Choose a career that matters - Financial Conduct Authority 2017
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Choose a career that matters Graduate careers with the Financial Conduct Authority
Contents Introduction 04 The programmes 06 Benefits 08 Internships 09 Supervision 10 Enforcement and Market Oversight 11 Strategy and Competition 12 Economics 13 Investing in our future 14 What we look for 15
Who we are
The FCA was created by Parliament From providing financial advice to arranging
in 2013 as the regulator of the capital investment, the range of these activities
shows how important financial services are for
conduct of financial services in the the UK economy and everyone in it.
UK. Our remit is broad. We regulate
over 56,000 firms that undertake Parliament has given us a single strategic
a wide range of financial activities, objective – to ensure that relevant markets
function well – and three operational objectives
including 18,000 firms we regulate
to advance:
prudentially.
Protect consumers – to secure appropriate
protection for consumers
Integrity – to protect and enhance the
integrity of the UK financial system
Promote competition – to promote effective
competition in consumers’ interest
A career at the FCA offers exceptional
development and the chance to make a real
difference. As a graduate or intern, you’ll
develop expert knowledge as you work with
some of the biggest names in finance.
04
Our Mission
As a public body our aim is simple: To deliver our objectives, Parliament has
to serve the public interest by given us a range of tools. It has also given
us independent powers to make decisions
improving the way financial markets about how best we should use these tools.
work and how firms conduct their We can use them to serve the public interest
business. By doing this, we provide in different ways, but we must be targeted
benefits to individuals, businesses, when we decide when, where and how to act.
the economy, and to the public as
Effective regulation relies on consent, trust
a whole. and confidence from the public. This includes
consumers and the regulated, and that our
powers are used consistently, transparently
and proportionately.
When we make regulatory judgements, we aim
to be transparent about how we reached them.
We must also make clear not just the benefits
of regulation, but also the costs.
05
The programmes
Experience an aerial view of financial services
Our graduates have a bird’s eye To give you that exposure, our graduate
view of financial services, both programmes are made up of multiple rotations
and an external secondment. You’ll spend your
in the UK and internationally. first two years experiencing different parts of
At the FCA you will gain a broad the FCA and growing your networks. At the
understanding of our industry, same time, you’ll be collaborating with teams
plus an in-depth knowledge of across your division, honing your skills and
our organisation. technical knowledge and developing a real
insight into financial services.
06
You’ll also benefit from bespoke training that One such programme, developed exclusively Recent graduates have undertaken external secondments in a variety
complements what you learn on the job. And as with Henley Business School and the Chartered of businesses and countries, including:
part of your development, we’ll support you to Institute for Securities and Investment, is our
achieve professional accreditation or additional MSc in Financial Regulation – the world’s first World Bank Group, Washington DC The Money Advice Service
qualifications. Wherever you join, you’ll find qualification of this kind. This is open to all
learning is a priority and that we offer a breadth colleagues and is just one of the ways we build The Federal Reserve Bank of New York Her Majesty’s Treasury
of training to help you take your career further. the professional excellence our graduates need
to shape the future of the financial industry. The European Commission, Brussels The European Securities and Markets
Authority, Paris
During your final six months on the scheme, BBC
you’ll be offered the opportunity to take on Financial services firms
an external secondment. This experience will PwC
allow you to make a positive impact working The Competition and Markets Authority
Bank of England
for a business directly and will round out your
commercial and industry knowledge.
Age UK
07
Benefits
A rewarding career
In addition to training and As a graduate at the FCA you can expect:
development tools that help you
a starting salary of £34,000 access to our onsite fitness centre
reach your full potential, we offer
a competitive range of benefits a performance-based bonus a subsidised restaurant
to make sure you’re rewarded.
flexible benefits to choose from an onsite doctor and physiotherapist
We create an environment that
supports you to strike the right a non-contributory pension sports and social clubs
balance between work and home.
