Ask anyone what springs to mind when they hear “financial services” and you’ll hear a fairly predictable set of answers. Pinstripe suits. Briefcases. Spreadsheets. And ALL of the jargon.
These common myths that have stemmed from outdated information, fear of risk and lack of financial literacy have stuck around for decades, but it’s a long time since the image they've created has actually reflected reality.
Today, the world of financial services is one of the most dynamic, diverse and innovative industries out there – and we’re on a mission to attract some new blood!.
Let’s debunk the myths putting people off rewarding careers that they’d love.
Let’s be honest, we were all expecting this one to come up. So we’ll tackle it first…
The narrative that financial services is an exclusive club for old men in grey suits tells a story of a previous generation. Younger professionals are now entering the sector (and workforce) earlier, rising through the ranks faster and reshaping the culture from within.
Despite the stereotypes, women also make up 43% of experienced professionals across financial advice, compliance, banking, investments and insurance too - finding that their unique perspectives can actually enhance their career opportunities.
While there’s still work to do, just walk into the offices of a modern FinTech firm, an ESG investment team or a financial planning firm to see the change for yourself.
Myth debunked: There’s a place for everyone in financial services. Organisations like Verve Foundation and Nucleus Foundation, among others, are continuing to drive diversity within the industry with female-only cohorts and other initiatives.
The “financial services is boring” stereotype is a very stubborn misconception that’s been around for years, if not decades. However, it’s far from the truth.
Let’s take Victoria for example, who left behind her career as a book editor to become a financial adviser through our NewTalent programme (check out her full story in Episode 01 of the NewIn podcast). Now, her days include supporting clients navigating life-changing inheritance during difficult times, supporting clients with retirement plans so they can spend more time with their family and helping clients save for their future. Absolutely meaningful and fulfilling work – and definitely not boring.
Now let’s take the role of an investment specialist. Researching and constructing ESG portfolios, introducing more options for individuals who have certain values when investing - a core role for transforming the industry, and definitely not boring either.
That’s before you take a dive into the roles at the core of every industry, including sales, marketing, business operations and technology. Pop a financial services spin (or an FCA curveball!) on any of these areas, and we can guarantee you’ll never be bored in your role - especially when many financial services firms offer professional development opportunities to support employee growth.
Myth debunked: Every day is different! As an adviser, you meet lots of people, dive into meaningful moments and make a real difference to client’s lives.
The myth keeping ambitious, innovative and talented individuals away from the industry; as many people believe that a career in financial services requires a strong financial background when many do not require related degrees or university-level education.
Verve’s experience alone with The Grad Scheme has shown that the best paraplanners can have degrees in Fine Art and Zoology, and technical specialists can have degrees in Business Management.
Larger organisations and advice firms have stated to recognise this too, removing specific degree requirements from their hiring criteria completely and recognising that transferable skills and an appetite to learn are more important.
Professional qualifications, such as holding a Diploma in Regulated Financial Planning or Chartered Status, remain hugely valuable and are accessible to anyone - no matter when you started your career in finance.
Myth debunked: You can kick-start your career in finance without a degree, most employers understand learning looks different for everyone. If self-funding your qualifications isn’t an option, check out our NewTalent programme.
Just because a role is within the financial services industry, doesn’t mean you need to be a mathematical genius.
Yes, there a small number of roles where it's vital that you have strong maths skills (think investment banking, trading and analyst roles), but in reality this only accounts for a small percentage of the roles available (psst... if you’re fancying a technical career and need to top up your skills, check out our range of e-learning materials here).
A large range of careers within financial services firms, including financial planning, compliance, legal, client support, sales, marketing, technology, business operations and HR, have their own key skills and sought-after qualities they look for in candidates, with many only requiring basic competence when it comes to maths.
If you thought your maths skills were standing between you and a career in finance, it’s time to think again.
Myth debunked: You don’t need to be a maths-whizz to thrive in financial services. Drive, patience, creativity, an open mind, and the ability to connect with people can take you just as far.
Long gone are the days of a rigid career path; join a graduate scheme, work your way up in the same organisation for the next three decades then retire with a lavish gift as a reward for your loyalty.
This has been (thankfully!) been replaced with something much more fluid. A landscape that rewards curiosity, innovation and lateral moves over decades of loyalty has encouraged a stream of individuals who are chasing a career change to consider financial services.
Those coming through our NewTalent programme have chosen the industry for a number of reasons including flexibility of hours, the opportunity to be your own boss, and the ability to build meaningful relationships with clients.
If you’re only just figuring out your first career move (never mind your second!), expect to hold job titles and roles that don’t yet exist at some point in the future as careers in financial services continue to evolve.
Myth debunked: Don’t worry, if you’re thinking of switching careers, you haven’t missed the boat. Just check out Simon’s story from wine merchant to financial adviser!
At the Verve Foundation, we’re on a mission debunk these myths and build the new foundations of finance. We’ve been on our own mission to this since 2020, but Verve (our sister company) started this mission back in 2009 - in fact “financial services, just not as you know it” was their original tagline! We’re incredibly proud of the impact we’ve made so far, but we know there’s still a long way to go.
If you’ve been talking yourself out of a career in finance because of its stereotypes, now’s the time to take another look for the right role. Our NewTalent programme is open to anyone that can demonstrate a passion to start a career in finance, just click here to find out more and apply.
