Lifting the lid on accounting in financial services

A career in finance is not all about long hours and being tied to the City. By Ben Clark, consultant at Joslin Rowe.

Ben Clark

Banking and financial services have long been a favourite choice for newly qualified accountants. Pay and benefits are highly attractive and there are many dynamic and rewarding career paths on offer.

However, myths about careers in finance persist. How many people immediately think that working in financial services is limited to working for an investment bank in London? Or worry about 18-hour days? To help lift the lid on accounting in financial services here are some of the most frequently asked questions about it.

Will I be working horrendous hours?

A lot of candidates take one look at the salaries on offer and think they will have to work all hours in return. But times have changed. The importance of work life balance is increasing in banking. My company has candidates who join large global firms and are working better hours than they were as an audit senior or manager in practice.

Are the best opportunities in the City and Canary Wharf?

Some of the biggest global players are based in London and they generally offer the best salaries and great scope for progression. However, don’t presume that financial services are based solely in London. Edinburgh, Glasgow and Dublin all have thriving financial centres with a fantastic mix of employers from small hedge funds and stockbroking firms to large insurance firms.

What’s a good entry point? Would I have to do audit?

Financial control is often an ideal entry point for newly qualifieds who have no previous experience of financial services. The function can be extremely broad depending on the company and generally involves management and/or financial accounting. Financial controllers perform high-level reviews of an organisation's results to ensure accuracy and are responsible for providing monthly, quarterly and annual reports to stakeholders within the business.

I’ve heard banks prefer the ACA qualification

This was the case five years ago but things are changing. The traditional City focus on ACAs has widened and strong CIMA candidates with a blue-chip background are also in demand. Banks have realised they can use CIMA’s enormous industry knowledge and strong business and commercial acumen. See article 'City employers widen net as demand soars' in September Insight and the article on banking and finance jobs in this edition of Insight.
 
To request a copy of Joslin Rowe’s “Newly qualified career guide” email accountancy@joslinrowe.com.

October 2006