25 days’ holiday flexible working options
interest-free season ticket loans career and family leave
private healthcare charity and volunteering initiatives
free eye tests a reflection and multi-faith room
08
FCA internships
Experience the big picture
Our ten-week summer internships You’ll also have the opportunity to give back
offer a real insight into both the FCA through our corporate social responsibility day,
and build your knowledge even further with
and financial services. This is your our learning lunches. At the same time, you’ll
chance to work and learn alongside be encouraged to meet and hear from our
industry experts as you gain real life senior leaders at a series of speaker sessions.
experience of what we do and how And you’ll be earning a competitive salary of
we work. It’s everything you need to £24,000 (pro rata) as you do it.
decide whether a regulatory career Successful interns could be offered a place on
is for you. one of our graduate programmes at the end of
the summer. We look for passion and integrity
as well as ambition and aptitude. Although
our internships are open to students from
any background, we ask that you are in your
penultimate year of study and are on track
to gain a 2.1 degree, or equivalent.
09Supervision
A career in Supervision offers an These areas include everything from mobile At the same time, you’ll be getting on-the-job You’ll be:
overview of every single business phone insurance to pay day loans, and training and enjoying lots of responsibility as you
mortgages to health cover. engage with senior stakeholders. It’s a varied curious about governance
providing financial products and programme where you could be working with
services in the UK. We protect Our second division – Investment, Wholesale trade bodies and advisers to predict future risks. strategically minded
customers and the integrity and Specialists – supervises producers and Equally, you could be reviewing and assessing
distributors of financial products, such as able to build relationships
of the market by making sure individuals looking to work in our sector, or
asset managers or investment banks. Our providing specialist support to the wider
firms work ethically and to the decisive
people also oversee both the buy-side organisation in managing financial crime.
highest standards. activities of investment managers and the
analytical
sell-side and trading activities of investment Wherever you specialise, you will be
We monitor firms entering our industry,
banks and markets. representing the FCA to external executives influential and persuasive
identify risks and make sure businesses
and CEOs from a variety of different firms.
behave appropriately when problems arise. As a graduate in Supervision you’ll spend your It’s an unparalleled level of exposure – you’ll be confident
Our experts work in areas as diverse as first two years developing your regulatory skills making persuasive arguments and influencing
financial crime, event supervision, client assets and understanding of how we work, through the most senior minds in financial services.
and prudential regulation. a series of rotations in both our Retail and
Authorisations and Investment, Wholesale and
We are split into two divisions. The first – Retail
Specialists divisions. This will then be followed
and Authorisations – supervises, authorises
by a six-month internal secondment and a final
and registers firms and individuals operating
six-month external secondment.
in the regulated financial services sector. They
specialise in three areas: retail banking, retail
lending and general insurance and protection.
10Enforcement and Market Oversight
A career in Enforcement and Market Oversight is on the front line of the Market Oversight graduates will be involved You’ll be:
Market Oversight is one that will UK’s financial markets. We are home to in the full range of regulatory and operational
the UK Listing Authority, which regulates activities. That could mean negotiating Enforcement: legally minded
help protect and enhance the and maintains the list of the UK’s approved our local and international policy positions,
integrity of the UK financial sector. issuers of shares and bonds. They decide reviewing initial public offering documents and Market Oversight: numerate
It involves investigating and bringing who is allowed to trade on the London Stock carrying out supervisory visits. You could even
a good writer
enforcement action on behalf of the Exchange, review prospectuses, monitor take part in a raid as part of a live investigation
FCA, and we make it clear that there market disclosures and deal with serious or force a company to make an announcement
able to build relationships
breaches. Recently, this has included relating to inside information leaks.
are real consequences for those investigating the LIBOR scandal. By supervising decisive
who do not meet our standards. transaction reporting and cracking down on Enforcement and Market Oversight is a
insider trading and price manipulation, we allow vibrant and exciting place to develop your analytical
Where an investigation uncovers evidence of skills and knowledge. Whether you’re analysing
investors to have confidence in the integrity of
misconduct, enforcement action can include evidence and preparing cases for settlement, influential and persuasive
the UK market; a vital part of a healthy local and
fines, bans and convictions. In the first half of or developing your understanding of our
global economy.
2017 alone, our fines totalled over £163 million. directorate and presenting your findings confident
It’s high-profile and significant work that often As a graduate in Enforcement, you’ll investigate to key decision makers, you’ll grow through
makes the front pages. But there’s more to and tackle the most serious regulatory on-the-job training and exposure to a variety
Enforcement than punishing offending firms. breaches and incidents in financial services. of work. You’ll also take on internal and external
We use a wide range of tools to drive cultural The work you do will be varied, challenging secondments that will deepen your insight of
change, from education, disruption and and interesting, and you can expect to gain an sectors, regulations and legislation.
intervention to our formal criminal, civil understanding of our legal framework as you
and regulatory powers. contribute on high-profile cases.
