With the rising cost of living, the increase in university fees, and enthusiasm by firms to utilise the levy and create greater diversity within their firms, financial services apprenticeships once again seem to be in the limelight.
Has Covid-19 and the increased reliance on technology to communicate impacted the social and softer skills of both groups? What are the key differences in skills that firms need to focus on when these young people join their workforce?
Tom Hegarty, managing director at M&G Wealth Advice Partnership and chair of the Financial Planning Apprenticeships Trailblazer, says: “The benefit that apprenticeships bring in general is that they have a combination of off-the-job training and on-the-job training skills.
"This means that apprentices are already quickly learning the day-to-day requirements and demands of the workplace, which could be seen as giving them a head start in putting their skills and behaviours into practice.
"Graduates on the other hand are generally well equipped with the knowledge of what will be required from their future career, but may have limited experience of adapting their skills and behaviours to the workplace environment”
Apprenticeships
When researching the skills gap for apprentices in comparison to graduates, ChatGPT focuses on financial services apprentices missing the skills required regarding specialisation, that apprenticeships might struggle to keep pace with the rapid changes in technological innovation, leading to a shortage of tech-savvy professionals.
However, in practice it is the on-the-job skills that employers say they require.
John McDermott, client relationship director at Fitch Learning Apprenticeships, says: “One area where we see more guidance is needed with apprentice school leavers is with professional skills.
"Often, this can be their first role working in an office. Fundamentals such as office etiquette, managing upwards and effective communication skills should not be taken for granted."
The need to up-skill in these areas mirrors the recent report by the Financial Services Skills Commission on the skills required to equip our workforce for 2030: data analysis and digital literacy, coupled with teamwork, coaching and adaptability.
For graduates the artificial intelligence ChatGPT provider comments on their limited practical exposure, adaptability, agility and soft skills.
Closing the gap
To address these disparities in skills gaps for both apprentices and graduate employees, a multi-pronged approach is necessary.
Collaborations between professional bodies and employers are essential to bridge the divide. Here are a few strategies that can be employed:
- Integrated curriculum: looking at learning for practical and theoretical skills delivered by multiple channels; not ignoring the benefits of shared experience learning and development just from exposure to senior team members. Regular feedback from internal appraisal processes as well as more formal training.
- Frequent industry exposure: attending live events to improve networking skills, building confidence by making conversations with unknown peers and broadening their understanding of a wider range of topics.
- Continuing learning: Both apprentices and graduates should embrace a culture of continuing learning. The CISI new learning platform will include more than 500 soft skills micro modules for a range of levels from first jobbers to management and leadership. This is complemented by one hour online learning professional refreshers in areas including client relationship management, negotiation and ethics.
- Mentorship programmes: Establishing mentorship programmes within organisations can facilitate the transfer of practical knowledge and skills from experienced professionals to newer employees. The CISI mentoring scheme is available to members at all levels.
In conclusion, the skills gap between apprentices and graduate employees in the financial services sector highlights the need for a comprehensive approach to education and training.
Combining theoretical knowledge with practical experience, fostering soft skills development, and embracing a mindset of continuing learning are key to ensuring that both groups are well-prepared to meet the challenges of our rapidly evolving profession.
The CISI is supporting both school children and those at university with employability sessions and foundation knowledge through basic qualifications.
