Banking
Banking is a cornerstone of the financial services sector, involving a range of services from retail banking to corporate finance. The biggest employers, banks and building societies enable individuals and businesses to manage their money and access products such as loans, mortgages and insurance. It offers diverse career opportunities for graduates.
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:
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High street banks (HSBC, Lloyds, Barclays, Natwest, Santander)
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Investment banks (Goldman Sachs, JP Morgan, Barclays Investment Bank, Citigroup, Deutsche bank, Morgan Stanley, Rothschild & Co.)
Roles:
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:
Analytical Skills
Communication Skills
Commercial Awareness
Technical Proficiency
Problem-Solving Ability
Interpersonal Skills
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:
What is the future of the sector?
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:
How do I find work experience?
Gaining relevant work experience can be highly beneficial. Here are some opportunities:
What can I do at Nottingham?