Salaries frozen, bonuses slashed, a whole industry in turmoil. But banking, and the wider world of financial services, is still one of the most attractive careers for graduates. writes Dave Boland
F inancial services provide employment for about 150,000 people in Ireland, with about 11,000 working in Dublin's IFSC alone. The establishment of the IFSC in the late 1980s, and Dublin's rebirth as an international hub for back-end financial service work, transformed the entirety of the labour market, offering high-paid opportunities to highly skilled graduates who would have had to emigrate in the past to achieve the sorts of levels of employment that were now available. And, thanks to the Dublin's pre-eminence in the sector, financial services are still creating jobs in spite of the tribulations currently being experienced throughout the industry.
"The roles are definitely still there," said Lisa Maher, recruitment consultant for banking and financial services at Sigmar Recruitment. "There are still companies acquiring talent, and still companies that are growing, especially in the funds industry. So I would say that the whole sector is still strong in terms of recruitment."
What is certainly true is that the merry-go-round has slowed, and people are more reluctant to move these days than they would have been maybe a year ago. But the industry is expected to find its feet again within 12 to 18 months, and with a steady stream of new entrants to the market, there are still ample opportunities for graduates, even relatively inexperienced ones, with the right qualifications and qualities.
The greatest number of openings in financial services is in the funds arena, with roles in fund accountancy, shareholder services, fund administration and trustee services. Entry level roles, which had been advertised extensively until a short time ago, have largely dried up – but mid-level to senior level roles are still relatively plentiful.
For somebody who has already started their career in funds, this is good news. They may have entered the industry on a modest enough salary (maybe €25,000 or €26,000), but a new job with just a year's experience could net them in the region of €30,000 or more.
But it's the extras that used to form such a significant part of a financial service professional's salary that are still somewhat up in the air. Bonuses, even in back office, support-type roles, used to be one of the key attractions of a job in the industry, but bonuses are rarely guaranteed, and tend to be related to the overall performance of the company. With the whole industry suffering, bonuses may be considerably down this year (unless there is a major pick-up in the next couple of months, which is unlikely).
But the industry is making up for the disappointing bonuses in other ways.
"Salaries are still strong," said Maher. "And benefits are still very strong. A lot of companies are upping their benefits packages, with mortgage subsidies or rental allowances being introduced to encourage people to work for them."
Not that properly qualified people should need many inducements to work in the industry. Even with the current tribulations, financial services should remain one of the most significant employers on the market for many years to come. And, with the industry experiencing a bit of a wobble at the moment, the only way is up, isn't it
Thursday, 23 October 2008
Still Opportunities in Finance Jobs
Salaries frozen, bonuses slashed, a whole industry in turmoil. But banking, and the wider world of financial services, is still one of the most attractive careers for graduates. writes Dave Boland
F inancial services provide employment for about 150,000 people in Ireland, with about 11,000 working in Dublin's IFSC alone. The establishment of the IFSC in the late 1980s, and Dublin's rebirth as an international hub for back-end financial service work, transformed the entirety of the labour market, offering high-paid opportunities to highly skilled graduates who would have had to emigrate in the past to achieve the sorts of levels of employment that were now available. And, thanks to the Dublin's pre-eminence in the sector, financial services are still creating jobs in spite of the tribulations currently being experienced throughout the industry.
"The roles are definitely still there," said Lisa Maher, recruitment consultant for banking and financial services at Sigmar Recruitment. "There are still companies acquiring talent, and still companies that are growing, especially in the funds industry. So I would say that the whole sector is still strong in terms of recruitment."
What is certainly true is that the merry-go-round has slowed, and people are more reluctant to move these days than they would have been maybe a year ago. But the industry is expected to find its feet again within 12 to 18 months, and with a steady stream of new entrants to the market, there are still ample opportunities for graduates, even relatively inexperienced ones, with the right qualifications and qualities.
The greatest number of openings in financial services is in the funds arena, with roles in fund accountancy, shareholder services, fund administration and trustee services. Entry level roles, which had been advertised extensively until a short time ago, have largely dried up – but mid-level to senior level roles are still relatively plentiful.
For somebody who has already started their career in funds, this is good news. They may have entered the industry on a modest enough salary (maybe €25,000 or €26,000), but a new job with just a year's experience could net them in the region of €30,000 or more.
But it's the extras that used to form such a significant part of a financial service professional's salary that are still somewhat up in the air. Bonuses, even in back office, support-type roles, used to be one of the key attractions of a job in the industry, but bonuses are rarely guaranteed, and tend to be related to the overall performance of the company. With the whole industry suffering, bonuses may be considerably down this year (unless there is a major pick-up in the next couple of months, which is unlikely).
But the industry is making up for the disappointing bonuses in other ways.
"Salaries are still strong," said Maher. "And benefits are still very strong. A lot of companies are upping their benefits packages, with mortgage subsidies or rental allowances being introduced to encourage people to work for them."
Not that properly qualified people should need many inducements to work in the industry. Even with the current tribulations, financial services should remain one of the most significant employers on the market for many years to come. And, with the industry experiencing a bit of a wobble at the moment, the only way is up, isn't it
F inancial services provide employment for about 150,000 people in Ireland, with about 11,000 working in Dublin's IFSC alone. The establishment of the IFSC in the late 1980s, and Dublin's rebirth as an international hub for back-end financial service work, transformed the entirety of the labour market, offering high-paid opportunities to highly skilled graduates who would have had to emigrate in the past to achieve the sorts of levels of employment that were now available. And, thanks to the Dublin's pre-eminence in the sector, financial services are still creating jobs in spite of the tribulations currently being experienced throughout the industry.
"The roles are definitely still there," said Lisa Maher, recruitment consultant for banking and financial services at Sigmar Recruitment. "There are still companies acquiring talent, and still companies that are growing, especially in the funds industry. So I would say that the whole sector is still strong in terms of recruitment."
What is certainly true is that the merry-go-round has slowed, and people are more reluctant to move these days than they would have been maybe a year ago. But the industry is expected to find its feet again within 12 to 18 months, and with a steady stream of new entrants to the market, there are still ample opportunities for graduates, even relatively inexperienced ones, with the right qualifications and qualities.
The greatest number of openings in financial services is in the funds arena, with roles in fund accountancy, shareholder services, fund administration and trustee services. Entry level roles, which had been advertised extensively until a short time ago, have largely dried up – but mid-level to senior level roles are still relatively plentiful.
For somebody who has already started their career in funds, this is good news. They may have entered the industry on a modest enough salary (maybe €25,000 or €26,000), but a new job with just a year's experience could net them in the region of €30,000 or more.
But it's the extras that used to form such a significant part of a financial service professional's salary that are still somewhat up in the air. Bonuses, even in back office, support-type roles, used to be one of the key attractions of a job in the industry, but bonuses are rarely guaranteed, and tend to be related to the overall performance of the company. With the whole industry suffering, bonuses may be considerably down this year (unless there is a major pick-up in the next couple of months, which is unlikely).
But the industry is making up for the disappointing bonuses in other ways.
"Salaries are still strong," said Maher. "And benefits are still very strong. A lot of companies are upping their benefits packages, with mortgage subsidies or rental allowances being introduced to encourage people to work for them."
Not that properly qualified people should need many inducements to work in the industry. Even with the current tribulations, financial services should remain one of the most significant employers on the market for many years to come. And, with the industry experiencing a bit of a wobble at the moment, the only way is up, isn't it
Banking and Financial Services Management Master's Degree
Banking and Financial Services Management Master's Degree
The Banking and Financial Services Management Master's Degree provides advanced training in interpersonal skills and financial management technology for those looking to advance in the fields of banking or finance. The typical coursework for this degree includes accounting, managerial accounting, international business, business writing, corporate communications, financial planning and more. Please find more information below.
Banking and Financial Services Management Master's Degree Overview
The Banking and Financial Services Management Master's Degree is for those interested in being trained in how to work in a variety of business areas providing financial and banking services. A Banking and Financial Services Management Master's Degree will train the student with the knowledge and skills needed to work with financial institutions to create workable interfaces between businesses and financial institutions. A Banking and Financial Services Management Master's Degree will provide students with the knowledge needed in the business world to work with companies and industries to find ways to managing banking and financial transactions and manage company money.
Career Possibilities for a Banking and Financial Services Management Master's Degree
Those who earn a Banking and Financial Services Management Master's Degree may find employment in the following jobs:
Corporate Financial Manager
Accountant
Bank Manager
Financial Transaction Manager
Bookkeeper
Banker
Financial Services Consultant
The data available from the U.S. Department of Labor, www.dol.gov, indicates non-supervisory banking positions can earn a weekly salary of $494. Non-supervisory positions in other financial and insurance companies averaged in at a weekly rate of $684. Financial Managers could potentially earn an hourly salary of $39.37.
Outlook and Growth of an a Banking and Financial Services Management Master's Degree
The career outlook for a graduate with a Banking and Financial Services Management Master's Degree is very exciting and extremely positive. The business world needs trained employees in this area and statistics seem to indicate that the need continues to grow in nearly every business area. Increasingly the need for qualified employees who can work with money and manage the technology needed to transfer funds from financial institutions and banks for companies also continues to grow. Nearly ever area of the business world needs qualified financial experts to manager company money for a variety of activities.
Coursework for a Banking and Financial Services Management Master's Degree
Some of the classes needed to earn a Banking and Financial Services Management Master's Degree may include, but are not limited to:
Managerial Accounting
Investment Analysis
Portfolio Management
Company Mergers and Acquisitions
Financial Markets
Project Management
Financial Management
Operations Management
Data Analysis
Employee Management
Electronic Commerce
Web Design
Economics
Business Writing
Skills for a Banking and Financial Services Management Master's Degree
Once the student has earned a Banking and Financial Services Management Master's Degree, the skills possessed by the student may include:
Managerial Accounting Skills
Business Writing Skills
Business Financing Skills
Investment Skills
Portfolio Management Skills
Data Analysis Skills
Project Management Skills
The Banking and Financial Services Management Master's Degree provides advanced training in interpersonal skills and financial management technology for those looking to advance in the fields of banking or finance. The typical coursework for this degree includes accounting, managerial accounting, international business, business writing, corporate communications, financial planning and more. Please find more information below.
