Getting into the finance industry from a psychology background?

[Llop]

Any advice would be much appreciated! Just to note I understand finance is extremely broad, but I have no idea where to start or if my experience would even warrant work in this field.
I’m 24, have a BSc (2:1) in Psychology from a RG uni and an MSc (distinction) in educational psychology from a RG uni. My goal was to be an educational psychologist, however after applying for the first year and facing the reality of not getting accepted onto the course, I don’t think I have it in me to keep applying and (potentially) keep facing rejection. So I am looking to change into a sector where I can make good money.
I have A-Levels in Maths, Chemistry and Psychology and have basic stats knowledge from my degrees.
I have previous work experience in retail pre-university. After finishing my degree, I worked as a tutor in pupil referral units and worked as a TA part time while doing my masters. I know work for the council in a role related to special educational needs but not working directly with children. It is more of an administrative role where I’m writing legal documents based on professional reports. Does anyone have any tips on how I can best utilise this experience and what I could do to put myself in a better position (I.e. useful courses, potential roles in finance I may be suitable for etc).

It's not that they're "not allowing" people to train, it's more that it's highly competitive, like Magic Circle. 17% of EdPsyD applications were successful in 2021. The numbers are such that even with more places it would still have far more applicants than could ever be successful.

People with several years of relevant education-sector professional experience with children/teenagers - and the ability to demonstrate reflective practice using their psychology degree in that experience - are the candidates who will succeed.

Because that's the foundation that will lead to success as an Ed Psych. Bluntly, they don't want fresh grads because they don't have enough professional or life experience to be successful and make best use of the training.

They're funded places, they need to go to the strongest candidates, it can't just be open to anyone with GBC and a bit of work experience.

The op only had one year's part time experience that was directly with children. That wouldn't have been anywhere near enough to meet the entry requirements or to compete with candidates who had years of teaching experience using their previous psychology training.

With more experience op probably could have developed to the point of being successful in future.

Do you enjoy working for the council in general? If so keep an eye out on the local government job sites for jobs in their finance departments which you think you have the transferable skills for - it might be admin or very entry level but if you're good and you 'get' local government other opportunities will come up once you're in there and they know you. At a senior level I think understanding people and how they make decisions would be incredibly useful.

The pay will be not good compared to the private sector and the work is incredibly difficult right now as there is no money and costs keep going up, but if that sounds like a challenge you might like to get your teeth into then I think it would be worth investigating. (If it sounds like a waking nightmare or it's important to you to start earning the big money straight away then please ignore me and go and apply for some grad schemes!)

Also I’d say if you don’t know exactly what type of finance you want to do, get a grad scheme place leading to chartered accountancy status (ICAEW). It’s still viewed as the most prestigious and critically it’s the most flexible in terms of what you can do with it after qualifying. My roles have included auditing ( until qualifying and a year after), financial controller for a small business unit of a plc, forecasting and business planning at plc level ( ftse10), equities analyst in asset management, investor relations and social investment roles. When I was qualifying I didn’t even know most of these jobs existed or what they involved but I got that exposure through the audit work and also seeing what my peers went into. Some people did stay in audit which is seen as boring and you’re dealing with clients at their most stressful time of year, but being an audit partner is $$$$$.

@folkjournals thanks for the explanation that makes perfect sense now. In that case I think maybe the op needs to view the work in low paid ta jobs as part of the training rather than thinking of it as a low paid job. Doing something like working in a special school as a ta for several years will presumably increase chances the more experience you get.

incidently I work in accountancy and although the pay is better the work load can be very high especially in early years if you are also studying at same time.

op- remember you are a long time working, once you hit 30 it’s still another 38 years to state retirement age so if Ed psych is really want you want to do in the long run put up with some rubbish money for now.

from the op I am wondering if the op is working in the sen assessment service at their la writing ehcps. If so then I’ve always thought this must be one of the worst jobs you can do based on experience of our la. People go in to help children and basically have to fight against all their provision to save costs, and the caseworkers are stuck between parents and the la

Op if educational psychology is your passion don't give up. How much experience post graduation do you have? Are you a SEND caseworker for an LA?

I'm an EP and got onto the course on my second attempt when I was 32. There was a range of ages and experience- youngest was 23 and oldest was 40. I've no experience of finance but if you do want to go down the EP route get more experience as an assistant EP, TA, emotional wellbeing practitioner, working at a PRU etc.

Wishing you luck finding a role you like. I don’t think ‘finance’ is an ‘industry’ more of a ‘sector’

@Llop not everyone gets onto formal grad schemes so I'd recommend either getting some sort of entry level role in finance (explaining to an agency/company that it's what you want to get into) together with paying to do at least one paper yourself as it will show you are serious about it (if you aren't offered study support)

Whatever happens, you'd need to get some sort of formal qualification at the end (ACCA, ACMA). I've seen many on grad schemers who haven't got finance backgrounds but a good aptitude for studying. Ive worked at big firms where they love Oxbridge types (any degree).

Grad schemes are very competitive so worth a shot but don't despair if you don't get on one. The main benefit is they pay for your study and also move you around the business to get experience. They are formally investing in you long term essentially.

Personally my background is maths and I did the above (having not got onto an official scheme) and worked my way through various finance roles alongside the official grad schemers. Once a company knew I was serious, they paid for my exams (usually a big company with the funds). Qualified accountants can ask for 50k plus. I'm not technically strong but I work really hard and I'm really good with people.