Hiring and Sponsoring Finance and investment analysts and advisers (SOC Code 2422)

Finance and Investment Analysts and Advisers (SOC Code 2422)

Finance and investment analysts and advisers are integral to the financial services sector, responsible for providing clients with expert advice on investments and financial planning. Their role encompasses a wide range of responsibilities, including:

• Predicting Performance: Experts in forecasting both short- and long-term performance of securities and financial products, helping clients make informed decisions.
• Financial Analysis: Conducting thorough analyses of clients' financial positions while considering outgoings, dependents, and commitments.
• Advisory Services: Offering guidance on the relative merits of various financial products, such as pension schemes, insurance policies, and mortgages that align with clients' individual needs.
• Monitoring Trends: Keeping abreast of the socio-economic environment and interpreting its implications for clients' financial strategies.
• Report Preparation: Compiling comprehensive summary reports of findings tailored for fund managers and other stakeholders.
• Compliance Knowledge: Staying updated on financial products, relevant legislation, and compliance requirements as mandated by the regulatory authorities.
• Client Acquisition: Actively identifying and attracting new clients through strategic outreach and demonstrating the value of financial products.

With the increasing complexity of financial markets, the demand for skilled analysts and advisers is on the rise, prompting financial institutions to look for qualified candidates both locally and internationally. This guide aims to assist HR professionals in understanding the process of hiring and sponsoring finance and investment analysts and advisers under the UK's immigration framework.

What is SOC Code 3411 for Finance and investment analysts and advisers?

SOC Code 2422 refers to finance and investment analysts and advisers who predict the future performance of securities and other financial products, providing valuable advice to clients. Their responsibilities can include:

• Forecasting performance: Assessing short- and long-term market trends and predicting the likely future performance of various financial products.
• Financial analysis: Evaluating the financial status of clients, factoring in outgoings, dependants, and commitments.
• Investment advice: Recommending suitable investment options, including pension schemes, insurance policies, and mortgages tailored to clients' personal situations.
• Socio-economic monitoring: Staying informed about socio-economic developments and interpreting how these trends may affect clients' financial strategies.
• Reporting findings: Preparing detailed summary reports for fund managers that outline findings and recommendations.
• Regulatory compliance: Keeping abreast of financial products, industry regulations, and compliance requirements set by relevant authorities.
• Client development: Seeking new clients by organizing presentations and illustrating the benefits of available financial products.

Finance and investment analysts and advisers are essential in helping individuals and organizations make informed financial decisions, ultimately contributing to economic stability and growth.

Eligibility to Hire Finance and investment analysts and advisers (SOC Code 3411)

1. Job Requirements

Finance and investment analysts and advisers must possess strong analytical skills and meet specific qualifications or experience criteria. These may include:

• Educational Background: A degree in finance, economics, or a related field is typically required, with advanced degrees or certifications (e.g., CFA, CFP) being advantageous.
• Professional Experience: Demonstrable experience in financial analysis, investment advising, or a related role, with a proven track record of successful client management.
• Analytical Skills: Proficiency in analyzing financial data, market trends, and investment opportunities to provide sound recommendations to clients.
• Client Management: Experience in assessing clients’ financial positions, understanding their personal circumstances, and advising on appropriate investment strategies, including pension schemes, insurance policies, and mortgages.
• Regulatory Knowledge: Up-to-date understanding of financial products, legislation, and compliance requirements set by relevant regulatory authorities.
• Communication Skills: Strong ability to prepare detailed reports and articulate complex financial information clearly to clients and management.
• Business Development: Skills in identifying and attracting new clients, including the ability to effectively communicate the benefits of financial products and services.

Ensure the job description aligns with SOC Code 2422 and that the analyst's experience and work meet the expectations for the role.

1. Salary Thresholds
2. Use the Minimum Salary Calculator to ensure your salary offer meets immigration requirements.

Sponsoring Finance and investment analysts and advisers: A Step-by-Step Guide for HR Professionals

Once you’ve confirmed that the role and candidate meet the eligibility requirements, follow this step-by-step guide to sponsoring Finance and investment analysts and advisers under SOC Code 2422.

