FINANCE & BANKING
The finance sector today:

Finance is a popular career area. First, it’s well paid.
Second, as a major industry in Nigeria it offers plenty of opportunities. Third, most employers recruit staff from any discipline. (Actuarial work is an exception)
And fourth, while further training and qualifications are necessary, you’ll usually be able to get these through part-time study.
Most students entering finance train for accountancy, with chartered, management and certified the biggest recruiters. Next come banking and insurance followed by financial services and actuarial work.
What employers usually look for:
Employers can be choosy. While most do not look for degrees in specific subjects, they usually want a minimum class – 2.2 at least and in the more competitive areas you’d be lucky to be accepted with less than a 2.1.

Look on any financial recruiter’s website and you’ll see lists of personal skills that the ideal applicant should have – ‘Ability to relate to others’. (Yes, you will have to work with colleagues, often in small teams – and they may change for different projects); ‘Resilience’ –Why? Because you’ll probably be studying for exams after work, which will be hard going. If you fail one paper will you give up in despair or bounce back? ‘Commitment’. (To put in all those hours after a day’s work.)
The websites use different wording, and often quite elaborate definitions, but common requirements boil down to communication, teamwork, problem-solving ability, business awareness, flexibility, interest in customer service, leadership potential, plus computer literacy, numeracy and time management.
In addition ‘cultural awareness and sensitivity’ have crept in recently. The large financial companies in Nigeria are becoming more global in their outlook. Some companies expect overseas postings, as well as recruiting from outside the country. Invariably you should expect to work with colleagues of other nationalities and backgrounds.
You might find this surprising: several employers mention the ability to question and criticise current practices. They do not want unquestioning acceptance of the status quo. They want innovation and new ideas that will take them ahead of their competitors.

JOB ROLES
Accountancy
Ask any employer what they look for in a graduate accountant and they will stress the need for good communication skills.
Increasingly, firms of accountants are providing business advice as an added-value service. This means that the emphasis is now on candidates who can offer more than success at passing exams. Business acumen is in demand, as is the ability to communicate and negotiate with clients.
Medium-size firms may find themselves working with clients whose financial director may not even be a qualified accountant. There is a need for people who can explain complicated terminology in simple terms. In addition, trainees are liable to spend time in areas of client businesses outside the accounts function.
After all, the best way to establish what makes a business tick is through contact with the marketing manager, the personnel manager and the forklift truck driver or workers in the warehouse. The most desirable candidate is the one that can handle all that, as well as being good at crunching numbers.

Certified accountants
What it takes to be a certified accountant
What they do
* cover similar areas to those in chartered, management or public finance accountancy
* conduct external audits
* advise on tax matters
* advise managers on financial policy and control, and on the costs and benefits of projects
* conduct internal audits and prepare accounts
* prepare statements and business plans.

Key skills
* accuracy
* ability to work in a team
* ability to work alone and use initiative
* numeracy
* commercial awareness
* logic
* ability to remain impartial
* written and verbal communication skills
* ability to communicate with people from all backgrounds
* tact and discretion
* understanding of, and interest in, business.

Training
Certified accountants undertake on-the-job training and study for professional examinations. They may attend external courses. The training programme is particularly flexible – it is possible to qualify through part-time or distance learning courses.
A hard-working trainee with a relevant degree could possibly complete the examinations in one or two years. With a non-relevant degree, it may take two or three years. Training may take place in private practice, in commerce, industry or in the public sector.

Chartered accountants
The work of chartered accountants
What they do
* examine clients’ accounts to assure others that they are true and fair records
* undertake external audits and prepare annual accounts
* calculate clients’ tax liabilities, give advice on taxation and negotiate with the Inland Revenue
* advise on areas for business improvement
* take over insolvent companies and make them financially viable again
* advise on the value of companies that are targets for takeovers
* if working in industry, they provide financial management services and do similar work to that of chartered management accountants.
Key skills
* accuracy
* understanding of, and interest in, business
* numeracy
* logic
* tact and discretion
* ability to remain impartial
* written and verbal communication skills
* teamworking skills
* ability to work alone and use initiative.

Training
Most are trained in accountants’ practices, although it is possible to train in some companies within industry and commerce. Professional training takes at least three years and consists of on-the-job and external training for the Accountancy Institutes’ examinations.

