64% Fin Tech grad schemes have grads quitting

A Censuswide poll of 250 decision makers at UK financial institutions and banks measuring digital skills and diversity in the banking and financial sector, also revealed that 35% of employees in financial institutions are choosing to only offer limited graduate schemes as it took too long to train new staff.

Demonstrating why these graduate schemes aren’t always well received, the poll found 74%of workers believe that applicants for graduate schemes in the financial services industry are male dominated, while 70% believe that diversity, equity and inclusion are an afterthought in the financial services industry.

Sheila Flavell CBE, Chief Operating Officer for FDM Group, commented: “If the UK wants to achieve its ambitions of becoming the next Silicon Valley, a range of work must be done to improve the mitigation of dropout rates early on in careers within the financial sector, and improve access. The financial services and technology sectors will only continue to grow once young people are presented with and made more aware of the opportunities available to them to develop a career in finance. “

A financial services grad scheme typically lasts two to three years, providing graduates with in-depth industry knowledge and development opportunities. Unfortunately, they also suffer from high drop-out rates and a lack of opportunity to enter or progress in the financial sector. On a positive note, the study showed 86% of employees at the financial institutions polled agreed their companies do regularly promote these entry-level roles.

Flavell added, “Grad schemes are a great way to pool knowledge, expertise and develop skills, in turn confronting the skills gap that pervades the UK. Improving access and career progression is thus crucial, and getting fresh faces into the financial sector is key to encouraging a more inclusive financial ecosystem.”