Securing a job in the equity industry is highly competitive, especially considering the depth of private equity interview questions. Private equity firms assess candidates based on more than just their intelligence. They look for individuals who can navigate situations, understand the value of assets, and think strategically, skills that are often tested in private equity interview questions. Therefore, preparing for the interview is crucial to stand out as a potential candidate.

Private equity interviews are like evaluations that require you to showcase your ability to analyse financial strategies, demonstrate familiarity with various valuation methods, and discuss strategies aligned with the company's goals. Adequate preparation involves acquiring knowledge about finance and understanding the characteristics and driving forces of the private equity firm you aspire to work for.

Preparing for an equity job interview requires proficiency in financial discourse and understanding the unique aspects of the company you're interested in. Learn more about key strategies for acing your private equity job interview with our top 7 preparation tips. Master equity interview questions, case studies, and more.

1. Research The Firm and The Position

Before your interview, dedicate some time to researching the equity company you will be meeting with. Gain an understanding of their investment strategy portfolio companies and recent transactions. Gathering this information demonstrates your enthusiasm for the organisation and allows you to tailor your answers to their specific focus areas. 

Additionally, dive into the details of the position you're applying for. Understand the responsibilities, required skills, and qualifications. Anticipate relevant interview questions that may come up. This could cover technical, behavioural and strategic aspects of the role. This understanding will enable you to discuss how your expertise and abilities align with the role, creating a positive impression on the interviewer.

2. Enhancing Technical Skills for Equity Interviews

Private equity interviews often include modelling, valuation and investment analysis questions. Therefore, it's crucial to review these areas before the interview. Take time to revisit concepts like discounted cash flow (DCF) analysis, valuation methods using multiples and analysing statements. Be prepared to discuss investment strategies such as buyouts, growth equity investments and distressed investing. Understanding these concepts will give you an edge during the interview.

3. Prepare for Case Studies

Case studies are commonly used in equity job interviews. These assessments analyse your ability to evaluate investment opportunities and make decisions. You should practice solving similar case studies to excel in the interview. Finding case studies covering various industries and investment scenarios would also be beneficial. 

It is essential to take note of the factors that influence investment decisions and various valuation methods. Additionally, practising how to present your analysis and recommendations in an organised manner is crucial. The more you practice, the more confident you will become during the interview.

4. Be Ready to Discuss Your Experience

During equity interviews, interviewers want to understand your experience and how it relates to the position you are applying for. Being ready to talk about your achievements and contributions in positions or internships is important. 

Highlight situations where you have demonstrated skills, financial modelling expertise and due diligence abilities. Share examples of transactions you have been involved in or instances where you have added value to portfolio companies. By emphasising experience, you can showcase your skills. Convince the interviewer of your potential for success in the private equity industry.

5. Develop a Compelling Story

Interviewers often ask candidates about their backgrounds and career aspirations. Crafting a story that connects your experiences and interests to the equity industry is important to differentiate yourself from others.

Consider the reasons that have driven you towards pursuing a career in equity, such as your involvement in deal-making, your fascination with analysing business opportunities or your keen interest in the markets. Present your narrative concisely and engagingly, showcasing your passion for this industry.

6. Network with Industry Professionals

Networking plays a role for those aspiring to enter the equity field. Building connections with established professionals can provide insights and potential referrals. 

Attending industry events using networking platforms and conducting interviews with experts are effective strategies to expand your knowledge and demonstrate your commitment during interviews. Learning and advancing your career can be achieved through networking and insightful discussions.

7. Showcase Your Deal Experience

If you have experience working on deals through internships, academic projects or previous positions, be prepared to explain them. Emphasise your contributions throughout the deal process, mainly focusing on diligence, financial modelling, and effective execution.

Make sure your contribution is clear by demonstrating how your efforts improved the team and ultimately led to the deal's success. Use examples to demonstrate your problem-solving skills and ability to overcome challenges.

Final Thoughts

Combining analysis, technical expertise, practice, and networking in the private equity field is crucial to preparing for an interview effectively. These seven suggestions will increase your chances of leaving an impression on interviewers and securing your desired position in the equity sector. Best of luck!

For the latest finance trends, news and advice, visit https://www.finance-monthly.com.

One of the industries that offer many rewards and a high level of job security is the banking industry, and there are many different types of jobs that you can do within this sector. As a global industry, a job in banking could lead to all sorts of opportunities and means that you can look forward to a very bright future.

Of course, you need to prepare properly if you want to get into a career in this sector, although the amount of preparation you need to do will depend on the type of job you want. One thing to remember is that there are many opportunities for progression in banking, so even if you start at a lower-level position, there is nothing to stop you from learning the ropes and moving onward and upward to better positions within the industry. In this article, we will look at some of the benefits of a career in banking.

