Hiring and Sponsoring Financial accounts managers (SOC Code 3534)

Financial Accounts Managers, classified under SOC Code 3534, are key professionals in the financial services sector responsible for developing and managing business accounts to maximize sales of financial products. Their roles are essential for the efficient operation of multiple business accounts and typically include:

• Leadership: Manages teams responsible for handling insurance claims and ensures operational efficiency.
• Credit Evaluation: Checks customers’ credit ratings with banks and credit reference agencies to assess creditworthiness.
• Credit Management: Establishes credit terms and ensures timely payments by customers.
• Negotiation: Renegotiates payment terms as needed and takes necessary actions to recover debts, including initiating legal proceedings if required.
• Accounting Oversight: Carries out and/or supervises general accounting and administrative work, ensuring compliance and accuracy.

As the demand for financial services continues to grow, many businesses are seeking skilled Financial Accounts Managers to navigate the complexities of financial product sales and account management. This guide will aid HR professionals looking to hire and sponsor Financial Accounts Managers under the UK’s immigration system.

What is SOC Code 3411 for Financial accounts managers?

SOC Code 3534 refers to financial accounts managers who develop and manage business accounts to optimize the sales of financial products. Their responsibilities can include:

• Developing business accounts: Nurturing and expanding relationships with clients to boost financial product sales.
• Managing account operations: Ensuring the efficient and effective operation of multiple business accounts.
• Leading teams: Overseeing teams that handle insurance claims, ensuring compliance and quality service delivery.
• Assessing credit ratings: Checking customers’ credit ratings with banks and credit reference agencies to make informed credit decisions.
• Establishing credit terms: Determining terms of credit and ensuring timely payments from customers; renegotiating terms when necessary.
• Debt recovery: Initiating legal action to recover debts when required, demonstrating a strong commitment to financial accountability.
• Supervising accounting tasks: Carrying out and/or supervising general accounting and administrative functions to maintain operational integrity.

Financial accounts managers play a critical role in the financial industry, ensuring responsible credit management and fostering strong client relationships while driving sales growth.

Eligibility to Hire Financial accounts managers (SOC Code 3411)

1. Job Requirements

Financial accounts managers seeking to excel in their role must demonstrate strong financial acumen and meet certain qualifications or experience criteria. These may include:

• Proven Experience: A minimum of X years in financial management or a related field, showcasing a track record of successfully managing business accounts.
• Educational Background: A degree in finance, accounting, business administration, or a related field is preferred; certifications such as CPA or CMA can be advantageous.
• Technical Skills: Proficiency in financial software and tools, including accounting systems, customer relationship management (CRM) software, and Microsoft Office Suite.
• Leadership Abilities: Experience in managing teams, particularly in handling insurance claims and resolving customer inquiries effectively.
• Analytical Skills: Strong ability to assess credit ratings, analyze customer financial health, and make informed decisions regarding credit offerings.
• Communication Skills: Excellent verbal and written communication skills to effectively interact with clients, team members, and other stakeholders.
• Negotiation Skills: Experience in drafting and renegotiating payment terms, as well as initiating legal action when necessary to recover debts.

Ensure the job description aligns with SOC Code 3534 and that the financial accounts manager’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 Financial accounts managers: 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 Financial accounts managers under SOC Code 3534.

Step 1: Obtain a Sponsor Licence

Before hiring non-UK Financial accounts managers, your company or institution must obtain a sponsor licence. This licence enables you to legally sponsor overseas Financial accounts managers 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 Financial accounts managers. This document provides key details about the job and the individual being sponsored.

• Defined vs Undefined CoS: Use a Defined CoS for Financial accounts managers 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 Financial accounts managers’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 Financial accounts managers 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 Financial accounts managers

Before the Financial accounts managers 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 Financial accounts managers’s passport and visa. 
• Online Right to Work Check: If the Financial accounts managers 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 Financial accounts managers’s employment details, salary and contact information. 
   • Reporting Changes: Report any significant changes to the Financial accounts managers’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 Financial accounts managerss.

How Borderless Can Help with Sponsoring Financial accounts managers

Sponsoring Financial accounts managers under SOC Code 3534 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 Financial accounts managers, get in touch for personalised support.

Conclusion

Hiring and sponsoring Financial accounts managers under SOC Code 3534 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.