Banking and Financial Services Management Master's Degree Overview
The Banking and Financial Services Management Master's Degree is for those interested in being trained in how to work in a variety of business areas providing financial and banking services. A Banking and Financial Services Management Master's Degree will train the student with the knowledge and skills needed to work with financial institutions to create workable interfaces between businesses and financial institutions. A Banking and Financial Services Management Master's Degree will provide students with the knowledge needed in the business world to work with companies and industries to find ways to managing banking and financial transactions and manage company money.
Career Possibilities for a Banking and Financial Services Management Master's Degree
Those who earn a Banking and Financial Services Management Master's Degree may find employment in the following jobs:
Corporate Financial Manager
Accountant
Bank Manager
Financial Transaction Manager
Bookkeeper
Banker
Financial Services Consultant
The data available from the U.S. Department of Labor, www.dol.gov, indicates non-supervisory banking positions can earn a weekly salary of $494. Non-supervisory positions in other financial and insurance companies averaged in at a weekly rate of $684. Financial Managers could potentially earn an hourly salary of $39.37.
Outlook and Growth of an a Banking and Financial Services Management Master's Degree
The career outlook for a graduate with a Banking and Financial Services Management Master's Degree is very exciting and extremely positive. The business world needs trained employees in this area and statistics seem to indicate that the need continues to grow in nearly every business area. Increasingly the need for qualified employees who can work with money and manage the technology needed to transfer funds from financial institutions and banks for companies also continues to grow. Nearly ever area of the business world needs qualified financial experts to manager company money for a variety of activities.
Coursework for a Banking and Financial Services Management Master's Degree
Some of the classes needed to earn a Banking and Financial Services Management Master's Degree may include, but are not limited to:
Managerial Accounting
Investment Analysis
Portfolio Management
Company Mergers and Acquisitions
Financial Markets
Project Management
Financial Management
Operations Management
Data Analysis
Employee Management
Electronic Commerce
Web Design
Economics
Business Writing
Skills for a Banking and Financial Services Management Master's Degree
Once the student has earned a Banking and Financial Services Management Master's Degree, the skills possessed by the student may include:
Managerial Accounting Skills
Business Writing Skills
Business Financing Skills
Investment Skills
Portfolio Management Skills
Data Analysis Skills
Project Management Skills
Financial Services
Financial services
In today’s market, financial services organisations must offer product innovation and improve their customer service to remain competitive whilst providing a suitable return for their stakeholders. This must be achieved in an environment of increasing regulation and, in Europe in particular, an erosion of national financial borders which afforded a degree of competitive protection. Added to this is the ever present cost efficiency challenge, the effective management of risk and the more sophisticated measurements of economic capital.
The fact that many institutions have enjoyed record profit growth in recent years makes the problem harder. Where will future profits come from? How will institutions invest to gain market share or grow revenue? As the structure of the financial services market continues to evolve, these pressures threaten traditional sources of revenue which makes such questions harder to answer.
The combination of these factors means that for larger institutions size does matter. To achieve economies of scale and specialisation, complex systems and processes must be streamlined and optimised. Further participant consolidation will occur whether for pure commercial logic or because of indirect encouragement by politicians. For whatever reason, shareholders and executives need to see the benefits of mergers and acquisitions on the bottom line quickly. It is essential that companies reduce costs and deliver new services to their customers ahead of the competition.
For smaller institutions the changing landscape will heighten the need to take far reaching decisions on the direction that the organisation should take, the types of customers it serves and the ownership of product creation and servicing.
Perhaps the hardest choice faces the mid-sized institutions; those often major national, but not multi-national, players. Some will become targets for acquisition, others must decide with whom to ally and how to protect their customer base.
Shared service centres, whether purely cross departmental or a full white label operation, enable improved returns on existing investments in people, processes and technology for all financial services institutions. Consolidation of specific processes within an organisation enhances the visibility of costs, revenues and margins. Firms can select ideal sourcing models: whether to invest or divest, to insource or to outsource, based on cost reduction or revenue growth objectives. It also challenges organisations to link business, operations and technology in a seamless process.
The market dynamics are being accentuated by the growing requirement to satisfy industry regulators. This obliges financial services companies to improve and refine risk processes and management and monitor liquidity and collateral in more sophisticated ways. This should be underpinned by sound capital ratios and enhanced reporting as well as price and service transparency. Simply complying with much of the new regulation could increase overheads significantly. The trick is to use the change brought about by regulation to change the business process, improve the business model and grab new revenues. Whatever the requirement, there is a need for efficient data capture, manipulation and management.
Logica understands the business and technology issues. We work with financial institutions worldwide using our applied knowledge of the financial services market gained over the last four decades. Some 70 per cent of the world’s top financial institutions including corporate and retail banks, financial clearing houses, general and commercial insurers, central banks and regulators rely on us. Logica solutions reduce the risk for clients implementing transformed business processes.
In today’s market, financial services organisations must offer product innovation and improve their customer service to remain competitive whilst providing a suitable return for their stakeholders. This must be achieved in an environment of increasing regulation and, in Europe in particular, an erosion of national financial borders which afforded a degree of competitive protection. Added to this is the ever present cost efficiency challenge, the effective management of risk and the more sophisticated measurements of economic capital.
The fact that many institutions have enjoyed record profit growth in recent years makes the problem harder. Where will future profits come from? How will institutions invest to gain market share or grow revenue? As the structure of the financial services market continues to evolve, these pressures threaten traditional sources of revenue which makes such questions harder to answer.
The combination of these factors means that for larger institutions size does matter. To achieve economies of scale and specialisation, complex systems and processes must be streamlined and optimised. Further participant consolidation will occur whether for pure commercial logic or because of indirect encouragement by politicians. For whatever reason, shareholders and executives need to see the benefits of mergers and acquisitions on the bottom line quickly. It is essential that companies reduce costs and deliver new services to their customers ahead of the competition.
For smaller institutions the changing landscape will heighten the need to take far reaching decisions on the direction that the organisation should take, the types of customers it serves and the ownership of product creation and servicing.
Perhaps the hardest choice faces the mid-sized institutions; those often major national, but not multi-national, players. Some will become targets for acquisition, others must decide with whom to ally and how to protect their customer base.
Shared service centres, whether purely cross departmental or a full white label operation, enable improved returns on existing investments in people, processes and technology for all financial services institutions. Consolidation of specific processes within an organisation enhances the visibility of costs, revenues and margins. Firms can select ideal sourcing models: whether to invest or divest, to insource or to outsource, based on cost reduction or revenue growth objectives. It also challenges organisations to link business, operations and technology in a seamless process.
The market dynamics are being accentuated by the growing requirement to satisfy industry regulators. This obliges financial services companies to improve and refine risk processes and management and monitor liquidity and collateral in more sophisticated ways. This should be underpinned by sound capital ratios and enhanced reporting as well as price and service transparency. Simply complying with much of the new regulation could increase overheads significantly. The trick is to use the change brought about by regulation to change the business process, improve the business model and grab new revenues. Whatever the requirement, there is a need for efficient data capture, manipulation and management.
Logica understands the business and technology issues. We work with financial institutions worldwide using our applied knowledge of the financial services market gained over the last four decades. Some 70 per cent of the world’s top financial institutions including corporate and retail banks, financial clearing houses, general and commercial insurers, central banks and regulators rely on us. Logica solutions reduce the risk for clients implementing transformed business processes.
Introduction to Financial Services for IT Contractors
If you are thinking about becoming a contractor, or have been contracting for a number of years, the financial benefits of setting up on your own are quite obvious. The average contractor will at least double his or her income on leaving permanent work, and in many cases the rewards are much greater than this. However, management of your money is now up to you. This section details the key components of contractor finance; the pitfalls and the benefits.
As a new or established contractor it is inevitable that you will require access to financial service products. In permanent employment, a lower, salaried income is enhanced by additional benefits such as sick pay, company pension scheme, medical and life insurance. These benefits are largely taken for granted but provide vital protection from hardship that disappears the day that you start contracting.
Depending on your circumstances, you will need to replace some or all of this safety net and must now find the costs personally. You will have the means to do so thanks to your newly enhanced income and much of this package can also be provided very tax efficiently through your limited company. Additionally you must make the most of your decision to contract and it is important that your money is set to work as efficiently as possible. Company and personal tax breaks must maximised so that the Inland Revenue doesn't end up the real beneficiary of all your hard work! This can be achieved by careful structuring of your finances and tax efficient investment of surplus income.
There are a bewildering number of insurance companies, banks and other providers of financial services but many of their products will be poorly suited to the unique position in which a contractor operates. Pensions and investments must have low set up costs and have complete flexibility of the number and level of contributions required, mortgages must take into account dividends with competitive interest rates and protection products must be tailored to your particular circumstances.
We advise that you seek an independent financial advisor (IFA) who specialises in the contractor market. Only an independent advisor will be able to scan the market for the most suitable product at the best price and only a specialist will properly understand your situation. You should structure your affairs so that you have flexibility in case you return to permanent work, go abroad or need to react to the unforeseen such as IR35.
As a new or established contractor it is inevitable that you will require access to financial service products. In permanent employment, a lower, salaried income is enhanced by additional benefits such as sick pay, company pension scheme, medical and life insurance. These benefits are largely taken for granted but provide vital protection from hardship that disappears the day that you start contracting.
Depending on your circumstances, you will need to replace some or all of this safety net and must now find the costs personally. You will have the means to do so thanks to your newly enhanced income and much of this package can also be provided very tax efficiently through your limited company. Additionally you must make the most of your decision to contract and it is important that your money is set to work as efficiently as possible. Company and personal tax breaks must maximised so that the Inland Revenue doesn't end up the real beneficiary of all your hard work! This can be achieved by careful structuring of your finances and tax efficient investment of surplus income.
