Strategic Skills Needs in the Financial Services Sector
This report provides an assessment of the skills needs in the financial services sector to 2020. The sector was selected for analysis on the basis of its importance to the UK economy. The study is part of a wider exercise designed to contribute towards the UK Commission’s overall response to strategic skills, the National Strategic Skills Audit for England 2010.
Strategic Skills Needs in the Financial Services Sector. Evidence Report 15 (PDF, 3.4 Mb)
Published March 2010
This report provides an assessment of the skills needs in the financial services sector to 2020. The sector was selected for analysis on the basis of its importance to the UK economy. The study is part of a wider exercise designed to contribute towards the UK Commission’s overall response to strategic skills, the National Strategic Skills Audit for England 2010.
Financial services are normally segmented along the three main activities: banking, insurance and asset management. We have used a further cross-cutting segmentation by customer type of retail vs. wholesale, as there are a different set of drivers relevant to each. For retail, we define customers as individuals and small and medium enterprises; for wholesale, we define customers as large corporations (typically international in profile), financial services companies themselves and government/public sector organisations. Professional services, including those linked to financial services, such as accountancy, are not within the scope of this report.
The report uses in-depth desk research, interviews with industry stakeholders, analysis and scenario development to help the UK Commission understand the future skills needs of the financial services sector. It provides both a qualitative and quantitative view of these requirements and how they may evolve in the long-term. The research has also taken into consideration relevant international trends and regional implications within the UK.
