The financial services industry has a very specific way of categorising staff according to the role they play in the organisation. Depending on the company, they can reflect the person's job or their level in the organisation, and in some instances both.
Many companies link job titles and their level within the company to remuneration structures and planning career paths for staff development. This gives internal candidates a clear indication of the way forward and from which level candidates may be drawn. It gives outside candidates a good idea of the level of the role and whether or not they could be the perfect fit.
Understanding organisational hierarchy
Here are 7 job titles ranked in order of seniority:
Vice President
This title is only awarded to those on the highest level. This title is a rank that is earned rather than an indicator of the person's job. This means that a person might get promoted to Vice President while staying in their current job with the same responsibilities.
Senior Executive Vice President
This title is given to very senior staff, normally one who heads up an entire, very significant division of the business.
Executive Vice President
An executive vice president is a senior executive who will fall under a senior EVP. It may or may not involve staff that report directly to them.
First Vice President
In this role, usually supervises other employees. The title does not necessarily come with supervision of a large group, but definitely of an especially important one.
Director
A director is not necessarily a member of the company's board. It is often used to designate a higher-ranking Vice President. It may be added to a person's title to honour them for their performance or long service.
Vice President
This title designates a senior executive.
Assistant Vice President
One level below a Vice President.
Job titles according to the organisational chart
The rules and way that these titles are applied vary from employer to employer. Only the titles Senior Executive VP and Executive VP refer to specific jobs. Director was introduced as a way to show special recognition without changing a Vice President's role. By contrast, being promoted to First VP usually requires having a role higher up in the organizational hierarchy. To complicate matters further, First VPs might have Directors or ordinary VPs as their peers on the organization chart.
If you see yourself moving up the ranks in the insurance and financial services sector then call EAW today: 011 793 6780 today. With EAW, your dream job is possible and the only way is up.