11Strategy and Competition
In Strategy and Competition Strategy – identifies our key priorities As a Strategy and Competition graduate, You’ll be:
we work to set and achieve our and makes sure we act in a focused and you’ll discover strengths in several varied
coordinated way to achieve them. but complementary departments and roles. a strong researcher
overarching strategy. Our decisions You’ll develop a network of contacts as you
have a major impact on how we Markets Intelligence, Data and Analysis – take on internal and external secondments. a good writer
achieve our goals. More than that, pulls together information from internal Whether you’re writing policy, promoting
and external sources to determine whether analytical
our work makes a difference on an competition, undertaking pioneering research
the markets are working in the consumer’s or drafting key communications, we will give
international scale. eager to learn
best interests. you the support you need to grow. Wherever
We lead on competition, policy and you’re learning, you’ll be involved in high-profile people focused
Policy – develops rules and frameworks projects that fundamentally influence the
communication activities and build strong
which support our objectives and influence FCA and shape how we regulate our markets.
relationships, with everyone from consumer decisive
the direction of domestic, EU and
groups and industry contacts to the media
international regulation. a great communicator
and government stakeholders.
The Competition and Economics –
We monitor the external environment and work
researches and analyses issues affecting our
across the FCA to build an aerial overview of
markets. They look at specific markets and
how the markets are functioning. Beyond that,
then act to promote competition within them.
we spot areas of concern and make sure we’re
This encourages firms to offer better products,
using our regulatory tools to the full.
lower prices or improved services.
Many different departments and subject
Communications – helps increase
matter experts make up our division.
understanding and awareness of the
FCA’s objectives by establishing and
delivering internal and external
12 communications strategies.Economics
Our Economists are a source of We produce high-quality, policy-relevant As a graduate Economist you’ll be based You’ll need:
expert advice. Their insight and research on a wide variety of subject matters, in the Strategy and Competition division.
including behavioural economics. Blending From there, you’ll have the opportunity an Economics related degree
policy analysis shapes our strategy psychological insight and economic principles, to work in the Competition and Economics
and makes a real and positive this emerging field helps us understand why department, the Behavioural Economics and
difference to consumers’ lives. people make the financial decisions they do. Data Sciences unit and the Payment Systems
You’ll be:
By understanding how consumers behave, Regulator, before deciding where to specialise.
Economists at the FCA perform a wide we can recommend regulatory action to
variety of roles. This includes advising on numerate
protect them. Over the course of the programme, you’ll build
economic problems in our markets and the in-depth technical knowledge through bespoke
a good decision maker with sound judgement
methodologies to analyse them, as well as We have an integrated approach to the training, internal and external secondments
getting involved in cost benefit analysis of regulatory analysis of markets. This takes and learning on-the-job. You’ll also influence logical
regulatory policy. Our Economists also lead the account of traditional and behavioural market policy using economic principles and apply
FCA’s work promoting effective competition failures, as well as the context of individual what you’ve studied to real world problems motivated
in financial services, with market studies which markets and how they interact. Crucially, as you help to advance the FCA’s competition
inform our actions and shape our strategy. we also look at how regulatory interventions objectives. As part of your development, excellent at analysing information
affect these processes. you’ll undertake a fully funded Masters in
Economics if you don’t have one already. able to think strategically
13Investing in our future
In 2018 we move to a new office Our new building offers an open and
in the Olympic Park, Stratford. flexible layout that is designed to improve
collaboration and enable more informal
This exciting opportunity will working opportunities.
enable us to improve the way
we work and provide a modern, It will also provide brand new technologies
flexible and inclusive workplace. that will further our ability to work flexibly and
help us to meet our future needs as the world
around us continues to evolve.
14Think broader horizons
We want to work with students and Our application process:
graduates from all backgrounds and
Step 1
walks of life, across all subjects.
Online application
We ask for a minimum of a 2.1 degree
at undergraduate level. Importantly,
Step 2
our organisation needs talented Online tests
individuals who share our values,
so curiosity and integrity are as Step 3
essential as academic achievement. Motivational questionnaire
If you’re passionate, focused, confident and
ready to make a real difference in financial Step 4
services, you can learn more and apply at Telephone interview
www.fca.org.uk/careers
Step 5
Assessment centre
Step 6
Offer
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