Insurance and Banking

Check out the professional bodies’ own entries in the Profession Finder

There are a number of professional bodies covering these sectors.  Here you will find information on:

• Jobs and salaries
• Routes and Qualifications
• Funding

Jobs and Salaries

Insurance

The insurance industry offers a wide range of jobs including actuarial work, sales, surveying, claims handling and investigation, underwriting, risk management, investment management, and pensions management. Find out more about the insurance industry.

Banking

What is it like to work in Banking?

Learn more about the accountancy and finance profession.

Are you considering a career in Financial Services?

Find out more about different areas within the financial services including retail banking, financial wealth advice and accountancy.

Actuarial

Click here to find out what an actuary does.

Why become an actuary?

Read here for more detailed analyses of the practice areas.

You can become an actuary at any stage of your professional career. Find out how, if you are at school, university or considering a career change.

Read a personal account of what it is like to become an actuary, the work, the benefits and skills needed to become an actuary.

For actuarial jobs, check the Actuary.

Routes and Qualifications

You do not need a formal degree to work in Insurance or Banking, however, training and qualifications can help progress your career.

Insurance

The CII (Chartered Insurance Institute) offers insurance qualifications, learning materials and professional support to help with career progression. 

Read about the benefits and framework of the CII’s general insurance qualifications. 

Apprenticeships are also offered to people over the age 16 who do not hold a formal degree.

Banking

The CIOBS (Chartered Institute of Bankers in Scotland) offer qualifications designed to help banking and financial services professionals maximise their career development potential.

Find out more about qualifications for the securities and investment industry.

The Chartered Institute for Securities and Investment (formerly SII) also offers information on qualifications, graduate schemes and apprenticeships.

Actuarial

It is possible to become an actuary with A levels, but most entrants have a degree, often in subjects like maths, actuarial science, economics, statistics, or physics.

Training combines work with part-time study for the Institute of Actuaries or the Faculty of Actuaries examinations. It usually takes three to six years to qualify.

Information on what qualifications are necessary to become an actuarial student can be found here.

Whether you are a student, undergraduate, graduate or looking to change your career, details on how to become an actuary can be found here.

Funding

Information on costs of the courses vary between institutions.  

Actuarial

For International Students. 
 

What’s it like working in this sector?

• Graduate salaries are amongst the highest in the UK and many companies offer additional benefits such as a sign-on bonus, gym membership and a company bonus scheme.
• Graduates entering banking can expect an average starting salary of £31,625 (Target Graduate Trends Survey 2006/7: Banking and Investment). While those entering insurance start at about £24,750.
• Work is mostly office based however people may have to travel long distances to meet clients.
• Working hours in this sector can be notoriously long, particularly for new graduates. For example in investment banking it’s not unusual for entry level graduates to work 12 hour days.

How big is this sector?

• More than 350,000 individuals work in the financial services industry in the UK (Skills Review: UK Wholesale Financial Services Summary, Financial Services Skills Council, May 2007).
• There are a wide range of positions to choose from actuarial work, pensions and sales to investment management.
• Insurance companies also recruit for general management functions such as accountancy, marketing and management services.