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MBS' Banking And Finance Club On MBA Careers In The Finance Sector

Peter Scolley, president of MBS' Banking and Finance Club, says regaining the public's trust is the most important objective for the finance sector - and says there are less investment banking jobs.

Peter Scolley, president of Manchester Business School'Banking and Finance Club, began an MBA program to gain the experience that would allow him to move into senior roles.

He explains that the number of MBA jobs in finance has declined over the last 10 years, specifically in investment banking. Peter suggests that instilling trust in the public should be the finance sector's main priority.

Why did you decide to begin an MBA degree?

I wanted to start an MBA to get a broader range of experience, and use the experience to move into senior roles. I chose to study at Manchester Business School because of the school’s excellent reputation, the internationally diverse intake, the practical nature of the course and the focus on group work.

What are your club's main aims this year?

There are three main objectives for the society this year:

To provide members with networking opportunities – we do this through two networking events in London each year, and other events at Manchester Business School.

To raise members' awareness of different employers and career paths – we do this through having alumni and current employers come in and speaking to the society.

To increase members' knowledge of financial services and the financial markets – we do this through a weekly group financial press discussion event, and an annual stock trading competition.  

Where are the most exciting jobs in finance right now?

I think that it really depends on what is exciting to each individual, and within the society there is a large variety of roles that members are looking for. In financial services we have members looking for careers in investment banking, private banking, fund management, venture capital, private equity and insurance.

In non-financial services organisations there are also interesting finance roles, such as corporate finance and financial strategy. It is really about each person finding a role that fits what they want to do and fits their skills, and making sure they are working for a company that they find interesting.

Are the same numbers of MBAs still hoping to land jobs in investment banking as 10 years ago, or do you think interest in this sector has declined?

I spoke to our careers team about this. They mentioned there has been a small decline, in part because there are fewer jobs in investment banking now compared to ten years ago.

Do you think the average man in the street will ever understand the function and the value of anyone involved in the financial market?

I think that these are important, but these are not the main issues that the financial services sector should be concerned about.

At the current time the sector needs to work on regaining the public’s trust. This will take time to do but it is possible. Greater public understanding of the sector and higher levels of financial literacy will help achieve this.

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