Investments Profession: Marketing and

Banking Communications
Subsectors: Insurance
Credit, Leasing and Finance
Accountancy
Financial Advice

Typical job titles

Marketing Assistant/Manager, Customer Relationship Manager, Brand Manager, Account Manager, Creative
Copywriter, Digital Marketer, Direct Marketing, Press/Media Assistant/Manager, Public Relations Officer, Internal
Communications Assistant/Manager

Description
Financial services, more than any other sector, uses marketing to connect with consumers and communicate
messages. On the retail side, look around and you’ll see these brand messages crop up across every media channel
– the TV, newspapers, posters, the Internet, cinema, mail, bus stops, sporting venues… the list is endless. With so
much competition in the financial sector and new distribution channels appearing constantly, jobs involve developing
a public image, or ‘brand’, that’s distinctive and conveys the right meaning. Ultimately, these marketing activities will
try and persuade customers to switch or buy a new product.

Marketing jobs exist also on the business-to-business side, particularly in insurance and investments. Here marketing
people focus more on promoting services to brokers and affinity partners, developing sales support tools and
promotional materials, making it easier for them to sell your company’s products.

There’s a huge variety of roles to suit every personality and talent. PR people are focused on spotting newsworthy
opportunities and getting journalists to cover a story. Internal communications people update Intranets, write
newsletters and coordinate management roadshows to keep employees informed. Brand and account managers
liaise with creative agencies to come up with new campaigns. Writers create the words. Some marketing people
focus on developing new products or analysing and predicting consumer behaviours. Negotiating and running
sponsorship deals, especially sporting events, is big business too in financial services. Through direct mail packs,
brochures, exhibitions, press activities, websites and other communication forms, your task will be to engage
customers and keep the sales rolling in.

Tasks could include

ƒ Developing short and long term brand and marketing plans/strategies.
ƒ Commissioning market research to identify and discover the opinions of customers and potential customers.
ƒ Working with communications, design and production teams to develop services and products in line with
research findings.
ƒ Pricing and testing new products in the marketplace.
ƒ Managing product sales and distribution.
ƒ Creating and managing campaigns, including advertising, direct mail, brochures, PR, internet activity, events
or exhibitions.
ƒ Measuring the direct outcome of all marketing activities and presenting results and recommendations to
senior managers.

Competences: skills and qualities needed

© The Financial Services Skills Council – June 2008

 ƒ Excellent interpersonal skills, with the ability to get on with all types of people at all levels of seniority.
ƒ Analytical skills, to spot new opportunities.
ƒ Creative thinkers.
ƒ Strong team players, but equally confident taking their own initiative.
ƒ Good understanding of the business sector worked in and enthusiasm for the product area.
ƒ Organised and able to manage workloads and deliver under pressure.
ƒ Excellent problem solvers.
ƒ Well-developed communication skills, both verbally and in writing.
ƒ Organised and methodical.
ƒ Persuasive and self-confidence.
ƒ Numerical skills, to manage large budgets.

Knowledge
An employer will not always require the candidate has this knowledge when entering the profession, although they
will expect that it will be acquired it through training and qualifications:
ƒ Commercial awareness of the financial services sector they operate on.
ƒ Knowledge of what competitors are doing in their sector.
ƒ Knowledge of new marketing channels, techniques and concepts being developed.
ƒ An understanding of human behaviour and what triggers consumers buy certain products.
Excellent IT skills and prior knowledge of using databases and Excel spreadsheets, plus some experience of
handling large budgets, are an advantage.

Hours of work
Marketing professionals generally work standard office hours from Monday to Friday. Like many jobs with tight
deadlines, additional hours are worked to ensure that targets are met. Part time work and job sharing may be
possible once experienced.

Typical work environment

Marketing is typically an office-based role. However, attending meetings with creative agencies, making
presentations or representing your company at trade shows and exhibitions can be a big feature in some jobs. Travel
may be required, even worldwide, especially if working in an international firm.

Minimum Qualifications required to enter role

© The Financial Services Skills Council – June 2008

 There are opportunities for adults who are changing careers, school and college leavers, for graduates and for adults
who are looking to re-enter the labour market after a career break. Insurance companies and retail banks do take on
graduates for formal marketing graduate schemes. However, marketing departments require a mixture of people and
skills and there are also routes into junior marketing roles via administration and operational jobs.

As with many occupations within financial services, marketing roles can be entered with a vocational qualification.
This could be a general vocational qualification such as a BTEC, NVQ or specialist Diploma (for example the Diploma
in Creative and Media).

General education:
Marketing people need to have an understanding of numbers for budgeting and be able to communicate clearly in
person, make presentations and write reports. It is therefore useful to have GCSEs, Standard Grades or equivalent in
English and Maths. Good IT skills are also important. For graduate entry schemes, a 2 :2 or 2 :1 degree is usualy
required. Since competition for marketing roles is high, studying a creative, marketing, PR or business subject, or a
degree with a marketing element, can be an advantage.

