1. Financial Academy survey results
Skills and education in the financial sector

2. Background
The establishment of the Financial Academy presented a good opportunity to compile experts’ views on the following topics:
What are the future skill requirements in the financial sector?
How well are member organisations aware of different training options?
How can we improve financial skills and the Financial Academy?
These were considered important questions, worthy of a new survey which will be conducted at a later time.

3. Participants included 72 experts
Source: Haaga-Helia

4. Which skills were regarded most important in the following categories?
business skills
customer service
international skills
creativity and innovation
technology
networking
responsibilities

5. Most important business skills
Source: Haaga-Helia

6. Most important customer service skills
Source: Haaga-Helia

7. Most important international skills
Source: Haaga-Helia

8. Most important creative and innovative skills
Source: Haaga-Helia

9. Most important technological skills
Source: Haaga-Helia

10. Most important networking skills
Source: Haaga-Helia

11. Most important responsibilities
Source: Haaga-Helia

12. Future skill requirementsAI
mining, analysing and utilising data
Big Data
robotics
new legislation financial direction
solvency
balancing
regulation
Excerpts
“ability to learn not just core competences, but other skills as well”
“work is learning and learning is work”
“understanding the revenue model of negative interest”
“making changes in a quick but controlled way”
“building trust”
“understanding how society works”
managing whole processes
self-direction
personal encounters
social situations
international skills developing partnerships
sharing knowledge facilitation
coaching
design skills
service design

13. Identifying new skill requirements
Employers, companies and other organisations
Market and competitor analysis, customer research and feedback, internal surveys on skills and education requirements, trends, weak signals
Regular performance reviews and skills surveys are the primary measures
Skill requirements mainly surface in yearly performance reviews, but with the rapidly changing world, needs must be charted continuously
Education should provide strong basic skills
Source: Haaga-Helia

14. Identifying new skill requirements
Educational institutions
New students every year, financial sector organisations and events
Requirements usually identified in cooperation with companies
shared projects and thesis work/final projects for companies
Following futures studies
More training and forums on core competences
“I’m interested in pretty much everything. As an employee it’s hard to recognise which of my skills are valued by the employer. Guidelines and discussions would be helpful.”
Dialogue during classes and financial sector social media projects
Identifying new skill requirements by following the markets and operating environment
Source: Haaga-Helia

15. Where do financial sector skills originate?
100:0
80:20
60:40
40:60
20:80
0:100
Corp 3 1 23 21
Edu 2 9 11
Ratio of education to work experience, % (education:experience)
Corp = companies (n=48)
Edu = educational institutions (n=24)
Source: Haaga-Helia

16. Awareness of available education
Educational institute
mean
Universities
3.47
Universities of applied sciences
3.36
Vocational schools
2.90
Independent institutes providing continuing education
Upper secondary schools
2.58
Secondary schools
2.37
Primary schools
2.35
Qualifications in the financial sector
mean
Bachelor of Business Administration
3.49
Insurance degrees (VTS and YVTS)
3.13
Master ’s degree
3.11
Bachelor’s degree
3.00
Vocational Qualification in Business and Administration
2.97
Further Qualification in Financial Services (competence-based qualification)
2.90
Investment qualifications (APV1 and APV2)
2.79
PhD
2.67
Executive MBA degrees
2.62
The Finnish Matriculation Examination
2.35
Degrees of Financial Analysts (CEFA/CIIA/CEESGA)
2.21
Comprehensive school
2.06
Scale 1–5 (1: not at all aware, 5: very much aware)
Source: Haaga-Helia

17. Expectations for the Financial Academy
Active cooperation.
Mutual commitment, working together.
Various events, networking sessions, webinars, discussions.
Utilising digitalisation, ease of use.
More visibility for the Financial Academy. Marketing the Academy to companies and educational institutions. s, intranet, websites etc.
Comprehensive cooperation in the financial sector, including trade unions. Everyone has to be included.
Inspire economics teachers to become interested in the financial sector.
Correct and practical information about students’ career opportunities. Less hype, more action.
Proactivity. Planning education for 2019–2020. Informing member organisations on what’s coming.

18. Expectations for the Financial Academy
More visibility for competence profiles
“It would be beneficial to create competence profiles together. They would move from vocational schools to universities and the workplace, and result in different kinds of competencies. These profiles should match the real-world expectations of the financial industry and offer students a clear view of their opportunities and motivate them even more.”
Communication
“The Financial Academy is the most direct method of communicating the sector’s skill requirements. Cooperation between educators and employers is essential. An official channel is also important at forums with the Ministry of Education and Culture and with the Finnish National Agency for Education.”

19. Examples of successful practical projects
“Basics of the financial sector”, a reform project by Laurea University of Applied Sciences
Innovating together with students, for example the reshaping of the “Keep it Rolling” website
Traditional cooperation, for example with the Helsinki Business College. Internships help students determine if the work corresponds to their expectations.