According to widely reported research by KPMG in 2019, 41% of employees in the financial services sector are following in their parents’ footsteps – more than three times the national average for other sectors. This limited level of social mobility, defined by the UK government as “the link between a person’s occupation or income and the occupation or income of their parents”, prompted us to commission research into five different groups – parents, teachers, firms, our members, and the financial services community – to gather data on and better understand the barriers and access to our sector.
Our special report on social mobility (pp.17–24) includes the survey results from the first three groups – 513 teachers, 1,013 parents, and around 40 firms – on the value of work experience and how it can provide access to a career in financial services. It reveals that 77% of parents with children at independent/private schools say their children are aware of financial services as a career path, compared to 50% with children at local authority schools. It also reveals that “parents and teachers think professional qualifications in financial services are more important than university qualifications in financial services”.
The full print edition PDF is now available online for all members. Log in to read it.
CISI members can sign in to continue reading
All CISI members, excluding student members, are eligible to receive a hard copy of the quarterly print edition of the magazine. Members can opt in to receive this by logging in to MyCISI, clicking on My Account, then clicking the Communications tab and selecting ‘Yes’.