The Financial Services Industry

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The Financial Services sector is one of Scotland’s key industries. It makes a major contribution to the life and economy of Scotland.

About five per cent of all Scottish jobs are in the financial service industry.
Seven financial services companies are in the list of top 20 companies in Scotland.
Most jobs are located in Edinburgh and Glasgow, which together have 85 per cent of the jobs.
The Headquarters of four "High Street" banks, the Royal Bank of Scotland, the Halifax Bank of Scotland, Clydesdale and Lloyds TSB Scotland are in Scotland.
Scotland has the fifth largest financial services centre in Europe.

Areas Included

In Scotland, the key sub-sectors are:

Banks
Life and Pensions
General insurance
Asset management and servicing (investment operations)
Intermediation

The main purpose of the financial services sector is to convince people to hand over money into their care. In return, they promise to protect and save the money.

Banking accounts for 62 per cent of all financial services jobs in Scotland.
Life and pensions has 16 per cent of all financial services jobs.
There are jobs at all levels. A third of all jobs are in administration.
There are good job opportunitites in sales and customer service and managerial positions.

For a full list of Financial Services jobs see below.

What’s it like working in the Financial Services industry?

This industry will appeal most to those with an interest in financial and business affairs.
Most jobs are full time – proportion of part-time workers is less than in other sectors.
There are slightly more female than male employees (56%).
Part-time working accounts for only 18% of the jobs in the industry.
The average age of a worker is 35 – slightly younger than the average of 36 for Scotland as a whole.
Job prospects for school leavers in the financial services industry are good. Nearly a quarter of employers have recruited a school leaver in the last two to three years.
The job prospects for graduates in financial services are also very good.
Some jobs in banking and insurance involve working late or at the weekends.

Future Trends

The number of jobs is expected to remain stable over the next 10 years.
The percentage of females and part-time employees in this sector will remain the same.
There will be 54,000 new jobs in banking and insurance in the next ten years. This is to replace those leaving the workforce or retiring.
Technology will continue to make change in the industry.

Find out more about where the jobs are in your area.

Useful Information

Financial Services Skills Council is theSector Skills Council for this industry.

Financial Services Careers in Scotland - information on financial careers in Scotland. The site also has a jobmatch facility to test out which financial careers might be most suitable.

Scottish Financial Enterprise

We’re in the money business - developed by the Financial Services Skills Council and aimed at young people in Wales. Much of the information will be of interest to young people in Scotland.

Occupations

Accountant
Accountant - Industry and Commerce
Accountant - Private Practice
Accountant - Public Sector
Accounting Technician
Accounts/Finance Clerk
Actuary
Auditor
Bank Manager
Bank Officer
Building Society Manager
Building Society Officer
Cleaner - Industrial
Clerk
Commodity Broker
Credit Manager
Data Input Operator
Debt Collector
Independent Financial Adviser
Insurance Agent
Insurance Broker
Insurance Claims Inspector
Insurance Clerk
Insurance Loss Adjuster
Insurance Surveyor
Insurance Underwriter
Investment Analyst
Investment Fund Manager
Market Maker
Pension Fund Manager
Tax Adviser
Wages Clerk