You could always work for the council

9 January 2009

2 minute read

In these uncertain times, the relatively unglamorous but secure public sector route could hold a renewed appeal for graduates. And London's councils are looking for recruits for their public finance divisions.

What is it?

The four-year training programme, incorporating the Chartered Institute of Public Finance and Accountancy (CIPFA) professional qualification, is called the London Treasurers' Graduate Finance Scheme.

You'll be offered the chance to work for one of a 17 of London boroughs participating in the scheme in such, um, alluring destinations such as Barnet, Croyden, Ealing or Lewisham among others.

How many places?

Not that many - 40 in total, which obviously pales next to the swathes of graduates entering the programmes of the Big Four accountancy firms. However, the good news is that the academic hurdles aren't as high, and the minimum degree is a 2.2 within in any discipline.

There are typically 15-40 applications per vacancy, although competition is likely to be considerably stiffer this year.

Let's talk money

Starting salaries are somewhere in the region of 22k and, upon completion of the CIPFA, this rises to the not-so-heady figure of 35k.

While the pay might not be great, the London Treasurer hopes the scheme will appeal to your altruistic side as the work you do on the corporate decisions of local councils will be visible "in the community".

Hurry, hurry

Applications opened on the 1st December last year, and will close on 16th January, so you'd better be quick. More details can be found on the scheme's website.

AUTHORPaul Clarke

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Anonymous
14 January 2009
All the above comments are true and fair points, and apologies for my earlier comment about efinancial...it was just a passing comment, and nothing personal, but honestly I do believe there are plenty of opportunities out there, its a great time for change...especially if we reach such a low point that things can only be uphill from now. If all the small businesses close, what a great time for startups, which will most probably take a year or two planning..or investing (something I am interested in)..if you want to buy shares/stocks just before it all picks up. I do agree that most grads are just so busy thinking of investment banking they close themselves to the actual opportunities that exist. which will get them a lot further! Time is everything for me, so I personally don't want to spend 4 years on something that will not get me as far as I would like to get!..I will leave it for the non-risk takers! but thanks anyway :-D
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Anonymous
13 January 2009
While this may not be the best option with regards to pay, I think some of the commentators above have missed the point. This is a good, safe place to start. In today's climate you really have to adjust your pay expectations, and if an Msc has cost you dearly then too bad - nobody requires you to have it for an entry level role anyway.
Although I don't like recruitment consultants, I think Gradrec makes an excellent point, get off your backsides and find some work! I had been finding it difficult to get into banking so I looked at hedge funds and the asset management industry as a whole, who are still recruiting widely (save asset mgmt depts in large banks). The pay can be significantly lower than 35k, even 22k! Live with it!
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Gradrec
12 January 2009
I think belittling this article is a touch unfair on the editor if I am honest. As a grad recruiter who works the banking markets I speak to numerous grads every single day who are looking for alternatives to what we all know is a very difficult financial market as the moment. Obviously the salary on offer is perhaps below what many grads would want to be earning but to say it is impossible to surivive in London on less that 35-40k is quite frankly laughable. I have placed many candidates into financial and non financial positions over the last 18 months on salaries at or beneath the 22k on offer here and all of them have gone on to be successful in their field and earn handsome payrises and promotions in a relatively short space of time.
Instead of belittling the article maybe those that have should consider the fact that this position will offer job stability and training with obvious career progression which in this current climate can certainly not be dismissed light heartedly.
And as i am sure you are all aware a job at 22k has to be a better prospect that sitting at home earning nothing just because you wont get the 35k you wanted to earn in banking!
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Sarah, Editor, eFinancialCaree
11 January 2009
Hi anonymous,
Just to clarify - we didn't get paid anything to put this up. All the editorial on this site is unbiased and independent.
Mr. Hunter - sorry if the article has offended you. It is not intended to disparage working for London Councils. However, as some of the previous comments make clear, the expectations of students who hoped to work in investment banking don't necessarily match the reality of working for a public sector organisation.
The article is therefore intended to inform students of the financial services roles on offer in the public sector, while addressing the aspirational gap in a lighthearted way.
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An
Anonymous
11 January 2009
Its not bad programme, sounds very good infact, but I think pay is a major issue, especially considering the length of programme..noone wants to earn 22k in london, only to find after the 4 years you will only earn 35k..perhaps they should reconsider what they offer!..but how much do you think efinancial got paid to put it up! I dont know if it was intended to be helpful, or a desperate attempt to get people to apply..
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