Financial services sector profile: everything you need to know

Are you great with numbers? Do you enjoy finding patterns in data? Do you have a flair for maths? Working in the financial services sector could be perfect for you.

Contents

• Different areas of the financial services sector
• Typical roles in the financial services sector
• Skills and qualifications
• Salaries
• Key employers
• The application process
• Financial services sector graduate jobs and schemes

The financial services industry deals with money-related matters. Here are the main areas of the sector to get to know:

The insurance industry collects money from users in exchange for protection. Insurers pay funds out to those who make a claim against their policy.

There are many types of insurance, including car, home and life. If somebody bumps your car, it’s an insurance firm that’ll sort out how much money you’ll receive to cover the damage.

If you work in the insurance industry, you may assess claims. With some larger payouts, inspectors will investigate to rule out fraud.

A pension is a pot that people (and sometimes their employers) pay into throughout their working life, which they receive when they retire.

In some roles in the pensions sector, you’ll advise people on putting money into a pension. In other positions, you’ll be responsible for making investment decisions and maximising returns.

Accounting involves helping clients with their finances.

In accounting, you usually work with a business to keep track of its financial records and submit accurate financial reports to the necessary regulatory bodies every year. Sometimes, accountants work with individuals (such as self-employed tradespeople).

The audit industry investigates the accuracy of financial accounts and reports.

As an auditor, you would check that your client’s accounts are true and ensure that no underhanded activities are happening.

Auditors work internally (ie. within the company they audit) or externally (ie. for an outside regulatory body or a contracted firm).

Working in tax means determining how much tax an organisation or individual must pay. As an individual, you’re taxed on your income, and businesses are taxed on profits (over a
certain threshold).

In some areas of the tax sector, you’ll be responsible for collecting the money owed. In other areas, you’ll advise people on how much tax they need to pay (including helping them claim any tax relief they’re entitled to).

Retail and corporate banking both involve lending money, but to different clients.

In retail banking, your clients are the public. In terms of lending, it encompasses mortgages, loans and credit cards. It also includes savings accounts and everything else a person might need from a bank.

In corporate banking, your clients are businesses. It’s the side of banking that many people won’t see. You deal with requests for business loans and pay them out if approved.

Want to read up on your options? Learn more about the different types of financial services.

There are many financial services careers to explore. Here are some of the roles available:

Financial risk analysts and managers identify potential problems that a company or bank may come across, which could put it in financial danger. In this role, you use your analytical skills to suggest how to mitigate the risks you’ve identified.

Audits are checks on the financial records that a company keeps.

As an internal auditor, you work in an organisation’s auditing department. In this role, you constantly conduct audits to check for any unusual behaviour that puts the company at risk or suggests fraud is happening.

External auditors work for an auditing company outside of the organisation being audited. If this were your job, you’d typically move around from client to client, so you’d gain exposure to lots of different businesses. As an external auditor, you’re hired to share the opinions you form through the auditing process.

If you work in compliance, you make sure financial activity abides by laws and regulations.

As a compliance officer, part of your role is to write reports to inform companies of issues. You may also speak to company employees who have concerns regarding non-compliance.

Financial advisers provide insightful advice for clients (individuals or organisations) on how to manage their money. You might advise on investing in stocks, buying assets or reducing outgoings.

If you work as a financial adviser, the client trusts you to make informed suggestions and fully understand all the available options. Strong research skills are important here.

Accountants manage their clients’ money.

As an accountant, you could fill out tax returns, set and monitor budgets or discuss spending limits.

You need to pay attention to detail to work as an accountant. When you fill in tax documentation, you’ll need to declare that all information is accurate and fully represents the client’s activities to protect both you and the client from legal issues. So, you need to be confident that you’ve crunched the numbers correctly.

Actuaries look into the financial risks that a company or client may encounter. They find out how likely the risks are and come up with ways of preventing them.

In this role, you might use software and computer modelling systems to work out the statistical likelihood of an event happening. You’d then use the insights to make recommendations to your clients.

Insurance brokers find insurance cover for their clients. Their job involves researching the policies available, negotiating better deals with insurance firms and making arrangements to insure their clients.

As an insurance broker, you’re responsible for making sure your client is covered in the way they expect. To do the job well, you need to have a clear understanding of your clients’ needs, policy details and potential risks.

Corporate treasurers are responsible for the financial security of a company.

In this role, you manage money (ie. investments, assets and liquid funds), analyse risks, come up with risk-mitigation strategies and make sure the company complies with financial regulations and laws. It’s a big responsibility, but it can be a high-earning career.

Working successfully in the financial services industry requires more than a good understanding of finance. Here are the skills and qualifications you need to succeed in the sector:

• Statistics. Beyond being great with numbers, some financial services careers require you to have a good understanding of statistics. Actuaries and financial risk managers use statistics to predict the likelihood of a negative event happening.

• Negotiation. You’ll need good negotiation skills in some roles. Insurance brokers negotiate with insurance firms to get the best deal. Accountants and financial advisors make budgets and need to talk through the best course of action with their clients.
• Research. Working in finance often requires good research skills. Actuaries, financial risk advisers and corporate treasurers research potential risks, while insurance brokers find the best policy deals.
• Analytical skills. High-level analytical skills will come in handy in lots of finance jobs. Accountants and financial advisers analyse financial activities. Financial risk managers, corporate treasurers and actuaries analyse risks. Auditors and compliance managers analyse activities to check that a company is adhering to regulations.