There are a bewildering number of insurance companies, banks and other providers of financial services but many of their products will be poorly suited to the unique position in which a contractor operates. Pensions and investments must have low set up costs and have complete flexibility of the number and level of contributions required, mortgages must take into account dividends with competitive interest rates and protection products must be tailored to your particular circumstances.
We advise that you seek an independent financial advisor (IFA) who specialises in the contractor market. Only an independent advisor will be able to scan the market for the most suitable product at the best price and only a specialist will properly understand your situation. You should structure your affairs so that you have flexibility in case you return to permanent work, go abroad or need to react to the unforeseen such as IR35.
The 21st Century Insurance World Set for Change
The 21st Century Insurance World Set for Change
For the insurance sector, the future is far from nebulous – it’s right here and now. And as globalization continues to grow in reach and scope, insurance firms should in theory find it easier to reach into new and emerging markets and expand their business strategies.
But in reality they face numerous challenges as they adapt to a 21st century world. Today’s customers are demanding greater transparency and flexibility and insurers are being compelled to deliver.
During the recent Microsoft Canada Smart Solutions Breakfast Series held in Toronto, the discussion focused on how insurance firms can better connect their people to their customers. Tony Jacob, Director, Business Development, Insurance Industry, WW Financial Services at Microsoft and Don Canning, Managing Director, Insurance, Worldwide Financial Services, Enterprise & Partner Group discussed the challenges the North American insurance industry faces as it strives to retain a competitive edge in a rapidly changing sector.
The profile of today’s customer is changing, notes Jacobs, as individuals born between 1981 and 2000 enter the work force and become active consumers. He pointed to a recent study released by Insurity and Microsoft Corp. at the ACORD LOMA Insurance Systems Forum 2008, which reveals that technology will play a critical role for insurance firms recruiting or serving those in this "Millennial generation."
"This is a generation where consumer technology is really going to influence their expectations for enterprise IT,” says Canning. “We need to think about the way people work and start developing more portal-based applications that work the way they do – including making systems more intuitive and familiar for today’s knowledge workers."
The rise of the Millennials
Indeed, the report notes that the insurance sector faces a “brain drain” as nearly 60 per cent of employees are now over age 45. The challenge for today’s firms, according to Jacob, is around maintaining a balance between acquiring new customers and developing and retaining existing ones. Not only must insurers proactively move to become more transparent, they will also need to focus on leveraging internal technology and develop more innovative products and services.
Millennial customers are not only demanding newer, technologies in the workplace —— they also carry specific expectations as to how insurance companies should interact with them as consumers, such as the ability to view their full accounts online, access web-based support and instant-message agents directly.
There is also an increasing desire for more flexible and customized IT applications, says Jacobs. In order to adapt to this new world of work and maintain competitiveness in a global economy, successful insurance companies will need to look at responding quickly to economic opportunities and threats by incorporating more flexible IT processes that facilitate distributed collaboration and innovation with customers and partners.
“The question from a technology standpoint is, what can we do as an industry to be proactively more transparent as a way to avoid regulatory regimes?” says Jacobs. “We're entering into an era where there's going to be an expectation of the customers that they're able to interact with insurance firms on a 24/7 basis. This will obviously have huge implications on our future employees, future agents and brokers.”
Why IT innovation is key
Technology innovation, says Jacobs, will be essential for insurance firms in a global, knowledge-based economy.
“Things are changing so rapidly in India, China and across southeast Asia, because that's where innovation is growing. As a result, North American firms will need to increase innovation. We've got to come up with the innovative products and services,” says Jacobs.
Recognizing this new world of work, Microsoft is actively involved in working with insurance firms to develop and deploy better IT – applications that empower individuals through systems that help with the blending of structured and unstructured data.
Microsoft’s IVC program, for example is an emerging ecosystem of insurance partners that address key solution areas across the industry — from point-of-sale and service to policy administration and claims processing — by utilizing the core strengths of Microsoft software in front- and back-office technologies. The objective of the IVC program is to deliver innovative, straight-through processing for insurance on the Microsoft platform using Web services, Extensible Markup Language (XML) and industry-specific standards.
“The insurance industry will need to manage both outcomes and processes. It's really the Millennials we need to think about as they're going to expect virtualized support. We're going to have to think about rules extraction and getting those embedded into our processes,” notes Canning.
Insurance companies will also need to consider implementing projects that look at new ways of data management and service delivery. This involves building out a more flexible IT architecture – including enhanced enterprise resource planning (ERP), business intelligence (BI) and customer relationship management (CRM) software.
“Think about new business models and how you are going to grow in emerging markets. It’s all about enabling businesses and processes to connect faster and accelerate,” says Jacobs, adding that firms will need to look towards developing a 360-degree view of the customer while developing stronger straight-through processing capabilities to maintain a competitive edge.
The goal is to allow customers to work with insurance companies in a much more interactive way. Today’s agent and broker services – including independents and third-party agencies – will require better reporting tools with real-time access to the customer service representatives in order to make better risk decisions.
“You need to think about the quality of the data and what can you do with that data, particularly in terms of standards-based systems that help get even better at looking at underwriting profitability, performance of product lines, performance of intermediaries and opportunities for niche products,” says Canning. “It plays really well into the sense of the Millennials as our next customers for insurance products.”
For the insurance sector, the future is far from nebulous – it’s right here and now. And as globalization continues to grow in reach and scope, insurance firms should in theory find it easier to reach into new and emerging markets and expand their business strategies.
But in reality they face numerous challenges as they adapt to a 21st century world. Today’s customers are demanding greater transparency and flexibility and insurers are being compelled to deliver.
During the recent Microsoft Canada Smart Solutions Breakfast Series held in Toronto, the discussion focused on how insurance firms can better connect their people to their customers. Tony Jacob, Director, Business Development, Insurance Industry, WW Financial Services at Microsoft and Don Canning, Managing Director, Insurance, Worldwide Financial Services, Enterprise & Partner Group discussed the challenges the North American insurance industry faces as it strives to retain a competitive edge in a rapidly changing sector.
The profile of today’s customer is changing, notes Jacobs, as individuals born between 1981 and 2000 enter the work force and become active consumers. He pointed to a recent study released by Insurity and Microsoft Corp. at the ACORD LOMA Insurance Systems Forum 2008, which reveals that technology will play a critical role for insurance firms recruiting or serving those in this "Millennial generation."
"This is a generation where consumer technology is really going to influence their expectations for enterprise IT,” says Canning. “We need to think about the way people work and start developing more portal-based applications that work the way they do – including making systems more intuitive and familiar for today’s knowledge workers."
The rise of the Millennials
Indeed, the report notes that the insurance sector faces a “brain drain” as nearly 60 per cent of employees are now over age 45. The challenge for today’s firms, according to Jacob, is around maintaining a balance between acquiring new customers and developing and retaining existing ones. Not only must insurers proactively move to become more transparent, they will also need to focus on leveraging internal technology and develop more innovative products and services.
Millennial customers are not only demanding newer, technologies in the workplace —— they also carry specific expectations as to how insurance companies should interact with them as consumers, such as the ability to view their full accounts online, access web-based support and instant-message agents directly.
There is also an increasing desire for more flexible and customized IT applications, says Jacobs. In order to adapt to this new world of work and maintain competitiveness in a global economy, successful insurance companies will need to look at responding quickly to economic opportunities and threats by incorporating more flexible IT processes that facilitate distributed collaboration and innovation with customers and partners.
“The question from a technology standpoint is, what can we do as an industry to be proactively more transparent as a way to avoid regulatory regimes?” says Jacobs. “We're entering into an era where there's going to be an expectation of the customers that they're able to interact with insurance firms on a 24/7 basis. This will obviously have huge implications on our future employees, future agents and brokers.”
Why IT innovation is key
Technology innovation, says Jacobs, will be essential for insurance firms in a global, knowledge-based economy.
“Things are changing so rapidly in India, China and across southeast Asia, because that's where innovation is growing. As a result, North American firms will need to increase innovation. We've got to come up with the innovative products and services,” says Jacobs.
Recognizing this new world of work, Microsoft is actively involved in working with insurance firms to develop and deploy better IT – applications that empower individuals through systems that help with the blending of structured and unstructured data.
Microsoft’s IVC program, for example is an emerging ecosystem of insurance partners that address key solution areas across the industry — from point-of-sale and service to policy administration and claims processing — by utilizing the core strengths of Microsoft software in front- and back-office technologies. The objective of the IVC program is to deliver innovative, straight-through processing for insurance on the Microsoft platform using Web services, Extensible Markup Language (XML) and industry-specific standards.
“The insurance industry will need to manage both outcomes and processes. It's really the Millennials we need to think about as they're going to expect virtualized support. We're going to have to think about rules extraction and getting those embedded into our processes,” notes Canning.
Insurance companies will also need to consider implementing projects that look at new ways of data management and service delivery. This involves building out a more flexible IT architecture – including enhanced enterprise resource planning (ERP), business intelligence (BI) and customer relationship management (CRM) software.
“Think about new business models and how you are going to grow in emerging markets. It’s all about enabling businesses and processes to connect faster and accelerate,” says Jacobs, adding that firms will need to look towards developing a 360-degree view of the customer while developing stronger straight-through processing capabilities to maintain a competitive edge.
The goal is to allow customers to work with insurance companies in a much more interactive way. Today’s agent and broker services – including independents and third-party agencies – will require better reporting tools with real-time access to the customer service representatives in order to make better risk decisions.
“You need to think about the quality of the data and what can you do with that data, particularly in terms of standards-based systems that help get even better at looking at underwriting profitability, performance of product lines, performance of intermediaries and opportunities for niche products,” says Canning. “It plays really well into the sense of the Millennials as our next customers for insurance products.”
Operations Management in UK Financial Services
The extremely competitive nature of the financial services industry today and the changing landscape of customer expectations and their approach to investing in financial products, puts an onus on suppliers to consider how well they are dealing with new and existing customers' business transactions. This research investigates how technology is being applied to manage and improve operations.
Key Findings
Operations management is a critical business task contributing significantly to the overall performance of financial services companies
Over 90% of UK financial services companies set and publish operational targets. Reducing processing times and costs are targeted alongside measuring the quality of work done. Production Management methodologies such as Lean and Six Sigma are being applied extensively to manage work throughput.
