The Professional Bodies related to Financial Services Careers

Author: jon - cardiff jobs

In order to progress your career in financial services it is essential to be affiliated to one of the professional bodies representing it, and to gain qualifications and accreditation. In some cases affiliation is a necessary requirement in order to prove you are competent to work in that area.

The Actuarial Profession is the body which runs qualifications for people wishing to work in actuarial work, whether for a bank, life assurance or insurance company or a company providing pensions or actuarial consultants. Training to become an actuary is normally done whilst working, often by distance learning, and employers usually agree to pay the costs of materials and provide time off to study and take exams. The main qualification to be studied for is an associateship, which can take around three years to complete. For those wishing to progress further there is a fellowship which can be studied for – this is hard work but actuaries with a fellowship are paid well – up to £100,000 and over and are much sought after.

Another body which provides training and qualifications for those working in the financial services industry is the Ifs School of Finance which runs certificate courses for those working in specialist areas such as mortgages and pensions. These certificates must be achieved for them to be allowed to practice. It also runs professional diploma and degree courses, including Masters Level, and it also runs a number of courses aimed at consumers.

The Chartered Insurance Institute (CII) runs courses for those working in financial services in order to progress their career into a management role. Workers such as pensions administrators, finance administrators, financial advisors take their examinations in order to rapidly progress their career. The CII has over 90,000 members and is constantly expanding the range of qualifications and educational support materials in order to keep up with changes in industry practice.

The Pensions Management Institute (PMI) is a body which runs four levels of membership aimed at those working in the pensions industry in the area of management from pensions administrators, pensions advisors, consultants and trustees.

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