Experts from the award-winning finance advisory service Time Finance, have spoken to Manchester Young Professionals on why the up and coming generation should opt for a career in finance.

The finance industry has always appealed to young people as a career path, partly due to its typically high starting pay and progression routes. However, it’s extremely vast and many young professionals underestimate how many routes you can go down, and that you don’t necessarily need a Finance and Economics degree to work in the industry.

As of 2021, it was recorded that just under 52,800 people in Manchester, and 289,000 in the north west of England worked in the financial sector.

In 2023, the government’s Annual Review of Financial Services reported that 2.5 million people work within the financial sector in the UK, with a study by talent.com finding that the average salary is £42.5k.

Manchester Young Professionals is a community that allows like-minded young professionals in the Manchester area to network, socialise and develop through health and well-being events, breakfast and supper Clubs, career talks and socials.

Why should you choose a career in Finance?

For anyone who wants a career with a fast pace, plenty of variety and of course, good pay, the finance industry is something they should definitely take into consideration.

Time Finance says“The variety of roles – and roles within those roles – is so unique. Financial advisor, accountant, analyst, underwriter… the list is always expanding, with new roles branching out as the industry advances. Not to mention the impressive starting salaries, dynamic progression routes and fast-paced work day.” 

When it comes to why they’re encouraging young professionals to consider the finance industry as a route to take, Rich from Manchester Young Professionals says: MYP is an advocate of progressive Careers; those careers that provide new opportunities for members of the community to challenge themselves and thrive in today’s economy.”

“Whether that’s finance, marketing, property or manufacturing and all in between – we are advocates of roles that develop our community with careers not just jobs!”

“The finance sector is one of the most thriving and diverse sectors in the city and we are proud to work with the likes of Time Finance to help the wider community understand this space and the opportunities that exist with it.”

“Time Finance has been a partner of MYP since 2022.”

What benefits are there of working in the Finance industry? 

When people think of working in finance, many think of the typically good pay that it comes with – however, there are several other benefits, including high chances of promotion, progression and even global travel.

Time Finance says: “The starting pay is typically higher than many other industries. Opportunities for promotion and progression are also routine, as the industry is known for rewarding increased skill sets. Travelling is a lesser-considered benefit, too. Whether that’s client visits in major UK cities or huge conferences abroad, the chance to see new places is very much a benefit. The advantages increase with experience – but many are available from day one.”

What careers are available in the Finance Industry?

The finance industry has no shortage of different roles and sectors young professionals seeking a career can go down, with endless different role opportunities within each sector.

Charlotte Benton from Time Finance says: “Considering the sub-sectors first, such as banking, insurance, accountancy, tax, and pensions – then considering the careers that can sprout from these, which include business development manager, auditor, investment analyst… the list is almost endless. Included in this are careers in marketing, IT and HR – all vital aspects of the financial sector.”

What qualifications are required for a career in Finance? 

One of the most common misconceptions about working in the finance industry is that you need a degree, however, with so many job opportunities available – this isn’t always the case.

Time Finance says: “Whilst a degree is preferred and allows you to get into a wider selection of entry-level careers and graduate schemes, especially within the ‘Big 4’ accountancy firms which are Deloitte, PwC, EY and KPMG, this isn’t essential. There are external qualifications you can take such as those within the Chartered Institute of Accounting which would help you stand out.” 

What routes are available in the Finance Industry?

Networking is important whatever industry you work in, and can be a great way to access opportunities, this is no different for the financial sector – with endless events and conferences, you’re never short of opportunities to network.

Time Finance says: “Grad schemes, apprenticeships and applying directly to specific firms are great ways in – but many people discount the simple power of networking. Whether through digital platforms like LinkedIn (messaging a hiring manager asking for a chat can go a long way) or in-person events like those organised by Manchester Young Professionals, networking displays a clear interest in upskilling and developing your social and professional network. Striking a conversation or simply just asking to go for a coffee and a chat with someone already in the industry is an underestimated route into what can be a competitive sector.”

Time Finance also explains that networking isn’t as ‘stiff’ as it used to be and for young professionals, there are plenty of different and engaging ways to network with your peers.

Time Finance says: “Living and working in a city with such a bustling financial sector means there is a growing, up-and-coming generation of professionals at different stages of their career development MYP events bring this group together – in the most active, sociable and creative ways. From group dinners at new and exclusive restaurants, run clubs, circuit classes, and drinks dates – there’s something for everyone, taking the stiffness out of traditional networking. 

“There are so many like-minded financial young professionals at these events, it’s nearly impossible not to make a connection that could boost your career, expand your professional network or inspire you to get started in the industry.”

What does an average day look like at Time Finance? 

If you are considering a career in finance and want to know what you’ll be doing on a day-to-day basis, Time Finance has shared what a typical day in the life of one of their Credit Controllers.

Time Finance says: “An average day in the role of one of our Credit Controllers looks a bit like this: pulling through schedules to supply funding, answering emails, queries, and calls, taking payment requests and chasing payments for a portfolio of clients whilst maintaining verification. This is an example of an entry-level role which doesn’t require a degree –and offers excellent, quick paths for career progression.”

-END-

 

About Manchester Young Professionals

MYP was established in 2013 by co-founders Rich Tyrrell and Andrew Bennie and is an inclusive and accessible network for progressive, like-minded young professionals in their 20s and 30s. £1 of every ticket purchase for any MYP event goes towards The Prince’s Trust

About Time Finance

Time Finance specialise in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans, from Asset Finance to Invoice Finance, Loans and Vehicle Finance. As the market continues to improve, Time Finance are confident that the business is well positioned to take advantage of the increasing number of opportunities that are arising as the new year gets underway.