If you are a university leaver with a finance related degree, you are about to enter a marketplace where your skills are in more demand than ever. In contrast to graduates in many other degree disciplines who are struggling to market themselves in a competitive jobs environment, the finance sector is seeing a huge demand for new talent. So why are graduates with a financial background in such demand right now?
Firstly, the UK economy is one of the fastest growing in Europe and the finance sector, which was badly hit by the 2008 collapse, is back to its pre-recession levels under the protection of the Prudential Regulation Authority – which was setup to avoid a repeat of the banking collapse. The sector is sustaining strong levels of economic growth and now accounts for 7% of total employment in the UK with organisations nationwide all looking to grow further – illustrated by the fact that 2 in 3 of the 2.1 million finance jobs are located outside of London.
Many companies within the sector however are finding it difficult to recruit candidates who have the requisite skills and experience for financial roles. Research conducted by Robert Half found that 87% of chief financial officers are finding it challenging to find finance professionals with the background for the sector.
This is the primary reason why graduates with finance related degrees are in demand at the moment. The sector is performing well financially, yet there is a shortage of skilled candidates, thus finance graduates who have the specialist skills and knowledge are in high demand.
Indeed, accountancy firms, insurance companies and high street banks all have graduate schemes in place to identify the next generation of talent. The latest study from the Association of Graduate Recruiters (AGR) found that the average starting wage for graduates is £25,750 in audit, tax and accountancy roles. In many of these professions, employers can pay for training courses and exams for professional qualifications including the likes of Deloitte, EY, KPMG and PwC – all of whom are enjoying strong periods of growth.
Working in can be a difficult challenge though. You will be expected to work long hours under huge amounts of pressure on a daily basis. Nevertheless, the sector provides excellent opportunities for career progression, with a higher than average starting salary and employee benefits including private healthcare and bonuses at many firms. Additionally, the option to work abroad is always there as many companies are multinational.
Although the finance sector, much like every other sector, was in serious decline after the financial collapse in 2008, which limited opportunities for graduates, the industry has recovered strongly with optimism at a record high in 2014 according to a study by CBI. This is a primary reason why graduates with a financial background are now sought after more than ever before by established multinational organisations.
At Intern Avenue, we have a system in place that creates a “meeting ground” for employers and candidates. Graduates looking to apply for a paid internship have free access to opportunities offered by organisations including the Bank of England. Additionally employers have a database at their fingertips containing thousands of profiles with the ability to headhunt candidates they deem suitable.
If you’re looking for a paid internship, visit us at https://www.internavenue.com