Forensic accountants
How forensic accountants operate
What they do
* work for commercial clients, legal professionals and regulatory authorities
* undertake fraud and other financial investigations (eg insider dealing) from the accounting angle
* determine the loss of profits caused, for example, by business interruption
* examine and analyse evidence from a variety of internal and external sources, such as company records and third-party research
* provide litigation support and assistance in arbitrations worldwide
* provide expert accounting evidence in court.

Key skills
* accuracy and attention to detail
* written and verbal communication skills
* teamworking skills
* computer literacy
* ability to solve problems and think laterally
* ability and willingness to work to tight deadlines
* tact and discretion
* ability to analyse and assimilate information
* numeracy
* ability to speak in public (when giving evidence).

Training
Most forensic accountants work in large chartered accountancy practices. They often train in audit before specialising in their chosen field, although a limited number of specialist forensic firms do offer the opportunity to train from graduate level. Professional training takes a minimum of three years and consists of on-the-job and external training for the accountancy examinations.

Management accountants
The lowdown on management consultancy
What they do
* work in commerce and industry
* carry out all accountancy functions except external audits
* are involved in their company’s management and strategic planning
* advise managers on all aspects of financial policy and control
* advise managers on costs and benefits of projects under discussion, eg expansion, purchase of new premises or equipment
* monitor spending and effectiveness of financial control
* conduct internal audits and prepare periodic financial statements for managers’ information, including profit and loss accounts
* prepare profit forecasts and budgets
* evaluate existing financial information systems and suggest improvements.

Key skills
* accuracy
* logic
* ability to remain impartial
* written and verbal communication skills
* teamworking skills
* leadership
* initiative
* numeracy
* commercial awareness
* ability to acquire sufficient technical knowledge to understand the company’s business and products.

Training
Three to four years of on-the-job training and part-time study or distance learning for professional examinations. Three years’ experience with an employer is needed before CIMA qualification can be gained.

Public finance accountants
A look at public finance accountancy
What they do
* work mainly in central or local government or the health service, but also for utility industries and for companies that supply contract services to public service bodies
* ensure that resources are used economically and efficiently
* recommend ways of providing value for money
* manage financial systems
* control budgets for different departments
* evaluate the financial implications of changing legislation
* prepare business plans and make recommendations on large-scale projects
* carry out internal audits
* advise managers or elected board members on different investment options
* may also work in the private sector.

Key skills
* accuracy
* logic
* ability to remain impartial
* verbal and written communication skills
* teamworking skills
* ability to lead and take initiative
* numeracy
* understanding of how the public sector works.

Training
Public finance accountants train on the job and study for professional examinations part time. Most trainees qualify in three-and-a-half years.

Corporate tax
High rewards in taxation
Variety, intellectual stimulation, early responsibility and high salaries are just some of the advantages of pursuing a career in taxation. The Chartered Institute of Taxation discusses the opportunities in this area.
Tax is undoubtedly an intellectually challenging career. It suits academic people who enjoy the challenge of sophisticated problem-solving.
The tax environment is constantly shifting, the business needs of the client are always on the move, and the role of a tax adviser is to match the one to the other while finding the best solution for the client. Anyone who excels at this challenge can expect early responsibility and a high salary.
Who are the major employers?
The main employers in this area are the Big Four professional service firms: Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers LLP.
However, there are also opportunities with smaller firms and clearing banks, in industry and commerce, as well as in private practice.

What’s involved?
Tax is divided into the following areas:
* corporate
* personal
* international
* VAT
* trusts and estates.
Someone working for one of the Big Four is likely to specialise in just one area, while someone working for a smaller firm would need to have a number of specialisms or a broad understanding of the whole area.

What is The Chartered Institute of Taxation?
Anyone wanting to make a career in tax would usually take the Chartered Institute of Taxation in Nigeria(CITN) exams. The CITN is the senior professional body in Nigeria concerned solely with all aspects of taxation. It maintains standards, organises training and conferences, lobbies for the improvement and simplification of tax law, and makes recommendations to the government.

What qualifications are there?
The usual first step for graduates is to register and take the exams of the .
Success in these exams enables the use of the title ‘Chartered Tax Adviser’ and there is usually a pay rise relating to this.
Study courses are on a part-time or full time basis and there are a variety of course providers up and down the country.

Insurance
Recruitment to the insurance sector is looking good. ‘The general insurance industry is becoming more buoyant, and confidence in the market for pensions and other savings products appears to be picking up.
Change is rife within this dynamic industry, so it is important to keep up to date on the latest developments.
‘The big players – Nicon Insurance, Leadway and Wapic Intercontinental Insurance – have all reported positive results, and it is expected they will reinvest their profits into their business, creating a need for more people.’
Staff are increasingly in demand in this newly revitalized sector.
New mandate for the increase in capital requirement for both life and non life insurance companies shows the seriousness of the industry. It is not inconceivable that insurance companies could be as big as the banking sector in Nigeria.

