Jobs and Careers Summer 2023 - 389

BANKING AND BUILDING SOCIETIES
All being equal
The boards and top ranks of the banking sector
have been dominated by middle-class, white
men, but women now make up an average of
37% of boards of directors, with Nationwide
Building Society leading the way at 54%*.
The financial sector has been told by the
City of London Corporation's socio-economic
diversity taskforce that it needs to do more to
'break the glass ceiling' for working-class hires.
Employees from non-professional backgrounds
progress 25% more slowly than their peers.
Over recent years, the industry has developed
policies to help ensure people of different
genders, races and backgrounds get a fair
chance. In some organisations, recruitment is
" blind " , so all identifying data is removed from
CVs to help hiring managers evaluate applicants
on the basis of skills and experience alone.
Many banks and building societies have
sub-committees to discuss diversity, plus
networks focusing on race, disability, religion,
parents, new recruits and mental health. Many
have also signed up to the HM Treasury's
Women in Finance Charter, to improve female
representation in senior management.
Bank cashier
As the first point of contact for most
people coming into a bank, a cashier
needs a good, friendly demeanour. The
role is very customer-focused, as well
as sales-focused - part of the job is to
promote products to customers and
help sell them. You'll also be required
to perform day-to-day transactions such
as cashing cheques, transferring money
and updating account details. Since
lockdown and the closure of branches,
many of these services are increasingly
offered by phone or online.
What skills and qualifications do I need?
Four GCSEs at grade 9 to 4 (A* to C),
including English and maths. Further
on-the-job training can secure NVQs.
How much can I earn? A typical starting
salary is around £14,000, but you can
earn as much as £31,000.
Bank manager
A key management role for those in
banking, this involves the running of one
or more branches, motivating staff and
making sure sales targets are met. As
the branch's figurehead, the manager is
required to help resolve complaints,
speak with customers, monitor sales,
report back to head office and promote
the branch and products.
What skills and qualifications do I need?
You could start in a customer service role
at the bank and work your way up, adding
management qualifications along the
way. You could also apply for a graduate
scheme - you'll need a degree for this,
usually in a related field such as business,
accounting or commerce.
How much can I earn? The average bank
manager salary in the UK is around
£47,000. Entry-level positions start at
around £30,000, while very experienced
managers can make around £75,000.
Member representative
Unlike banks, which are businesses listed
on the stock market that work to make
profits for their shareholders, building
societies are " mutual institutions " owned
by, and working for, their customers, who
are members. As member representative,
you'll be supporting the building society's
members, including transactions on the
till, online banking demonstrations and
information about products and services.
Again, many of these are increasingly
offered remotely, by phone or online.
What skills and qualifications do I need?
Candidates need at least four GCSEs
at grade 9 to 4 (A* to C), including
English and maths. You'll be trained to do
the job, but great communication skills,
literacy and numeracy are essential.
How much can I earn? Starting salaries are
around £18,000, rising to over £23,000.
Corporate
investment banker
This role involves advising companies,
institutions and governments on how
to achieve their financial goals, and
implementing long- and short-term
financial plans. You may manage corporate,
strategic and financial opportunities,
including mergers, bonds and shares,
acquisitions, lending and privatisations.
Advising on and leading management
buyouts, raising capital and securing
new deals may also be involved.
What skills and qualifications do I need?
Banks usually ask for a degree. New
trainees must complete Financial Conduct
Authority exams, and some employers
require further professional qualifications.
How much can I earn? The average
starting salary is between £30,000 and
£40,000. After three or more years,
salaries can reach £50,000. Those with
lots of experience can earn a base salary
of £150,000 or more, plus bonuses that
can sometimes be four times the base
salary or even higher.
Find out more
* Building Societies Association
bsa.org.uk
* BSC, the Chartered
Institute for IT
bcs.org
* Financial Conduct Authority
fca.org.uk
* London Institute of
Banking & Finance
libf.ac.uk
* UK Finance
ukfinance.org.uk
jobsandcareersmag.com /// JOBS & CAREERS /// 389
Source: *Statistica
FINANCE &
INSURANCE
http://bsa.org.uk http://bcs.org http://fca.org.uk http://libf.ac.uk http://ukfinance.org.uk http://jobsandcareersmag.com
Jobs and Careers Summer 2023

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