Investment Challenge Briefing Elaine Walls 24th October 2017
Financial Services Sub-sectors and employment
Financial Services Key facts Contributes £8.9bn GVA Over £1 trillion assets under management Productivity over double the Scottish average Average salary 13% higher than Scottish average
Financial Services Future workforce demand Working Futures 2012-2022 forecasts continued growth featuring: 47,500 opportunities comprising 11,600 new jobs and 49,500 replacement opportunities A move towards a higher qualified workforce with employees having qualifications at SCQF6 or above increasing from 56% to 72% More managerial, professional or technical roles increasing from 52% to 58%
Financial Services Drivers of change and skills needs Business model Automation of customer transactions 1:1 interaction on more complex issues Fewer, more skilled customer service roles Business model Data mining and analysis of big data Cybersecurity Digital skills, software development Innovation and technology Highly regulated environment Pace of change Project management and specialist skillsets Performance and compliance
Financial Services Entry level pathways Further/higher education Apprenticeship family The industry recruits from a variety of disciplines although business admin, social science, computing science and maths are most common amongst graduate entrants. Specialist ICT/digital degrees are emerging e.g. MSc in Fintech at Strathclyde Work readiness e.g. appropriate behaviours and attitudes are paramount Foundation apprenticeships for S5/S6 are available in ICT/digital and financial services There are modern apprenticeships in financial services, accounting, ICT/digital, data analytics amongst many others New graduate level apprenticeships are available in business management, financial services, software development and cybersecurity
Foundation Apprenticeship Delivery 2017 - 2019 Creative and Digital Media – 23 October 2017 All data is based on Participant Post Code information FA Participants By Framework FA Local Authority Participation FA Delivery Partner Participation FA Participants by School Year