Some of the Key Benefits

Many people enter a career within the banking sector because there are so many benefits to look forward to. Some of the main ones are:

Lots of Job Options

The banking sector is huge, and this means that there are many great job options to cater to a variety of preferences, interests, and qualifications. You can go into junior positions such as bank clerks and cashiers, look at administration positions behind the scenes, or you could go for more senior positions such as investments, management positions, and more. With so many different opportunities, you can easily find a position that is going to be suited to your needs and skills.

Room for Progression

Another of the major benefits of going into a career in banking is that there is so much room for progression. As mentioned earlier, many people enter this industry in junior roles, but with hard work and commitment, they work their way up into executive positions. You can also take courses and training to boost your career within the sector and use resume guides to boost your chances of success. This means that you can look forward to higher earnings and more benefits as well as a secure job within a fast-moving industry.

Excellent Rewards

One of the additional things to keep in mind is that the banking sector offers excellent benefits to employees, and this means that you can enjoy some serious perks when you land a job within this industry. From a great salary and pension to bonuses and incentives, you can look forward to a lot of rewards when you get a job in banking. Of course, as you progress, the rewards and incentives increase, and this gives you more motivation to do well within the banking sector.

These are some of the many benefits that you can look forward to when you forge a career within the banking industry. 

A financial planner works with varying financial backgrounds, including government officials and regular people. Since financial planning requires a superb level of expertise, an Online Graduate Diploma in Financial Planning is necessary. A financial planner with a degree is highly regarded as they can help with finances, provide insight and educate clients effectively. This guide will look at the benefits of opting for a financial planning career.

What Is A Financial Planner?

Financial planners are trained individuals that work with people and businesses to create a financial plan. They also help their clients achieve the set milestones. A financial planner helps people save and manage money by:

• Offering budgeting tips
• Helping reduce debts and credit card loans
• Real estate planning
• Ideas and tips for investment
• Tax management
• Mortgage assistance
• Insurance management

Advantages Of A Career In Financial Planning

Profitable Career

Financial planning may be a tough job that requires full attention and effort, but it does prove fruitful in the end. The average financial planner's annual salary is nearly $65,765. You can consistently achieve more if you gain new business projects yearly. New and recurring projects combined can help you attain a substantial income. A financial planner’s salary is either based on individual project fees, commission, or a combination of both.

Stable Industry

Opting to be a financial planner secures your future. The industry is steady, and the unemployment rate is low. The variety in this platform ensures a suitable job role for all kinds of individuals. Working as a financial planner can land you in various places, including boutiques, brand offices, and even business firms. You can also work independently and offer services to more than one kind of business. 

Emotionally Rewarding

Apart from profitable income, a career in financial planning has emotional benefits too. The sense of being the person who helps ease other people's problems can be gratifying and can boost self-esteem. This kind of emotional reward is usually absent in other types of careers. Helping people manage their loan debts and aiding financial management is undoubtedly a good deed.

People suffering from depression and anxiety from financial troubles can find peace after working with you. This reduces emotional stress, health risks, and overwhelming medical bills. You can help people avoid drug problems and find a reason to be happy.

Making Dreams Come True

Financial planning can help individuals cope with better financial management, but it is also true that it can help people fulfil their wishes. As a financial planner, you can help couples, families, or individuals relieve financial stress, make smarter investments, and even save money for a home or car. Through your job, you can help people accomplish their biggest dreams that would otherwise have not been possible.

Endnote

If you wish to pursue financial planning as a career, it's best to obtain the proper education to get into the industry quickly. A good degree will portray your qualification and support your expertise in the long run.

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Why should more leaders consider executive coaching?

Executive coaching is well spent talking time. It is inquiry-driven and outcome-based. It’s not training or consulting. It is non-directive curiosity and facilitated discovery. It is a whole-person solution to improving capacity and leadership, focused on removing barriers and opening up opportunity for the win.

Executive coaching is part replacement of inherent deep-thinking space stolen by podcasts, 24-7 email and text communication and part professionally hosted personal awareness, tradeoff awareness and outcome-based thinking workshop. The benefits of executive coaching ultimately are accomplishing what you want within your real constraints. It’s optimisation 101.

One of the most valuable aspects of executive coaching - and often one of the most difficult obstacles for clients to embrace - is that the client chooses what to optimise, how to optimise, and when and with whom to optimise. It can take time for a client to begin to problem solve without being led, especially if at the starting point the objective seems overwhelming. But by doing so, the client’s mindset shifts. Self-efficacy blossoms as small successes change the way obstacles are addressed. Resilience grows. The client begins to think like the coach when they are not on a coaching call, asking themselves powerful coaching questions throughout the day. They begin to ask more powerful questions as they lead and manage others, modelling for them this optimisation mindset of movement through resistance to desired results.

