The UK Financial Conduct Authority is doubling its student intake, but don’t count on getting a job there.
In its annual report for 2018/2019, published today, the FCA says it’s more than doubled its intake of students from 41 a year in 2018 to 92 a year in 2019, following the addition of new trainee programmes in data science, cyber security and technology.
Don’t, however, count on getting a job at the FCA easily. Although the regulator has increased student vacancies by 124% in the past year, it’s also had a 143% increase in graduate applications.
11,500 student have applied for 2019’s vacancies to date. – A ratio of 125 applicants to every place.
It’s easier, but still not easy to get an apprenticeship. The FCA offered 25 apprenticeships this year, and had 1,311 applications for those too.
The students most likely to be successful at all levels would seem to be STEM (science, technology, engineering and mathematics) graduates, who are now towards the top of the FCA’s wishlist.
Today’s report revealed that the FCA pays each of its 3,655 full-time employees an average salary plus bonus of £92k ($115k).
If you don’t get a job at the FCA as a graduate, today’s report also suggests you might be able to turn up later in your career as a contractor. While most companies are cutting contractors ahead of tax changes, the FCA increased the number of contractors it uses to 220 in 2019, up from 160 a year earlier. The average contractor earned £114k last year.
Sarah Butcher – Read more on efinancialcareers.com