Finance is an ambitious and competitive sector, but the amount of opportunities for career advancement seems to be taking a hit in the wake of Brexit. Chris Stappard shares his tips for securing a senior level position in finance
In 2018, the total number of people employed in the financial services sector in the UK was approximately 1.1 million ( according to Statista). London, a leading centre for finance, is forecast to continue growing in the upcoming years and is even offering 21 per cent higher pay packages compared to last year.
Yet the threat of a no-deal Brexit and the uncertainty of the future of the industry means that there has been a 39% decrease in vacancies (according to a 2018 article in The Independent). So, whether you’re a student or recent graduate, a senior professional in another industry, or thinking about looking for a promotion within the financial sector, it’s a good idea to start laying the foundations of your career progression as early as possible. This will give you best chance at securing one of these scarce senior roles.
To get you started, here are my top tips on how to land yourself a senior level position in the finance industry.
Join a professional body
The best, and often fastest, way to get any senior level role is to join a professional body, if you haven’t already. This will give you status but can also fast-track you into a senior position through ongoing development, support, and access to industry experts.
They can also map out what skills and competencies you require, then do a gap analysis to see what additional qualifications or experiences you will need to achieve a senior financial role.
Work on your networking and interpersonal skills
Building and maintaining relationships in the financial sector is a fantastic was to keep abreast of the latest career opportunities and means you’ll come highly recommended if you are considered. It’s crucial that you work on your interpersonal skills: not only will people be more likely to remember you when they have a senior position available, but you’ll find that your improved social skills will come in handy when it comes to standing out during the interviewing phase later on.
Start by keeping in contact with fellow alumni or get back in touch with them if you’ve drifted apart. Make an effort with co-workers in your current financial role, if you have one: you never know who might be able to help you in the future. You could also build personal relationships by emailing senior figures that you admire and asking them about their career. It’s flattering for them, but you could also gain some valuable insight.
Another big part of networking is to attend plenty of industry events. Doing so is a good opportunity for people to put a face to your name and you’ll have the perfect chance to show off your interpersonal skills.
Update your CV
If an opportunity has arisen, whether an internal position, through successful networking or the efforts of a recruitment agency, it’s time to put together career-enhancing CV. There was a time where potential employers wanted complete descriptions of your work history in detail, spanning multiple pages, during the application stage. This isn’t the case anymore as the volume of CVs that they receive is much too high. For competitive roles, such as those in the finance sector, employers can only spend a few seconds deciding whether to even read your CV.
It’s best to keep it short but informative and full of the most relevant facts about you, much like a highlight reel. Start with a personal statement that addresses how you meet their criteria, along with your core skills, so they have everything they need to know at a glance. That way, they can decide whether or not to continue reading about your previous roles and education.
In terms of layout, keep it clean, clear, and neatly designed so your words can do the talking. It’s worth putting a bit of effort into getting the design of your CV right because it could be what’s standing between you and your senior role, even if you’re the perfect candidate for the job. Ask people in senior positions to look over it if you can; you can even approach professional CV writers for advice to make sure you’re getting it right.
Brush up on your interviewing and assessment technique
It’s a good idea to come to interviews and assessments prepared with a few stories about your achievements. Make sure you’ve read the job description and understood exactly what they are looking for. That way, you can cherry-pick which of your experiences to talk about and find a way to work them into your group activities or answers to interview questions.
Rather than explain what happened, use the STAR method to take them through the situation, task, action, and result of your actions. This shows that you understand exactly what your contribution was, and, in turn, you can demonstrate what benefits you would bring to the company if you were successful.
One-to-one interviews aren’t something you can just wing on the day — you’ll want to get as much practice explaining your experiences using the STAR method as possible. Ask your friends, family, or recruitment consultant if they can conduct mock interviews for you and take their feedback on board.
The tips in this guide can help you if you’re looking for a senior role in the financial sector, whether you’re a recent graduate mapping out your future or a seasoned senior executive in another industry.
Chris Stappard is Managing Director of Edward Reed Recruitment
