LIBF UNIT 3

• Research


  The first stage of the recruitment process, where the applicant decides what type of job they want and how they want to get it
• Financial services


  Any product or services related to money and provided to customers. Range of products, services and facilities provided by the finance industry
• Financial services contribute 5% of total UK tax receipts each year. It is vital for the economy
• About 60 million credit cards and 100 million debit cards in circulation in the UK and two third of people in the UK own a home thanks to mortgages
• Mortgages


  A large, long term loan used to buy a property usually over 25 to 30 years
• Credit cards


  A form of borrowing via a plastic card which works like a debit card but the cardholder borrows the money from the credit card company up to a set 'credit-limit' . Interest is charged on the amount borrowed
• Debit card


  A plastic card used to make payments out of a bank account
• Employability


  Being able to present yourself as the best applicant for a job
• Financial capability


  A person's ability to manage their money effectively and to understand financial products
• CV (curriculum vitae)


  A document showing the story of your work life so far and sent to support a job application
• Career path


  The choices that a person makes about what jobs to do in their career. Also, a specific path for progression that an organization sets for its employees
• Job description


  A summary of the tasks and competencies involved in a specific job
• Recruitment


  The process that applicants use to find suitable jobs, and that employers use to find new employees
• Recruitment agencies


  A company that posts job adverts instead of employers doing it themselves. In this case, the employer wants you to contact the agency, not the employer itself
• When a job is available, the company's recruiter writes the job advert, manages the selection process and makes the final job offer
• Factors people consider when choosing a career

  • Skills and qualifications
  • Values
  • Personality
  • Interests
  • Preferred location
• Values


  Our general belief or feelings about how things ought to be. Our thoughts on what is good or bad
• Typical recruitments process


  1. Research

  2. Opportunities

  3. Application

  4. Selection

  5. Offer
• Full-time job


  Guarantees a high number of hours per week and may mean working five or more days
• Part-time job


  Allows you to fit in your job around other personal commitments
• Temporary job


  A job that lasts for a particular period e.g. six months
• Zero-hours contract


  Offers flexibility to you and the employer because no work is guaranteed, but this makes earnings very unpredictable
• Wages


  Earnings when a person is paid weekly and earns an hourly rate
• Competencies


  A key behavior or skill that an employer wants a job applicant to have. E.g team player/team work, communication skills, problem solving skills and builds relationships
• Application form


  Questions and answers submitted to a recruiter as part of a job application
• What a CV should include

  • Name and contact details
  • Profile statement (competencies and experience)
  • Employment experience
  • Key achievement
  • Relevant interests
  • References
• Volunteering work


  Unpaid work experience, such as working in a charity shop
• Competency-based questions using the STAR approach

  Explaining the Situation, the Task involved, the Action you took and the Result
• Profile statement


  Summary of the applicant's experience and competencies
• Cover letter


  A physical or electronic letter highlighting key skills and experiences from your CV and explaining why you are the right person for a specific job
• Pre-employment checks


  If you are allowed to work in the country, have no criminal convictions, have the qualifications that you claim you have, have demonstrated the skills needed as confirmed by your references
• Online assessment


  A verbal or quantitative reasoning test. Might include work-scenario questions
• Most trainee jobs in financial services require a grade 4 or above for GCSE English and Maths
• On a CV, included in your work experience should be starting with your most recent job and working backwards
• On your CV, only list interests that are relevant
• Current account


  A bank account in which people store and manage the money they use everyday
• Savings account


  A bank account in which people store the money they don't need immediately. The money grows by earning interest
• Customer service


  The jobs within a company that involve the most contact with customers, such as speaking to customers on the phone, serving them in person or answering their questions
• Retail banking


  Providing products and services to personal customers (not businesses or other banks)
• Retail banks offer


  • Bank accounts
  • Loans
  • Mortgages
  • Life assurance
  • Pensions