How would you describe your coaching methods?

I describe my coaching and the coaching we engage at 2StepExec as hospitality. Instead of hosting someone in my home, I host a conversation that invites my client to be known for what’s on the inside, not just the results they accomplish on the outside. Sometimes they don’t really know themselves.

We believe that being known is more valuable than being productive; it’s the source for effective and enduring achievement. We’ve built our executive coaching partnerships around this value.

Step One of our two-step 2StepExec™ Partnership process uses the Gallup CliftonStrengths assessment to help our clients get to know themselves at a deeper level. Step Two utilises ongoing coaching conversations to positively and strategically apply what they learn to optimise leadership influence and build sustainability into their innate and extraordinarily driven nature.

We are like high-octane gasoline made for high-performance vehicles - except we service high-performing leaders to keep them moving forward with more energy, confidence, fulfilment and fun.

What are the most common challenges executives in the financial sector struggle with?

Executives in the financial sector are good at what they do; their struggle is often finding balance between career and family. They strive to serve their clients with excellence, and they want to discover ways to do so without compromising their value for relationships in other areas of life. In addition, they want to lead their teams in ways that drive both the bottom line and better relationships.

When I think about executives I’ve coached and the common challenges they face, the particular business sector they work in seems to take a back seat to their simply being human.

How do you help them overcome them?

We help our clients see their challenges in light of their overall desired outcomes. Then, we help them choose to take appropriate steps to get where they really want to be. Executive coaching is comprehensive thinking that leads to appropriate action. It engages feelings, values, beliefs and asks the question: “How do you want to respond?” closely followed by the question: “When will you do it?”.

Clients gain valuable processing time and a sense of empowerment, even if it means the only answer is to acknowledge nothing much changes. As they envision what it is they want, consider the trade-offs, the cost of changing what they already have of value and gain awareness of what’s going on inside of them, they may realise the step they want to take is to do something like a shift to an attitude of gratitude, choose joy more often, refining their understanding of limits and life, of fulfilment and fun. Overcoming obstacles is personal and something the client discovers and chooses for themselves, not something the coach dictates or prescribes.

Executive coaching is well spent talking time. It is inquiry-driven and outcome-based. It’s not training or consulting. It is non-directive curiosity and facilitated discovery. It is a whole-person solution to improving capacity and leadership, focused on removing barriers and opening up opportunity for the win.

What do you think has been the COVID-19 pandemic’s impact on leaders?

I think the pandemic pulled back the curtain. All leaders were put into the winepress – the pandemic hurt. Leaders struggled to one degree or another because change inherently brings a challenge. I observed, however, that leaders who were healthy when the pandemic hit the lead with more power and influence through the storm, driven by their desire to serve others. Even when changing strategy daily, and holding on by a thread, they lead with dignity and strength - along with tears. Leaders who were already unhealthy and just holding on experienced the loss of some of their coping mechanisms and distractions exposing their need for help. This showed up sometimes only in their private lives.

What’s your advice when it comes to juggling many things at once?

Some people are made to juggle. I work with high-achieving leaders. I am a high-achiever. The last piece of advice I need to hear is: “Stop doing so much”. I’d die on the vine. I am made to do stuff. Many people are made to do stuff. I think we need to ask ourselves the question: “Am I identified by all the things I’m doing, or am I serving others with the things I’m doing?”. If I’m finding my identity in my work, I may be juggling more than I need to be juggling. Connecting my value and worth to opportunities that come my way inherently makes me more apt to say ‘yes’ to more than I have the capacity to handle. If I’m freely serving others, I’ll likely be driven more by my ability to serve them well, making me more apt to say no when I’m aware that my results may be compromised by one more thing.

What’s your overall advice when it comes to achieving success and living a happy life?

I would say two primary things about success: the first is that while we love performance that meets or exceeds the measure of the results we want, success is acknowledging people are worthy of love, not their performance. The second is that we’ll never get any results if we don’t do the courageous thing and step into our story, right where it is just as we are and do what we can. We get to choose to make it a success.

Junior bankers at Goldman Sachs claim to have suffered “inhumane” treatment and workplace abuse that has led to a deterioration in their mental health.

An internal survey conducted among 13 first-year investment banking analysts at the firm showed that respondents on average worked for 95 hours each week since January – with one week in February reaching an average of 105 working hours – and slept five hours per night. All 13 respondents felt the hours they were compelled to work had negatively impacted their relationships with family and friends.

