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The most obvious route into the financial services industry is through university and the "milk rounds". But nowadays more and more people are entering it later, after doing something completely different for a few years.

"Investment banking is open to bringing in people from outside when they are still in their mid-20s," says Helena Watson, a director of the City of London executive search firm, Fraser Watson.

"It is less easy to come in after the age of 35, as employers correctly regard the learning curve as too steep for people who have got beyond this age bracket, because they are less quick and open to learning and the sense of starting again," she adds.

People are welcomed up to their mid-30s for specific jobs which require outside experience, for example sector analyst in the equity markets, she says.

"In an area such as accountancy, where the knowledge of accepted practices and principles is the paramount skill requirement, it matters little if the knowledge has been gained in industry and commerce, or in the financial sector," he says.

Beyond having necessary core skills, success may be more closely aligned to personal characteristics than professional qualifications.

"Banks look favourably on well-rounded individuals. The traits they look for are generally personal, so technical skills may be less relevant. Demonstration of team skills, drive, innovation, logic and determination are valuable," says Mr. Norton.

"In addition, mathematical skills are useful, so any experience in programming or complex modelling or mathematics will be valued," he adds.

Debbie Fisher, head of HR in securities at Commerzbank, says that individuality can make up for a lack of financial experience.

"We do not have a strong requirement for City of London experience. Spirit, personality and personal characteristics are as important," she says.

"For example, our global head of derivatives trained as a dentist. There are no strict rules, but graduates do need to show a level of achievement and we are competing for the top graduates.

However, if you are hoping to enter an area that requires specific financial understanding, such as trading or derivatives sales, be aware that most people will have entered straight from university.

Mr. Norton says that as well as accountancy, investment banks and other financial services firms value IT, law, and strategic management skills when recruiting from outside their sector.

"Individuals with strong quantitative backgrounds, such as actuaries or academics, are also looked on relatively favourably," he says.

In-depth knowledge of an outside area can work strongly in a candidate's favour. Duncan MacKay, head of equity markets at financial recruiter Marshall Warburton, says: "In terms of analysis, be it credit analysis or equity analysis, there is a definite interest in people who have held positions in a strategy department, or in a finance department working for the finance director.

"It is the knowledge of an industry that banks look for, with the ability to communicate this and estimate what financial effect it will have on the company," he says. He adds that overall, in the last five years there had been a marked increase in the number of people going to work in the City of London from a non-City background.

Sales is another area open to those with experience gained elsewhere

Ms. Watson, of Fraser Watson, says: "Sales is a relationship-driven business. The sense of richness of personality and experience which someone brings who, for example, has spent 10 years in the army handling large numbers of people in difficult situations, will make them stand out immediately from the rank and file of investment salespeople."

The army can also provide a useful training ground in which individuals develop organisational and leadership skills.

Lynne Fisher, Director of Diversity for Schroder Salomon Smith Barney and the Global Corporate and Investment Bank in Europe, says: "We see applicants with a services background. The experience gained in the army of working with others in a demanding, fast-paced environment can be beneficial."

Case Studies

• Helen Snell, media analyst at ABN Amro> investment bank

"Before ABN Amro I worked for three years in market research, writing specialist management reports on the music industry. I decided to change careers after I was approached by my current head of team who read some freelance articles I'd had published in a trade journal.

I had a specialist, in-depth understanding of the music industry, which I had been researching and writing about for three years. The fact that I had been writing reports from a corporate and operational perspective was seen as an advantage.

The team leader who hired me likes new members to start from scratch, to fit in with the specific culture of the team. If I had come from another bank, this might not have been so easy. I had to acquire new skills relating to financial analysis, as well as gain a better perspective of the way the City of London works.

It is quite unusual to enter the City of London having had a career in something entirely different, but this may become more common with the rise of new sectors such as the internet, about which little will traditionally be known here.

If you are hoping to enter the financial services industry, it is useful to have some specific market knowledge. Alternatively, a financial background, such as accounting, would also be useful. A lack of market knowledge and financial skills would be a major drawback."

• Sean Taylor, senior fund manager at >Société Générale Asset Management Emerging Markets

"I took business studies at university before becoming an army officer for four years in the Guards. When I left the army I wanted to continue working abroad and I'd always had an interest in economics and the stock market.