The UK has embraced the use of specific operations management systems
85% of UK financial services companies report having specific systems in place to support operations management. Reporting, document and process management tools and to a lesser extent, staff forecasting and scheduling applications are all components of such systems.
Such systems have had an impact on improved operations
The survey shows that introducing operations management systems has led to improved customer service, reduced costs and better staff utilisation. However, despite a reasonable degree of satisfaction with such systems, there is room for improvement. Also, although staff attitudes should be important, motivation and staff satisfaction levels have shown lower levels of improvement.
Real time visibility of work is vital
Visibility of who is doing what at any point in time, with the ability to reallocate work during the day, is stated as being very important to effective operations management but this is not always an integral part of the operations management system.
Although continuous improvement to operations management performance is desired, obstacles do exist.
The survey found that staff resistance to change and to being monitored, competing demands of other revenue generating priorities and dealing with legislation, were all difficulties faced when trying to introduce initiatives to improve operations. Against this, establishing a return on investment (ROI) for operations management improvements can be difficult.
Many systems in place today are based on client/server technologies but there is desire to move toward pure web applications
This opens the door for Software as a Service offerings (SaaS). However, SaaS is not perceived as a way to support operations management systems. Is this because there are genuine doubts about SaaS or due to a lack of understanding of the potential benefits of the SaaS model?
Key Findings
Operations management is a critical business task contributing significantly to the overall performance of financial services companies
Over 90% of UK financial services companies set and publish operational targets. Reducing processing times and costs are targeted alongside measuring the quality of work done. Production Management methodologies such as Lean and Six Sigma are being applied extensively to manage work throughput.
The UK has embraced the use of specific operations management systems
85% of UK financial services companies report having specific systems in place to support operations management. Reporting, document and process management tools and to a lesser extent, staff forecasting and scheduling applications are all components of such systems.
Such systems have had an impact on improved operations
The survey shows that introducing operations management systems has led to improved customer service, reduced costs and better staff utilisation. However, despite a reasonable degree of satisfaction with such systems, there is room for improvement. Also, although staff attitudes should be important, motivation and staff satisfaction levels have shown lower levels of improvement.
Real time visibility of work is vital
Visibility of who is doing what at any point in time, with the ability to reallocate work during the day, is stated as being very important to effective operations management but this is not always an integral part of the operations management system.
Although continuous improvement to operations management performance is desired, obstacles do exist.
The survey found that staff resistance to change and to being monitored, competing demands of other revenue generating priorities and dealing with legislation, were all difficulties faced when trying to introduce initiatives to improve operations. Against this, establishing a return on investment (ROI) for operations management improvements can be difficult.
Many systems in place today are based on client/server technologies but there is desire to move toward pure web applications
This opens the door for Software as a Service offerings (SaaS). However, SaaS is not perceived as a way to support operations management systems. Is this because there are genuine doubts about SaaS or due to a lack of understanding of the potential benefits of the SaaS model?
Working in the finance industry
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.
Working in Financial Services
'Financial services’ as a career sector is difficult to define. One company’s financial services vacancy might be another’s banking and investment role and the variety of jobs available defies easy clarification. However, all financial services roles directly affect the everyday lives of ordinary people. Those who work in financial services are in the unique position of being able to help people make the most of their money and are employed by businesses that offer products and services designed to protect and improve people's finances. Graduates can be employed in a number of different areas including the financial regulation industry, which ensures that the UK financial system operates to the standards set by Parliament. Financial regulation jobs exist in the UK regulatory body (the Financial Services Authority) or in companies which need specialists in compliance with legal requirements.
How can I get a graduate job in financial services?
Financial services is quite a complicated area of work at first glance with over 50 different formal careers on offer and opportunities for graduates to join at various levels including professional, technical, claims handling, customer service or administrative support. There are a wide range of graduate schemes and jobs on offer in the sector to which graduates can apply direct. Employers look for applicants with a good academic record and transferable skills.
Jobs with financial services employers
Financial services careers in a nutshell: the lowdown on the types of graduate jobs available
What degrees and skills are relevant for a financial services career?
You can get a job in financial services without a finance or business degree. A certain level of numeracy will certainly help, but it’s perfectly possible to enter the sector with just a GCSE in maths. This is because recruiters are keen to recruit a balanced workforce and look for a wide range of skills and abilities in graduates, including:
Planning and organisation
Teamworking
Communication/interpersonal skills
Management potential
Adaptability
Motivation
Analytical abilities
Numerical skills.
Some employers will be looking for graduates in business-related disciplines, but many are on the lookout for management potential, so your degree subject will be less important than the skills and experience you have notched up while doing it. If you don’t have a related degree, you will need to show your commitment to entering the area you’re interested in. Find an internship in a financial services organisation, attend company presentations and careers fairs, and research the area and companies you are applying to.
How to get a job in financial services without a numerate or business-related degree
What are the main areas of work in financial services?
Graduates are often surprised by how many different career paths there are within financial services. People can join at various levels and the size of many companies in the industry also opens up opportunities in areas such as IT, human resources and training, marketing, project management and product development.
Many roles will require an understanding of customers’ needs and circumstances in order to advise which the most appropriate product is for them, but there are also many people working behind the scenes in essential support roles – for example, issuing policy when customers buy financial products or arranging for the safekeeping of legal documents connected with a client’s financial affairs.
The main areas of work are:
Actuarial. Actuaries work with statistics and probabilities and are employed in three main business areas: pensions, insurance and investment.
Insurance. The industry provides financial protection to individuals and businesses from unforeseen risks. Job opportunities exist in underwriting (calculating the price of risks); managing operations (making sure transactions occur smoothly and overseeing improvements); sales and marketing; claims; and specialist areas such as actuarial, marketing, IT and strategy.
Life assurance and pensions. Areas of business that usually deal with the long-term aspects of an individual’s life, ensuring that people are set up according to their personal needs and the potential pitfalls they could face. The main products offered are pensions, life assurance and investment.
Regulation and compliance. The practice of working with the financial services industry to ensure that legal standards are adhered to. The range of firms subject to regulation means that there is a wide choice of role and employer. Graduates could work for the UK regulatory body (the Financial Services Authority, or FSA) or in a compliance role within a commercial organisation.
Retail banking. Retail banks deal with clients ranging from individuals with personal accounts to multinational corporations. The sector used to be dominated by the high street banks but there is far more competition these days, with building societies, supermarkets and internet providers now offering financial services.
Risk management. This is concerned with ensuring that a company has good processes, meets its objectives and avoids unexpected losses.
How can I work out whether a financial services career is for me?
The best way to find out whether the career would suit you is to get work experience in financial services and most employers run formal graduate internships. These are usually aimed at penultimate year students and most run in the summer holidays. Recruiters spend a lot of time structuring internships so that they provide an accurate idea of what working life is like: as well as an induction and training, it is likely that you will be given your own workload and project to manage. The work will be similar to that of a recent graduate employee.
Doing an internship is one of the best ways to get a job in financial services before you graduate. Most financial services employers use their internships as part of their graduate assessment process: one actuarial consultancy told us they aim to fill 75 per cent of their graduate places with their interns. This means that the application process for the internship will be as rigorous as for a graduate position so you will need to do your research and prepare well
How can I get a graduate job in financial services?
Financial services is quite a complicated area of work at first glance with over 50 different formal careers on offer and opportunities for graduates to join at various levels including professional, technical, claims handling, customer service or administrative support. There are a wide range of graduate schemes and jobs on offer in the sector to which graduates can apply direct. Employers look for applicants with a good academic record and transferable skills.
Jobs with financial services employers
Financial services careers in a nutshell: the lowdown on the types of graduate jobs available
What degrees and skills are relevant for a financial services career?
You can get a job in financial services without a finance or business degree. A certain level of numeracy will certainly help, but it’s perfectly possible to enter the sector with just a GCSE in maths. This is because recruiters are keen to recruit a balanced workforce and look for a wide range of skills and abilities in graduates, including:
Planning and organisation
Teamworking
Communication/interpersonal skills
Management potential
Adaptability
Motivation
Analytical abilities
Numerical skills.
Some employers will be looking for graduates in business-related disciplines, but many are on the lookout for management potential, so your degree subject will be less important than the skills and experience you have notched up while doing it. If you don’t have a related degree, you will need to show your commitment to entering the area you’re interested in. Find an internship in a financial services organisation, attend company presentations and careers fairs, and research the area and companies you are applying to.
How to get a job in financial services without a numerate or business-related degree
What are the main areas of work in financial services?
Graduates are often surprised by how many different career paths there are within financial services. People can join at various levels and the size of many companies in the industry also opens up opportunities in areas such as IT, human resources and training, marketing, project management and product development.
Many roles will require an understanding of customers’ needs and circumstances in order to advise which the most appropriate product is for them, but there are also many people working behind the scenes in essential support roles – for example, issuing policy when customers buy financial products or arranging for the safekeeping of legal documents connected with a client’s financial affairs.
The main areas of work are:
Actuarial. Actuaries work with statistics and probabilities and are employed in three main business areas: pensions, insurance and investment.
Insurance. The industry provides financial protection to individuals and businesses from unforeseen risks. Job opportunities exist in underwriting (calculating the price of risks); managing operations (making sure transactions occur smoothly and overseeing improvements); sales and marketing; claims; and specialist areas such as actuarial, marketing, IT and strategy.
Life assurance and pensions. Areas of business that usually deal with the long-term aspects of an individual’s life, ensuring that people are set up according to their personal needs and the potential pitfalls they could face. The main products offered are pensions, life assurance and investment.
Regulation and compliance. The practice of working with the financial services industry to ensure that legal standards are adhered to. The range of firms subject to regulation means that there is a wide choice of role and employer. Graduates could work for the UK regulatory body (the Financial Services Authority, or FSA) or in a compliance role within a commercial organisation.
Retail banking. Retail banks deal with clients ranging from individuals with personal accounts to multinational corporations. The sector used to be dominated by the high street banks but there is far more competition these days, with building societies, supermarkets and internet providers now offering financial services.