Professional qualifications:
The Chartered Institute of Marketing (CIM), the Chartered Institute of Public Relations (CIPR) and the Institute of
Sales and Marketing Management (ISMM) offer a range of professional qualifications for marketing and
communications practitioners. These range from introductory right up to a postgraduate diploma and full chartered
status, including:

Level 2
ƒ ISMM Certificate in Sales and Marketing.
ƒ NVQ in Marketing – providing a broad introduction.
Level 3
ƒ CIM Introductory Certificate in Marketing.
ƒ CIPR Foundation Award in PR.
ƒ ISMM Certificate in Advanced Sales and Marketing.
ƒ NVQ in Marketing – assessing the knowledge and skills of experienced marketing professionals.
Level 4
ƒ CIM Professional Certificate in Marketing.
ƒ NVQ in Marketing - assessing advanced aspects of the marketing profession.
Level 5
ƒ CIPR Advanced Certificate in PR.
More specialist communications qualifications include :
ƒ CAM Diploma in Marketing Communications, available through the CIM, covering different communication
methods from advertising and PR, to branding and direct marketing.
ƒ CIM e-Marketing Award, looking at digitial mediums, including the web, as research and sales tools.
ƒ CIPR Internal Communication Certificate
Some employers may also require marketing professionals to demonstrate their understanding of financial services
and undertake specialist technical qualifications, such as those offered by the ifs School of Finance, the Chartered
Insurance Institute, the Securities and Investment Institute or the Institute of Credit Management.

Additional qualifications

Apprenticeship :
Foundation and Advanced Marketing and Marketing Communications apprenticeships are available (is there ?), but
are not common in financial services. Graduate schemes and fast track training programmes for internal staff are
more typical routes into jobs. Please see apprenticeship section for more information.

Higher Education
There are many progression routes onto learning at a higher level from vocational and professional courses.
Foundation degrees in marketing and PR are available which can be studied part time whilst working or full time at a
university or college. This could lead to studying a:

ƒ Level 6 BA (Hons) degree in marketing, PR, international marketing or joint honours degree, combining
marketing with other subjects like business, accounting and finance.
ƒ Level 6 CIM Professional Diploma in Marketing, for people in mid-marketing positions.
ƒ Level 6 CIPR Diploma, for experienced PR professionals that are ready to play a more strategic role.
ƒ Level 7 Professional Postgraduate Diploma in Marketing, for marketers working or aspiring to work at a
strategic level.
See the UCAS website for more detail, although each university sets its own entry requirements.

Progression possibilities and salary indication

© The Financial Services Skills Council – June 2008

 ££ Providing marketing/PR support working on specific projects under direction and
Marketing Trainee/ PR
guidance from a Marketing/PR Manager. Will often be responsible for generating
Executive / Online
creative briefs, setting up research groups, writing copy and press releases, liaising with
Marketing Executive:
designers and proof reading marketing literature.
Direct Marketing/ £££ Leads specific marketing projects, briefing in and liaising with creative agencies.
Customer Develops marketing concepts, manages marketing spend and analyses results.
Relationship/
Marketing/ ££££ Oversees and manages a small team of marketing specialists. Analyses research,
Communications/ sets budgets, drafts and implements marketing and PR strategies
Online Manager:
££££££ Responsible for the overall brand, creating and ensuring the marketing strategy
Marketing Director is implemented across the business. Often reports directly to chief executive or
managing director and advises on marketing and communications issues at board level.

Typical employers
Large retail and clearing banks and insurance companies usually have specialist teams of marketers, promoting very
specific brands, products and services. Central marketing functions also exist in investment companies, accountancy
firms and financial advice companies, although teams tend to be much smaller. Creative jobs also exist within
agencies that provide marketing, advertising and PR support to the financial services sector.

Where in the UK are there opportunities to be employed in this role?

Opportunities exist in all major financial centres nationwide. Most central marketing functions are based within head
offices, although larger companies sometimes have dedicated regional teams also.

Global dimension
Very large financial firms with global offices based in the UK may have a global marketing and PR team who work
closely with UK teams. Although based in the UK, overseas posts and secondments occasionally arise and duties
may require some international travel.

What do employers look for when recruiting?

Initiative, analytical skills and creativity, as well as industry knowledge and well-developed communication skills.

Progression and future trends

Marketing will always play an central role in financial services, with companies fighting to demonstrate their point of
difference to consumers and business clients. While there are many marketing and communications disciplines, once
in a general marketing role, it’s possible to move into specialist areas, like electronic communications, direct
marketing or customer insight. With experience and a professional marketing qualification, senior positions such as
marketing/PR manager, and potentially director, are achievable. Skills can also be transferred to a consultancy
environment, where you might manage financial services creative accounts.

Related professions
Advertising, Brand Management, Client Relationship Management , Market Research , Market Strategy, Sales
Product Management

Additional links
British Association of Communicators in Business (CiB): www.cib.uk.com
Chartered Institute of Marketing: www.cim.co.uk
Chartered Institute of Public Relations: www.cipr.co.uk
Chartered Insurance Institute: www.insurancecareers.cii.co.uk
Creative & Cultural Skills: www.ccskills.org.uk
The Institute of Direct Marketing: www.theidm.com
The Institute of Sales and Marketing Management: www.ismm.co.uk
ifs School of Finance: www.ifslearning.ac.uk
The Marketing Society: www.marketing-society.org.uk
TARGETjobs: www.targetjobs.co.uk/marketing/
www.marketingmagazine.co.uk
www.marketingweek.co.uk
www.brandrepublic.com/campaign
www.mad.co.uk
www.themarketer.co.uk (online version of the CIM magazine)
www.prweek.com

© The Financial Services Skills Council – June 2008

 Salary levels without bonus and benefits package
£ £15,000 to £22,000 per year
££ £22,000 to £30,000 per year
£££ £30,000 to £40,000 per year
££££ £40,000 to £50,000 per year
£££££ £50,000 to £70,000 per year
££££££ £70,000 and over per year

© The Financial Services Skills Council – June 2008