Following on from our previous article about experienced graduates and the consultancy sector, Tim Chapman lists the pros and cons of working in industry.
Our Grovelands Experienced Graduate Consultant Chelsea Jones recently wrote about the benefits of working for a financial services consultancy, detailing the fantastic opportunities available to those with regulatory knowledge and a strong commercial acumen.
Consultancies are the goal for many, but before entering this work force, many fresh graduates/experienced graduates opt to get started in entry level or middle management positions.
Financial service industry roles provide a solid base to build commercial and business understanding, whilst gaining in-depth knowledge of various practice standards (ie. BCOBs, MCOBs, ICOBs). All of this combined provides a fantastic base for future opportunities.
Many large banks, insurers etc. look to take on a large requirement of experienced graduates for a variety of reasons. Experienced graduates, from an economic perspective, provide a cost effective yet beneficial investment opportunity to large firms to help set up success paths for future growth.
Investing in future stars adds further ‘strings to a company’s bow’ as it were, and ideally, by investing in people early in their careers normally receives loyalty in turn.
There are many benefits and opportunities when working in industry, and the pros and cons are listed below:
Money, money, money!
A large swathe of industry based roles are well paid with good bonus schemes and benefits. It is important to remember that a lot of this is based on the financial success of the bank (and your department) as bonuses are never guaranteed!
However, if you are willing to put in the hours and have a strong work ethic, you will gain yourself a good reputation amongst your peers and beyond.
Big business, less problems
If you are looking to work in a regulatory or compliance capacity within industry, getting industry experience is normally a good indication that you have developed some business awareness.
Banks, insurers, investment firms .etc. need regulatory professionals that can interact well with the business and ensure that a compliant culture is a profitable one. At times, compliance roles can been seen as holding back commerciality, but a well rounded experienced graduate will be able to highlight this early in their careers.
Working in a regulatory function as an experienced graduate will undoubtedly push your understanding of how various regulators operate in the FS arena.
Getting to grips with how the FCA works for example is vital in developing skills relating to horizon scanning and spotting trends and issues in advance. Also, gaining a knowledge of various regulatory handbooks will extend your specific knowledge relating to compliance and risk within an industry environment.
However, it is important to remember that all employers are all looking for someone who is not just book smart!
Whilst working in industry, you will meet a variety of professionals from peer level all the way up to Senior Manager. On top of this, you will also likely interact with consultancies and the regulator, meeting a wide breadth of people with wide ranging experience.
Not only does this get your name out there, it also broadens your horizons and understanding of other business areas and professions.
Let’s take this global!
Many FS firms in the UK have a strong global presence. London is still the global centre for finance, and many experienced graduates are wanting to break into this job market!
Not surprisingly, other financial hubs such as Hong Kong and New York know that industry staff in the UK present a high level of quality and knowledge. So the likelihood is that you may get seconded to somewhere like Singapore for a few years if you can take your career that way, or that you may be approached by a foreign centre of another major bank for example, to attract you overseas.
We are always looking to speak with experienced graduates looking to make the next stage in their career. Get in touch via the Grovelands website to find out more and take advantage of our consultative service.