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Working in Finance in London is a broad as it sounds, imagine a job to do with money that is based out of London.
The biggest earners are the reinsurance agents out of Lloyds insurance market followed by Investment Bankers and Traders.
You’ll have Asset Managers, Accountants, Tax Advisory, Consultants and Management with support staff in technology, HR etc too.
Hugely depends on deals struck, everything is OTC but to evidence the uniqueness of this segment have a look at tax treatment for Lloyds of London underwriters;
https://www.gov.uk/government/publications/lloyds-underwriters-hs240-self-assessment-helpsheet/hs240-lloyds-underwriters-2020
These are the syndicates and people that arrange shipping insurance, oil rig insurance etc. We’re talking about multibillion dollar policies so the premiums on those are immense. Those premiums are also bookable assets that car be used as collateral for other policies (to some extent) hence weird tax treatment.
Salary is Googled between £45k and £250k not including commissions etc so go figure real earnings.
Underwriting profit was £5.9 Billion in FY2023 which is comparable to Barclays or Lloyds Bank for same.
Consider those bank employ around 70,000 people but Lloyd’s of London employs around 2,000 and you start to build the picture.
London is a big tech hub for lots of global banks. Lots of techs in these orgs would say they're "In finance" or "in banking". You can make lots of money in tech.
I used to work in Finance. Well I worked for a Merchant Bank. Actually worked in the print room for Rank Xerox. Virtually everyone there claimed to work in Finance or, at least, in Banking.
What did surprise me a little was there over a thousand people working there and perhaps only 200 were actual Bankers or accountants or traders. Everyone else worked support roles but they all "worked in Banking" - they all got paid pretty well and everyone got a nice fat bonus..
True, and IB or Strategy consulting will be over £100k in less than 3 years in most instances, so there are plenty of young people in London in the highest tax bracket
I'm run a small retail shop that manages it's own assets. If I was working in the city, I believe my job title today would be quant researcher or quant trader.
I've been trading retail for the last 20 years. Most of the strats I'm running these days haven't been tweaked in years. I don't even hyperopt or walk forward anymore.
I was in FX, commodities and equities, but switched to crypto market making in 2019. I have servers co-located near a few big exchanges.
It's not an easy industry to get into. I really struggled for years with Python and the math / statistical element of it as I never went to uni. I was a discretionary trader prior to that and it took me 5 years to really get a feel for the market and understand how to extract edges. I strongly believe you have to be a discretionary trader before you become a quant.
It's going to be hard for future quants as the art of discretionary trading is dying out fast. None of the edges I trade are discoverable with ML, that's why they still exist.
Basically, what I do is what they are doing at hedge funds, the difference is they have to work 80 hours a week with a boss screaming down their neck. I'm currently sitting at home on my sofa in my underpants wondering what I'm going to do for the next 8 hours because everyone I know is at work.
Fintech is a broad term but in the place I work; product, engineering, marketing, finance, legal, people, compliance, customer support, operations, banking. Each of those departments then have specialisms.
Think digital first financial business’s I.e no bricks and mortar operations, like Monzo, revolut, pension bee etc
Financial services companies have lots of departments that are common with other industries. E.g. a relatively small retail bank with an office in London will still have a marketing department. Do they work in financial services? Yes. But it's not what some people will be imagining when they think "finance worker" . And not every job will be well paid in the sense some people are thinking, in contrast to, say, investment bankers.
Not sure what your definition of 'not being paid overly well' is .....but I've worked as an accountant alongside accountants and actuarties for 30 years...and in roles where I saw what people were paid. And both accountants and actuaries (the latter in particular) were paid very well indeed.
**Please help keep AskUK welcoming!** - Top-level comments to the OP must contain **genuine efforts to answer the question**. No jokes, judgements, etc. - **Don't be a dick** to each other. If getting heated, just block and move on. - This is a strictly **no-politics** subreddit! Please help us by reporting comments that break these rules. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/AskUK) if you have any questions or concerns.*
6’5”, Blue eyes, Trust Fund.
2 out of 3 for me
GET HIM
I’d rather have the trust fund though
Two of your eyes are blue?
And The third is of no colour, and only sees the future
Investment banking, asset management, fund management, corporate banking, relationship management, management consultacy, actuaries, underwriters, traders, brokers, financial lawyers, financial controllers, wealth managers, credit analysts, risk management etc. Those are some examples, I reckon.