What are the attractions?
In the general insurance sector, one of the attractions for job seekers is the variety of career paths on offer. You can be a broker (organising insurance for clients), a risk manager (managing a client’s exposure to risk and organising areas such as health and safety) or an underwriter (understanding risk itself), among other roles.
Professional training
Some companies offer their own training programme and qualifications. The Chartered Institute of Insurers also offers a broad range of training and qualifications. These range from entry-level training through to Fellowship status, MBAs and continuing professional development programmes.
The premier qualification is Fellowship of the CII. In order to achieve this, insurance professionals must have completed the exam-based Advanced Diploma, undertaken three years of continuing professional development, completed a professional ethics course, and achieved something major in the profession.
Actuaries
The work of actuaries
What they do
* apply theories of probability to financial problems
* assess risks, probabilities and long-term effects of decisions
* advise on investments
* provide strategic business advice
* design and manage new pension schemes
* use compound interest and statistical techniques
* if employed in life assurance companies, calculate rates to be charged for insurance premiums, determine bonuses paid to policy-holders and assess the general financial state of the company.

Key skills
* numeracy and mathematical ability
* accuracy and problem solving
* analytical skills
* ability to concentrate and pay attention to detail
* written and verbal communication skills.

Training
Actuaries train in employment and take the professional examinations of either the Institute or the Faculty of Actuaries . Examinations can be completed in as little as two years, but the average time taken is four to five.

Independent advisers
What they do
* ascertain clients’ complete financial situation
* advise clients on financial products from the whole range on the market
* carry out research for clients, examining different companies’ charges and profit rates
* recommend products from one or more companies to clients
* contact clients annually or at other intervals, to conduct reviews
* may specialise, for example, in employee pension schemes.

Key skills
* ability to establish relationships with clients
* ability to explain financial matters clearly
* ability to analyse and assimilate information
* accuracy and attention to detail
* persuasiveness
* numeracy
* understanding of the ways in which the different investment sectors work.
Training
On the job, supported by part-time study leading to certificates approved by The Financial Services Authority. All entrants must acquire some training in their first year at work in order to receive a licence.

Insurance brokers
How to become an insurance broker
What they do
* work with clients whether individuals or companies to find the right protection for the risks they have
* find the best possible cover at the best possible price
* keep in close contact with their clients in order to assess their changing risks and hence their insurance needs
* keep in close contact with insurers to find out what products are available and at what price.

Key skills
* good communication and presentational skills
* ability to build strong relationships
* drive and motivation
* numeracy
* attention to detail
* an understanding of the legal, ethical and regulatory issues involved in insurance.

Training
Although soft-skill training is usually provided in-house, brokers will usually have to qualify with the Chartered Insurance Institute.
Anyone working with the Lloyd’s market will also have to take the Lloyd’s Introductory Test. Training courses are also provided by the British Insurance Brokers Association.

Insurance underwriters
The work of insurance underwriters
What they do
* work for insurance companies or for a syndicate at Lloyd’s
* assess risks presented by clients on proposal forms or through negotiations with their brokers
* evaluate information given and ask more detailed questions where necessary
* make use of information available from actuaries
* decide whether, and on what terms, to accept risks
* often specialise in one area of insurance, such as life or fire.

Key skills
* ability to write clearly and without ambiguity
* willingness to acquire basic knowledge of specialised areas, eg medical or related to property
* numeracy
* communication skills
* ability to analyse and absorb information
* attention to detail
* ability to use initiative
* discretion.

Training
Graduates are normally expected to take the Chartered Insurance Institute’s examinations. There is no time limit for these, but most graduates complete them in three or four years.

Risk managers
What is a risk manager?
What they do
* manage any risk that might damage the profitability or even the existence of an organisation
* identify, assess, monitor and mitigate against the possibility of things going wrong
* design contingency plans for if things do go wrong
* decide whether to avoid the risk, reduce it, retain it or transfer it.

Key skills
* forward planning
* analytical skills
* ability to work under pressure and deal with responsibility
* numeracy and mathematical ability
* the ability to understand a complex legal and regulatory framework
* the ability to understand complex financial and insurance products.

