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Army job cuts ‘set to fuel Financial Services sector’

Jan 28
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Army job cuts ‘set to fuel Financial Services...

Austerity measures will continue to take their toll on the nation’s armed forces in 2014, with a further 1,400 jobs to be cut.

Many servicemen will soon be evaluating their post-military job prospects, according to financial advisory organisation the Lighthouse Group. The firm feel that the new year is the perfect time for ex-military personnel to embark on a new career in the financial services sector.

Malcolm Streatfield, chief executive officer of the Lighthouse Group, said: “It’s no secret that the armed forces redundancy scheme is to continue to affect military personnel in 2014. 

“There are to be a further 1,400 redundancies this year, to add to the 4,500 that were announced in June last year, and it is unquestionably a very stressful time for those who are unsure of what career path to tread.”

Mr Streatfield believes the financial services sector and the armed forces are similar in some respect. Both require a determined, industrious, disciplined and attentive personality to be successful.

He adds that as the sector has lost 10,000 people over the last 18 months, there are now plenty of opportunities to be had.

Lighthouse Group financial adviser Andy Stafford-Smith started his career in the financial services sector in 1995, after 20 years in the armed forces. 

Speaking about his transition, the ex flight sergeant believes that many people leaving the army could enjoy a successful career in the financial services sector.

He said: “Speaking from personal experience, a career in the financial services sector would suit many ex-service personnel. Having left the RAF after 20 years, I needed to find a career that maximised my drive, discipline, ambition and problem solving skills. 

“These are the kind of key characteristics held /by many in the military and the financial services sector really allows you to utilise these abilities. I would definitely advise those leaving the armed forces this year to view the financial services sector as a viable career move.”

Mr Stafford-Smith believes that the Lighthouse group can provide the right training so that individuals joining the company are equipped with the tools for success.

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