Risk management. This is concerned with ensuring that a company has good processes, meets its objectives and avoids unexpected losses.
How can I work out whether a financial services career is for me?
The best way to find out whether the career would suit you is to get work experience in financial services and most employers run formal graduate internships. These are usually aimed at penultimate year students and most run in the summer holidays. Recruiters spend a lot of time structuring internships so that they provide an accurate idea of what working life is like: as well as an induction and training, it is likely that you will be given your own workload and project to manage. The work will be similar to that of a recent graduate employee.
Doing an internship is one of the best ways to get a job in financial services before you graduate. Most financial services employers use their internships as part of their graduate assessment process: one actuarial consultancy told us they aim to fill 75 per cent of their graduate places with their interns. This means that the application process for the internship will be as rigorous as for a graduate position so you will need to do your research and prepare well
Financial Sales v Planning
One of the challenges we face as Fee Based Planners and Wealth Managers is how do doctors and dentists get to know about Graeme and Ray and the job we do?
After all, we know (and our existing clients tell us), that we are providing our clients with exactly the kind of service they want, and they love the way we work for them and not the product provider.
But of course how would a dentist in Yorkshire or a doctor in Surrey get to know this? One method that has seen success is that we are prominent in the major search engines (especially google). So, for example, if you search for 'financial advice for dentists/doctors' (without quotes) you should see us up there towards the top.
And this is where the story starts. One of the calls received in December was from a dentist in the Durham area. I referred to this client in an earlier newsletter, but the essence was this.
An Independent Financial Adviser, well known as someone who targets the dental market, had visited the caller - let's call him John - and had asked him a few questions, and John had told him what he thought were his priorities, and the adviser had made some notes.
Apparently, after about an hour, the adviser said "OK. What I recommend is that you invest £2,500 per month into a personal pension plan". John was already paying almost £500 per month into a couple of personal pension plans on top of his considerable NHS Pension, and so he asked if that meant it would be £2,000 in addition to these.
You may have guessed the answer...
"Oh no, it will be a new plan for £2,500 and we will stop the others, and I have the paperwork here". John looked at his wife (let's call her Jan), and said he would think about it. So that's how it was left when I received John's call.
He expressed his concerns at the indecent haste in coming to a big decision like this, and when he had turned to the back page of his pension plan quotation, he was staggered to see that this adviser would be PAID £19.500, YES £19,500 for this sale! John was not comfortable with this at all, and had the distinct impression that the adviser was more interested in the sale than him.
We suggested that, as John had read about what we do on our website, he could come in to our office with his wife, and I would demonstrate how we could help them. Like all our new clients, they were given some homework to do before our meeting, and they emailed me these before we met.
This information includes "what do you need to achieve in life and when" and "what progress have you made so far", based on the value of the practice/investments/Income etc.
After all, what could be more important than that?
John had very clear goals, and when we met it became increasingly obvious to him how different we worked (compared with the other adviser), and to his delight he felt that he had found someone he could work with.
Keeping it simple here - John and his wife, who is 9 years older, wanted to buy a cottage in the North West where they loved to holiday, and for John to slow down at age 50, as Jan would be retiring.
The question of course is "do we have enough wealth to be able to do this, or will we run out of money before we die?". Time and time again, the vital aspect of any planning had been missing from John and Jan's life - MEASUREMENT.
Having demonstrated the cash flow forecasts we use to help clients with this all important context, John and Jan now understood why we recommend this approach. If you don't know where you are, and you don't know where you are going, how do you know when you get there?
So we all shook hands, and I told them that we would meet again at their Strategy Meeting after two or three months.
Our strategy meeting was a week ago, and this was the result after studying their cash flow forecasts, and devising a strategy:
- Pension - stop all pension planning apart from the NHS. This saves £500 per month gross.
- Offset Mortgage - create an extra borrowing facility of £200,000 to buy a cottage now as a cash buyer. Increase payments to ensure all debt paid off by age 50.
- Look to raise more finance from the practice - accountant to comment on this, as a lower rate here than residential debt after tax relief. Potential savings of £25,000 over 15 years.
- Equity ISAs - use the spare income to invest monthly for the long term to create an accessible tax efficient 'retirement pot'.
- Wills - checked and various comments made by specialist solicitor.
- Lasting Power of Attorney - solicitor to action to ensure if one person incapacitated the other could take over their affairs.
- Life cover - overall level checked as ok, but for the same cost they could have individual cover instead of joint cover.
- Fill in NHS death in service form DB1 - this to earmark Jan as the Beneficiary.
- Income Protection - we changed one plan John had that was not occupation specific to a company that did protect him as a dentist.
- Inheritance Tax - existing pension fund had spouse as beneficiary. As we knew that Jan would not need this money, the children were nominated as the beneficiaries. Potential IHT saving here circa £25,000.
- Existing Pension Fund - this was transferred to a risk assessed portfolio, as it was way out of line with their risk tolerance levels.
- Annual Review - this to ensure they are kept on track, and to take into account any changes in their life.
The result? Very happy clients who now know exactly where they are, and exactly where they are going. The spare income they have is now concentrated in exactly the right areas.
The total cost, including investment implementation came to £4,750. This compared to the salesman's £19,500 for one pension plan, no strategy, no measurement, and ignored or more likely missed the other issues that needed dealing with.
Chalk and cheese!
Key Considerations:Be aware that the vast majority of advisers are, in our experience, paid only when they advise you to take out a policy. Since this is the case, the old saying of 'if you only have a hammer, everything looks like a nail' comes to mind.
They also do a totally different job. It's like comparing a Senior House Officer to a Senior Surgeon.
Action Point
If you have an existing adviser, or are looking for one you can trust; be very clear about what type of person you want to deal with.
Would you want to use a dentist who does not bother to say "open wide please" but proceeds to recommend treatment?
If you want to have a diagnosis before prescription, find a Fee Based Planner who works for you, and you will be assured that they will do a holistic planning job to optimise your financial affairs.
One tip - the next time you speak to your/an adviser, ask what type of cash flow forecast system they use. If there is a long pause - you will know!
After all, we know (and our existing clients tell us), that we are providing our clients with exactly the kind of service they want, and they love the way we work for them and not the product provider.
But of course how would a dentist in Yorkshire or a doctor in Surrey get to know this? One method that has seen success is that we are prominent in the major search engines (especially google). So, for example, if you search for 'financial advice for dentists/doctors' (without quotes) you should see us up there towards the top.
And this is where the story starts. One of the calls received in December was from a dentist in the Durham area. I referred to this client in an earlier newsletter, but the essence was this.
An Independent Financial Adviser, well known as someone who targets the dental market, had visited the caller - let's call him John - and had asked him a few questions, and John had told him what he thought were his priorities, and the adviser had made some notes.
Apparently, after about an hour, the adviser said "OK. What I recommend is that you invest £2,500 per month into a personal pension plan". John was already paying almost £500 per month into a couple of personal pension plans on top of his considerable NHS Pension, and so he asked if that meant it would be £2,000 in addition to these.
You may have guessed the answer...
"Oh no, it will be a new plan for £2,500 and we will stop the others, and I have the paperwork here". John looked at his wife (let's call her Jan), and said he would think about it. So that's how it was left when I received John's call.
He expressed his concerns at the indecent haste in coming to a big decision like this, and when he had turned to the back page of his pension plan quotation, he was staggered to see that this adviser would be PAID £19.500, YES £19,500 for this sale! John was not comfortable with this at all, and had the distinct impression that the adviser was more interested in the sale than him.
We suggested that, as John had read about what we do on our website, he could come in to our office with his wife, and I would demonstrate how we could help them. Like all our new clients, they were given some homework to do before our meeting, and they emailed me these before we met.
This information includes "what do you need to achieve in life and when" and "what progress have you made so far", based on the value of the practice/investments/Income etc.
After all, what could be more important than that?
John had very clear goals, and when we met it became increasingly obvious to him how different we worked (compared with the other adviser), and to his delight he felt that he had found someone he could work with.
Keeping it simple here - John and his wife, who is 9 years older, wanted to buy a cottage in the North West where they loved to holiday, and for John to slow down at age 50, as Jan would be retiring.
The question of course is "do we have enough wealth to be able to do this, or will we run out of money before we die?". Time and time again, the vital aspect of any planning had been missing from John and Jan's life - MEASUREMENT.
Having demonstrated the cash flow forecasts we use to help clients with this all important context, John and Jan now understood why we recommend this approach. If you don't know where you are, and you don't know where you are going, how do you know when you get there?
So we all shook hands, and I told them that we would meet again at their Strategy Meeting after two or three months.
Our strategy meeting was a week ago, and this was the result after studying their cash flow forecasts, and devising a strategy:
- Pension - stop all pension planning apart from the NHS. This saves £500 per month gross.
- Offset Mortgage - create an extra borrowing facility of £200,000 to buy a cottage now as a cash buyer. Increase payments to ensure all debt paid off by age 50.
- Look to raise more finance from the practice - accountant to comment on this, as a lower rate here than residential debt after tax relief. Potential savings of £25,000 over 15 years.
- Equity ISAs - use the spare income to invest monthly for the long term to create an accessible tax efficient 'retirement pot'.
- Wills - checked and various comments made by specialist solicitor.
- Lasting Power of Attorney - solicitor to action to ensure if one person incapacitated the other could take over their affairs.
- Life cover - overall level checked as ok, but for the same cost they could have individual cover instead of joint cover.
- Fill in NHS death in service form DB1 - this to earmark Jan as the Beneficiary.
- Income Protection - we changed one plan John had that was not occupation specific to a company that did protect him as a dentist.
- Inheritance Tax - existing pension fund had spouse as beneficiary. As we knew that Jan would not need this money, the children were nominated as the beneficiaries. Potential IHT saving here circa £25,000.
- Existing Pension Fund - this was transferred to a risk assessed portfolio, as it was way out of line with their risk tolerance levels.
- Annual Review - this to ensure they are kept on track, and to take into account any changes in their life.
The result? Very happy clients who now know exactly where they are, and exactly where they are going. The spare income they have is now concentrated in exactly the right areas.
