FINANCE CAREERS CHART
Most of the major jobs in finance have been included below, but support functions such as HR, PR and property services are not included to keep the page size manageable!
| CAREER | Description | Skills Required | Positives | Negatives |
ACCOUNTANCY |
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| Chartered Accountant (ACA) | Visits clients as part of an audit team; reviews their business operations & financial records to establish the validity of the company's accounts. Also tax, consultancy and insolvency work. | Spoken communication |
Variety |
Long hours of study Work when training |
| Certified Accountant (ACCA) | Manages accounting systems. Audits financial records & investigates anomalies. Prepares financial statements/ management information. Advises clients on tax & financial issues. Covers:
|
Analysing, |
Options to specialise in any industry. Provides an overview of the whole enterprise. |
Hard work to qualify. Negative image Can be high pressure, |
Management Accountant (CIMA) |
Provides the financial information required for the financial protection & planning of companies. Maintains & reconciles accounting records. Prepares financial statements & management information. About the management & planning of the future (as opposed to audit & assurance which is about examining past records): Emphasis on:
|
Analysing, |
Not “number crunchers” but practical managers: doers rather than advisers. |
Hard work to qualify. Negative image: seen as boring. High pressure at financial year end. |
| Public & Finance Accountant (CIPFA) | Manages financial services such as income collection; providing budgeting information & advice to management in public sector organisations: hospitals, Civil Service and local government. | Spoken communication. Analysing, Investigating Cooperating Numeracy |
Being directly involved in the running of an organisation providing valuable services to people | Financial constraints of public sector Frustrations of local politics. |
| BANKING | ||||
| Investment Banking | Corporate finance - mergers, acquisitions, Stock Exchange quotations for new issues, arranging loan facilities for governments & corporations, financing large international projects, large-scale foreign exchange dealings, negotiating acceptance credits, loans, export guarantee credits & investment management. | Excellent academic record |
Completion of a successful transaction, particularly when market is difficult. Well-paid. Excellent salaries Prestige Work is intellectually demanding Good long-term career prospects Chance to work overseas |
Very long hours Very demanding & aggressive environment. |
| Retail Banking/ Building Society Management | Financial services provided by High Street banks for personal customers & small businesses through their branch network. Safe custody of money. Transmission of money between accounts. foreign exchange & financial advice; provision of loans to customers, authorising overdrafts, developing contacts with the local community. & marketing of financial services e.g. insurance, mortgages, management of staff, work & resources of a branch. | Spoken communication Analysing |
Building a relationship with customers Providing a quality service & being 'thanked' for it; Progression/promotion in a short space of time; Good training opportunities |
Long hours; |
| INSURANCE | ||||
| Broking | Arranges insurance for clients. Works out the requirements of clients, the risks they face & suggests appropriate insurance. Negotiates with insurance companies to get the best policies for clients. | Negotiating |
Having specialist knowledge, Well paid Mainly 9 to 5. |
Have to work to deadlines Quite a lot of pressure. |
| Underwriter | Decides if an insurance proposal is an acceptable risk & what premium should be paid. Prepares policies. Deals with insurance brokers & clients. |
Analysing Written communication, Decision-making Numeracy. Attention to detail Flexibility Numeracy |
Flexible working hours. Subsidised mortgage & other benefits | Lots of paperwork. |
| Actuarial | Applies mathematical & statistical techniques to business problems. Works out the degree of risk on life assurance policies, pensions & employee benefits & investments. |
Analysing Investigating, Very strong numeracy (grade A maths A Level) Communication Co-operating Advising |
Passing exams Able to achieve things, (i. e. valuation results). Travel Working with people from other companies. |
Studying for exams is very hard work: needs lots of motivation. Long hours. |
| TRADING | ||||
| Front Office /Stockbroker | Looks after institutional, corporate or private clients’ investment portfolios. Buys & sells shares to give the maximum return. May also deal in securities, money & financial products. Works in a team with investment analysts. Researches information about equities. Advises clients. | Analysis Speed of thought Attention to detail Calmness under pressure Commitment |
Very well paid Lots of excitement |
Highly pressurised & stressful. |
| Middle Office | Support functions to front office. Includes marketing, compliance and risk management | Attention to detail | Well paid | Long hours |
| Back Office | Support functions to front office. Includes operations, computing, HR and finance. | Attention to detail | Well paid | Long hours |
| FUND MANAGEMENT | ||||
| Investment Analyst | Researches financial information about companies & gives this information to fund managers to help them manage investment portfolios. Involves analysing information, meeting with company representatives to question them about finances, checking for political, economic & business developments that may influence the financial markets, & producing reports. EMPLOYERS: investment management companies, investment banks & stockbrokers. |
Analysis Numeracy, Communication Determination Spoken communication Analysing Investigating Cooperating numeracy |
high salary undertaking in-depth research In depth knowledge of the financial world, & the world at large; meeting other people |
long working hours pressure deadline orientated Hard work very steep learning curve. |
| LEGAL SERVICES | Compliance, corporate law | |||
Financial Adviser |
Conducts financial investigation into client's affairs & then advises on applicable options such as pensions, life assurance, investments, mortgages & loans. EMPLOYERS: Insurance companies etc., or independent financial advisers & brokers. |
Spoken communication |
Primarily client satisfaction & good client relationship. Financial rewards can be high but uncertain as most positions are self-employed & commission based. | Uncertainty of remuneration Normal downside of any selling operation – rejection. |
| Management Consultant | May advise on: organisational structure & development, production management, marketing, sales & distribution, personnel management & selection, systems analysis & design, economic & environmental studies. |
Spoken communication |
Varied work Well paid Excellent career enhancement opportunities |
Long hours Pressure Little support Need to be self - motivated. Primarily based in London. May be a lot of travel |
| Economist | Researches & analyses economic trends, issues & data. Uses this research to produce forecasts & reports & as the basis for advising clients (companies, financial institutions, & public bodies) & providing them with economic information for use in forming policy or strategy. | Spoken Communication |
Using degree subject Indirectly influencing organisational decisions. |
Working to meet deadlines & under pressure. |
Also see our Business Functions Game