Starting a new job can be nerve-wracking at the best of times, but what if it’s in an industry that you genuinely know nothing about? Jenny Smyth from The Art of Finance.
Financial services can be opaque and mysterious, and it does have a few quirks that can be taken for granted if you have worked in the middle of it for a number of years.
An administration job in financial services requires the same foundation skills as a similar role in any other industry: attention to detail, a good telephone manner, great organisation, and a lot of patience – amongst others. The issue can be the layers of knowledge needed on top of those practical skills across all aspects of finance. Really, if this is one of your first office roles, it’s like learning two jobs at once.
What is it like for new starters? What are the top aspects of the role that new trainee paraplanners or new financial admin find most difficult?
Incomprehensible terminology / abbreviations
Unsurprisingly, jargon is the top difficulty and probably the most expected. It’s like having to learn a different language that everyone around you speaks fluently. Even googling doesn’t always help as abbreviations and some terminology can be repeated in other industries, and if you don’t quite understand what it is you are actually looking for, you can end up down a rabbit hole that has nothing to do with finance!
Lack of confidence
This is usual in any new job but can last a lot longer in a financial admin role. It can take a long time to feel comfortable in understanding queries, or in what exactly is required from different providers. At one point you can feel incredibly confident in following through pension cases, but then you hit a defined benefits question, or a with-profits query, and you can feel like you are back at square one.
How (or to whom) to ask questions
Sometimes it is hard to articulate exactly what your question should be, never mind understanding the answer! It’s a combination of the points above, the knowledge and the confidence, but it is an integral part of the learning process. It does depend on procedures in each firm, as sometimes it is easier when you have a specific trainer to ask even the smallest question, but it can feel like you are interrupting when you do so.
So, if you are a new financial administrator or trainee paraplanner, don’t worry – everyone feels the same way!
What can help?
Keeping these types of issues in mind when thinking about training – whether as an employer or as a new starter – can really help design a training regime that will get the best out of you or your team. You could have a specific mentor in your firm who is focussed solely on supporting the new starters – one who is aware of the concerns raised above.
If you do not have the time or perhaps the specific training skills in your firm, you could consider outsourcing. A supported training programme, such as those available from The Art of Finance, can take a trainee through their training journey from a new starter all the way through to gaining a specific CII qualification, depending on their role.
Taking the top concerns of new starters above, the job-specific supported programme can help immeasurably, as learning happens alongside peers making it easier to ask questions and thereby increase confidence with each module. Written textbooks and revision materials, access to experts via one-to-ones, revision workshops and swot up sessions all help. As does a glossary of financial terms – invaluable in jargon ridden industry!
Qualifications
The Art of Finance financial administration course is designed to take someone with little or no financial services experience to a well-rounded administrator with a breadth of knowledge. The course leads to an RQF level 3 qualification via the CII. In addition to the actual qualification, the course delivers wider knowledge and practical training in the administrator role. This means that the students learn how to apply their new knowledge to the job, not just for exams – making them work-ready in a short space of time. The training can also be tailed to the systems and processes that you use in your firm.
Finding the right direction
So, although being a new starter can be intimidating, having access to robust and engaging training will alleviate many of the initial difficulties in taking up a role. Training at the same time as others doing the same job can also allow you to feel more confident in your training – as when working alone, it can be easy to keep comparing your knowledge to those that have worked in the industry for years and feel inadequate, which can be demoralising. Having several types of study aids such as written, in-person, and practical also mean that different learning styles are catered for, meaning all students are given the best chance to gain knowledge suitable to their role. This leads to great outcomes, both for you as a new starter and for your employer!
The Art of Finance has supported programmes in paraplanning, compliance and financial administration starting on 11th October. Click here to learn more.
[Main image: jess-bailey-l3N9Q27zULw-unsplash]