The total cost, including investment implementation came to £4,750. This compared to the salesman's £19,500 for one pension plan, no strategy, no measurement, and ignored or more likely missed the other issues that needed dealing with.
Chalk and cheese!
Key Considerations:Be aware that the vast majority of advisers are, in our experience, paid only when they advise you to take out a policy. Since this is the case, the old saying of 'if you only have a hammer, everything looks like a nail' comes to mind.
They also do a totally different job. It's like comparing a Senior House Officer to a Senior Surgeon.
Action Point
If you have an existing adviser, or are looking for one you can trust; be very clear about what type of person you want to deal with.
Would you want to use a dentist who does not bother to say "open wide please" but proceeds to recommend treatment?
If you want to have a diagnosis before prescription, find a Fee Based Planner who works for you, and you will be assured that they will do a holistic planning job to optimise your financial affairs.
One tip - the next time you speak to your/an adviser, ask what type of cash flow forecast system they use. If there is a long pause - you will know!
Careers in financial advising
Finance plays an important role in all jobs, professions, businesses and various other lines of occupations. That's why there is a constantly rising trend in the financial service industry.
Managing one's finances efficiently is not every ordinary person's cup of tea. Financial issues like investments, tax matters and insurance policies are too complex for most people to handle all by themselves. This is where financial advising comes in. Financial advisors provide all the necessary professional help and advice in financial matters. They help people to evaluate the financial situation and determine the right course of action that should be taken in order to make sound financial decisions.
Personal financial issues are directly affected by the wide market fluctuations and thus a financial advisor who has the relevant knowledge and expertise in the constant changes taking place in the market can prove to be an ideal financial advisor. A career in financial advising is indeed a very lucrative profession, since it is composed of jobs in the commerce field and offers a very attractive pay package at the same time.
Skills Required
If you have the right talent, communication skills and good analytical prowess, you can definitely make it big in this industry. Financial advisors usually need to have a formal university degree, especially for positions in top financial firms.
Financial advisors can also be considered to be salesmen of the finance industry. You can start your career in financial advising even if you only have two to three years of experience. Many firms that offer financial advising services recruit people with very little experience as well. Experience and a strong academic background count a lot in this industry; and membership with other professional institutions and associations are also very helpful.
In order to qualify as a financial advisor, you will need to pass several multiple-choice tests, which do not require any educational qualifications. One is the Series 65 test, which will grant you eligibility to pursue a career in financial advising. However, not all states require you to pass a Series 65 test in order to render professional advice and services on investments and other financial issues.
What They Do
Financial advisors provide the necessary guidance on various financial affairs like investment decisions, in addition to managing the finances of their clients. As a financial advisor, you will be helping clients to make important decisions in their business and personal lives.
Financial consultants and certified financial planners are two other professionals that are qualified professional financial advisors good at providing vital information about various financial matters.
Managing one's finances efficiently is not every ordinary person's cup of tea. Financial issues like investments, tax matters and insurance policies are too complex for most people to handle all by themselves. This is where financial advising comes in. Financial advisors provide all the necessary professional help and advice in financial matters. They help people to evaluate the financial situation and determine the right course of action that should be taken in order to make sound financial decisions.
Personal financial issues are directly affected by the wide market fluctuations and thus a financial advisor who has the relevant knowledge and expertise in the constant changes taking place in the market can prove to be an ideal financial advisor. A career in financial advising is indeed a very lucrative profession, since it is composed of jobs in the commerce field and offers a very attractive pay package at the same time.
Skills Required
If you have the right talent, communication skills and good analytical prowess, you can definitely make it big in this industry. Financial advisors usually need to have a formal university degree, especially for positions in top financial firms.
Financial advisors can also be considered to be salesmen of the finance industry. You can start your career in financial advising even if you only have two to three years of experience. Many firms that offer financial advising services recruit people with very little experience as well. Experience and a strong academic background count a lot in this industry; and membership with other professional institutions and associations are also very helpful.
In order to qualify as a financial advisor, you will need to pass several multiple-choice tests, which do not require any educational qualifications. One is the Series 65 test, which will grant you eligibility to pursue a career in financial advising. However, not all states require you to pass a Series 65 test in order to render professional advice and services on investments and other financial issues.
What They Do
Financial advisors provide the necessary guidance on various financial affairs like investment decisions, in addition to managing the finances of their clients. As a financial advisor, you will be helping clients to make important decisions in their business and personal lives.
Financial consultants and certified financial planners are two other professionals that are qualified professional financial advisors good at providing vital information about various financial matters.
Career changes in to financial planning
The financial planning industry is growing strongly and quickly. An initial major driving influence was the mandatory superannuation decision by the government which drove investment savings up incredibly. Financial planners are often sought in gaining advice on how to invest in preparation for retirement given the need for finance is now mainly independent from government contributions. When people do retire they also often need the expertise of financial advisers.
Many individuals who have initially chosen different professions have considered becoming financial planning because of the opptiunities both in finding a job and also the opportunity for a large remuneration once they get a job. PS146 / RG146 training would be necessary for people making a change of careers. These courses would general come in the form of a Diploma of Financial Services (Financial Planning). The main players in this industry are Kaplan, the International Institute of Technology (IIT), Finsea and PS 146.
The skills sets needed to be a financial planner includes an ability to relate to people. People are often making a big descion with their money and they will need to feel that they can trust a financial planner. ASIC compliant courses (PS146/RG14) include skills training and testing for this reason. The finical planners also need to be able to understand financial relationships such as a between technical data and a client's information. PS146/RG146 requires students to understand technical information such as corporation law requirements and apply them to clients' circumstances. A financial planner also needs to process current market occurrences so as to relate these back to a client's information so an appropriate decision can be made about where a client should invest. The financial bail out of the USA's Wall Street market for instance will have flow on affects for clients which should be considered by financial advisers.
Professions that have an emphasis of technical examination have one of the skill sets required of financial planners. Careers such as engineers, accountants and scientists would find the technical aspects of RG146 /PS146 training very managble. There is a mathematical element in the nationally recognised Diploma of Financial Services (Financial Planning) which typically contains most of the elements of ASIC compliance but definitely the elements of PS146/RG146 needed to become a financial planner without the specialities such as managed investments, securities and insurance broking. The mathematics is not difficult in the course however; it examines such relationships as returns and investments or the amount of tax that may need to be paid. Engineers, many scientists and some academics use what might be describes as difficult mathematics which does not apply to financial planning qualifications.
Professional that have the skill set of dealing with people well also have a great head start into the financial planning industry. Careers such as nurses, teachers, bank tellers and public relations officers would be able to apply their skill sets in a very effective way in the financial services industry. These skills would be helpful in fulfilling the RG146/PS146 courses which require a skill assessment which can take the form of conducting an interview or a role play.
Many individuals who have initially chosen different professions have considered becoming financial planning because of the opptiunities both in finding a job and also the opportunity for a large remuneration once they get a job. PS146 / RG146 training would be necessary for people making a change of careers. These courses would general come in the form of a Diploma of Financial Services (Financial Planning). The main players in this industry are Kaplan, the International Institute of Technology (IIT), Finsea and PS 146.
The skills sets needed to be a financial planner includes an ability to relate to people. People are often making a big descion with their money and they will need to feel that they can trust a financial planner. ASIC compliant courses (PS146/RG14) include skills training and testing for this reason. The finical planners also need to be able to understand financial relationships such as a between technical data and a client's information. PS146/RG146 requires students to understand technical information such as corporation law requirements and apply them to clients' circumstances. A financial planner also needs to process current market occurrences so as to relate these back to a client's information so an appropriate decision can be made about where a client should invest. The financial bail out of the USA's Wall Street market for instance will have flow on affects for clients which should be considered by financial advisers.
Professions that have an emphasis of technical examination have one of the skill sets required of financial planners. Careers such as engineers, accountants and scientists would find the technical aspects of RG146 /PS146 training very managble. There is a mathematical element in the nationally recognised Diploma of Financial Services (Financial Planning) which typically contains most of the elements of ASIC compliance but definitely the elements of PS146/RG146 needed to become a financial planner without the specialities such as managed investments, securities and insurance broking. The mathematics is not difficult in the course however; it examines such relationships as returns and investments or the amount of tax that may need to be paid. Engineers, many scientists and some academics use what might be describes as difficult mathematics which does not apply to financial planning qualifications.
Professional that have the skill set of dealing with people well also have a great head start into the financial planning industry. Careers such as nurses, teachers, bank tellers and public relations officers would be able to apply their skill sets in a very effective way in the financial services industry. These skills would be helpful in fulfilling the RG146/PS146 courses which require a skill assessment which can take the form of conducting an interview or a role play.
Job Security 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.
Financial Services Firms
has become the backbone of the modern financial services sector in the United Kingdom. Firms in London and elsewhere throughout the region cannot rely anymore on fax machines or land lines to provide top notch services to their clients. Instead, customers and corporate clients expect their financial service provider to have high speed networks and mobile phones. Financial services, in essence, require instant access and constant contact between consultants and clients.
Computer networks, mobile services, and network security do not just pop in from thin air, however. Financial service firms of all sizes are adopting IT departments in-house or developing exclusive relationships with consultancies in order to meet their technological needs. Entry level professionals like help desk workers, network consultants, and IT generalists are hired en masse in order to set up systems and keep them flexible over the long term. These professionals need guidance, whether on specific departmental goals or fulfilling the general goals of financial services. In this way, IT managers and experienced professionals who want to gain management experience should find their way to financial service leaders.
Financial service firms, like similar businesses in the stock trading and banking fields, have long been involved in developing proprietary IT solutions. These firms need to have data security methods that are unique to their corporate headquarters and regional offices. As well, financial service agents need to be trained on a variety of custom software programs that will help determine the best solutions for their clients. IT managers are needed to implement these solutions and train professionals on how to get their jobs done. These managers are often involved in the planning stages of software development and updates, which help them train their employees. From there, they can develop training solutions that will combine corporate strategies with departmental goals.
