Why Gen Z are turning to finance jobs

After growing up with self-employed parents who were hit hard by the financial crash, Jack Johnson, 24, understands the value of a stable job. “I became aware quite early on how difficult it is to get by in London,” he says. “If I want to have the kind of lifestyle my parents enjoyed when they were my age, the list of careers I can choose to go into is getting thinner and thinner.” 

After completing the graduate scheme at a Big Four consulting firm, Johnson joined Coppett Hill Growth Advisory as an associate in 2023. The average finance associate salary in the UK ranges from £41,115 to £78,769, according to Reed.co.uk, a jobs website. 

While Johnson recognises he is privileged to earn what he does at his age and work with a team he enjoys, he also thinks there’s a perception gap about what the job actually involves. “My friends get the impression I spend 12 hours a day slaving over excel,” he says. “In reality what we do is a lot more people-centric than that and a lot more varied.” 

When it comes to stability, the City has always come out on top – historically at the price of terrible hours and high stress levels.

Stories abound of interns pulling all-nighters, junior analysts sleeping under their desks and a culture of presenteeism where leaving before the boss is a cardinal sin.

However, recent years have seen some curbing of these extreme practices. Many firms now implement policies promoting work-life balance, such as capped working hours for interns, mandatory time off and wellness programs aimed at reducing burnout.

“When I first got into finance I had the expectation that I’d do this for a couple of years, then take a step back and do something which allowed me to have more of a work-life balance,” says Johnson. However, after working in the industry he has found these stereotypes are somewhat outdated. “My boss is enormously productive, he works really hard, but he’ll always leave the office at five to do bedtime with his kids.”

There are other perks of the career that attract him. Relocating from the Midlands to London, Phillips hopes to live in a high-rise flat and spend his evenings and weekends dining out at nice restaurants, enjoying what the city has to offer someone on a starting salary of around £70,000. “Even in the basic finance role, you have enough money to have that sort of lifestyle.”

Young people in other careers are also paying attention, particularly those rattled by layoffs in tech and media. Domi Perek, 29, is one of them.

She launched her first company aged just 18 and by 25 was included in Forbes Magazine’s infamous 30 under 30 list. “I would say I commercially made it,” she says. However, when the pandemic hit, the company suffered huge financial losses. 

After a period of time off to reflect and recalibrate, she is turning to finance, launching her own VC fund to invest in start-ups across the arts and fashion. For Perek, the clear structure of finance compared to the chaos of her previous career path appeals. “It’s given me a sense of stability, which I didn’t have working in the media industry.”

For Perek, pay isn’t her main motivator. “I don’t want to just make money, I really want to help people,” she says. The perception that those in finance are solely money-minded is now a little outdated.

The CFA Institute’s Watkins explains there are four main motivations when it comes to young people’s career decisions: salary and success, safety and stability, then intrinsic interest and positive impact. “Finance has always been associated with the first one but the other three are there too,” he says. 

From American Psycho to the 2007-08 financial crash, the perception of finance jobs has not always been favourable. “I think people were embarrassed to say what they did for some time,” says Watkins. But finance is slowly improving its image and, coupled with anxiety about pay and progression, young people are happy to opt into stable, high-paying industries – at the risk of being compared to Patrick Bateman. 

Phillips’ experiences in finance so far have been nothing like the films he grew up watching. But the same can’t be said for all. “I do know a guy who actually did an investment banking summer internship and it was exactly as some films have described it,” says Phillips. “But the guy really likes it and he’s going back for his graduate role in September.”