Finance (In-house) Stereotype Breaker
Is it possible that the people of the finance world are a little bit snooty towards those who work in in-house finance? The general impression that there isn’t the prestige that comes with working for a global bank or consultancy firm does loom around in the air; as does the idea that the salaries aren’t as high. And is in-house finance a route for those who didn’t get the top grades for City roles?
Not strictly true…In-house finance professionals are at the core of a business. If the finances go to pot then everything unwinds – nastily! It’s not just keeping it ticking over smoothly; it’s about ensuring client satisfaction, maximum profits, and that the company copes with the financial markets and any other event can throw at it. So credit where credit’s due (no pun intended…), in-house finance departments are a pretty big deal.
In-house finance is in-depth stuff…
It might not involve quite the diversity of a role with a consultancy or professional services firm in terms of the range of clients spread across a multitude of industries. However, in-house finance offers plenty of variety in the depth at which you can get to know one particular industry and work with departments across the business.
What’s more, work for a multinational company means you could still deal with international elements in your role. Depending on the employer, the environment can still be just as corporate too.
Top grades, qualifications & tasty salaries…
This isn’t an option for those who didn’t ‘get the grades’ either! You still need to be a top applicant to earn a position with an in-house finance company. With in-house finance apprenticeships and graduate schemes you will still study for a professional qualification such as CIMA, the same as if you were working for a professional services firm or consultancy.
Graduate in-house finance roles for various companies still ask for at least a 2:1 in a related degree discipline, such as business, economics, and in some cases even subjects that relate to the company’s remit. So a science degree may be perfectly suitable for a finance role with an energy or IT company.
You can still earn a very nice salary in in-house finance: starting salaries for graduate positions range between £20,000 and £30,000. True, they may not reach quite the dizzying heights of some City roles with consultancies, but more senior management roles will still bring in salaries of £40,000 to £50,000 or more.