How insurance professionals and financial planners kicked off their careers has been revealed by a poll of Chartered Insurance Institute and Personal Finance Society members. Almost two thousand (1,949) members took part in a poll on social media in July 2021 to pinpoint how people join the profession.
The data showed that most individuals (47%) in the insurance profession enter the sector straight after education. This encouraging statistic suggests that lots of young graduates see insurance as a promising sector to kickstart their career in. The data shows a similar pattern for the financial services sector. Four out of 10 financial advisers stated they had entered the profession straight after education.
There are also many who join the sector after their original career. Nearly half of financial advisers who took part in the survey switched to the profession later on in their lives (47%), suggesting that many decide to take up the career with more life experience. These financial advisers are able to use their own personal experiences and lessons learnt to help their clients succeed financially. Roughly a third (35 per cent) of insurance professionals had entered the sector after previously embarking on a different career.
Apprenticeships or a trainee scheme were currently the entry route to the profession for just 8 per cent of insurance professionals and 5 per cent of financial advisers.
Sian Fisher, CEO of the CII, said:
“When I meet insurance professionals and financial advisers they often say ‘it’s not the career we thought we’d have but we love doing it’. As a profession we must do more to attract a diverse pool of talent and help point those thinking of a career in the sector in the right direction. It is positive to see there is a real range of experience in the sector and that it is one people are not afraid to take up in later life.”
“Apprenticeship schemes, such as our own Aspire programme, are fantastic opportunities for individuals wanting to start a career in financial services and they also help to ensure a diverse pool of talent. The City is often accused of nepotism and still being an ‘old boys club’, so it’s very positive to see less than one in 10 insurance and personal finance professionals entered the sector due to a family connection. These old school connotations associated with the professions can be detrimental and it’s a really encouraging statistic that shows the growth of the sectors.”