Got the qualifications but need the experience? Is it time to try the speculative approach? Bespoke Training Solutions’ Caroline Evans explains.
We hear about this time after time from our students. They work hard to get themselves through the first couple of exams of their Level 4 Diploma and then BAM(!) they hit that brick wall when it comes to landing their first job.
Often, companies are looking for that holy grail of both qualifications AND experience, so how do you go about securing you first financial services job role?
Why inexperienced candidates should opt for the speculative approach
A speculative application is simply sending your cover letter and CV to organisations that you would be interested in working for as a way of exploring possible job opportunities. Writing a speculative application directly to an organisation or even just picking up the phone can often be a more direct route into a job. If this is your first experience within the financial services sector you may even find it useful to ask for work shadowing experience.
Your aim with a speculative approach is to pique someone’s interest so that they invite you in for a meeting.
The power of a speculative approach?
When making a speculative approach you can ‘cherry pick’ exactly the type of organisation you would like to work for. Do your research first, focusing on things like:
• Do they specialise in a particular area (e.g. pensions, investments, mortgages or later life advice)
• What are the company dynamics? Look at their team page and get to know a bit more about the people who already work there. You can find names on LinkedIn (follow the company page) and grow your network
• What excites you about a particular company? Can you see a career progression route? Do they support their employees with training and development?
• Do they have plans for expansion or growth?
The next step will be to shortlist the ones you will apply to. A speculative approach will put you more in charge of your job search and allows you to tap into new unadvertised opportunities.
The pros and cons of a speculative applications?
A scattergun approach is not going to reap rewards. Target your speculation by being selective in your approach.
There are two benefits to going for the ‘deep dive’ approach. Firstly, you’ll have put in the hard graft before getting your foot in door and you’ll know whether it’s the type of place you want to work. You’ll be able to show (not tell) how you will be able to make an impact from the get-go.
The cons of a speculative approach? That’s easy – it’s bloomin’ hard work! It going to take time and you may need to make several approaches to companies before getting your foot in the door. Even then it might take several meetings before a job offer even materialises.
Combine your efforts to get the best results
Speculative applications work best when combined with other job search techniques such as applying to advertised jobs and networking either in person, or at industry specific events. Speculative approaches can and do work, but you need to be selective, or you’ll be wasting your time.
Remember job hunting can be a full-time job in itself but there is plenty of help and advice out there for you. For example, knowledge of the employment landscape is central to the role of a recruitment consultant, so by networking you may be able to share their expertise when it comes to identifying or targeting companies that may not have any current availability but may have future plans to hire.
Couple of key takeaways
• Find the right person to connect to – usually the head of the appropriate department
• Do your research and tailor your application on what you have to offer the company, not the other way around
• LinkedIn is a great way to grow your network – add this platform to your social media and start connecting with people and companies you would like to work for
• Create a great first impression by showing that you’re actively following the news about the company and what they do
In summary preparation is essential, not optional, because if you are putting in the groundwork before you get to interview stage you are already halfway there. Make sure you are logging all your applications and approaches to ensure you don’t forget where you are in the process. This way you can use your time efficiently and it prevents you from randomly jumping back and forth between applications, hampering your productivity.
If you are not sure of the route or role you want to pursue in financial services, all the careers advice, employability and study resources that you need to succeed are in our Careers Zone.
Bespoke Training Solutions have been supporting regulated exams for 20 years this year! Known as ‘the exam experts’ within the industry, BTS provide support for the CII regulated exams by way of study guides, e-learning resources, and workshops for the full R0 suite and many AF units.
Check out the brand-new Careers Zone for study plans, answers to exam FAQs and lots more to support your journey.
