Career and Education

A Look at the Highest Demand Careers in Finance in the UK

A Look at the Highest Demand Careers in Finance in the UK

Whether you’re debating what to study in college, planning your next career move, or ready to start your first job in the finance industry, you want to choose wisely. The ideal career is one that complements your talents and interests while giving you a bright future. For example, the best jobs in British finance offer excellent pay, a challenge, and long-term demand for skilled talent. Let’s take a look at the highest demand careers in finance in the UK.

Financial Analyst

Financial analysts can find work almost anywhere and play an essential role in all sectors. It is also one of the areas in business with the highest and most consistent demand. Financial analysts are hired by:

  • Banks
  • Stockbrokers
  • Insurance agencies
  • Hedge funds
  • Retail firms
  • Government agencies

You could analyse the historic returns on stocks or the financial risk of a client’s project. You could help a retailer plan their future purchases to prevent shortages but minimise how much money they have tied up in inventory. Or you could give government agencies policy advice. You could work for banks and other institutions assessing the risk of potential borrowers or give recommendations for how money could be invested.

The average financial analyst starting out earns around £30,000. Pay hits £50,000 with experience. For comparison, the average pay for Brits is just under £500 a week, while average pay in the finance sector is £650. And this job is a popular springboard to other positions, including upper management. Furthermore, Brexit did nothing to hurt this sector. Instead, the economic uncertainty is driving demand for this profession.

Insurance

The UK insurance sector is the fourth largest in the world. You could work in the insurance industry in almost any capacity. It is also one of the fields that are seeing the most growth at the moment. Finance jobs in this field include:

  • Sales
  • Accounting
  • Risk management
  • Financial analysis
  • Actuarial science

Loss-prevention expertise is valuable, though attention to detail is a necessity. Entry-level pay ranges from £20,000 to £25,000. In this diverse field, there are many career paths you can take. It is possible to earn up to £100,000 with experience.

Accountant

The need for accountants hasn’t declined with the roll out of bookkeeping software. In fact, the demand for accountants will increase by 80,000 by 2050. Accountants do more than keep the financial books in order. They prepare financial statements for management, regulatory bodies and investors. They also ensure that their clients abide by various rules and government regulations.

Becoming an accountant requires an extensive amount of training. However, the job is quite rewarding. Part qualified accountants just starting out earn £35,000 to £45,000 a year. After four years of experience, salaries rise to £70,000 a year, assuming you’re qualified. Senior accountants earn over £100,000 a year.

Accountants also need to have a certain set of skills to be successful. Some of these skills include:

  • Problem-solving skills
  • Integrity
  • Business acumen
  • Organisational skills
  • IT foundation

It’s also one area where a lot of employees report high satisfaction levels. “My job has meaning,” said audit manager and chartered accountant Honey Hernandez. “And I always try to do the best for my clients,” she added. This is the kind of mindset that pushes accountants forward and keeps them motivated.

Investment Banker

Investment banking is one of the highest paying jobs in finance; it is also one of the most competitive. Investment bankers provide advice on when to buy and sell investments. They may hunt for profitable short-term trades or long-term investments. This job requires a firm grasp of financial industry ethics and a willingness to work long hours.

DBAs are often sought after by investment banks. A DBA or doctorate of business administration is a step up above a master of business administration or MBA. Demand for DBAs globally is high relative to supply, given their expertise in turning around failing businesses or doing in-depth business analyses. Yet supply is tight because DBAs are able to work anywhere. A study by Aston University found that they even get preference in various nations because of the type of skills they attract and develop. Learn more about their study by clicking here.

DBAs may work on executive search committees or be hired to work in the C-suite.

Payroll Outsourcing

A growing number of businesses are outsourcing their payroll departments. The payroll outsourcing firm will, at a minimum, log work hours and issue payslips along with calculating PAYE or they may provide comprehensive packages. Because of the international world of outsourcing, you benefit professionally from an understanding of global payroll practices and foreign financial compliance requirements. That is aside from regulatory burdens that employers are happy to shift to the professionals, such as pay gap reporting and the apprenticeship levy.

Entry-level positions start at around £27,000, but there’s plenty of room for advancement. The simplest path to higher pay is to become the manager of the payroll department if you don’t start your own firm. You can also find contracting work in this profession, especially if you can assist with the rollout of updated payroll and HR software. You can train others on how to use these tools or simply join the team on an interim basis when their workload spikes during the changeover.

Auditor

Financial auditors are in great demand. The British government raised its audit threshold to a little over £10,000,000. While that reduced the need for auditors at small firms, it has done nothing to reduce demand for auditors at mid-level and large firms. Furthermore, you can work as a consultant as well, if you have the right experience and credentials.

Entry-level auditors earn around £30,000 a year. Managers earn about £65,000 a year.

The finance sector offers many well-paid jobs, and there are many routes to high paying positions in the finance industry, though they are highly competitive. Has this list given you the inspiration you needed? Let us know.

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