Is it Really Better for Your Career if You Work in London?

Is it Really Better for Your Career if You Work in London?

Is it Really Better for Your Career if You Work in London?

London is often said to be the best city in the world and is a major financial hub with banking and other financial companies based there.  For people living and working in the city, it is hard to image that you could have the career that they do anywhere else.  But is this full picture?  Can you have a career in banking or financial industries without living in London?

Why London is great for banking

Is it Really Better for Your Career if You Work in London?

There’s no doubt that London has the prestige and if you are looking at getting into investment banking, it is a great place to be.  Many of the biggest names in the business are either based there or have a strong presence in the city.  Its location as a gateway to Europe, Africa and Asia makes it a prominent one and the time zone means that it is easier to work with different parts of the world than some other locations.

London is routinely ranked as one of, if not the best city in the world, closely followed by New York.  For those looking at how to get into investment banking, there are more jobs available in the city than almost anywhere else and this means that your chances of finding your dream investment banking careers paths are higher than in other cities in the country or even around the world.

The problems with London

But it isn’t all rosy in the capital – the house prices alone are enough to frighten away many people.  The average house in the city hit half a million last year and this lottery style number is okay when you are established as an investment banker or other well-paid jobs in the industry but can be terrifying when you are starting out.

Is it Really Better for Your Career if You Work in London?

The other reason that people don’t like living in London is what makes it great for the rest – the size, the buzz, the multicultural nature.  But are there really other options around the UK for banking industry jobs?

Regional hubs

The so-called regional hubs idea may get a lot of stick in the media but it is slowly having an effect on the jobs market.  Cities such as Manchester, Birmingham and Edinburgh are being touted as regional capitals where businesses are setting up their base of operations away from London.  And in terms of banking jobs, there is evidence that the number outside the capital is slowly growing.

For example, in the East of England, banking jobs have risen by a third in the last two years while over 2,500 jobs were created in 2015 alone in Manchester, Leeds and Liverpool.  A lot of these jobs are newcomers to the industry and there are also a lot of apprenticeships available.

Conclusion

For many considering a career in banking, London is still the place to be and continues to be the case going forward.  However, there are also lesser stars who are vacating the capital and moving to the regional hubs that may offer a range of jobs for others looking for a financial industry career.

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