Business Administration and Finance
The finance sector is split into six sectors - banking; financial advice; insurance credit; leasing and finance; investments and accountancy.
20% of people in finance have administrative or secretarial jobs (such as counter clerks; pensions and insurance clerks; and account clerks).
Call centres play an integral part of the financial services sector. There are approximately 4.9 million people working in business administration in the UK. 75% of these are female.
The economic downturn has affected job seekers as companies in this sector may be less willing to take on permanent employees in case they need to make job cuts.
How much could I earn?
Accountant (Chartered/Certified) £37,948
Counter Clerk £17,933
Insurance Underwriter £45,515
Legal Secretary £18,119
Management Accountant £38,274
Medical Secretary £15,733
Office Manager £32,687
Receptionist £12,055
School Secretary £15,345
*Salary rates have been calculated using the average gross pay rates for full time workers. Figures are for the United Kingdom. Averages can hide higher earnings. With training and career development, higher salaries can be achieved. Source: Annual Survey of Hours and Earnings 2009, O.N.S., © Crown Copyright.
What we think will happen
This area was expected to see the highest rate of employment growth. (13% between 2004 and 2014). With the recession and the financial crisis this is unlikely, but there will always be a demand for administration and business workers.
The forecast rise in the population, combined with the increased ratio of pensioners to working people, is resulting in the Government encouraging people to make adequate provision for their retirement. This will increase the demand for pensions, saving and investment products. It is predicted that this will affect the skills required in the sector, particularly in terms of new technology and also call centre skills.
There is a growing demand within administration for people with broader and higher level skills. Organisations are delegating more authority and responsibility to administrators as the number of managers is reduced.
New qualifications, called Diplomas, are being introduced. These will help people prepare for university, college or work. There will be a Diploma in Business Administration and Finance. Look out to see whether it’s on offer in your area.
Certain facts/figures are reproduced under the terms of the Click-Use Licence.© Red Bridge Solutions Ltd (www.redbridgesolutions.co.uk) December 2009
More information is contained in the pdf below.