When I entered the City of London, certain aspects of my career were looked on favourably: reliability, leadership, organisational and presentation skills, plus qualities such as level-headedness, the ability to talk to clients, solve problems and so on that graduates have little experience of when they start.

I spoke some Arabic and French and started work on an international desk. I also had experience of living in foreign countries, especially the Middle East, which was useful as we dealt with the region, and I had good contacts there.

As an emerging market fund manager it is important to have lived in some of the countries that one is invested in. You have a better understanding of the culture and how to interpret news and events, as well as a broader understanding of the country's history and politics, which is crucial.

I did have to acquire some new skills. I learned the entire business of managing money by doing all the analyst exams and then a part-time M.B.A., which took around four years."

"I worked in a secondary school for six years until I was 28, teaching English and Latin and putting on large-scale musical productions.

I came into the financial services because singing friends I knew from Cambridge were clearly enjoying the financial markets and I wanted to explore them, although there was nobody commercial in my family to encourage me.

Most recruitment firms I approached did not feel that my experience in teaching had any relevance - their clients wanted specific City of London experience, or an accounting or economics background.

However, two or three recruiting firms were interested in me as a potential hire for their own business, and this is how I came into headhunting.

The skills I brought were ones of assessing and interviewing people. There is a parallel between talent-spotting youngsters as performers in music and drama and talent-spotting in the City of London.

Discovering good candidates, coupled with the challenge of articulating and interpreting their motivations and life story, are two exciting parts of the recruitment job."

• James Bullock, analyst in equity research covering the media sector at ABN Amro investment bank

"After graduating from Cambridge, I joined a large accountancy firm as a trainee chartered accountant in their London audit practice, focusing on insurance, banks and leasing companies.

After two years I had passed my Associate Chartered Accountant (ACA) exams and moved into the corporate finance division, specialising in valuations of companies in a similar field.

I had become as good at auditing as I was ever going to be and, if I was going to develop my skills further, it was time to get away from the detailed make-up of accounts and switch into analysing the bigger picture and the themes that drive companies.

The move into equity research was spurred by my interest in the work I had done in valuations. The job in the accountancy firm had helped me to develop useful skills.

The biggest change was that as an accountant I was valuing companies that, generally, were not listed, but equity research is much more focused on changes in the market place.

The other reasons for moving were financial reward and the desire to move out of an organisation I had grown too comfortable with, having been there three and a half years. The training and treatment I received there were good, but I decided it was time to move on.

The work I did previously was generally looked on favourably. The ACA qualification carries a lot of weight and the skills picked up in valuations had built on that.

The fact that I was switching from a financial services industry focus to a media focus wasn't a significant hindrance, because I had a genuine interest in media and had read about it enthusiastically.

I had to develop new skills: learning and applying a wider range of modelling and financial analysis techniques as well as developing sector knowledge. My pre-banking experience is not entirely different from my current position.

There are people around who come from a wide variety of backgrounds. The bank seems to reward people on merit, regardless of their career history before joining the bank.

However, competition to get in is stiff, so you have to demonstrate a strong track record and have a good fit of personality and skill set for the role in order to find your way in."

"I left university in 1997, and worked in the UK civil service for one and a half years as an economist at the Treasury, dealing with fiscal policy.

After being approached by a headhunter, I attended initial interviews out of curiosity. I was attracted by the intellectual freedom, responsibility and lack of bureaucracy that work in financial services could involve.

My career after university was looked on favourably as other economists at ABN Amro have also worked at the Treasury. The public sector provided me with excellent training and passing the civil service exams was a definite bonus.

My work there taught me how to defend a particular view comprehensively, which is important now when strategists, traders and clients challenge forecasts.

My job involves forecasting, analysing and commenting upon economic data, producing in-depth analytical research, as well as marketing both internally and externally our views on the economy and interest rates.

My drafting skills did not really improve until I moved because most of my work at the Treasury was analytical. I also had to improve my oral communication skills.

At the Treasury, if I presented to senior members of staff I had plenty of time to prepare. By contrast, now I comment on economic data to the whole trading floor as soon as it is released, with little time for analysis.

Any career which allows you to develop skills such as the ability to think fast, communicate effectively and produce high quality research could be useful in this market."