical skills and 'add value'. Those candidates with strong systems skills will excel in this area.

BACKGROUND: You will need strong academics and have shown evidence of being able to project manage. The ability to multi-task and work under pressure is a must, along with excellent communication and interpersonal skills.

CAREER PROGRESSION: A number of career avenues are available to you. Business re-engineering, strategy and longer-term CFO roles.

SUMMARY: Regarded as a high profile role within banking, you will find this to be a far broader ranging role than external audit. It is an ideal entry point for a first move into a bank as it will give you an insight into how a bank operates, allowing you to develop a clearer idea about the future direction of your banking career. Extensively project driven, you will deal on a daily basis with senior directors, traders and back office management. Moving away from a "tick and Bash" mentality, you will gain an understanding of organisational structure, workflows, systems, business activities and projects. The approach will normally be risk based allowing you to understand the inherent risks involved in product areas which could include issues such as market risk, reputation risk, regulatory risk and credit risk to name but a few.

BACKGROUND: A good degree from a respected university, it is likely that you will have trained within a practice environment. As important is the ability to liase with people at all levels and strong communication / negotiation skills.

CAREER PROGRESSION: An ideal springboard into products, risk, projects, central finance or trade support roles.

SUMMARY: One of the most prestigious areas in any bank or financial institution, corporate financiers are involved in mergers and acquisitions, management buyouts, privatisations and major financial deal making. A highly pressurised environment, you will find this an extremely demanding business, but equally one of the most rewarding (both intellectually and financially).

BACKGROUND: You will need a 2:1 or a first class degree from a top university, coupled with a professional qualification and a proven aptitude for hard work. Given the high profile nature of corporate finance, you will need an advanced intellect and the professional presence to liase with senior directors at the highest level.

CAREER PROGRESSION: To manage a section at executive level, to manage relationships and develop new opportunities, possibly fund management or venture capital.

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