‘I’m not in finance for the money, I want to help people’: the City’s next generation
'The perception that those in finance are solely money-minded is now outdated,' says Domi Perek - Christian Vierig
Eve Upton-Clark
7 min read
The sound of the summer is a song with the lyrics “I’m looking for a man in finance”, which has taken over TikTok. It goes on: “Trust fund, 6ft5, blue eyes…”
But it’s not just banker boyfriends on the wish list – City careers are also in demand. In an era of job instability and high living costs, Gen Z is increasingly looking to work in banking, despite its infamous reputation for terrible hours and bad conditions.
British students and graduates ranked finance as the most stable and attractive career choice for the second year in a row – ahead of fields such as STEM, IT, sales and medicine – according to a survey from the CFA Institute, an investment industry trade body.
It wasn’t always this way: two years ago, finance was ranked fifth. Careers in education and health were the top preferences, and have now slipped down to fifth and sixth places.
Tech was lionised by millennials, but the industry has been rocked by mass layoffs after rapidly expanding during the pandemic. Software engineer roles offered a fresh path to financial stability, with pool tables and ball pits along the way.
But those newest to the workforce are turning away from promises of “Free Pizza Fridays” in favour of corporate careers they perceive as being more stable.
Some 27pc of Gen Z prospective students are now considering a masters in finance, according to the Graduate Management Admission Council, compared with 13pc of millennials.
Growing up, Jacob Phillips was always interested in numbers. “My dad would always say, if you want to make loads of money, you need to work in finance,” says Phillips, 22. The seed was planted in his mind. “I remember watching films like Wolf of Wall Street and thinking that kind of lifestyle is so cool. I’d love to do that,” he says. “As you grow up, you realise that’s not actually realistic.”
Jacob Phillips wanted a job in finance early on – and spent lockdown learning the ropes - Geoff Pugh
This didn’t dampen his enthusiasm and he spent lockdown studying YouTube videos about private equity. Choosing to study Finance and Management at Loughborough University, he went on to do a year in industry at a private equity firm in London. Now, he is due to start his two-year graduate role in commercial banking at Lloyds Bank in September.
For Phillips, it was the clear career progression that sold the job to him. He could see what the different steps were, what qualifications he would need at each stage and, importantly, how much he could expect to be paid. “In other industries, it’s just not as clear,” he says.
With only vague memories of the 2008 financial crash – Phillips was just six years old during the crisis – Gen Z is able to consider a career in finance without the cynicism that left a bad taste in the mouths of previous generations.
During a period characterised by a cost of living crisis, it’s perhaps unsurprising that young graduates are increasingly prioritising stability and financial security.
“I think it’s very much about safety and about having a stable next step,” says Peter Watkins of the CFA Institute. “I think there’s some genuine anxiety about what’s coming next after university and whether careers are going to work out.”
Research from Handshake, a recruitment platform, found that 85pc of the Gen Zers who graduated in 2023 prioritised stability while 80pc prioritised pay over all other factors when applying for jobs.
In his first job, Jack Johnson has found City stereotypes are outdated - Heathcliff O'Malley for the Telegraph
After growing up with self-employed parents who were hit hard by the financial crash, Jack Johnson, 24, understands the value of a stable job. “I became aware quite early on how difficult it is to get by in London,” he says. “If I want to have the kind of lifestyle my parents enjoyed when they were my age, the list of careers I can choose to go into is getting thinner and thinner.”
After completing the graduate scheme at a Big Four consulting firm, Johnson joined Coppett Hill Growth Advisory as an associate in 2023. The average finance associate salary in the UK ranges from ￡41,115 to ￡78,769, according to Reed.co.uk, a jobs website.
While Johnson recognises he is privileged to earn what he does at his age and work with a team he enjoys, he also thinks there’s a perception gap about what the job actually involves. “My friends get the impression I spend 12 hours a day slaving over excel,” he says. “In reality what we do is a lot more people-centric than that and a lot more varied.”
When it comes to stability, the City has always come out on top – historically at the price of terrible hours and high stress levels.
Stories abound of interns pulling all-nighters, junior analysts sleeping under their desks and a culture of presenteeism where leaving before the boss is a cardinal sin.
The Wolf of Wall Street, starring Leonardo DiCaprio, portrayed a toxic, money-driven culture in finance - Mary Cybulski/Handout
However, recent years have seen some curbing of these extreme practices. Many firms now implement policies promoting work-life balance, such as capped working hours for interns, mandatory time off and wellness programs aimed at reducing burnout.
“When I first got into finance I had the expectation that I’d do this for a couple of years, then take a step back and do something which allowed me to have more of a work-life balance,” says Johnson. However, after working in the industry he has found these stereotypes are somewhat outdated. “My boss is enormously productive, he works really hard, but he’ll always leave the office at five to do bedtime with his kids.”
There are other perks of the career that attract him. Relocating from the Midlands to London, Phillips hopes to live in a high-rise flat and spend his evenings and weekends dining out at nice restaurants, enjoying what the city has to offer someone on a starting salary of around ￡70,000. “Even in the basic finance role, you have enough money to have that sort of lifestyle.”
Young people in other careers are also paying attention, particularly those rattled by layoffs in tech and media. Domi Perek, 29, is one of them.
She launched her first company aged just 18 and by 25 was included in Forbes Magazine’s infamous 30 under 30 list. “I would say I commercially made it,” she says. However, when the pandemic hit, the company suffered huge financial losses.
Domi Perek, 29, finds finance offers more stability than working in the media - Christian Vierig
After a period of time off to reflect and recalibrate, she is turning to finance, launching her own VC fund to invest in start-ups across the arts and fashion. For Perek, the clear structure of finance compared to the chaos of her previous career path appeals. “It’s given me a sense of stability, which I didn’t have working in the media industry.”
For Perek, pay isn’t her main motivator. “I don’t want to just make money, I really want to help people,” she says. The perception that those in finance are solely money-minded is now a little outdated.
The CFA Institute’s Watkins explains there are four main motivations when it comes to young people’s career decisions: salary and success, safety and stability, then intrinsic interest and positive impact. “Finance has always been associated with the first one but the other three are there too,” he says.
From American Psycho to the 2007-08 financial crash, the perception of finance jobs has not always been favourable. “I think people were embarrassed to say what they did for some time,” says Watkins. But finance is slowly improving its image and, coupled with anxiety about pay and progression, young people are happy to opt into stable, high-paying industries – at the risk of being compared to Patrick Bateman.
Phillips’ experiences in finance so far have been nothing like the films he grew up watching. But the same can’t be said for all. “I do know a guy who actually did an investment banking summer internship and it was exactly as some films have described it,” says Phillips. “But the guy really likes it and he’s going back for his graduate role in September.”