Banking Sector Jobs in London
About The London Banking Sector
Often referred to as the Banking Capital of the World, London vies with New York City for the prestigious title. Over half a million people are employed in the British banking sector. Currently, around 180,000 Londoners are employed in the financial industry. Additionally, according to the UK government, the financial services industry (including banks) contributes £70bn (or 6.8% of the GDP) to the UK’s national output. Of course, it isn’t just internal money flow that is impressive, the daily volume of foreign exchange passing through London is approximated at £560bn.
Naturally, London should be a top player in the financial market, being home to one of the oldest and most prestigious central banks in the world – the Bank of England. Furthermore, London houses one of the world’s top five stock exchanges (the London Stock exchange).
So how does one go about securing banking sector jobs in London?
Education Requirements For A Banking Job
There is a wide range of opportunities available in the London banking sector. Various positions are open to application by a wide audience. Take educational background, for example. Naturally, advanced education, particularly in a related subject matter will be looked upon favourably by employers in the banking industry, and certain positions may demand specific academic qualifications. However, while banks tend to provide a variety of entry-level programmes for graduates who hold second-class degrees, many also open their doors to school leavers with at least three A-levels or equivalent vocational qualifications.
Another entry route to the London banking industry is via an apprenticeship.
Is Taking Banking Apprenticeship An Option?
Entry-level applicants between the ages of 16-24 may apply for a wide variety of apprenticeships that can help secure a career in banking or finance. Apprentices earn salaries and gain valuable work experience while studying toward a qualification recognised by the banking industry.
What Bank Jobs Are Available?
There are a variety of jobs available in the London banking industry. These include positions ranging from customer service and management to risk analysts, financial advisors, loan processors, mortgage underwriters, and corporate investment bankers.
Before applying for positions, one should have a firm grasp of their qualifications and interests in the banking industry. This will allow you to tailor your CV accordingly and focus on select positions within the London banking industry. Rather than casting a large net, it is more advisable to narrow one’s focus within this market.
Of course, the banking industry’s wide range of careers is accompanied by a similarly wide range of compensation.
Corporate Fund Investment Banking
Corporate investment bankers provide financial services to various institutions, governmental bodies, and companies. Investment bankers, or i-bankers, generally manage financial, strategic, and corporate opportunities. Raising capital is the main role of the corporate investment banker. They typically achieve this by issuing either debt or equity securities.
Corporate investment bankers can command salaries on the higher end of the banking industry spectrum.
Risk Vs Reward: Salary Expectations In This Location For A Bank Sector Job
On average, banking salaries in London are estimated to pay between £61,000 and £93,000. The salaries in London are higher than in other parts of the UK, partially to offset living expenses associated with living within the city. For corporate investment bankers, average starting salaries range from £30,000 to £40,000. These salaries can be expected to rise to £50,000+ after at least three years. Those with many years of experience can earn base salaries upwards of £150,000. It is important to note that the pay is often merit-related and it is not unheard of for bonuses to sometimes be four times the total base salary.
Prerequisites For Banking Jobs
Once you have determined that you have the requisite education, skill set, and determination to further your career in the banking industry, the next step is to gain experience in a banking role. Be proactive in your job search and be sure to tailor your cover letter and CV to each banking role for which you apply. In the banking industry, competition can be fierce, so be certain to prepare your application thoroughly.
Once you have landed an interview, understand that many organisations expect their candidates to have thoroughly researched both the role and the company. Do not be afraid to ask questions that reveal you have done your homework.
And most importantly, do not become discouraged. It can take time to find an appropriate match within the banking industry. Keep trying, and continue to improve your qualifications along the way.