Training
Risk management is a specialist occupation, so most people starting this career have at least a few years’ experience in another area of finance.
The Association of Corporate Treasurers runs short courses in various aspects of risk management and offers two levels of qualification.
The Associate Membership qualification gives a thorough grounding in treasury, risk and corporate financial management.

Investment banking
Making an investment
The field of investment banking has a lot to offer numerate, self-confident graduates with the determination to succeed.
Investment banking involves helping companies raise money through loans, bond issuance or equity listings and making money for the bank itself by trading equities, bonds and derivatives.
Competition for roles is stiff. This is especially the case as banks in Nigeria have shifted focus to retail banking.Having said this there are many financial advisory firms acting as “boutique” investment banks, in other words they carry out investment banking activities. Examples of these are Vetiva, Oceanic Capital, BGL Securities, Future View.

What skills do you need?
The skills required vary between roles, but communication skills, motivation, analytical skills and problem-solving ability are important. Language skills can be an advantage.
Many job seekers see a financial services career as a way to become successful and wealthy in a relatively short amount of time. This can be the case, but a great deal of hard work, resilience and determination are needed to succeed.

JOB ROLES
Analyst

Analysts underpin the work of all key investment banking divisions and are the people who deal-makers go to for everything from in-depth industry background and country risk assessment, to share price forecasts and analysis of a company’s ability to pay back its debt.

Research is where salespeople, traders and clients go for vital information, they conduct the most in-depth analysis and quantitative research possible and translate their conclusions into profitable market strategies.
Research analysts spend their time analysing companies’ annual results, writing reports on potential investment sectors and taking part in conference calls with clients.
Key skills
* high level of numeracy
* strong analytical skills
* excellent communication skills
* good, clear writing style.

Training
Most analysts are required to pass the Chartered Financial Analyst (CFA) exam, a two-year course administered by the CFA Institute.

Fund managers
Fund managers look after money held by pension funds, insurance companies and unit trusts, investing it for long-term growth.
They choose which assets to invest in and tend to specialise in a particular geographical market, industry or asset class. They liaise most closely with research analysts and sales people but are also involved in a certain degree of client management, meeting investors to discuss the investment strategies they have chosen.
Key skills
* Good communication and analytic skills.
* It helps to have managed your own portfolio of shares or to have joined a finance society.

Sales person
Sales is all about promoting a bank’s services to clients and keeping in close contact with the traders, structurers or fund managers who will then provide that service.
Spending their day working the telephones and visiting clients. Sales people provide the division’s front-line contact with clients, who can be anything from a pension fund to a rich widow.
Key skills
* market awareness
* communication skills
* analytical ability
* self-confidence
* persuasiveness.

Training
In sales, you may begin with on-the-desk training and learning about how teams develop relationships with clients.
To progress, you would be expected to develop more in-depth knowledge of both products and clients.

Stock brokers
Stockbrokers work mainly in stock broking firms but sometimes for banks.

What they do
* advise clients on investment and risk strategy
* buy and sell securities on their behalf
* interview clients to assess their requirements, eg capital growth, income, high- or low-risk investments; may make presentations to clients
* monitor clients’ portfolios of investments and advise them on which funds or companies to invest in
* consult share prices on computer terminals
* obtain the best prices possible for their clients at the time of dealing
* conduct the transaction, usually via computer
* may specialise in either private client or institutional client work, in dealing, in advising or in certain types of securities.

Key skills
* communication skills
* accuracy
* quick thinking
* ability to analyse and absorb information
* attention to detail
* confidence
* persuasiveness
* stamina
* initiative, judgement and discretion
* numeracy
* understanding of the ways in which the different investment sectors work.

Training
Stockbrokers train on the job, first assisting experienced brokers. They must pass examinations administered by the Securities Institute in order to become registered with the Securities and Exchange Commission.

Traders
What they do
* deal in financial products or commodities on behalf of banks and their clients or for other organisations such as energy companies
* read the market and set a price
* keep in constant contact with their research and sales teams and in some cases their own clients
* start early and work non-stop while the markets are open.

Key skills
* the ability to understand complex financial products and transactions
* the ability to work in close proximity with others while under enormous and constant pressure
* the ability to concentrate for long periods while under pressure
* the ability to think quickly and respond quickly to constantly changing circumstances
* data analysis skills
* numeracy and mathematical ability.

Training
Both the markets and the products traded change so quickly that almost all expertise is in the hands of current traders. Consequently nearly all training is on-the- job.