Financial Services

If you have worked in a finance, administration, logistics, intelligence or management role while serving, you may already possess skills that transfer well into financial services. The sector offers careers across banking, insurance, investment management, pensions, financial planning, risk, compliance and financial technology.

Financial services alone employ around 1.1 million people in the UK, with opportunities available well beyond London. For service leavers, strengths such as integrity, attention to detail, analytical thinking, leadership and working accurately under pressure can provide a valuable foundation for a new career in the sector.

What do finance professionals do?

Finance professionals help individuals, businesses and organisations manage money, investments, risk and financial decision-making. The sector is extremely broad, with careers ranging from customer-facing banking and financial advice to investment management, insurance, accountancy, compliance, risk and financial technology.

Some of the main areas include:

• Banking: Organisations such as Barclays, HSBC and Lloyds provide personal and business banking, lending, payments and other financial services.
• Investment and asset management: Firms such as Vanguard and Fidelity invest and manage money on behalf of individuals, pension funds and other organisations.
• Insurance: Companies such as Aviva provide protection against financial risks affecting individuals and businesses.
• Financial advice and wealth management: Advisers help clients make decisions about investments, pensions, retirement and longer-term financial planning.
• Accountancy and audit: Firms including PwC, Deloitte and EY provide services such as accounting, audit, tax and financial consultancy.
• Risk, compliance and regulation: Professionals help firms identify financial and operational risks, meet regulatory requirements and protect customers and markets.
• Fintech and payments: Technology is increasingly important across financial services, creating roles in digital banking, payments, data, cyber security and financial technology.

Day-to-day work depends heavily on the role. A finance professional might analyse investments, assess lending or insurance risk, prepare accounts, investigate financial crime, advise customers, manage budgets or ensure that a business complies with financial regulations. Whatever the specialism, accuracy, good judgement, integrity and the ability to work with financial information are central to many careers in the sector.

Transferable skills

Service personnel can develop a wide range of skills that transfer well into financial services. Those who have worked directly with budgets, procurement, payroll, auditing or financial administration may already have experience that maps closely to civilian finance roles.

Relevant in-Service experience can include:

• Budgeting and financial planning
• Procurement and contract management
• Payroll and personnel administration
• Audit, compliance and record keeping
• Asset, inventory and logistics management
• Data analysis and reporting
• Project and resource management

However, you do not necessarily need to have worked in a finance-specific military role. Financial employers also value wider strengths commonly developed through Service life, including leadership, integrity, attention to detail, analytical thinking, risk awareness, teamwork and the ability to make sound decisions under pressure.

These skills can translate into careers in banking, insurance, operations, risk, compliance, financial crime, accountancy and project management. The key is to explain your military experience in civilian terms and demonstrate the responsibilities, budgets, systems or teams you managed.

How do I get qualified to work in finance?

There is no single qualification for a career in financial services. The best route depends on whether you want to work in banking, investment management, financial planning, insurance, accountancy, risk or another specialism.

Professional qualifications can provide a direct route into the sector. The Chartered Institute for Securities & Investment (CISI) offers qualifications covering investment operations, wealth management, financial planning, capital markets, corporate finance, compliance and risk. For those starting out, qualifications such as Fundamentals of Financial Services or Introduction to Investment can provide a useful grounding.

For careers in insurance or financial planning, the Chartered Insurance Institute (CII) offers qualifications from introductory level through to advanced professional study. Those pursuing accountancy and finance may instead work towards recognised qualifications such as ACCA, the ICAEW ACA, or CIMA’s CGMA Professional Qualification, depending on the type of accounting career they wish to pursue.

For investment-focused careers, the CFA Program is an internationally recognised advanced route covering areas such as investment analysis, portfolio management and ethics. It consists of three levels and is generally more relevant once you have identified investment management or analysis as your intended career.

A degree is not essential for every financial-services career. Apprenticeships and employer training schemes provide alternative routes into areas such as financial administration and investment operations, allowing you to gain qualifications while working.

For service leavers, it is worth checking whether existing qualifications and experience can earn exemptions or provide a suitable starting point before committing to further study. An MBA can support progression into senior management in some circumstances, but it is not normally a requirement for entering financial services.

Professional institute membership

Professional membership can strengthen your credentials, demonstrate commitment to professional standards and provide access to continuing professional development (CPD), networking, technical guidance and career support.

The most relevant body will depend on your chosen area of finance:

• Chartered Institute for Securities & Investment (CISI): Relevant to securities, investment, wealth management, financial planning, compliance and risk.
• Chartered Insurance Institute (CII): Supports professionals working in insurance and financial planning.
• Institute of Chartered Accountants in England and Wales (ICAEW): The professional body behind the ACA qualification, supporting chartered accountants across business and practice.
• Association of Chartered Certified Accountants (ACCA): A global professional accountancy body offering qualifications, CPD and professional membership.
• Chartered Institute of Management Accountants (CIMA): Particularly relevant to management accounting and finance roles within organisations.
• CFA Institute: Relevant primarily to investment analysis, asset management and portfolio management.

Membership can become increasingly valuable as your career develops, providing professional recognition as well as opportunities to maintain your skills and build industry contacts.

Finding a job

There are several routes into financial services, including graduate schemes, apprenticeships, internships, employer training programmes and direct applications. Opportunities exist across banking, insurance, investment management, accountancy, financial planning, risk, compliance and fintech. Previous financial experience can be valuable, but many employers also recruit candidates from different professional backgrounds and provide role-specific training.

For service leavers, experience in budgeting, procurement, analysis, operations, leadership or managing risk can provide a strong starting point. When applying, translate military responsibilities into civilian terms and demonstrate achievements such as managing budgets, analysing information, leading teams or working within highly regulated environments. The Career Transition Partnership (CTP) and Forces Employment Charity can also help with vacancies, employment fairs, networking and introductions to Forces-friendly employers.

Do not restrict your search to London. Financial and related professional services employ people throughout the UK, with particularly large centres in cities such as Edinburgh, Manchester, Birmingham, Leeds, Bristol and Glasgow. As your experience grows, opportunities can also open up in management, consultancy, specialist risk and compliance roles, fintech or self-employment.

Financial service apprenticeships; The Chartered Insurance Institute (CII), supports various apprenticeship standards in the insurance and personal finance sectors. Employers might offer apprenticeships that lead to CII qualifications. Institute of Chartered Accountants in England and Wales, (ICAEW) supports apprenticeship standards, and there are many employers that offer apprenticeships leading to the ACA qualification from ICAEW. Contact them direct (see ‘Useful info’) for full details.