Step 1: Obtain a Sponsor Licence

Before hiring non-UK Finance and investment analysts and advisers, your company or institution must obtain a sponsor licence. This licence enables you to legally sponsor overseas Finance and investment analysts and advisers under the Skilled Worker Visa program.

• Sponsor Licence Application: Submit documentation proving that your business is legitimate and has a genuine vacancy. Visit the sponsor licence application guide for more information. 
• Sponsor Licence Fees: Small businesses typically pay £574, while larger institutions pay £1,579. For more information, visit the sponsor licence fees guide. 
• Processing Time: Applications typically take up to 8 weeks, but using the Sponsor Licence Priority Service can reduce the processing time to 10 working days.

Once your sponsor licence is approved, you will receive a sponsor licence number, which allows you to assign Certificates of Sponsorship (CoS).

Step 2: Assign a Certificate of Sponsorship (CoS)

Once you have your sponsor licence, the next step is to assign a CoS to the Finance and investment analysts and advisers. This document provides key details about the job and the individual being sponsored.

• Defined vs Undefined CoS: Use a Defined CoS for Finance and investment analysts and advisers applying from outside the UK, and an Undefined CoS for those already in the UK. Learn more in the Defined & Undefined Certificates of Sponsorship guide. 
• Required Documents: Provide details such as the Finance and investment analysts and advisers’s portfolio, passport and job offer. Refer to Documents Required for Certificate of Sponsorship for a full list of necessary documents.

Step 3: Apply for the Skilled Worker Visa

Once the CoS is issued, the Finance and investment analysts and advisers can apply for the Skilled Worker Visa.

• Visa Fees: Fees vary depending on the role and visa length—use the visa fees calculator to estimate the costs. 
• Immigration Skills Charge: Employers are required to pay this charge as part of sponsoring non-UK workers. This is separate from visa fees.

Conducting a Right to Work Check for Finance and investment analysts and advisers

Before the Finance and investment analysts and advisers begins working, you must conduct a right to work check to ensure they are legally allowed to work in the UK.

• Manual Right to Work Check: Verify original documents such as the Finance and investment analysts and advisers’s passport and visa. 
• Online Right to Work Check: If the Finance and investment analysts and advisers holds an eVisa, you can use the UK government’s online system to verify their right-to-work status.

For more details on how to perform these checks, see the right to work check guide.

Post-Hiring Responsibilities and Compliance

1. Record-Keeping and Reporting  
2. • Record-Keeping: Maintain accurate and up-to-date records of the Finance and investment analysts and advisers’s employment details, salary and contact information. 
   • Reporting Changes: Report any significant changes to the Finance and investment analysts and advisers’s role—such as promotions or salary increases—via the Sponsor Management System (SMS).
3. Sponsor Licence Duties and Compliance
4. Failure to comply with your sponsor licence duties can result in penalties or sponsor licence revocation, impacting your ability to sponsor future Finance and investment analysts and adviserss.

How Borderless Can Help with Sponsoring Finance and investment analysts and advisers

Sponsoring Finance and investment analysts and advisers under SOC Code 2422 can be a complex process, but Borderless can simplify it for you. We offer comprehensive support to help you manage the entire sponsorship process.

End-to-End Sponsorship Support

At Borderless, we assist with:

• Sponsor Licence Application: Guiding you through the application process and ensuring all required documents are submitted correctly. 
• Certificate of Sponsorship Assignment: Streamlining the CoS process to make hiring easier. 
• Compliance Management: Helping you stay compliant with immigration laws to avoid penalties.

If you need assistance with hiring or sponsoring Finance and investment analysts and advisers, get in touch for personalised support.

Conclusion

Hiring and sponsoring Finance and investment analysts and advisers under SOC Code 2422 can be a rewarding way to enrich the cultural landscape of your organisation. By following the steps outlined in this guide, you can successfully navigate the sponsorship process while ensuring compliance with UK immigration laws.

For further guidance, Borderless is ready to assist you with all your sponsorship needs. Contact us for expert advice.