Financial, Insurance and Professional Services: Sector Skills Assessment 2012
The Sector Skills Assessment for Financial, Insurance and Professional Services presents evidence on the sector’s skill needs and priorities. This report has been produced by a combination of three Sector Skills Councils: Skills for Justice, Financial Skills Partnership, and e-Skills.
Financial, Insurance and Professional Services: Sector Skills Assessment 2012 (PDF, 773 Kb)
Published November 2012
This is the Sector Skills Assessment (SSA) for the Financial, Insurance and Professional Services sector. The aim of the report is to provide authoritative labour market intelligence (LMI) for the sector in order to inform the development of skills policy across the UK.
The definition of Financial, Insurance and Professional Services used in this report covers financial and insurance activities together with professional, scientific and technical activities.
The sector is a major contributor to the UK economy. It is ranked fourth out of 15 SSA sectors in terms of the value of its output, whilst productivity in the sector, as measured by output per job, is almost twice the average for all sectors. It is also important in terms of employment, with a workforce two million people.
The sector faces the key challenge of enhancing its management, technical and specialist skills in order to comply with changing regulatory regimes and exploit new market opportunities both domestically and overseas.
SSAs combine top-down data from official sources with bottom-up sectoral intelligence to provide a consistent, comparable and rich understanding of the skills priorities within sectors across the four UK nations. The reports have been produced to a common specification (developed by the UK Commission in consultation with the four UK governments) and follow a consistent structure.
