Partner Article

We ain’t got no education

I was having a very interesting conversation with Paul McCraith at the Financial Skills Partnership about their graduate training programme for those wishing to enter the financial advice profession.

As an industry, we have to encourage new entrants, despite the obstacles that the cost of regulation throws up.

Paul was telling me that out of nearly one thousand applicants to the scheme, over half fall at the first hurdle; and that is because they seem unable to coherently read and write.

Now we should be aware that the individuals applying for this aided scheme are graduates!

They have somehow managed to access higher education without some very basic and essential skills, only to exit with a degree; but not the ability to read, write, and matriculate in a consistent way and to a standard that would be acceptable to an employer looking to recruit a graduate entrant.

Things get worse it would seem, as those who are successful in getting on this government aided scheme continue to drop out. This has reached such an extent that by the end of the programme, the final number of qualified graduates available to put out to firms on a three-month internship has reduced to less than a hundred.

The future of financial services lies in firms being able to recruit good quality, intelligent individuals with the ability to communicate well.

But where are they?

We would be interested in hearing from firms who have tried to recruit high calibre new entrants, regarding their experience and the outcome. This can be either via the Financial Skills Partnership scheme or in their own right.

Do tell us:

How many have you rejected to get the right person?

Can they read and write to your expected standards?

Are they numerically able to do the job?

Are they reliable?

Have interpersonal and social skills?

And most importantly, are they willing to learn?

Let’s hope that in putting together this information from various businesses’ experience of bringing graduate trainees on board, that we can begin to correct these problems in the education and training system. Only then will the push for new blood into the industry have a chance at being successful.

This was posted in Bdaily's Members' News section by Panacea Adviser .