The majority of respondents surveyed also said they had suffered abuse in the workplace, such as being frequently sworn or shouted at, or facing unwarranted public criticism. Most said they would be forced to quit their jobs within six months if conditions were not improved.

“This is beyond the level of ‘hard working’, this is inhumane, abuse,” one respondent said.

The survey was initially presented to the bank as a slideshow in February, but has since begun to circulate on Twitter. Goldman has acknowledged the survey and the presentation.

“We recognise that our people are very busy, because business is strong and volumes are at historic levels,” a spokesperson for the bank said. “A year into COVID, people are understandably quite stretched, and that’s why we are listening to their concerns and taking multiple steps to address them.”

The bank said that it has accelerated its hiring process and moved to automate more tasks to reduce employee workloads.

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The leaked presentation suggested that Goldman set a maximum of 80-hour work weeks and allowing junior staff at least a week to prepare material ahead of meetings.

"Junior bankers should not be expected to do any work after 9 PM Friday or all day Saturday without a pre-approved exception, as that is the only safe-guarded personal time that we get," the report said.

Approximately 82% of Americans supported paid maternity leave for mothers after a birth or adoption, according to a recent Pew research. Yet only 17% of working Americans are able to access paid parental leave today. While there has been some progress in promoting a balance between work and family life for female employees, there remains a lot to be done to support mothers to be in the workplace, particularly women in finance.

Your Earning Potential is Lower Both During Pregnancy and After Returning

Women in the American workforce are more educated than ever but continue to be underrepresented in the finance industry. Although the percentage of women in the financial industries is around 54.5%, there remains a significant gender gap which plays a large part in the decision of women working in finance on whether to take maternity leave. In fact, the motherhood penalty costs women around $16,000 in lost wages annually and 25% of women have to go back to work two weeks after giving birth to keep afloat financially.

Aside from taking maternity leave to prepare for the new arrival, some women leave earlier due to medical complications such as gestational diabetes and find themselves further financially vulnerable. The impact is felt not only medically but also financially due to time off being unpaid or paid at a significantly reduced rate. Considering almost 10% of pregnancies are diagnosed with gestational diabetes annually, the chances of women in finance having to deal with this are quite possible. Therefore, not only do women earn less while taking maternity leave but they are almost guaranteed to earn less than before pregnancy, and their male counterparts, meaning their family’s financial stability can be threatened.

Your Career Progression Trajectory Changes or Slows 

For women looking to progress in finance, the 70-hour work weeks and full diaries can act as a deterrent against being selected for an executive-level job. In fact, the ‘Gender Diversity in the Financial Services Industry’ report by Mercer showed a significant decline in female representation as career levels rises in finance. Only 15% of women were represented at the executive level in finance, while only 26% of senior managers were female.

Thanks to factors such as the finance industry’s slow response to flexible working, women’s chances to achieve a better work-life balance are reduced and they tend to face an increased likelihood to be passed over for job promotions. Women with children also take longer to climb the ladder in the finance workplace as they juggle childcare hours and a demanding industry which means their earning brackets can remain unmoved for a longer time. Early starts and late nights required of many full-time jobs on Wall Street often means women in finance either have to rely on round the clock childcare or make the choice to go part-time.

Increased Pressure and Diminished Chances for Management Opportunities

Although 84% of employed Americans believe that having working mothers in leadership roles will boost the success rate of businesses, only a small% of women who have taken maternity leave will get the chance. Because of the negative association between women taking maternity leave and their commitment to the job, employers are more inclined to place these women in management positions within their company.

Published experiences by women working on Wall Street have shown that women tend to face increased pressure in trying to conceal their pregnancies for as long as possible, along with the constant pressure of when they plan to return (or whether they do plan to at all). For many firms on Wall Street, women are often offered six weeks of disability leave and end up losing not just pay equity but ground on progressing into the management realm.

Despite the well-publicized benefits of maternity leave including lower infant mortality rates and lower postnatal depression rates, support for women taking maternity leave in the finance industry continues to be woefully lacking. The choice to take time off to raise one’s child is repeatedly shown to have a higher cost for women, starting from the initial leave allowance rates and possibly defining the future of their careers. However, it is also important to recognize the progress made by financial firms like Deloitte, KPMG, and Bank of America. The support shown by these companies for mothers in finance can be a great starting point for the revolutionary change needed in the finance industry.

