Why work in banking? – Inside Careers

Whether you want challenging projects, which involve working with people from across the globe, or the opportunity for self-development – a career in banking can provide all this and more…as long as you’re willing to take the first step.

Diversity of opportunity

As the financial hub of the world, the UK offers some of the most diverse and exciting jobs in banking. In addition to more conventional banking roles, there is an array of career opportunities available at any of the numerous banks headquartered here. Banks look for economists, statisticians, marketing, HR, media and government relations experts and, aligned with the explosion in financial technology, IT professionals.
What’s often less well known is the contribution the industry makes to the UK’s regions and the career opportunities available via graduate schemes, apprenticeships or for those looking to return to work.

Banking is also a major employer beyond London. The latest data from the Office for National Statistics and the BBA* Annual Census 2016 shows that the South West is the nation’s fastest growing region for banking and building society employment with the West Midlands a close second – creating over 1,500 jobs since 2014.

A key contributor to the UK economy, the banking industry generates over £41.7 billion in tax and creates over 400,000 jobs across the country.

A global career

Banking is international in nature and some roles can offer excellent opportunities for travelling and working in other countries.

Starting out in banking

But don’t let the intense graduate competition put you off! Banks offer some of the best internship programmes around, which are paid and give you an opportunity to hone your skills before graduating. An internship also gives you a chance to identify whether you’re following the right career path for you, as well as expressing your enthusiasm for the bank of your choice early on – particularly useful in a crowded and competitive jobs market. Check out the Inside Careers website to learn a little more about different banks and their ethos, available jobs and entry requirements.

Good salaries and great benefits

A career in banking offers both a competitive salary and excellent benefits. As a new starter you can expect around 23 days holiday a year and this will rise to 30 days after you’ve been there a while. If you’re required to work outside normal office hours, you’ll also be entitled to overtime and/or time off in lieu.
Some management roles offer either a car allowance or company car, even if regular travel doesn’t form a major part of your job. Private health insurance can sometimes be included in the overall remuneration package too.

Sports fan? Larger banks often provide sports and social facilities for their staff and some even have their own sports ground.

And finally…

Still not convinced? Working in banking offers a huge variety of opportunities as well as the possibility of early responsibility, rapid career progression and good pay and benefits. It’s also a challenging profession that looks to its talented new workforce to help boost the economy and restore public faith in the industry.

So that’s your challenge, should you be willing to accept it. Give it a try – a rewarding career awaits you.

UK Finance is a new trade association which was formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.

*The BBA is now part of UK Finance.