Career in Banking/Financial Advising

Chris007

Hi all,

I'm currently undertaking a bit of career research and looking for some insight into the areas of banking and financial advising as they are two areas that appeal to me. I understand its not the best of times to get into the financial industry but i'm starting a 4 year business degree in September so hopefully things will be looking up when I graduate (fingers crossed). If anyone is currently working in banking or financial advising i'd greatly appreciate if you could give me an insight into your job and some advice as to how to get into the sector.

Thanks in advance

tenchi-fan

Hi
If you are consider being a financial adviser I recommend you do this course:
Professional Diploma in Financial Advice (QFA Diploma)

See
http://www.lia.ie/courseView.php?id=1&pn=qfa&sub=overview
or
http://www.instbankers.com/index.php?option=com_content&view=article&id=81&Itemid=516

It's a level 7 dip but cannot be used for direct entry level 8 degree (as far as I know). For this reason you will probably do it in addition to a college or uni degree.

The modules are pricey! €275 each whether you attend their lectures or not.. and then to keep the QFA designation you need to do CPD (continuous professional development) which once again is pricey and you won't really have access to it unless you work in financial services.

Some might say it's a bit of a racket! And others say the exams are mickey mouse exams and it's not a real diploma... but at the end of the day it's the only designation that let's you work as a qualified financial adviser.
I've done 3 of the 6 exams.. they're not that difficult and most people (all?) study them part time.

Chris007

tenchi-fan wrote: »

Hi
If you are consider being a financial adviser I recommend you do this course:
Professional Diploma in Financial Advice (QFA Diploma)

See
http://www.lia.ie/courseView.php?id=1&pn=qfa&sub=overview
or
http://www.instbankers.com/index.php?option=com_content&view=article&id=81&Itemid=516

It's a level 7 dip but cannot be used for direct entry level 8 degree (as far as I know). For this reason you will probably do it in addition to a college or uni degree.

The modules are pricey! €275 each whether you attend their lectures or not.. and then to keep the QFA designation you need to do CPD (continuous professional development) which once again is pricey and you won't really have access to it unless you work in financial services.

Some might say it's a bit of a racket! And others say the exams are mickey mouse exams and it's not a real diploma... but at the end of the day it's the only designation that let's you work as a qualified financial adviser.
I've done 3 of the 6 exams.. they're not that difficult and most people (all?) study them part time.

Thanks tenchi-fan!
How are you finding the course? Do you currently work in financial services?

tenchi-fan

Chris007 wrote: »

Thanks tenchi-fan!
How are you finding the course? Do you currently work in financial services?

I work as an accountant in a financial services company so the exams are pretty irrelevant to me! I just signed up for something to say to my manager at my performance reviews :P

I did 3 exams but I haven't signed up for any this semester. I worked for a year in customer services before getting back into accounting so I found the first couple of exams (QFA Life and QFA pensions) very easy. If you study you won't find them difficult anyway.

A lot of unemployed people are sitting them as a more professional alternative to fas courses, and most bank and life company customer service and clerical staff take them too.

tenchi-fan

tenchi-fan wrote: »

A lot of unemployed people are sitting them as a more professional alternative to fas courses, and most bank and life company customer service and clerical staff take them too.

It's a requirement to have them when working in banking/life unless you have other qualifications that apply instead like accounting/actuary. We still had to take the QFA pensions in this place though.
Massive panic when the requirement first came out a while back.

tenchi-fan

bluewolf wrote: »

It's a requirement to have them when working in banking/life unless you have other qualifications that apply instead like accounting/actuary. We still had to take the QFA pensions in this place though.
Massive panic when the requirement first came out a while back.

Hmm... it's a requirement only if you're giving financial advice. I don't think it's a requirement of the financial regulator, it's probably just something your employer requires!

tenchi-fan

tenchi-fan wrote: »

Hmm... it's a requirement only if you're giving financial advice. I don't think it's a requirement of the financial regulator, it's probably just something your employer requires!

No, I was talking about panic in other places
I deleted the warning emails I got since they didn't apply to me so maybe you are right, I can't remember
Just something to be aware of that you might be required to get!

Pythia

If you join a bank and are in role where you will be advising customers then they will pay for the QFA.

I am a quant in banking. There are lots of different careers within the bank. I work in risk so quite different to the normal underwriting/cashiering etc.

You are probably best trying to get on a graduate scheme with the bank when you finish college; you'll probably get to see a number of different bank areas. I didn't do a grad scheme however, I went directly into risk which suited me as I knew I wanted to do it.

Things are bad for banking right now, however I recently get a new job and changed the bank I worked for so they are still hiring if you have the right profile.

Chris007

Pythia wrote: »

If you join a bank and are in role where you will be advising customers then they will pay for the QFA.

I am a quant in banking. There are lots of different careers within the bank. I work in risk so quite different to the normal underwriting/cashiering etc.

You are probably best trying to get on a graduate scheme with the bank when you finish college; you'll probably get to see a number of different bank areas. I didn't do a grad scheme however, I went directly into risk which suited me as I knew I wanted to do it.

Things are bad for banking right now, however I recently get a new job and changed the bank I worked for so they are still hiring if you have the right profile.

Thanks Pythia!
Seems to me that a graduate programme would be the best way to get into the industry.
Anyone any experience of graduate programmes in banking?