Business Administration
- Description
- Tasks
- Skills
- Useful Knowledge
- Entry Qualifications
- Professional Qualifications
- Trends
- Resources
There is a lot of administrative work involved when customers apply for a mortgage, take out a loan, request insurance protection, choose an investment product or make a complaint or insurance claim. The operation function is effectively where the paperwork related to these is processed. Responsibilities can vary widely depending on the size and structure of the employer. As well as undertaking day-to-day office tasks like letter writing, filing, data entry and telephone liaison with financial providers and customers, many administrators provide research to determine the best product provider and products to meet customers’ needs.
Salary
Entry level positions start at approximately £12,000 per annum. With the right experience, qualifications and skills you could progress to management roles and earn in excess of £40,000 per annum. This does not include any potential bonuses or additional benefits. Salaries will vary considerably based on location and employer.
- Improving the overall customer relationship
- Delivering a reliable administrative support and customer service
- Dealing with incoming enquiries from customers by telephone, post and e-mail, using a computer system to look up information
- Processing new product applications and other documentation
- Processing straightforward insurance renewals and claims
- Dealing with requests to cancel financial products or services
- Checking information and liaising with brokers, advisers and sales consultants to ensure timely delivery of new accounts and financial policies to customers
- Typing letters, reports and presentations
- Setting up new transactions, receiving and processing customer payment instructions
- Obtaining accurate valuations on policies, adding in commission rates
- Ongoing updating of customer records and computer databases
- Managing diaries and booking appointments for sales advice teams
- Organised and responsible
- Attention to detail
- Ability to multi-task and stay calm under pressure
- Good interpersonal skills
- Work well in a team setting
- Planning and record keeping
- Good numeracy and IT skills
- Excellent literacy skills for report writing and drafting correspondence
A new entrant will not always be required to have this knowledge. Employers usually provide training to acquire skills for:
- Financial administrative software systems, such as First Software and Adviser Office
- Industry and product knowledge to effectively service new and existing customers
- Legislation and regulation of financial products being administered and how to converse and handle questions
Working in business administration requires an ability to communicate with customers verbally and in a written format, so English is important. General office administrative experience can be a good route in. In order to gain an entry level position, employers will look for people who have:
- GCSEs, Scottish Standard Grades or equivalent qualifications such as Business, Administration and Finance (BAF) Diploma, BTEC First, Welsh Baccalaureate (BAC) Foundation and Intermediate Diploma, and Scottish National Qualifications at Intermediate 2 (SCQF Level 5)
Certificates or Diplomas, Certificates in Administration or Secretarial Skills from OCR, Edexcel (BTEC) or City & Guilds may also be useful
Apprenticeships can be a useful way to gain entry:
- Level 2 Apprenticeship in Providing Financial Services, Retail Banking (England, Wales, Scotland and Northern Ireland)
- Level 3 Apprenticeship in Providing Financial Services, Retail Banking (England, Wales, Scotland and Northern Ireland)
Apprenticeships in Business Administration and Customer Service are also available. Contact the Council for Administration (CfA) for more information.
Due to the variety of financial products being processed, training and professional qualifications vary widely. Large employers may start new entrants with a general financial services or customer care qualification, to improve understanding of the industry and its products, including:
- Chartered Insurance Institute (CII) Certificate in Financial Administration, for people involved in the administration of life and pension schemes
- Institute of Financial Services Certificate in Regulated Customer Care (CeRCC)
Administration staff in investment firms may take the Chartered Institute for Securities & Investment Level 3 Investment Operations Certificate (IOC) and progress to:
- CISI Diploma in Investment Operations
You might work for insurance brokers, independent financial advisers, a life assurance and pensions company, a bank or building society or accountants. An increasing number work for IFA network support organisations. Opportunities are nationwide. Jobs are UK-based only as most financial advice and support is directed towards UK-based citizens. Administrative roles open many career doorways in financial services and beyond. Once experienced, there are good opportunities to progress into managing or supervising a team. Some people carve out a career in client relationship and customer service work whilst others may move into specialist operations, administering corporate lending or dealing with more complex cases, such as reconciliation and finding out why figures do not tally up.
