Financial services
London is one of the world’s most important financial services centres. Financial services include everything from traditional high street banks to re-insurers - companies that insurance companies go to when they need insurance - like Swiss Re, who built the “gherkin”.
Several of the world’s largest banks are based in London, and there are jobs in everything from customer service, personal banking, investment banking to support work like administration and information technology.
Many of these jobs require skills in areas like mathematics and technology, and you can study in these areas at a London college. For a list of related subjects see the box on your right. For almost any job in this industry, maths and technology subjects are a good place to start.
Key skills for financial services
Maths and English are important at every level. The global nature of the financial markets – e.g. currency and commodity trading (buying and selling things like oil, iron and coal on a large scale) makes foreign language skills useful too.
The banking industry has long relied on computers and communication technology to help them keep track of all the money and customers they deal with. Even slight delays in communication can quickly cost a bank millions of pounds. They invest a lot in IT and technology as a result. Skills in these areas are in high demand.
Tower Hamlets College and HSBC
Tower Hamlets College and HSBC have partnered on a scheme called “Removing Barriers, Building Bridges”. Despite Canary Wharf being home to several major multinational companies, much of the surrounding area is some of the most deprived in London. The scheme aims to increase these communities’s access to job opportunities in the financial services and business sectors and help employers meet their recruitment needs.
Local job seekers can study part-time for an industry based qualification, undertake a work experience placement and attend residential personal development training at HSBC’s Management Training Centre in Hertfordshire. 60% of the participants so far have found long term employment after the course.
The scheme is aimed locally and not exclusively at graduates. The bank is also interested in people who might like to work either as personal financial advisers or in frontline customer service roles. It aims to address barriers to entry to work that exist in this area.
The qualification offered through the programme is CeFA, Certificate for Financial Advisers, which provides participants with knowledge and understanding of financial products and the sectors regulatory framework. CeFA is an industry based qualification, recognised by employers.
Tower Hamlets and HSBC
HSBC's global headquarters (at Canary Wharf) is close to the college. Together the college and HSBC have partnered to run courses aimed at training personal financial advisers and staff for frontline customer service roles – working in high street branches. HSBC plays a major role in the courses, providing work experience placements and inviting students to their residential training centre in Hertfordshire.
Tower Hamlets College and Newham College CoVE in financial services
Tower Hamlets College is also a partner with Newham College in running a CoVE (Centre of Vocational Excellence) in financial services. CoVE status recognises high quality training in a particular area. For more information on London-based CoVEs in financial services see the CoVEs section of this website.
Barclays Bank
One of the largest financial services company in London is Barclays. They have a specialist careers website which includes case studies on current employees working in different areas of their business. The site also has detailed advice on how to apply for all the different types of job they offer.
A career with Barclays
Specialist careers website
Barclays specialist careers website which includes case studies on current employees.
Detailed advice on different types of jobs at Barclays and how to apply.
HSBC
HSBC is one of the largest banking and financial services organisations in the world with over 9,800 offices in 77 countries. HSBC owns banks and financial services companies all over the world but the headquarters are in London.
Amongst its many different banking activities in the UK, it specialises in Commercial and Corporate Banking, Personal Banking, Information Technology and providing personal and small business services through its network of local bank branches.
London is home to some of the bank’s largest branches, and it also has major commercial, corporate and investment banking interests based in the City of London and Canary Wharf. The head office itself is one of the tallest buildings in London (at 8 Canada Square in Canary Wharf).
To work in their commercial, corporate and other banking divisions you will be expected to have a university degree, with maths, science, computing, business, economics, law and other technical qualifications being particularly attractive. The bank offers fast-track careers schemes for particularly talented graduates.
Senior roles in branches will also usually require education to a graduate level. Other positions such as counter staff and customer service roles place more importance on interpersonal and customer service skills.
The rapid changes in banking in recent years have brought about an the increased use of phone services and the Internet. E-skills and computing ability are also useful. However, as with many banks, most of the jobs in HSBC’s call centres and e-services divisions (like the Internet and phone banking service First Direct) are not based in the London area. This is because the cost of offices and staff in the capital is considerably more than other parts of the country (and the world).
HSBC always advertise jobs in the local press, or national press in the case of many graduate jobs.
