Choosing a career in the Financial Services industry is an exciting process to embark upon, with numerous opportunities for growth, high earning potential and an extensive variety of career paths to pursue.
If you’re new to the industry, first things first – get to grips with the industry-specific lingo!
Coming into Aldrich as an intern, this area was a totally foreign language to me. I quickly realised that in order to keep up, I had to get to grips with the minefield of obscure terminology and lingo as quickly as possible. Sitting in on interviews of prospective candidates, I was struck by the ease with which the consultants made use of specific jargon and the subtle ways in which this varied for each individual company they were referring to.
I had to start at the very basics. Having no prior knowledge of the financial sector and feeling very much out of my depth – my google searches included ‘investment banking basics’ and ‘what is the difference between private equity and hedge funds’, which only led to more google searches for definitions of every third word in the explanations. On top of this was the seemingly endless number of abbreviations – PA, EA, GM, MD, COS, COO, CEO etc – standing for a complex hierarchical system of roles within each company structure. The team at Aldrich were enormously helpful with explaining to me the different types of clients they work with.
Like any language, it requires time, practice and an understanding of the nuances of meaning in order to be used comfortably. Whilst I am still nowhere near fluent, my internship has taught me the importance of always asking and seeking clarification rather than just trying to get by without properly understanding. There are also great resources and endless amounts of information online which have really helped me to begin to unravel this obscure new world over the course of this week.
Here are a few websites with useful glossaries of different terminologies:
- Icf: https://www.icf-fs.co.uk/GlossaryofFinancialServicesTerms.pdf – a quick glossary of general financial services terms and jargon.
- Investopedia: https://www.investopedia.com/dictionary/ – includes an extensive dictionary section, with detailed articles explaining every aspect of the financial sector.
- Bright Network: https://www.brightnetwork.co.uk/career-path-guides/investment-banking/glossary-banking-terms-h/ – an A-Z glossary of banking terms.