At some point in your working life, you’ve probably found yourself thinking about career development – about where your job is heading and where you want to be in a few years.
When it comes to financial services, it can often be a bit overwhelming trying to figure out how to develop your career because of the sheer amount of information available: particularly, if you’re aiming for a career in financial advising.
We’ve selected five of our favourite career development tools to help you enhance your financial advisory career.
1. LIBF Membership - Best for accessing knowledge, opportunities and improving your reputation
The London Institute of Banking & Finance is one of the world’s oldest professional membership bodies serving the financial services industry. The institute was founded in 1879 to improve the skills, knowledge and expertise of financial professionals in the UK and its remit hasn’t really changed that much in the 140 years of its existence.
Professional membership bodies like the LIBF offer members a whole range of benefits that are invaluable when it comes to pursuing a career in the financial services and finance advice fields. To join one, you’ll have to meet certain eligibility criteria and apply formally to the body. Most professionals who are serious about pursuing a career in financial advice and who meet the entry requirements will be accepted though.
There are a wide range of membership levels that you can join the organisation at, depending on your specialism.
Member of The London Institute of Banking & Finance (MLIBF)
This level is suited to people who are at the start of their careers or who are in a very specialised career role. It will give you access to the full range of online and career development services.
Certified Professional in Financial Advice (CPFA)
This membership status is available to members of the LIBF and who hold a Statement of Professional Standing (SPS) with them.
Associate of The London Institute of Banking & Finance (ALIBF)
This status is aimed at professionals who are at an intermediate level in their current career and who are aiming for Chartered Status through further study.
Chartered Associate of The London Foundation for Banking & Finance (Chartered ALIBF)
Awarded by The London Foundation for Banking & Finance, and administered by LIBF.
Chartered status will raise your professional profile and help you advance in your career.
Fellow of The London Institute of Banking & Finance (FLIBF)
Fellowship status is one of the most senior membership levels available in the LIBF. It recognises accomplished professionals who are widely respected in the industry. Fellowship status is open to people who have over 20 years relevant experience of banking and finance and who meet the Associate status requirements. It’s incredibly distinguished.
Membership of LIBF shows employers that you respect the body’s Code of Ethics, proving that you work to the highest professional standards. As you have to meet specific professional requirements to join the body, it allows employers to benchmark your skills and shows them that your attributes have been verified by a respected industry body.
Personal and Career Development
The LIBF mentorship scheme is well suited to financial advisors who are in entry level roles and are looking to develop their career and move further up the ladder within the industry. The LIBF offers a dedicated mentorship scheme that matches you with an experienced professional who shares your interests and has previous experience relevant to you. The mentorship scheme can help you gain an idea of the reality of working within particular roles and the skills, experience and attitudes that you’ll need to thrive in them, whilst also providing skills development, professional guidance and a brain to bounce ideas and questions off of.
Continued Professional Development Scheme
If you work as a financial adviser you’ll need to complete a set number of hours of CPD each year. The LIBF offers a comprehensive CPD offering that will help you structure and record your learning, meeting all of the FCA requirements.
Access to industry publications
As an LIBF member you’ll enjoy a free digital and audio subscription to Financial World – our journal, published in association with the Centre for The Study of Financial Innovation (CSFI).
Financial World brings together thought-provoking research and commentary on the structure and development of the domestic and international financial services sector as well as the wider economy.
You’ll also get instant access to hundreds of ebooks, journals, news articles – as well as company and market data – through our e-library, KnowledgeBank.