Sector Financial Services February

Working in the FINANCIAL SERVICES in Scotland
The global financial services industry is in a period of unprecedented change following recent intensification of the
market turbulence which began in Autumn 2007 and it will be some time before we know what impact the
international financial crisis will have on the size, shape and focus of Scotland’s financial services industry going
forward. However, the financial services industry continues to be one of the most important industries in Scotland’s
economy, with the sector performing strongly against UK and international benchmarks. Scotland is renowned for its
expertise in finance and Scotland’s financial services industry is truly internationalised and a success story.
Today the financial services industry makes a vital contribution to the strength of Scotland's economy, to our quality of
life and to our growing international reputation as a world-class location for business. Financial services is also a significant
source of employment in the Scottish economy. In 2006, employment in the industry in Scotland stood at 90,400 and
around 70,000 in a range of related industries. Visit www.scotland.gov.uk/financialservices to find out more.
The financial services industry in Scotland covers a wide range of sectors including life insurance and pensions; general
insurance; personal and corporate banking, credit card issuing and servicing, professional advisers, investment
management and related services. There are a wide range of job opportunities ranging from those just leaving school to
graduate training schemes and jobs for experienced professionals. For a list of the major financial institutions operating in
Scotland, and more about the job opportunities within the sector visit www.talentscotland.com.
As with other business sectors, financial services rely on the complete range of business skills which drive successful
organisations. IT skills are vitally important – technology has transformed the industry in recent years. Marketing and
customer relationship management expertise is central to the ability of companies to compete in competitive markets
and because Scotland’s financial service companies are major employers they require a large supportive and
administrative staff network. The professional advisors community within Scotland provides a varied range of services
to the financial services industry ranging from areas of expertise including accountancy, legal services, forensic services
and outsourcing to name but a few.
Finding Out More

For an in-depth look at the sector visit www.sfe.org.uk. Scottish Financial Enterprise is the independent body representing
the sector and gives comprehensive information about each area within the industry and links to all the financial service
companies operating in Scotland as well as professional advisors. You will find this site particularly useful if you have
experience in one of the more specialist areas of finance such as asset servicing and investment management – two main
areas of growth for the sector.
The majority of the financial services companies will have on-line recruitment where you can apply for vacancies. However,
if you are a non-UK national your qualifications will need to be assessed. Careers Scotland www.careers-scotland.org.uk can
help you find out whether your qualifications will be recognised in Scotland.
www.fsc4u.com offers careers advice for school leavers, graduates and those looking to change careers. Using the tools on
this site you can see the range of jobs available, job descriptions and the qualifications employers are looking for. Most of
the large banking groups will offer on-the-job training and the opportunity to gain more qualifications and progress your
career.
www.sio.org.uk highlights career opportunities with the investment sector.
Accountancy
Work opportunities in accountancy cover the spectrum of both the public and private sectors and in private practice.
There are four main branches of accountancy: Chartered Accountancy, Certified Accountancy, Management
Accountancy and Public Finance Accountancy. If you are currently a professional accountant in your own country you
will need to ensure your skills and qualifications are appropriate for working in Scotland. Contact the relevant professional
association which regulates that area of the profession. These sites will also offer guidance on employment opportunities
and give details of specialist recruitment agencies.
www.scotlandistheplace.com
Working in the FINANCIAL SERVICES in Scotland
If you are a graduate in any discipline you can apply to take the professional qualifications which require study and a
period of work experience – you may be able to take the qualification before you come to Scotland. Remember, English
language skills are vital to access higher education in Scotland. The Open University in Scotland has produced a useful
booklet called “Am I ready to study in English?” Call the Learning Development Team on 0131 226 3851 for more
information. For more information on studying in Scotland and credit transfers visit www.diverseroutes.co.uk.
Professional Associations
Association of Chartered Certified Accountants (ACCA), ACCA Scotland, 2 Central Quay, 89 Hydepark Street, Glasgow
G3 8BW. Telephone: 0141 582 2000 www.acccaglobal.com
Chartered Institute of Public Finance Accountancy (CIPFA), 8 North West Circus Place, Edinburgh EH3 6ST. Telephone:
0131 220 4316 www.cipfa.org.uk
Institute of Chartered Accountants of Scotland (ICAS), CA House, 21 Haymarket Yards, Edinburgh EH12 5BH. Telephone:
0131 347 0100 www.icas.org.uk
Chartered Institute of Management Accountants (CIMA), 26 Chapter Street, London SW1P 4NP Tel 020 7663 5441
www.cimaglobal.com
Chartered Institute of Public Finance Accountancy in Scotland, Fettes Park, Second Floor, West Wing, 496 Ferry Road,
Edinburgh,EH5 2DL Tel 0131 551 2100 4316 www.cipfa.org.uk
Accountancy Technician/Accounts Clerk/Book-Keeper/Accountants Administrator/

Payroll Assistant/Credit Controller
All organisations require accounting and book-keeping functions from the largest employers in Scotland such as
the National Health Service to very small businesses. Mostly these jobs will require school-leaving qualifications in
English and Maths, good keyboard skills and a vocational qualification in basic business book-keeping. The Resource
Centre on the Careers Scotland website (www.careers-scotland.org.uk) will give you details of a variety of jobs using
numeracy skills and the qualifications you will need. Most further education colleges will offer courses in Scottish
Vocational Qualifications (SVQs) from the Scottish Qualifications Authority (SQA) in book-keeping and financial subjects
as well as City and Guilds qualifications. To find out what courses are available across Scotland visit www.sqa.org.uk and
www.cityandguilds.com/Scotland. Accountancy Technicians cover more responsible work – you can find out more
about courses and job opportunities from the Association of Accounting Technicians (AAT) at www.aat.org.uk.
New Graduates
New graduates can find help from www.agcasscotland.org.uk/graduates and may be able to get an initial placement
through the government agency scheme at Scottish Enterprise www.scottish-enterprise.com/graduates.
Other Routes to Finding Work

Many employers will post their vacancies on the national government employment website www.jobcentreplus.gov.uk.
This site will also help find vacancies in a particular area of Scotland. The individual banks’ websites and Internet jobsites
will post vacancies both directly from employers but also from agencies specialising in jobs in this sector. Some sites to
visit are: www.s1jobs.co.uk and www.scotcareers.com.
Information about working in Scotland, careers advice, sector information www.careers-scotland.org.uk.

Information about relocating to Scotland www.scotlandistheplace.com
www.scotlandistheplace.com

Sector Financial Services February

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Working in the FINANCIAL SERVICES in Scotland

Finding Out More

Accountancy Technician/Accounts Clerk/Book-Keeper/Accountants Administrator/

Other Routes to Finding Work

Information about working in Scotland, careers advice, sector information www.careers-scotland.org.uk.

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