Please find below the answers to some of your key careers questions. There is opportunities for school leavers with 'A' levels and those with experience, to work in the City. Many of the vacancies offered to non-graduates are often found in the operations departments or in trading. Those with several years' experience and who show great promise however, may apply for a highly-specialised field positions. However, they would have to demonstrate serious commitment and an understanding of the markets in order to succeed.
Which qualification do I need to take to become a stockbroker?
Where can I find a list of financial institutions?
As a graduate what skills and qualifications do I need?
Which firms offer Graduate Recruitment/Internships
Where can I get Work Experience?
What about opportunities for more mature entrants?
How do I become an approved person?
What chance do I have of getting a job in the industry if I am not a graduate?
Do I need to do CPD?
What can the institute offer me to enhance my career?
Are there equal opportunities for people with disabilities?
How do I apply for a work permit?
Which qualification do I need to take to become a stockbroker?
If you want to become a stockbroker or an analyst, I would recommend that you look at the syllabuses on our website for the following qualifications:
The Certificate in Investment Management has the widest recognition on the Financial Services Skills Council’s Appropriate Examinations List being an Appropriate Examination for the activities of advising and dealing in securities and derivatives and managing investments i.e. acting as discretionary portfolio manager. The Certificate in Securities and Financial Derivatives is on the Appropriate Examination list for the activities of advising and dealing in securities and derivatives and the Certificate in Securities is recognised for advising and dealing in securities only. If you are unsure whether you will be handling derivatives, I would recommend that you take Certificate in Investment Management because of its wide recognition and coverage of this area. Our Qualifications Navigator gives further guidance.
Where can I find a list of financial institutions?
A list of financial institutions can be found on the London Investment Banking Association website under LIBA members, Members Details. www.liba.org.uk
As a Graduate what skills and qualifications do I need?
Competition for jobs in the City is fierce and most employers ask for a degree of 2.1 or higher. Although not necessarily a prerequisite, it is an advantage to have a maths-based degree, such as accountancy, economics, or engineering. However, it depends on the area in which you wish to work. For example, a law degree is useful if you want to work in compliance. The main requirement that you will need is to be genuinely interested in the financial world: watch the business reports on TV, read the Financial Times, notice how the FTSE share index moves. You will not get through your first interview unless you show yourself to be wholly committed.
Which firms offer Graduate Recruitment/Internships
A list of firms and links who offer graduate recruitment can be found on our careers centre under graduate recruitment.
Where can I get Work Experience?
Many City firms run work experience or summer intern schemes. These are highly sought after and you may be expected to work for free. However, they are worthwhile and can lead to permanent positions after graduation. You may obtain work experience by applying directly to firms or by networking with people who already have contacts in the industry. Inside Careers runs a placement service on their web site www.insidecareers.co.uk which lists current work experience opportunities and allows you to apply directly for positions. The National Council for work experience is another good source of information, www.work-experience.org. Additionally, there are agencies that may be able to help you with possible placements.
What about opportunities for more mature entrants?
Although the industry is portrayed as youthful, there are roles where age adds authority. Private client relationship management is an area where firms are interested in recruiting more mature employees to respond to the investing public’s perception that older advisers have more experience and greater credibility. The operations area is another sector that can offer mature candidates an entry to the industry. From there, it may be possible to move into a sales role.
How do I become an approved person?
You have to become an Approved Person to undertake certain activities. Before you can undertake a customer function such as advising and dealing in securities you have to:
Your firm will have to confirm your fitness and propriety and will put you forward for approval.
The 1st November 2007 saw significant changes to the financial services industry with the coming into operation of MiFID. This will affect Job roles in the industry. One of the outcomes of the new regulatory environment is that there are distinctions between staff advising retail and those advising professional / wholesale clients. Advisers dealing with retail clients are subject to a mandatory examination requirement; those dealing with professional clients are not under a regulatory obligation to pass an examination but many wholesale firms require staff to pass an examination. The examinations give newcomers to the industry a picture of the breadth of the industry, of the regulation which underpins it as well as the technical knowledge to do their job.
For staff dealing with retail clients, the Appropriate Examination list is relevant. Please click here to visit the Appropriate list published on the FSSC website.
For staff dealing with professional clients, the Recommended Examination list is relevant. Please click here to visit the Recommended list published on the FSSC website.
However, individuals overseeing administration activities do NOT require Approved Person status. If you want to become an Approved Person, you must want to undertake a front office advisory role eg advising and dealing in securities and/or derivatives or managing investments. A pass in the Certificate in Investment Management will enable you to undertake either role. Please note that if you are looking to advise retail clients you will need additionally to sit the Investment Risk unit. Please view our Interactive Qualifications Navigator for further guidance.
You may want to speak to your compliance officer or training department to find out what they would regard as the most Appropriate Examination for you. If you need further guidance, the Institute in association with Inside Careers offers a Careers guide in Securities and Investment Banking, which is available free charge. The Inside Careers Guide is available, either by phoning the switchboard on 020 7645 0600 or visiting the Inside Careers website.
What chance do I have of getting a job in the industry if I am not a graduate?
Do I need to do CPD?
The benefits of lifelong learning have long been recognised in an increasingly competitive and dynamic business environment. We live in times of rapid technological, social and political change and the Institute believes candidates must have the knowledge and skills they need for the duration of their careers, beyond their existing qualifications.
The Institute offers its members access to a wide range of events; conferences, seminars, professional interest forums and electronic media which enables them to keep up-to-date with developments across the industry. To find out more on how to become a member of the institute and the various membership benefits offered click here.
How can the institute help me enhance my career?
Professional development is at the heart of all the Institute's values and policies. The Securities & Investment Institute is the leading professional body for financial services practitioners. Being a member of the Institute will enable you to keep up to date with industry changes and SII membership will provide a comprehensive and diverse benefits package, designed to enhance and maintain your knowledge in the industry which will assist you with your career enhancement. Click here for information on Membership of the Securities and Investment Institute.
Are there equal opportunities for people with disabilities?
People with disabilities are competing successfully in the graduate job market. This is due both to legislation and the advocacy of disability organisations. (that have hastened changes in attitudes and practice) as well as an increased awareness amongst employers of the need to make adjustments and revise their recruitment and selection processes. The Disability Rights Commission website lists some useful information. www.drc-gb.org/employment
How do I apply for a work permit?
Employers need to make the application for their employees to obtain a work permit. Prospective Employees and students cannot apply. Requirements vary according to occupations. The vacancy needs to be a full time vacancy, and your skills and qualifications need to meet the requirements for the vacancy. Employment must comply with any necessary requirements for registration or licensing. Up to date information on work permits is published on the home office website. This can be found at www.workingintheuk.gov.uk
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