1. Be efficient

To get the most done in the least amount of time, you need to work on your time management. Plan your time in the office strategically, don’t get distracted when working, be mindful of the time you are spending socialising with co-workers and simply try to be as productive as possible. If you struggle with staying focused because you’re thinking about way too many non-office related things, try using productivity apps such as Forest or Focus Keeper Pro which will help you gain control of your time and concentrate on the most important things on your to-do list. Try scheduling conference calls during your commute so that the time you spend travelling to and back from work isn’t being wasted.

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When it comes to your household and all the tasks that you have to do as a mum, use hacks and shortcuts which will save you time. Order your groceries for the week online and have them delivered to your house, get quick errands done during your lunch break to free up more time and prepare lunches and outfits the night before, so you can enjoy a relaxed morning with your family instead of rushing to get out the door on time.

2. Build your team at work

If you have your own team at work, it is important to invest time in them – especially if you’re a busy working mum. Having a group of people you can fully trust with any task in the office will make your life significantly easier. And if you can’t delegate a task, find a collaborative solution and ask two or more team members to work on it and complete it together.

Similarly, it is vital to seek sponsors and allies – especially for less senior women who don’t manage teams. Find people within the organisation in powerful positions with whom you’re comfortable and who are ready to provide you with advice and guide you in the process of advancing in your career whilst having a family.

3. Don’t be ashamed to ask for help if you need it

One of the most important things to remember as a woman in finance who’s also a mother is that no one expects you to be a superwoman who can deal with everything on her own, so don’t be ashamed to ask for help if you’re struggling. Remember - no one else demands as much as you demand of yourself. Asking a friend or a family member to pick up your kids from school and watch them for a while whilst you’re in a meeting is perfectly normal and you’ll easily find someone who’s ready to help. And if your work life is too hectic and you’re finding it really difficult to juggle both, finding a baby-sitter wouldn’t be the end of the world. Having them at home to help you with some of the housework and other tasks like helping the kids with their homework means that you can spend the free time you have doing fun things with them like playing or reading them a book.

Another good idea to consider might be spending money on a cleaning service – imagine how much extra time you’ll have if you don’t have to worry about cleaning the house!

4. Don’t compare yourself to stay-at-home mums

It’s as straightforward as that. Instead, connect with other working mums who face the same challenges that you do on a daily basis. Reach out to co-workers who are also working mothers, exchange tips, arrange playdates with them and their kids on the weekends or go for a walk with them during your lunch break. Sharing experiences, laughing with them or asking them for advice will show you that you’re not the only person going through this.

5. Don’t feel guilty

The one emotion that can overwhelm a lot of working mums is guilt – guilt because you feel like you’re not giving 100% at work due to time constraints and guilt because you don’t spend enough time with your children. Letting go of that feeling of guilt is not that difficult though – all you need to do is remind yourself what your values are. Yes, you will have to leave the office at 5 pm and yes, you can’t work overtime now that you’ve chosen to start a family and have children, but that is absolutely fine. It just means that you’ll have to prioritise the most important tasks and make the most of the time you have in the office. Conversely, yes, you won’t be able to spend every single second of every single day with your kids because you’re in the office between 9 am – 5 pm, but that is also okay. Successfully raising children doesn’t rest on the quantity of time you spend with them. So stop feeling guilty – get your priorities straight, focus on what matters most and act accordingly.

All in all, having a fulfilling family life and a successful career are two things that could, in fact, go hand in hand. The reality of it might not look exactly like how you pictured it, but don’t let that discourage you. If you're willing to make it happen and you’re prepared to work around the challenges, you will manage to have the best of both worlds.

We live in a digital world, and the financial industry is no exception. Eschewing traditional methods, finance has merged with technology to create a whole new sector, FinTech, that is changing the way we manage our money in a big way.

With banks and other established financial institutions cutting jobs in favour of automatic processes and AI, it's no surprise that many people in the industry are turning to FinTech for career opportunities instead. Plus, there's a lot of investments being made in FinTech start-ups and they have incredible potential for growth, so you could end up making more money if you find the right position.

So, whether you're looking to start somewhere fresh or are just after something more lucrative, here are the three things to consider when making the change from finance to FinTech.

Identify your transferrable skills

You don't necessarily need to be an expert in technology to find your place in FinTech. FinTech refers to the use of technology in any aspect of financial service, including markets, banking, payments, and insurance. There's such a broad area of focus that you'll likely find a company to suit your interests whatever they may be. And, whether you're technologically inclined or not, your experience in finance will be invaluable for identifying and assessing opportunities that technology specialists might overlook.

You know how the financial industry works and you have regulatory knowledge, which means you have valuable insight into the possibilities and limitations posed by standards, which will be useful when designing financial technology.

