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THURSDAY, SEPTEMBER 25, 2008
THE DAILY TELEGRAPH
CAREERS IN INSURANCE AND FINANCIAL SERVICES OVERVIEW
The Daily Telegraph
WHAT HAPPENS NOW?
ONE CITY RECRUITMENT EXPERT EXPLAINS WHY ALL IS NOT LOST FOR JOBHUNTERS IN THE DOWNTURN
Those people who work in the backroom, facilitating deals rather than doing them, are more at risk of long-term redundancy. They need to really think about how they are going to sell themselves to potential employers. But any worried employee can improve their chances immensely if there is a strategy in their approach. In the short term, the sector will contract until the market reaches equilibrium again. People who stick around should do well in the long term because the finance sector is not going to become defunct. In my personal view, insurance is an industry that is also likely to grow as we all become more risk averse, so this is a good sector to join. However, some people may decide to leave the finance sector altogether. That’s a choice that only an individual can make and there are definitely ways you can transfer your skills to other areas. It may be protracted but this upheaval is not going to last forever. “ Steven Kirkpatrick, managing director of Jonathan Wren, the Adecco Group’s finance and banking recruitment division, was talking to Thea Jourdan “Meltdown. Armageddon. Whatever you call it, there is no doubt that the financial sector is in chaos right now. I would need a crystal ball to tell you what the sector will look like next week, never mind next year. That said, I do think there have been some sensationalist reports. According to some, there are going to be 40,000 jobs lost in the takeover of mortgage giant HBOS by Lloyds TSB — but who says? There will be some consolidation, which is just common sense, but no one knows for sure how far this is going to go. I think it’s also worth remembering that there are always opportunities — even in downturns. When Lehmann Brothers announced it was filing for bankruptcy, we were at Canary Wharf talking to employees who had just lost their jobs. One banker was in a new job within two hours of the conversation. Good people are always going to find work, although they might find that their bonuses are less generous than they used to be. And certain hedge fund managers may find themselves at a loose end now that the Financial Services Authority has put a temporary ban on short selling financial shares.
MILES DONOVAN AT PEEPSHOW
THE FINANCE SECTOR OPERATES ON MANY LEVELS. IT STILL NEEDS NEW TALENT, SAYS THEA JOURDAN
he dramatic events of the past few weeks are enough to make anyone wary of pursuing a career in finance. But if we look at the bigger picture, it is precisely at such times that good financial advice is at a premium, as people consider their assets and what the market changes mean for them. “The more uncertain the economic outlook, the greater the potential role for financial services,†says Steve Jenkins, director of financial services for the Chartered Insurers Institute. “In the future, everyone will need to take greater responsibility for their lengthening retirement and financial security. This means that there will be a growing demand for well-trained and trusted financial advisers.†The figures speak for themselves. According to the Financial Services Skills Council (FSSC), more than 350,000 individuals work in the financial services industry in the UK. What’s more, good graduates are in big demand — the Association of Graduate Recruiters Graduate Recruitment Survey 2007 found that there was a 22 per cent rise in the number of vacancies for financial services. And, despite the current downturn, the FSSC believes that retail banking and lending offer good career prospects for the medium to long term. The report also highlights the fact that graduates entering banking can expect to receive generous starting salaries, although the insurance sector does pay slightly less. The insurance and finance sector, which has now moved beyond the confines of the City of London to encompass Glasgow, Manchester, Leeds and Bristol, has also become increasingly specialised. Within the insurance arena, for instance, there are now roles that demand high levels of technical competence, whether it’s working out the risks of insuring against extreme weather or managing fraud. “Life insurance is also a complex area and people who work in the sector enjoy the intellectual aspect of it,†says Priscilla Vacassin, group HR director at Prudential. Graduates taken on by Prudential have the opportunity to work in one of 13 countries in Asia, as well as the UK and the US. “They can work in emerging markets as well as mature ones, which allows the opportunity to develop a sector from scratch.†The Financial Services and Markets Act of 2000 gave the Financial Services Authority more powers to regulate banks, insurance companies and financial advisers. And to ensure that the industry is equipped with the
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range of skills that it now needs, The FSSC was set up in 2004. An independent, employer-led body, it provides strategic programmes for education, and training and skills development for the financial services industry across the UK. Customer service is also becoming more important as clients grow more discerning. “We are seeing the financial services and insurance sector emerge as a reputable profession, rather than simply an ‘industry’, which is vital to its future success,†says Jenkins.
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Taking the longterm view, industry insiders believe that retail banking and lending offer good career prospects for graduates
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