With finance organisations under constant threat from fraudulent activities, professionals within financial crime are needed to identify discrepancies and introduce prevention methods. Typical tasks that analysts or investigators will have to carry out include installing fraud prevention strategies, gathering and assessing financial information and responding to fraudulent warnings. The position requires previous exposure to credit risk, financial services or data processing and this has created a need for specialist financial crime recruitment agencies to supply candidates with the necessary skills and experience.
The salary for staff within financial crime can vary depending on experience and the specific role, however average earnings tend to be around £30K per annum. Entry level / junior professionals can expect to earn around £16K whereas managers and skilled personnel can earn in excess of £50K. Location is another key factor in determining the salary of financial crime personnel with London usually offering the highest pay and best job opportunities.
Candidates will often enter financial crime prevention via a numbers or data related vocation. Maths, business and IT qualifications are all considered to be useful for entry level positions although degrees in statistics or quantitative disciplines will be expected for more senior roles. Depending on the sector, additional professional qualifications may have to be undertaken such as a Diploma in Credit Management or a Certificate in Compliance.
As well as academic qualifications, candidates will also need to be good problem solvers, have an analytical mind and be able to lead initiatives. UK banking and financial crime recruitment agencies will be able to recommend the personnel who can demonstrate these attributes for permanent, temporary or contract vacancies.