You know how the financial industry works and you have regulatory knowledge, which means you have valuable insight into the possibilities and limitations posed by standards, which will be useful when designing financial technology. Most importantly, though, FinTech companies are very data-driven, so you'll continue to be expected to use numbers and data to make business decisions.

It's also important to consider any other valuable professional skills that you've acquired in your previous roles, like communication and management. These are the kinds of qualities that will set you apart in any business, so it's just as necessary to draw attention to them as well as your financial background.

Aim for the right companies and roles

If you don't have a strong background in technology, don't worry. You could focus on looking for roles at FinTech companies in financial analysis, accounting, credit risk analysis, risk management, and compliance, as these are good roles for financial specialists to fill. The big question, though, is where to apply.

There's a lot of FinTech start-ups to choose from and not all of them will last, so working out which companies to approach can feel like a bit of a gamble.

Early-stage start-ups will probably ask you to take on a more dynamic role, which is certainly a chance to gain more responsibility, but it means you have to be much more invested in the company than you would normally be. Make sure you ask potential employers about their future goals before you accept these sorts of positions to determine whether they are in line with your own aspirations.

If you're looking for a position with more job security, remember that it's not only start-ups that are focussing on FinTech.

Additionally, start-ups have to be fluid but also capable enough to adapt to unexpected challenges and opportunities. Although there's a lot of money being pumped into FinTech start-ups, a lot of them will fail. So, if you have any concerns that their plans for the future won't provide you with the career you need, you'll be better off looking at one of the many other FinTech companies out there.

If you're looking for a position with more job security, remember that it's not only start-ups that are focussing on FinTech. Established financial institutions are also working out ways to combine finance and technology to keep up with industry trends, so don't rule out looking for major opportunities in places like HSBC and Citibank as well.

Continue to nail networking

Networking is always important if you want to keep abreast of news and job opportunities within your sector, but it is especially useful if you're thinking about changing from a career in finance to FinTech. It's a fast-moving sector, so by attending events such as new app launches you can get a better idea of the structure of the industry, the upcoming trends, and the sorts of positions available that might suit your experience. You may also begin to recognise some little-known companies and their representatives that you can add to your list of potential employers, as well as pick up some technological knowledge.

The buzz around FinTech means that you won't be the only person you know who's thinking about transitioning, so you don't need to be shy about building relationships with like-minded professionals. They might be able to share tips and recommend places to you if they find their way into FinTech, so make sure you keep in touch with fellow job-hunters you think have the potential to become valuable through social media.

Identify your transferrable skills, find the right company, and up your networking game. Focussing on these three areas can help you make a smooth transition from finance to FinTech and find the best opportunity for you.

With peer-to-peer competition at its lowest level in years and the requirement for advice growing, Victoria Hicks, Director at City & Capital Acquisitions, looks at the five things you need to know if you’re thinking of taking up a position within this varied and rewarding sector.

Only 15 years ago the financial advisory sector was ‘home’ to more than 200,00 practitioners, and competition was fierce. But an ageing population and stricter regulations – particularly as a result of the retail distribution review (RDR) – has seen that figure shrink to around 25,000 planners in recent years, with many of the ‘old guard’ retiring and less talent coming from other industries.

A lot of firms are looking for colleagues who can bring demonstrable skills – which aren’t always overtly linked to financial planning.

At the same time, regular changes in legislation and tax allowances, as well as an increase in demand for even more complex advice, is creating a wealth of opportunities as individuals look to take hold of their financial futures.

1. Change is afoot

Historically, many workers adopted a ‘job for life’ mentality, which tended to come with good pension and retirement schemes to boot. With this safety net diminishing, there is a need for people to take far better care of their finances from an early age, providing a great opportunity for advice.

Additionally, the industry as a whole is seen as less of a male-dominated, sales-led business, and more of a profession whereby clients select an adviser they trust – and like. Empathy and clear moral code are central to a successful career in financial planning, as customers look for someone to understand their current situation, as well as their ambitions for later in life.

Women are doing particularly well within this sector. An uplift in financially independent females – either as a result of a career or marital separation – has generated an increase in demand for advice from the same sex.

2. Nail your niche

As the numbers are skewed towards financial planners, it may be wise to specialise in a sector which interests you – rather than having to be a jack of all trades.

Research what it means to work in this profession, and delve deeper into the areas you want to operate in. You might choose to oversee investments and pensions – looking at a person’s entire situation and creating a long-term, holistic plan to evolve with them – or you could be considering a specialism in mortgages and insurance, later life planning or estate planning to name but a few of the more specialist areas.