In addition to assisting IT professionals accomplish their own jobs, IT managers need to mind the goals of the larger firm. New IT managers are often surprised by the number of meetings that they have with sales management, accountants, and other management and supervisory staff. These meetings are meant to co-ordinate departmental efforts and ensure that every goal that a financial services firm sets forth is accomplish. After all, even IT managers have to recognise that their goal is to improve the experience of individual customers. IT managers jobs, therefore, can be a juggling act between internal technological issues and a consideration of how their firm is competing in the larger industry.
Computer networks, mobile services, and network security do not just pop in from thin air, however. Financial service firms of all sizes are adopting IT departments in-house or developing exclusive relationships with consultancies in order to meet their technological needs. Entry level professionals like help desk workers, network consultants, and IT generalists are hired en masse in order to set up systems and keep them flexible over the long term. These professionals need guidance, whether on specific departmental goals or fulfilling the general goals of financial services. In this way, IT managers and experienced professionals who want to gain management experience should find their way to financial service leaders.
Financial service firms, like similar businesses in the stock trading and banking fields, have long been involved in developing proprietary IT solutions. These firms need to have data security methods that are unique to their corporate headquarters and regional offices. As well, financial service agents need to be trained on a variety of custom software programs that will help determine the best solutions for their clients. IT managers are needed to implement these solutions and train professionals on how to get their jobs done. These managers are often involved in the planning stages of software development and updates, which help them train their employees. From there, they can develop training solutions that will combine corporate strategies with departmental goals.
In addition to assisting IT professionals accomplish their own jobs, IT managers need to mind the goals of the larger firm. New IT managers are often surprised by the number of meetings that they have with sales management, accountants, and other management and supervisory staff. These meetings are meant to co-ordinate departmental efforts and ensure that every goal that a financial services firm sets forth is accomplish. After all, even IT managers have to recognise that their goal is to improve the experience of individual customers. IT managers jobs, therefore, can be a juggling act between internal technological issues and a consideration of how their firm is competing in the larger industry.
Financial Management
Changing jobs is nothing unusual, but remember that when choosing this option, one must have an appropriate career plan.
Career planning is not an appalling task; you don't have to avoid it or put it off. Career planning can start by providing goals in your current career or even beginning with a new changeover to the existing current career path. Planning your career should always be a positive experience.
Changing jobs can open new ventures and challenges, but it's important to remember to maintain your financial track while doing so. Let's take a look into the financial issues that come along with a change in your career.
-Open direct deposit- Many employers are offering direct deposit as a perk and time saver.
-Benefits- Understand the benefits offered by the new employers when you change your job, no matter what the reason for change is. Do this, and while signing up for your new job you will clear all your doubts about health coverage, retirement savings plans, and additional benefits.
-Expenses- Limit your expenses for a few months; you will be surprised at the savings! While negotiating, do not forget the dollar figure is the gross pay and not the net pay. It may sound obvious, but people tend to start spending considering their gross pay without considering the net take home salary. Remember that taxes, retirement contributions and health insurance payments will all affect your salary structure. Try and use the interactive spending work record sheet!
-Manage 401(K)- Always manage your employer-sponsored retirement plans accumulated in your last job. You might be tempted to use the amount but don't do so; you will have to pay income tax or early withdrawal penalties assuming you are not retired. Ask your new employer about the prospect of 401(k) and 403(b) plans and then consider rolling the previous amount into it or trying to transfer the old plan into a new retirement plan.
-Consider range of options- Before changing jobs look into your financial status and also consider the job market. Think about medical emergencies, and don't opt for a job that does not cover health insurance as catastrophic medical costs can sometimes lead to bankruptcy. Besides health insurance, be prepared for the change in lifestyle and also understand the new work environment. Disability in income coverage is a necessity. It is tempting to ignore these issues, but don't do so! Negotiate for them in your new position.
-Review your financial goals- Don't go ahead without a proper goal. Analyze where you would like to see yourself five years from now. Money trade-offs must be expected and answers to such questions are sometimes complicated.
Career planning is not an appalling task; you don't have to avoid it or put it off. Career planning can start by providing goals in your current career or even beginning with a new changeover to the existing current career path. Planning your career should always be a positive experience.
Changing jobs can open new ventures and challenges, but it's important to remember to maintain your financial track while doing so. Let's take a look into the financial issues that come along with a change in your career.
-Open direct deposit- Many employers are offering direct deposit as a perk and time saver.
-Benefits- Understand the benefits offered by the new employers when you change your job, no matter what the reason for change is. Do this, and while signing up for your new job you will clear all your doubts about health coverage, retirement savings plans, and additional benefits.
-Expenses- Limit your expenses for a few months; you will be surprised at the savings! While negotiating, do not forget the dollar figure is the gross pay and not the net pay. It may sound obvious, but people tend to start spending considering their gross pay without considering the net take home salary. Remember that taxes, retirement contributions and health insurance payments will all affect your salary structure. Try and use the interactive spending work record sheet!
-Manage 401(K)- Always manage your employer-sponsored retirement plans accumulated in your last job. You might be tempted to use the amount but don't do so; you will have to pay income tax or early withdrawal penalties assuming you are not retired. Ask your new employer about the prospect of 401(k) and 403(b) plans and then consider rolling the previous amount into it or trying to transfer the old plan into a new retirement plan.
-Consider range of options- Before changing jobs look into your financial status and also consider the job market. Think about medical emergencies, and don't opt for a job that does not cover health insurance as catastrophic medical costs can sometimes lead to bankruptcy. Besides health insurance, be prepared for the change in lifestyle and also understand the new work environment. Disability in income coverage is a necessity. It is tempting to ignore these issues, but don't do so! Negotiate for them in your new position.
-Review your financial goals- Don't go ahead without a proper goal. Analyze where you would like to see yourself five years from now. Money trade-offs must be expected and answers to such questions are sometimes complicated.
Financial Services Jobs
Financial services sector touches the lives of everyone in the country, contributing over 5% of the UK's gross domestic product and employing over 1 million people. The UK is home to thousands of financial services firms, many of them from overseas, and home of the largest financial markets in the world. So it will come as no surprise that jobs in the financial services sector are being filled faster than at any time since 2000.
Financial services is an umbrella category that can encompass a variety of services, including securities dealers and brokers, investment management and mutual fund firms, insurance companies, credit card companies, and investment and commercial banks.
Financial services have moved in many cases from the centre of London to the suburbs, where property rent and office rent is lower. Estate agents and office builders have seen an increase in work in areas like Highgate Hook and Ilford. Small firms like insurance brokers, claims specialists and tax advisors have tended to move from areas like Kennington or Kensington to Richmond or Hammersmith. Finance jobs still dominate in the city for banking jobs and investment, accountancy and book keeping or accounts staff, but for smaller companies specialising in financial services such as house insurance or private tax consultants the suburbs are becoming more popular.
The Blomfield Group latest research said it now takes 12 weeks to fill a vacancy, from date of advertising to the date of the employee starting.
Salaries increased by more than 10% in just one month, they have risen from €33,310 in February this year to €36,692 in March so no wonder jobs in Dublin's financial services sector are filling at their fastest rate in five years. Permanent salaries are following a strong upward trend in Dublin more than in London Edinburgh or Glasgow.
In the London market average salaries have risen by 3.5% over the month to £36,146, while in Scotland the increase is of 6.5%, to £21,678.
Paul Cotter, the Managing director of Blomfied's Dublin office, said: "Jobs are now filling significantly more quickly than they were one, three or five years ago, reflecting the new surge of confidence in the market."
The financial services jobs markets in London, Edinburgh and Glasgow are seeing a similar trend. In London it takes 8.6 weeks, compared with more than 15 weeks in 2004.
In Scotland, it is taking on average 9.7 weeks to fill a job, compared with 14.3 weeks in 2001
Financial services is an umbrella category that can encompass a variety of services, including securities dealers and brokers, investment management and mutual fund firms, insurance companies, credit card companies, and investment and commercial banks.
Financial services have moved in many cases from the centre of London to the suburbs, where property rent and office rent is lower. Estate agents and office builders have seen an increase in work in areas like Highgate Hook and Ilford. Small firms like insurance brokers, claims specialists and tax advisors have tended to move from areas like Kennington or Kensington to Richmond or Hammersmith. Finance jobs still dominate in the city for banking jobs and investment, accountancy and book keeping or accounts staff, but for smaller companies specialising in financial services such as house insurance or private tax consultants the suburbs are becoming more popular.
The Blomfield Group latest research said it now takes 12 weeks to fill a vacancy, from date of advertising to the date of the employee starting.
Salaries increased by more than 10% in just one month, they have risen from €33,310 in February this year to €36,692 in March so no wonder jobs in Dublin's financial services sector are filling at their fastest rate in five years. Permanent salaries are following a strong upward trend in Dublin more than in London Edinburgh or Glasgow.
In the London market average salaries have risen by 3.5% over the month to £36,146, while in Scotland the increase is of 6.5%, to £21,678.
Paul Cotter, the Managing director of Blomfied's Dublin office, said: "Jobs are now filling significantly more quickly than they were one, three or five years ago, reflecting the new surge of confidence in the market."
The financial services jobs markets in London, Edinburgh and Glasgow are seeing a similar trend. In London it takes 8.6 weeks, compared with more than 15 weeks in 2004.
In Scotland, it is taking on average 9.7 weeks to fill a job, compared with 14.3 weeks in 2001
Financial Independance
Programmers throughout the United Kingdom have a variety of industries in which they can work. IT consultancies and firms that contract professionals to corporations can be lucrative and dynamic. Defence, aerospace, and engineering firms need programmers who are interested in learning about their specific needs and developing IT solutions appropriate for these needs. However, one of the best areas of entry into the job market for a young programmer is in the financial service sector. Programmers need to understand what prospective jobs in financial services require before taking the leap into this lucrative industry.
One aspect of financial service programming jobs in the United Kingdom is creating proprietary systems. Banks and financial advising firms need to have a variety of programs to keep track of funds, account information, and other data. While some banks contract out these services to outside IT firms, many have hired programmers to develop in-house systems. Programmers who are hired to create these systems often have to complete their technical work and then provide training and the new system to employees. In this way, programming jobs in the financial service sector can be interesting and engaging for an IT professional.
