What is a career in financial services?
Working in the broader financial services sector involves supporting the financial health and goals of the general public and corporate clients.
This could mean helping a family buy a home, enabling a business to manage its cash flow through commercial banking, protecting people and assets against risk in the insurance industry, or building the technology that powers modern finance.
Careers in this field are client-focused, require strong analytical and interpersonal skills, and play a vital and tangible role in the everyday economy.
For specialised information on Investment Banking (including M&A, Sales & Trading and Research) and Investment Management (including Asset Management, Hedge Funds, and Private Equity), please see our dedicated 'Careers in banking and investment' page.
Where can I work, what can I do, and how can I get there?
The financial services sector offers opportunities across a wide range of organisations in the UK and internationally. London is the world's number one market for insurance and reinsurance. Key employers include:
- Insurance and reinsurance companies: These firms protect individuals and businesses against financial loss. They work with professionals like doctors and lawyers to assess risk and resolve claims. Reinsurance companies specifically provide insurance to other insurance companies to protect them from major losses.
- Retail and commercial banks: As the sector's biggest employers, these banks and building societies enable individuals and businesses to manage their money and access products like loans and mortgages. Roles can be found in large high-street banks, online-only banks, and even supermarkets that offer financial services.
- Brokerage firms: A brokerage helps clients buy and sell financial assets like stocks and bonds. They also act as insurance brokers, working as the link between a client and insurance firms to find the most suitable products.
- Fintech firms: This growing area focuses on developing and applying new technology to improve financial services, from mobile banking apps to new payment systems. Roles are often dynamic and can be found in small start-ups as well as large, established companies.
- Consultancies and professional services: Actuarial and financial services consultants use mathematical and analytical skills to measure the probability and risk of future events. They are employed by dedicated consultancies, accountancy firms, and the Government Actuary’s Department (GAD) to advise on financial risk.
- Pension funds: These organisations manage retirement savings. They employ professionals to administer funds, advise on investment strategy, and ensure they can meet their future liabilities to retirees.
- Credit rating agencies: These firms are responsible for assessing the financial health of companies and governments and their ability to repay debt, issuing credit ratings that are used by investors globally.
- Regulators and governmental bodies: Organisations like the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) oversee the financial services industry to ensure it is safe, fair, and effective.
There are numerous roles available within these organisations, each requiring a distinct set of skills. Common roles include:
- Actuary: Evaluates, manages, and advises on financial risks by applying mathematical and statistical methods to calculate the probability of future events. Be An Actuary is a good website for finding out more.
- Pensions Consultant: Advises companies or trustees on all aspects of their pension schemes, including funding, investment strategy, risk management, and regulatory compliance.
- Risk Manager: Identifies, assesses, and helps mitigate financial and operational risks within an organisation to protect its assets and business objectives.
- Compliance Officer: Ensures a firm adheres to all external regulations and internal policies, protecting it from legal and regulatory sanctions.
- Credit Analyst: Assesses the creditworthiness of individuals or businesses to determine the risk of lending them money.
- Commercial Banker: Manages relationships and provides financial services and advice to small and medium-sized business clients.
- Retail Banker: Assists individuals with their personal banking needs, such as opening accounts, and provides advice on personal finance products (eg, mortgages)
- Business Development / Relationship Manager: Works to bring a company's financial products to market, building relationships with clients like brokers and independent financial advisers to maximise sales.
- Insurance Underwriter: Assesses the risk presented by a potential client and decides whether to provide insurance cover and at what cost (premium).
- Insurance Broker: Works with clients to understand their needs and finds the most suitable insurance cover from a range of insurers at a competitive price.
- Insurance Claims Handler: Processes insurance claims from customers, investigating their validity and ensuring payment is made to the policyholder.
- Insurance Risk Surveyor: Inspects items or properties to identify and assess risks, providing findings to underwriters to help them make decisions on providing insurance cover.
Routes in:
Many larger retail banks and insurance firms offer structured graduate schemes and internships. Smaller and medium-sized enterprises (SMEs), particularly in the fintech space, often hire graduates directly into specific roles.
Application timeline:
Recruitment timelines vary. Large graduate schemes in commercial banking and insurance often open in September and close between December and February. However, many roles, especially in fintech and smaller firms, recruit throughout the year, offering more flexibility than the more rigid investment banking cycle.
Insights from alumni and organisations
What skills are needed or sought after in this sector?
- Strong analytical and problem-solving skills
- Excellent communication and customer-facing skills
- Commercial awarenessAdaptability and technological literacy
- Teamwork and collaboration
- A high degree of integrity and ethical judgement
“The insurance industry is vast and varied, providing an opportunity to build a strong professional network and develop interesting areas of expertise. An underwriter’s day is typically spent reviewing submissions, attending client meetings, and managing relationships with brokers. A good underwriter has a combination of both analytic and commercial skills. Analytic skills are needed to evaluate a risk and to justify writing it at a particular price. Commercial skills are needed to win new business and to build relationships with various stakeholders. A person with both of these skills would be well suited to a career in underwriting.”
- Quote from an alum working as an underwriter.
Are there any key trends to be aware of in this sector?
The financial services sector is in a period of rapid transformation, with a highly active regulatory environment creating new challenges and opportunities. Understanding these key trends is crucial for identifying emerging roles and demonstrating commercial awareness in applications and interviews.
- The dominance of financial technology (Fintech): Technology is fundamentally reshaping how financial services are delivered. Artificial intelligence is being rapidly adopted across the sector, most commonly for managing data, detecting fraud, and cybersecurity. In insurance, AI is used to process claims and address financial crime risks. This creates a need for roles in AI development and governance as firms require accountable people to manage their AI frameworks.
- The integration of environmental, social, and governance (ESG) principles: ESG continues to be a strategic priority for financial services firms in the UK. UK regulators expect banks and insurers to have robust risk management arrangements for climate-related financial risks. Beyond climate, there is a growing focus on nature-related financial risks. Following the establishment of the Taskforce on Nature-Related Financial Disclosures (TNFD), firms are increasingly expected to report on biodiversity, creating new roles for specialists in this area.
- Evolving regulatory landscape and consumer focus: The regulatory environment in the UK is highly active, with a focus on growth, innovation, and consumer protection. The Financial Conduct Authority's (FCA) Consumer Duty remains a primary focus. This regulation requires firms to deliver good outcomes for customers. As a result, boards and senior managers must now use data to monitor these outcomes, driving demand for professionals skilled in data analysis, governance, and reporting.
Where can I find out more about working in this sector?
Interested in finding out more about a career in financial services?
Here are some helpful links, including the ways LSE Careers can work with you on your journey.
You can also check platforms like TARGETjobs, Milkround, and sector-specific boards like Insurancetalent.co.uk and UK Fintech Jobs.