Once you’re qualified though, it’s important to tailor any further training and development to suit your ambitions and consider those exams or accreditations which are sought after by other professionals that are also operating in your market, such as legal or tax professionals. With training above and beyond the standard level, you’ll be in a strong position to win business both directly with the end-user, as well as from other professional partners.

Specialist accreditation from organisations such as Resolution, The Society of Later Life Advisers (SOLLA), The Society of Trust and Estate Practitioners (STEP) or Certified International Financial Accountant (CIFA) are all a great place to start.

3. Don’t ignore the basics

Of course, everyone wants to enter into a career and be operating at the very top of their game after the first year – or in some cases, from day one! But it’s important to gain some ‘real world’ experience before you start to climb the proverbial ladder.

Firstly – and particularly if you’re new to the world of financial planning – it’s important to decide whether you want to work on an employee or self-employed basis and if you’re looking to operate as an independent or restricted adviser. It’s worth thoroughly researching into the nuances of each option, before deciding which best reflects your long-term personal and professional ambitions.

Don’t be afraid to get an admin or paraplanning role at the start of your career either. It’s crucial that financial advisers understand how a business operates and gain some ‘life experience’ – after all, successful company owners will look to someone with a level of worldliness before placing trust in them.

4. Think outside the box

A successful career isn’t as prescriptive as it used to be. A lot of firms are looking for colleagues who can bring demonstrable skills – which aren’t always overtly linked to financial planning.

An understanding of people, strong ethical code and excellent time management has seen those from legal, military and sports backgrounds have long and illustrious careers in financial planning, thanks – in part – to their innate drive and dedication.

Furthermore, there is a lot of discussion around environmental, social and corporate governance (ESG) investing. Individuals no longer simply look for a positive financial outcome, but they are interested in the wider implications their assets might have in promoting global issues, such as climate action. Through your own research, if this sort of area is of interest to you, take the time to learn about those companies active in this market – which share your wider personal and social goals.

5. You never stop learning

The economic client is evolving at a rapid rate, and it’s important to remain at the sharp end of the industry in order to flourish.

The FCA Register is also a wealth of information when looking into authorised firms and people, so  try to make a habit of visiting the FCA’s website on a regular basis, connecting with relevant people – and pages – on LinkedIn, and reading industry updates.

It’s all-too-easy to discard a daily news summary landing in your inbox when you have a to-do list as long as your arm – but it’s important to be in the know.

About City and Capital Acquisitions:

City and Capital Acquisitions aim to disrupt the traditional stereotypes surrounding how Financial Advisory (FA) acquisition brokers work. The firm offers a consultative approach for buyers and sellers of FAs across the UK and is headed up by Victoria Hicks, chartered financial planner, and former owner of a directly authorised IFA firm.

Austin Newkirk began his insurance career at a local agency in his hometown of Toccoa, GA and later on transitioned to Country Financial for an expansion of opportunities. Currently a sales leader for the firm’s local office in Toccoa, his role involves finding new ways to market Country Financial’s products and recruiting new businesses and individuals. Below Austin tells us about his passion for insurance and how this passion changed his life!

What are the typical insurance matters that you assist clients with?

Each day I assist our customers with typical insurance matters such as servicing current policies and making sure that they are taken care of properly. I process payments daily, work on claims and make any policy changes that a client may request - these are just a few of the many things I do for my customers.

What drew you to this field?

Insurance was not my first choice as a career. I am an extrovert and I love to socialise. As I grew older and began college, I started thinking about different career paths that interested me. At that time I had no idea what I wanted to do. While in college, I served as a parts sales manager at AutoZone. I loved the job and the socialising, but there was no opportunity for advancement within that company. I started reading online and the idea about a career in insurance hit me like lightening! I love the customer service side of this job and being able to help people with something that truly makes a difference in their lives is a phenomenal feeling.

What are some of the complexities of working within insurance?

Insurance is very complex and helping people understand it can be just as challenging. When working within insurance, there are so many different aspects to focus upon, but at the same time, so many resources to help you learn. Insurance is constantly changing and there is always something new to learn.

What are the challenges that you’ve been facing recently in relation to changes in what customers expect in terms of insurance products and services?

In the insurance industry, one challenge you will always face in relation to changes in what customers expect are rates – they are constantly fluctuating. It is a battle that all agencies fight. It is especially difficult when a long-term customer with a clean record comes in and we have to tell them that the state has raised the rates. At this point, we, as professionals, have to show these customers value in what we do to keep their business.

Technology and systems are always changing and this can cause customers to be uneasy toward any change - especially when trying to show customers new products and services. Sometimes change must happen due to ever-changing factors in the insurance business and customers’ lives. With these changes, we must prepare to assist our customers with any new updates that are happening frequently. Programs are added and removed, making everything change which, in turn, can upset our customers and sometimes, the agent too. Due to mandated insurance laws, every company and its agents should always be prepared to adapt to new changes in the insurance industry.

