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Working as a PA in the Banking and Finance Sector

Written by: Evie Courtier
Published on: 2 Nov 2023

Bank

With 23% of the SecsintheCity audience working within the Banking and Finance sector, according to our latest Salary Survey, we thought it apt to provide an overview of the perks, skills and expertise required to excel as a Personal Assistant in the Finance world.

  • What differentiates working as a PA in Finance, compared to other sectors?

    Working as a Personal Assistant in the Banking and Finance industry often requires specific skills and knowledge that may differ from those needed in other industries due to the unique nature of the financial sector. As Susanna Tait, Chief Executive at specialist PA recruitment consultancy Tay Associates, notes, ‘working in financial services requires careful attention to various rules, regulations, and best practices to ensure compliance and maintain the integrity of the industry. Assistants are required to undergo regular compliance training and must commit to following very strict procedures relating to regulatory framework, compliance and risk management.’

    A multitude of foundational skills for a PA, such as organisation, communication, and discretion, will be applicable across the industry, however, the key differences and specific requirements may include:

    Financial Knowledge:

    • Owning a strong understanding of financial concepts, instruments, and terminology is an essential factor in excelling within a financial PA role. With responsibilities including the management of financial reports, handling confidential financial data, and assisting with investment or banking-related tasks, any prior or accrued knowledge stands you in good stead.

    Security and Confidentiality:

    • The world of Banking and Finance deals in highly sensitive information. PAs in this field must be extremely vigilant when it comes to data security and maintaining the confidentiality of client and company information.

    Financial Software:

    • Proficiency in financial software and tools is often a prerequisite. PAs may need to work with accounting software, trading platforms, and data analysis tools.

    Complex Scheduling:

    • Just like other fast-paced environments, Banking and finance professionals often have hectic schedules with numerous meetings, conferences, and client interactions. PAs in this industry must be adept at managing complex schedules efficiently.

    Crisis Management:

    • PAs may need to assist in crisis management and business continuity planning, as the financial industry is vulnerable to various risk factors.

    Investor Relations:

    • PAs and EAs working with executives or fund managers may be involved in investor relations activities, such as preparing reports and presentations for potential investors.

    Specific Compliance Training:

    • Finally, PAs may need to undergo specific training related to compliance and regulatory requirements in the financial sector, which can vary by region and institution.

  • What does it take to become a leading PA in the Banking and Finance industry?

    As noted within our ‘5 key attributes of a great PA article’, enhancing your status from a ‘good PA’, to an ‘exceptional PA’, encompasses five main elements: flexibility, a positive mindset, communication, organisation, and pro-activity. There’s a certain flair to an exceptional PA, that incorporates the ability to anticipate potential problems, have solutions in hand, and take a proactive approach to prevent or mitigate issues.

    For employees of the finance district, there’s an additional layer of skills, attributes, and performance to master. Profound market awareness and financial acumen, combined with strategic thinking, allowing you to contribute to strategic planning, offering insights and assistance in achieving long-term business goals, sets you above the rest. As Susanna Tait affirms, ‘The financial services sector is highly regulated and demanding, so a PA in this industry should be well-organised, detail-oriented, and capable of handling sensitive and confidential information. It's also important to keep abreast of industry news and changes to legislation that are relevant to the business in order to understand and support goals and objectives’.

  • What are the benefits of working as a PA in the Finance and Banking industry?

    ‘Working in the financial services industry can be intellectually stimulating and challenging, offering a sense of accomplishment when you contribute to the success of the organisation and its clients. The financial services industry encompasses a wide range of specialisms from investment banking to asset management, insurance, and fintech. As an assistant, you can gain exposure to various areas and discover where your interests and strengths lie. In addition to competitive compensation, financial services firms often provide benefits such as healthcare, pension plans, competitive maternity and paternity benefits and other lifestyle perks that contribute to your overall well-being.’ As Susanna Tait clarifies here, the banking and finance industry not only provides PAs with the opportunity for great interest and specialisation, it also leads to strong salaries and benefits.

    A leading contributor for those in the workplace, salary was noted by just over a third of our audience (32%), as the prime factor in influencing their decision to take on a new role/stay in their existing position. Fluctuating between first and second place on the pay table year-on-year, the Banking and Finance sector presents a steady leading average salary of £50,287 per annum. For PAs in particular, this salary stands at a median of £46,200, with Private PAs in the field averaging £82,500. Additionally, 72% of PAs within the industry received a bonus, boosting their annual earnings.

    70% of those working in the Banking and Finance world also conduct a hybrid working schedule. With return to work schemes infiltrating the market, the desire to retain the newfound work-life balance is prominent within retention of current employees, and employment of new candidates alike. The popularity of the sector translates to the amplified application rate, with an 83% year-on-year increase in applications across the Banking & Finance industry on SecsintheCity.

    Despite presenting leading salaries and the desirable structured freedom of hybrid work, the Finance industry is yet to escape the buzz surrounding generative AI. For PAs in the Banking sector, the concerns are two-fold, with the announcement that the roles most susceptible to AI, are those which include repetitive and routine tasks, and the primary industries under the microscope include Finance and Law. This being said,, as denoted within our ‘How to Futureproof your Profession with the Rise of AI’ article, PAs are highly equipped for this change in pace. Possessing an arsenal of skills required to adapt to new technologies, welcome new challenges, and adjust to newfound working structures.