Love numbers?

Do your research and you’ll find there are many ways to map out a career in the financial sector.

BY Hazel Murray

At a time when the financial sector in the UK is amidst one of its worst downturns in the last 50 years, the industry is facing a major skills shortage.

According to a report produced by finance and accounting recruitment firm Robert Half, the industry needs to boost its reputation in order to attract the next generation of financial experts. This isn’t all bad news ­– there is now a wide gap for students with new talent to step forward and innovate the future of the financial world.

Technological and social changes now mean that the old ways of the financing and business world are being left behind, and the future is in constant flux. Young people today have the opportunity to move forward and grow with the changes, adapting to improved technologies and understanding the new wave of communication techniques that dominate the global economy.

There are many ways you can enter the industry: apply to jobs straight from school; apply for an apprenticeship; enrol in a further education course at college; get work experience at any time; do relevant A-levels; or go onto university. With the rise in student fees, it is wise to do your homework and think carefully about the best route into the financial and business sectors that is right for you. Consider your academic ability and your own financial situation. There are many options.

Almost all universities currently offer a range of business, financial and accountancy qualifications. The choice can be overwhelming. It is important to consider what interests you and which higher education course gives you the foundation on which to build further qualifications, should you want to become qualified as a financial professional, such as an accountant. Look for institutions that offer a wide choice and can give you the freedom to adapt your course to suit you.

With the rise in student fees, many young people are looking into all the options open. This may mean not going straight to university. Interestingly, many businesses are now finding that university degrees can make graduates too specialised in a certain area and without a broad knowledge of the industry, which would have once been learned through traditional apprenticeships. Organisations, such as Directions (www.directions.org.uk) associated with the Financial Skills Partnership, are dedicated to finding the perfect apprentices for large and small businesses. In some cases major companies, such as Barclays, only advertise their apprenticeships and internships on this website outside of their own. Although many of the companies will ask for a certain number of UCAS points, with five GCSEs from grades A-C including maths and english, some businesses will provide programmes available for school leavers with less entry requirements. Barclays offers a wide range of school and college leaver programmes, and Santander are especially dedicated to helping young people in this area offering internships to people with just two GCSEs from A-C in maths and english. For college leavers, the AON Apprenticeship 2013 is currently looking for five GCSEs at A-C with 280 UCAS points.

A huge number of qualifications are accessible to people with an interest in the accountancy industry in a range of circumstances. These do not necessarily have to be learnt in the classroom; several qualifications can be self-taught, studied online or partly tutored. Generally accepted qualifications include the ACCA, AAT, ICAEW, AIA and CIPFA; their websites will give more information on where and how you can get qualified. Many of these sites will also advertise school leaver training opportunities around the country. A recent example of one training vacancy to study the AAT qualification on-the-job is advertised for college leavers with around three B grades at A-level.

There are also various levels of qualifications that can be studied. ACCA (the Association of Chartered Certified Accountants) will expect a prospective student to have at least three GCSEs and two A-levels in five different subjects including maths and english in order to study their professional ACCA qualification, but they also offer foundation level qualifications for those who have not reached the minimum. The foundation qualifications are open to anyone with little or no experience in the industry and are designed specifically for beginners.

On achieving an accounting qualification, a vast number of jobs become available. These qualifications are aimed towards jobs in banking, financial analysing and investment; typical jobs could include being a tax advisor or an actuary. Finance is a crucial element of the business world, and therefore a steady career to break into.

Nevertheless, exams and entry requirements are just half of the story; many companies will hold interviews for their apprenticeships and internships in the same way as recruiting new professional employees, looking for that one person who is passionate about what they are aiming for. Sarah Harvey, a qualification marker for AQA and professional accountant, describes what she would expect in an intern: “They need to enjoy working with numbers, have good communication skills, both written and verbally, and an enquiring mind.

“They should not be afraid of working long hours while studying for professional exams.”

Accountancy is a professional industry that demands dedication and a passion for working to the best of one’s ability, with the opportunity to reach some of the highest paid jobs in the country.