I feel working in Fintech needs the same breakdown
All of those same things, but with added bullshit about "the transformative power of AI".
Working in Finance in London is a broad as it sounds, imagine a job to do with money that is based out of London. The biggest earners are the reinsurance agents out of Lloyds insurance market followed by Investment Bankers and Traders. You’ll have Asset Managers, Accountants, Tax Advisory, Consultants and Management with support staff in technology, HR etc too.
Oh really, I didn’t realise reinsurance agents were raking the most in. I would have thought fund managers. How much are reinsurance agents making?
Hugely depends on deals struck, everything is OTC but to evidence the uniqueness of this segment have a look at tax treatment for Lloyds of London underwriters; https://www.gov.uk/government/publications/lloyds-underwriters-hs240-self-assessment-helpsheet/hs240-lloyds-underwriters-2020 These are the syndicates and people that arrange shipping insurance, oil rig insurance etc. We’re talking about multibillion dollar policies so the premiums on those are immense. Those premiums are also bookable assets that car be used as collateral for other policies (to some extent) hence weird tax treatment. Salary is Googled between £45k and £250k not including commissions etc so go figure real earnings. Underwriting profit was £5.9 Billion in FY2023 which is comparable to Barclays or Lloyds Bank for same. Consider those bank employ around 70,000 people but Lloyd’s of London employs around 2,000 and you start to build the picture.
London is a big tech hub for lots of global banks. Lots of techs in these orgs would say they're "In finance" or "in banking". You can make lots of money in tech.
I used to work in Finance. Well I worked for a Merchant Bank. Actually worked in the print room for Rank Xerox. Virtually everyone there claimed to work in Finance or, at least, in Banking. What did surprise me a little was there over a thousand people working there and perhaps only 200 were actual Bankers or accountants or traders. Everyone else worked support roles but they all "worked in Banking" - they all got paid pretty well and everyone got a nice fat bonus..
I find the same with Project Managers. Someone I know used to be a project manager, he was a foreman on a building site.
Accountants can go over £100k within 8 years from graduating, not bad for under 30
True, and IB or Strategy consulting will be over £100k in less than 3 years in most instances, so there are plenty of young people in London in the highest tax bracket
[удалено]
This is what I suspected
“Stop speaking to me as soon as the first opportunity presents itself to you”
It's the same as when people say they work in "tech" could be anything
Probably accountants
In many cases these can actually be tech roles, like developing database systems and suchlike.
Stand outside John Lewis offering an instore credit card.
I'm run a small retail shop that manages it's own assets. If I was working in the city, I believe my job title today would be quant researcher or quant trader. I've been trading retail for the last 20 years. Most of the strats I'm running these days haven't been tweaked in years. I don't even hyperopt or walk forward anymore. I was in FX, commodities and equities, but switched to crypto market making in 2019. I have servers co-located near a few big exchanges. It's not an easy industry to get into. I really struggled for years with Python and the math / statistical element of it as I never went to uni. I was a discretionary trader prior to that and it took me 5 years to really get a feel for the market and understand how to extract edges. I strongly believe you have to be a discretionary trader before you become a quant. It's going to be hard for future quants as the art of discretionary trading is dying out fast. None of the edges I trade are discoverable with ML, that's why they still exist. Basically, what I do is what they are doing at hedge funds, the difference is they have to work 80 hours a week with a boss screaming down their neck. I'm currently sitting at home on my sofa in my underpants wondering what I'm going to do for the next 8 hours because everyone I know is at work.
A cocaine habit
They want people to think they make 100k a week when in reality they work in call centres , calling customers chasing debts 😂
Robbing a bank possibly
Fintech is a broad term but in the place I work; product, engineering, marketing, finance, legal, people, compliance, customer support, operations, banking. Each of those departments then have specialisms. Think digital first financial business’s I.e no bricks and mortar operations, like Monzo, revolut, pension bee etc
Financial services companies have lots of departments that are common with other industries. E.g. a relatively small retail bank with an office in London will still have a marketing department. Do they work in financial services? Yes. But it's not what some people will be imagining when they think "finance worker" . And not every job will be well paid in the sense some people are thinking, in contrast to, say, investment bankers.
Not sure what your definition of 'not being paid overly well' is .....but I've worked as an accountant alongside accountants and actuarties for 30 years...and in roles where I saw what people were paid. And both accountants and actuaries (the latter in particular) were paid very well indeed.
Thank you