A chunk of jobs in the financial services sector require candidates to have an undergraduate degree-level education that has taught them the basics of finance. Relevant degrees include Banking and Finance or Accounting. However, many grad schemes are open to students in all disciplines.

For some finance jobs, having a master’s degree in a relevant subject is desirable. It's particularly useful if you’re interested in being a financial adviser, actuary, auditor or financial risk manager.

Is university not for you? That’s OK. For some roles, you can start your career by completing a college diploma or an apprenticeship. While lots of entry-level roles are aimed at grads, you can work in finance without a degree. You can explore the finance and accounting apprenticeships available right now with the government apprenticeship search tool.

Aside from a degree, you’ll need a sector-specific accreditation for some roles. To become a chartered accountant, you need an ACA qualification. Learn more about what it means to have an ACA qualification from the Institute of Chartered Accountants in England and Wales.

Chartered Banker also offers accredited qualifications, including a Certificate in Green and Sustainable Finance.

The salaries of finance jobs vary based on many factors, including your area of specialism, role, location, experience, seniority and the company you work for.

However, it’s still helpful to get an idea of what you could earn by looking at average salaries for certain financial services careers.

As a pensions administrator (a role where you’ll be responsible for the day-to-day running of pension schemes and life insurance policies), you can expect to earn between £23,000 (as a starter salary) and £38,000 (once experienced). This is according to data from the National Careers Service.

The average salary range for financial advisers, financial planners and wealth managers is £23,000 to £60,000.

If you want to be a management accountant overseeing a company’s profits, expect to earn between £30,000 and £60,000.

The average salary for an external auditor graduate trainee is £28,000. Once qualified and progressing in your career, you could earn between £32,000 and £45,000. External audit managers will receive higher wages (between £50,000 and £80,000).

As for internal auditors, those with one to three years' experience will typically earn between £22,000 and £35,000. Once again, wages usually increase over time. For example, once you have between three and seven years' experience, you might earn between £32,000 and £53,000. Experienced managers and directors in internal auditing could have a salary of over £70,000.

The average salary for tax advisers ranges from £25,000 to £55,000. Graduate trainee earnings typically span from £20,000 to £32,000, with higher salaries reserved for advisers who are fully qualified and experienced.

Graduate actuaries' starting salaries are usually between £25,000 and £35,000.

According to the National Careers Service, the average salary range for actuaries is between £32,000 and £70,000. However, salaries in excess of £200,000 are typical for chiefs, partners or principles in the field.

The average salary for insurance brokers is between £20,000 and £65,000.

Trainees will earn the least, while senior brokers and account directors have the potential to earn over £100,000.

For more information on how much you could earn in different financial services roles, visit our guide to financial services salaries.

As of April 2025, the National Living Wage (for those aged 21 and over) is £12.21 per hour. If you were to work 35 hours a week (ie. Monday to Friday, 9 to 5 with a one-hour lunch break), you’d earn a legal minimum of just over £22,222. You may earn below the National Living Wage if you’re under 21 or working via an apprenticeship scheme, but there are still legal minimums employers must abide by. Part-time workers will also earn a lower annual salary as they work fewer hours.

There are lots of employers within the financial services sector. You could choose to work for a bank, a regulatory body or a company’s in-house finance team.

Key employers in the financial services industry include:

• Admiral
• American Express
• Bank of America
• Bank of England
• Bloomberg
• Financial Conduct Authority (FCA)

If you’re interested in knowing more, discover the leading graduate employers in financial services.

As with any role in any industry, you’ll usually need to apply for a job by sending a CV or cover letter (and sometimes filling in an application form). If you impress here, your potential employer will invite you to an interview. If you’re applying for a finance graduate scheme, be prepared to attend an assessment centre too.

Your route into the financial services sector begins with a great application. You want hiring managers to recognise your potential from the get-go.

Most successful applications start with a great cover letter and CV. You should rework your CV for every job that you apply for. Emphasise the most relevant areas of your education and work experience for each role.

When writing about your experience, talk about your achievements and not just your responsibilities. Employers value the results of work more than a list of activities. So, if you came up with a more efficient way of chairing a uni society meeting, mention how much time you saved rather than simply saying “Came up with a new meeting structure”. Recruiters love statistics, so back your claims up with numbers.

If you’re talking about your skills, give evidence too. If you’re stating you’ve got good organisational skills, prove it by mentioning how you’ve juggled multiple deadlines.

If you want to get a head start with writing a great CV, follow our useful guide on how to write a CV.

Your cover letter is your first opportunity to sell yourself. Draw from the job ad to show that you’ve got the skills the hiring manager is looking for. If they want someone with specialised knowledge, tell them why your experience and education mean you’ve got it.

If you need a bit of help perfecting your letter, check out our useful guide on how to write a great cover letter.

If your CV and cover letter catch the eye of the hiring manager, they’ll invite you to an interview.

With the right prep, interviews don’t have to be as scary as you might think they’ll be.

Do your research so that you understand the overall objectives of the job and company before. It’s also good to prepare some questions to ask in the interview. Asking relevant questions shows you’re taking it seriously. Plus, it’s a great chance to find out information. Remember that an interview isn’t just about selling yourself. It’s also an opportunity for you to see if you’d like the job.

Read up on our interview advice and find some great tips to help you sail through any interview.

This article was last updated in April, 2025.