What do you hope to accomplish in the future?

Working in insurance has changed my life. My goal is to open my own office in just a few short years and run a successful insurance business of my own. I’m going to continue to love the career path I have chosen and continue to help service my clients to the best of my abilities.

I encourage any person who’s not sure what career path to take to look into the insurance industry. It is a sector that will always be around and there is always opportunity for advancement. The satisfaction of helping a person identify their needs and providing them with a solutions is very satisfying and it makes me feel like I have helped someone in need.

Dubai is now the number one city for graduates seeking a career in financial services, whilst London doesn’t make the top ten, reveals a survey by one of the world’s largest independent financial advisory organisations.

In an annual poll, deVere Group asks those who start its flagship Graduate Programme, in which location within the Group’s global network of more than 70 offices they would like to start their international financial services career.

This year, 28% said their first choice would be Dubai. The second most popular was Barcelona (22%); third is Hong Kong (17%); fourth is New York (14%); and fifth is Cape Town (8%).

The remaining 11% is made up of other destinations including Shanghai, Sydney, Geneva, Paris, Bangkok and Abu Dhabi.

deVere Group founder and CEO, Nigel Green, comments: “This survey highlights that the next generation of financial services professionals are open to look beyond the traditional and more established global financial hubs.

“It underscores how cities like Dubai, Barcelona and Cape Town are increasingly important international financial centres and compete with the stalwarts such as Hong Kong and New York.

“With this, as the apparent perception of the wealth mangers and advisers of the future, we can expect this trend to continue for the foreseeable future.”

He continues: “The fact that Barcelona this year is second-placed and London – currently the world’s most important global financial hub – does not make the top ten is interesting.

“Could it be that the respondents believe mainland Europe’s international financial centres offer more opportunities than post-Brexit London?”

Mr Green goes on to say: “These global hubs of finance, trade and commerce represent destinations of incredible possibilities for ambitious grads wanting to embark on careers as wealth professionals.

“There are some shared characteristics amongst these top five cities. These include that English is commonly spoken, they are politically and economically stable and there is a high level of high net worth individuals.

“But these destinations are also quite different from each other in terms of the lifestyle they offer and in terms of clients’ expectations, economic environments and regulatory conditions.

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“With each of the top five cities offering unique opportunities and challenges, each one attracts grads who have often quite markedly different strengths and weaknesses, skill sets and aspirations.”

The 18-month deVere Group Graduate Programme’s training begins at the Malta administration and support office, and graduates are then given the choice to attend an international deVere Academy, before full-time relocation when they actively start their careers.

The deVere CEO concludes: “deVere graduates don’t just witness our client-focused, values-driven, attention-to-detail culture from their side-lines – they’re an integral part of it.

“We like them to share their own personalities and perspectives, because together with our continual training and mentoring, it will allow them to become better financial advisers.”

(Source: deVere Group)

The world's 500 largest family businesses account for a combined USD 6.8 trillion in annual sales, enough to be the third-largest economy in the world (surpassed only by the US and China) and employ nearly 25 million people. These and other findings were released in the biennial Global Family Business Index compiled by the University of St. Gallen, Switzerland, in cooperation with EY. The study highlights the 500 largest family businesses in the world by revenue.

Peter Englisch, EY Global Leader, Family Business Center of Excellence, says: "Behind a successful family business there is usually a story of hard work, dedication, inspiration and sacrifice. It may even be a tale of someone achieving great things and superior growth against incredible odds. Family businesses have the potential to be better, to differentiate themselves in the market, to be more agile in a changing environment, to invest more in innovation and to have superior attractiveness to talent. Family businesses in the US and Germany succeeded in realizing their full potential and became home to more than 2/3 of all Top 500 largest family businesses in the world."

The index reveals that by geography, Europe leads with 44.8% of the index companies calling the continent home, followed by 27.8% of family businesses domiciled in North America.

Thomas Zellweger, Chair of Family Business at the University of St. Gallen, says: "The prevalence of large family businesses in the US and Europe challenges the idea that the widely held and manager-run company should suppress all other forms of economic organization. Family businesses are thus a future-oriented way of organizing economic activity, and the businesses on the list may tell us how this is best achieved."

Consumer Products & Retail companies make up the largest share of the index with 40%, followed by Automotive & Transportation (10%) and Diversified Industrial Products (9%). Of the top 10 automakers, 4 are family-controlled companies. In contrast, only 3 family businesses on the list are predominantly active in banking.

(Source: EY)