Banking

The sector encompasses a range of services, including retail banking, investment banking, and corporate finance, catering to both individual customers and businesses. 

Retail banking

Retail banking focuses on providing financial services to the general public. This includes managing accounts, offering loans and mortgages, and providing financial advice. Major players such as HSBC, Barclays, Lloyds, and NatWest dominate this space. Roles in retail banking include customer service representatives, branch managers, and financial advisors, all of which require strong interpersonal skills and a customer-centric approach. 

Investment banking

Investment banking involves facilitating large-scale financial transactions for corporations, governments, and other entities. This can include mergers and acquisitions, underwriting, and trading of securities. Renowned institutions like Goldman Sachs, JP Morgan, and Morgan Stanley offer roles such as analysts, traders, and compliance officers. These positions often demand a high level of analytical skills, a deep understanding of financial markets, and the ability to work in high-pressure environments. 

Corporate banking

Corporate banking provides services to large businesses, including loans, treasury management, and advisory services. Professionals in this field work closely with corporate clients to meet their financial needs, offering customised solutions to manage their finances effectively. Roles include relationship managers, credit analysts, and corporate finance advisors. 

The UK banking sector is also known for its innovation, particularly in the fintech space, which blends finance with technology to create cutting-edge financial services. Companies like Revolut and Monzo are leading the charge, offering digital banking solutions that cater to tech-savvy consumers. 

For students and graduates looking to enter the UK banking sector, numerous opportunities exist to gain relevant experience. Internships, graduate schemes, and entry-level positions provide a solid foundation. Networking through industry events and leveraging university career services can also open doors to a successful career in banking. The sector is not only vital to the economy but also offers a rewarding and dynamic career path for those with the right skills and ambition. 

Typical employers: 

• High street banks (HSBC, Lloyds, Barclays, Natwest, Santander) 

• Investment banks (Goldman Sachs, JP Morgan, Barclays Investment Bank, Citigroup, Deutsche bank, Morgan Stanley, Rothschild & Co.) 

• Building societies (Nationwide, Coventry, Yorkshire, Skipton and Leeds) 

• Financial planning firms or financial advice companies 

Roles: 

• Retail banker 

• Investment analyst 

• Investment banker 

• Financial adviser or relationship manager 

• Compliance officer 

• Actuary

Banking qualifications 

While banking is a vast area, the Chartered Banker Institute (CBI) provides a range of distinct core banking qualifications designed for new entrants to the sector all the way through to experienced professionals looking to achieve Chartered Banker status. There are also masters level qualifications you can look at.  

Skills  

Specific skills will vary between different jobs, but a career in this industry is likely to require the following: 

Recruitment process 

All the major banks have dedicated finance graduate schemes, with finance specialists in demand across all sectors. They have clearly defined and well-advertised graduate recruitment processes, often starting their recruitment in the autumn term, prior to graduation for roles starting the following summer.  

Smaller organisations are more likely to recruit as demand arises. 

If you've an interest in working for a specific company, then visit their website and follow them on social media. By engaging with them through social media, you can get a good idea of their culture and values. 

By attending employer talks you'll get to find out about organisations you'd be interested in working for and speak to recent graduates about what's involved.  

Vacancy sources: 

• City Jobs
• eFinancialCareers
• Michael Page
• Bank websites direct
• Recruitment agencies specialising in finance
• University of Nottingham Job portal
• Network through industry events and online platforms like LinkedIn. 
• Unlock your business potential with the Ingenuity Lab
• Fast Stream

The future of the UK banking sector is poised for significant transformation driven by technological advancements, regulatory changes, and evolving consumer expectations. Digital innovation, particularly in fintech, is set to revolutionise banking services, making them more accessible, efficient, and customer centric.

The rise of mobile banking apps, blockchain technology, and artificial intelligence will streamline operations and enhance security, offering personalised financial solutions at fast speed. Additionally, the sector will likely see increased regulatory scrutiny, focusing on data protection and financial stability in response to recent economic challenges and global events.

Sustainability will also play a crucial role, with banks committing to green finance initiatives and responsible lending practices to support the transition to a low-carbon economy. As traditional banking models evolve, there will be a greater emphasis on digital channels, open banking, and collaborative ecosystems, ensuring the UK remains a leading financial hub.

For students and graduates, this dynamic environment presents an exciting landscape of opportunities to shape the future of finance through innovation and adaptability. 

Find out more about the sector:

Gaining relevant work experience can be highly beneficial. Here are some opportunities:  

• Easter insight days and spring weeks: These are part of firms' ‘early talent identification’ programmes, often leading to summer internships and full-time job offers. 

• Summer internships especially finance internships  

• Online work experience through Forage, BrightNetwork or Chartered Insurance Institute (Financial Services Programme) 

• Part-time, holiday, or voluntary work: valuable experience can be gained through work in a financial or business setting. 

• Optional Placement Year - enhance your CV with a placement year in industry where you can gain invaluable experience at the cutting edge of business. The Witty Entrepreneurial Scholarship is for budding entrepreneurs in their placement year.  

• Nottingham Internship Scheme - provides a range of internship opportunities through partnerships with local and national businesses. 

• Attend the Management, Finance and Consulting Fair (held annually in autumn term) 

• Student Union - get involved with NEFS (Nottingham Economics and Finance Society) 

• Get involved in activities, especially positions of responsibility in societies or sports teams – there are so many, you're bound to find one that interests you! 

• Sports Leaders - develop practical and transferable life skills that you can then take forward in the career of your choice

• Nottingham Advantage Award - offers interesting extracurricular modules to develop your employability. With over more than 300 modules across our three campuses in the UK, China, and Malaysia. 

• Nottingham Consultancy Challenge - offers the chance to gain hands-on experience managing a short-term project for a local business or charity as part of a multi-disciplinary team. 

• Digital Marketing Academy - will allow you to learn about and develop a wide range of industry-specific skills with experienced professionals from leading digital agencies.   

• Enactus Nottingham - is a not-for-profit, student-led organisation that works to transform the lives of people in need through the power of business. They do this by setting up social enterprises that provide employment and their by-product does both social and environmental good.  

• Digital Centre of Excellence - take industry-recognised digital qualifications by Microsoft and SAP alongside your course, which will develop your digital skills and help you stand out to future employers.