Perhaps the biggest aspect of the programming job in a financial services firm is providing updates and corrections to IT systems. Programmers often monitor transactions in real time to determine if there are any glitches or bugs that need to be fixed in the system. As well, programmers will usually run a variety of diagnostic tests and assessments on a system daily to determine if any problems develop as data accumulates in the office network. Programming jobs in banks and financial advising firms are often about patience, reviewing systems, and keep an eye out for the smallest of problems.
Finally, programming jobs in the financial services sector often require efforts at outreach to non-IT professionals. Bank personnel, financial advisors, and stock traders alike are more familiar with their specific job responsibilities than IT issues. As such, programmers who are fixing problems or installing new updates need to keep professionals updated on what is going on. Programmers often need to send out e-mails or go around to individual workers affected, depending on the size of the office. In these communications, a programmer has to explain why the system is down or what they are doing that is causing a slowdown in the network. However, programmers should also explain the consequences of updates to help keep their colleagues in the loop.
One aspect of financial service programming jobs in the United Kingdom is creating proprietary systems. Banks and financial advising firms need to have a variety of programs to keep track of funds, account information, and other data. While some banks contract out these services to outside IT firms, many have hired programmers to develop in-house systems. Programmers who are hired to create these systems often have to complete their technical work and then provide training and the new system to employees. In this way, programming jobs in the financial service sector can be interesting and engaging for an IT professional.
Perhaps the biggest aspect of the programming job in a financial services firm is providing updates and corrections to IT systems. Programmers often monitor transactions in real time to determine if there are any glitches or bugs that need to be fixed in the system. As well, programmers will usually run a variety of diagnostic tests and assessments on a system daily to determine if any problems develop as data accumulates in the office network. Programming jobs in banks and financial advising firms are often about patience, reviewing systems, and keep an eye out for the smallest of problems.
Finally, programming jobs in the financial services sector often require efforts at outreach to non-IT professionals. Bank personnel, financial advisors, and stock traders alike are more familiar with their specific job responsibilities than IT issues. As such, programmers who are fixing problems or installing new updates need to keep professionals updated on what is going on. Programmers often need to send out e-mails or go around to individual workers affected, depending on the size of the office. In these communications, a programmer has to explain why the system is down or what they are doing that is causing a slowdown in the network. However, programmers should also explain the consequences of updates to help keep their colleagues in the loop.
Different Jobs in Finance & 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.
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.
Financial Jobs
If you are looking for good Banking Jobs, Financial Jobs, or Financial Support Jobs the firm to work with is Albany Beck, one of the premier independent financial recruitment firms in the world. At Albany Beck we have been in the recruitment field since 2005 and have established an excellent reputation with banks and other financial institutions worldwide. These firms know that we will provide them with the most qualified candidates to fill their open positions.
As a result, our recruitment experts can assist you in finding the Banking Jobs, Financial Jobs, or Financial Support Jobs that fit your needs. It is easy to put us to work for you. You can visit our website and learn more about our firm and how we can assist you. You can also easily register your CV with us and you will be contacted by one of our recruitment specialists. The specialist will get the information that is needed to launch a search for the job you want.
We will find out what you are seeking in the way of compensation and whether you want to work full time, part time, or on a contract basis. We will also find out where you want to work. We can limit our search to the area where you currently live and work or anywhere in the world where you would like o relocate. We can find entry level Banking Jobs or Financial Jobs that will allow you to make the career enhancement move that you have been looking for.
Some of the fields we recruit in are product control, financial control, and accounting. We cover the entire spectrum of Banking Jobs, Financial Jobs, and Financial Support Jobs. Our search for jobs for you are always proactive and we will constantly keep you informed of our progress. When we find positions that fit your specifications you will be notified immediately and we will help you get your application in.
Our recruitment specialists are experts at monitoring the job markets worldwide. We know when and where the best Banking Jobs, Financial Jobs, and Financial Support Jobs are opening up. Many companies come to us first when they have openings. Many of the jobs we locate are well paying and offer good job security.
You can try to search for good Banking Jobs, Financial Jobs, and Financial Support Jobs on your own but you may find the process both time consuming and often frustrating. When you put our experts at Albany Beck on your team we will do all of the hard work for you. You can relax and wait to hear from us and you know we will leave no stone unturned when it comes to finding positions that meet your requirements.
There are former job seekers all over the world who can attest to our expertise when it comes to finding Banking Jobs, Financial Jobs, and Financial Support Jobs. All you need are the qualifications to fill one of the jobs and you can leave the rest to us.
Find out more by giving us a call today at +44 (0) 207 426 0201
As a result, our recruitment experts can assist you in finding the Banking Jobs, Financial Jobs, or Financial Support Jobs that fit your needs. It is easy to put us to work for you. You can visit our website and learn more about our firm and how we can assist you. You can also easily register your CV with us and you will be contacted by one of our recruitment specialists. The specialist will get the information that is needed to launch a search for the job you want.
We will find out what you are seeking in the way of compensation and whether you want to work full time, part time, or on a contract basis. We will also find out where you want to work. We can limit our search to the area where you currently live and work or anywhere in the world where you would like o relocate. We can find entry level Banking Jobs or Financial Jobs that will allow you to make the career enhancement move that you have been looking for.
Some of the fields we recruit in are product control, financial control, and accounting. We cover the entire spectrum of Banking Jobs, Financial Jobs, and Financial Support Jobs. Our search for jobs for you are always proactive and we will constantly keep you informed of our progress. When we find positions that fit your specifications you will be notified immediately and we will help you get your application in.
Our recruitment specialists are experts at monitoring the job markets worldwide. We know when and where the best Banking Jobs, Financial Jobs, and Financial Support Jobs are opening up. Many companies come to us first when they have openings. Many of the jobs we locate are well paying and offer good job security.
You can try to search for good Banking Jobs, Financial Jobs, and Financial Support Jobs on your own but you may find the process both time consuming and often frustrating. When you put our experts at Albany Beck on your team we will do all of the hard work for you. You can relax and wait to hear from us and you know we will leave no stone unturned when it comes to finding positions that meet your requirements.
There are former job seekers all over the world who can attest to our expertise when it comes to finding Banking Jobs, Financial Jobs, and Financial Support Jobs. All you need are the qualifications to fill one of the jobs and you can leave the rest to us.
Find out more by giving us a call today at +44 (0) 207 426 0201
Financial Recruitment
If you are looking for Jobs in Accounting or Finance Jobs there are many good ones available but you may have a hard time finding them on your own. The process may take a lot of your time and be frustrating since you won’t know if the opportunities you locate are the best ones available. The solution to this problem is to use the services of Vitae Financial Recruitment, a firm with a well established reputation in the Financial Recruitment field.
At Vitae we take tremendous pride in the fact that we have helped over 5,000 qualified candidates find the Jobs in Accounting and Finance Jobs they are looking for. We primarily service companies and candidates in the Hertfordshire, Bedfordshire, and Buckinghamshire areas, as well as London. If you are looking for a job in the financial markets you can find out more about how we can help you by looking around our website. You can learn about our expertise in Financial Recruitment and even take a look at a list of the jobs that we currently are seeking to fill.
We can find Jobs in Accounting or Finance Jobs that are permanent, temporary, or on a contract basis. It all depends on what you want. If you keep checking back at the constantly updated job lists we have you will probably find something that interests you. Then you can easily register you CV with us and we will help you apply for the job. One of our recruitment experts will talk with you about your qualifications and the requirements you have in the areas of compensation and other job benefits.
If you can’t find one on the website we will still keep your CV active and notify you as soon as the Jobs in Accounting or Finance Jobs we think might interest you open up. You will always be kept informed of our progress on your behalf and we will not submit your CV to anyone without your prior approval. In other words, you are always in control when we are acting as you Financial Recruitment agent.
Since we have such a good reputation for putting the right people in the right jobs there are many companies that rely on us and come to us first to fill their open Jobs in Accounting or other Financial Jobs. In addition, we constantly monitor the area job markets so we are the first to know when and where the best jobs are opening up. This keeps us a step ahead of our competition and allows us to assist you in finding the best paying jobs and the ones that offer real job security in this often uncertain jobs market.
It doesn’t matter if you are looking for entry level Jobs in Accounting or other financial fields, or if you just want help in getting a better position than you already have. We have helped numerous candidates make great career starts or enhance their existing careers.
At Vitae we take tremendous pride in the fact that we have helped over 5,000 qualified candidates find the Jobs in Accounting and Finance Jobs they are looking for. We primarily service companies and candidates in the Hertfordshire, Bedfordshire, and Buckinghamshire areas, as well as London. If you are looking for a job in the financial markets you can find out more about how we can help you by looking around our website. You can learn about our expertise in Financial Recruitment and even take a look at a list of the jobs that we currently are seeking to fill.
We can find Jobs in Accounting or Finance Jobs that are permanent, temporary, or on a contract basis. It all depends on what you want. If you keep checking back at the constantly updated job lists we have you will probably find something that interests you. Then you can easily register you CV with us and we will help you apply for the job. One of our recruitment experts will talk with you about your qualifications and the requirements you have in the areas of compensation and other job benefits.
If you can’t find one on the website we will still keep your CV active and notify you as soon as the Jobs in Accounting or Finance Jobs we think might interest you open up. You will always be kept informed of our progress on your behalf and we will not submit your CV to anyone without your prior approval. In other words, you are always in control when we are acting as you Financial Recruitment agent.
Since we have such a good reputation for putting the right people in the right jobs there are many companies that rely on us and come to us first to fill their open Jobs in Accounting or other Financial Jobs. In addition, we constantly monitor the area job markets so we are the first to know when and where the best jobs are opening up. This keeps us a step ahead of our competition and allows us to assist you in finding the best paying jobs and the ones that offer real job security in this often uncertain jobs market.
It doesn’t matter if you are looking for entry level Jobs in Accounting or other financial fields, or if you just want help in getting a better position than you already have. We have helped numerous candidates make great career starts or enhance their existing careers.
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