Uniting forces: Bridging the Employability Gap between Education and Industry in Finance

In our quest to close the employability gap and expand opportunities in finance for young people, we convened leaders from top educational and industrial institutions for an insightful panel and networking lunch at London's iconic Gherkin. Join us as we reflect on the day itself.
Apr 15 / Rachel Aspinall

Uniting higher education and industry 

At AmplifyME, through our long-held partnerships in education and industry, we are in the unique position to witness and support the challenges each side faces: universities working on educating and preparing students for the industry, and institutions attracting and recruiting diverse talent ready for the desk into the right roles. It is no secret, however, that collectively, bridging the gap between university and workplace remains a challenge. 

Back in February, in one of London’s iconic buildings, The Gherkin, we brought together 50 of the world’s leading financial institutions and universities, including the likes of Morgan Stanley, UBS, and Oxford University, for an interactive panel and networking lunch.

Our aim? To collectively explore the employability gap in finance and work on how to bridge it.

Our panel, hosted by Anthony Cheung, Chief of Content and Culture at AmplifyME, comprised of representatives from early talent at Morgan Stanley and RBC, and a senior economics and finance lecturer at Loughborough University.

The result? An incredible interactive session, sparking insightful conversation and debate, examining perceptions, challenges, and ideas from both sides. Culminating with the question, ‘How can universities and industry work together better?

Let's reflect back on the top takeaways from the day itself:

At AmplifyME, through our long-held partnerships in education and industry, we are in the unique position to witness and support the challenges each side faces: universities working on educating and preparing students for the industry, and institutions attracting and recruiting diverse talent ready for the desk into the right roles. It is no secret, however, that collectively, bridging the gap between university and workplace remains a challenge. 

Back in February, in one of London’s iconic buildings, The Gherkin, we brought together 50 of the world’s leading financial institutions and universities, including the likes of Morgan Stanley, UBS, and Oxford University, for an interactive panel and networking lunch.

Our aim? To collectively explore the employability gap in finance and work on how to bridge it!

Our panel, hosted by Anthony Cheung, Chief of Content and Culture at AmplifyME, comprised representatives from early talent at Morgan Stanley and RBC, and a senior economics and finance lecturer at Loughborough University.

The result? An incredible interactive session, sparking insightful conversation and debate, examining perceptions, challenges, and ideas from both sides. Culminating with the question, ‘How can universities and industry work together better?

Let's reflect back on the top takeaways from the day itself:

Recruitment teams rated personal attributes like resilience as the most crucial when considering young talent for leading roles.  

Resilience, adaptability, motivated, and strong communication skills were listed as the most important when considering recent graduates, suggesting that a desire to learn and mental attitude is just as important as exceptional grades and educational background. In fact, when the corporate teams were asked which educational backgrounds they are prioritising as part of their talent acquisition strategies, 63% stated no preference at all – skills are all that matter.

Lizzie Weeks, Vice President - EMEA  Sales, Trading and Research Campus Recruitment at Morgan Stanley, expanded on this, adding that for them, extracurricular activities also hold a lot of value as they demonstrate a more well-rounded individual with good communication skills.

Resilience, adaptability, motivated, and strong communication skills were listed as the most important when considering recent graduates, suggesting that a desire to learn and mental attitude is just as important as exceptional grades and educational background. In fact, when the corporate teams were asked which educational backgrounds they are prioritising as part of their talent acquisition strategies, 63% stated no preference at all – skills are all that matter.

Lizzie Weeks, Vice President - EMEA Sales, Trading and Research Campus Recruitment at Morgan Stanley,  expanded on this, adding that for Morgan Stanley, extracurricular activities also hold a lot of value as they demonstrate a more well-rounded individual with good communication skills.

our expert panel
A big thank you to our insightful panel: Lizzie weeks, Vice President - EMEA Sales, Trading and Research Campus Recruitment at Morgan Stanley, Marc Caporiccio, Global Diversity Lead at RBC and Kavita Sirichand, Senior Lecturer in Financial Economics at Loughborough University.
A big thank you to our insightful panel comprising: Lizzie weeks, Vice President - EMEA Sales, Trading and Research Campus Recruitment at Morgan Stanley, Marc Caporiccio, Global Diversity Lead at RBC and Kavita Sirichand, Senior Lecturer in Financial Economics at Loughborough University.

Practical skills and experience trump all in the age of ChatGPT, for institutions reviewing candidates for internship and graduate roles. 

Employers value practical experience such as simulations, case study work, internships, and insight days more highly than anything else, including academic performance and educational background when reviewing candidates. This mirrors recent research by LinkedIn showing that recruiters report being five times more likely to search for candidates by skills rather than degrees, and three-quarters believe that skills-first hiring will become a priority in the next 18 months. In terms of ChatGPT, different employers have responded in different ways. Some now disregard cover letters, and others now place greater emphasis on interviews.
Employers value practical experience such as simulations, case study work, internships, and insight days more highly than anything else, including academic performance and educational background when reviewing candidates. This mirrors recent research by LinkedIn showing that recruiters report being five times more likely to search for candidates by skills rather than degrees, and three-quarters believe that skills-first hiring will become a priority in the next 18 months. In terms of ChatGPT, different employers have responded in different ways. Some now disregard cover letters, and others now place greater emphasis on interviews.

Salary and reputation are top student priorities when applying for institutions. 

According to the universities, students prioritise company reputation and salary above all other factors, including company culture and values, flexibility, and work-life balance, and learning and development opportunities when deciding on which firms to apply to.

While it’s true that Gen Z is more likely than generations before to value brand values and culture in general in other sectors, salary and reputation still reign supreme in the finance world. However, when asked what the perceived barriers to entry are, competition from other students was considered the biggest threat by students in securing their desired role.
According to the universities, students prioritise company reputation and salary above all other factors, including company culture and values, flexibility, and work-life balance, and learning and development opportunities when deciding on which firms to apply to.

While it’s true that Gen Z are more likely to value company brand values and culture in all other sectors, salary and reputation still reign supreme in the finance world. However, when asked what the perceived barriers to entry are, competition from other students was considered the biggest threat by students in securing their desired role.

More collaboration between universities and industry desired by both sides to widen the net and close the employability gap. 

The overwhelming consensus was that there needs to be more collaboration between universities and employers to ensure transparency and demystify contemporary roles in finance through the delivery of practical skills earlier on to wider groups of students on non-finance degree programmes. Because, as the group acknowledged, there is less awareness of the newer, quant-focussed roles that those with STEM backgrounds would suit well and find fulfilling career paths in. There was also a desire for students to learn more general workplace skills at university like receiving constructive criticism and presenting in a corporate environment.
The overwhelming consensus was that there needs to be more collaboration between universities and employers to ensure transparency and demystify contemporary roles in finance through the delivery of practical skills earlier on to wider groups of students on non-finance degree programmes. Because, as the group acknowledged, there is less awareness of the newer, quant-focussed roles that those with STEM backgrounds would suit well and find fulfilling career paths in. There was also a desire for students to learn more general workplace skills at university like receiving constructive criticism and presenting in a corporate environment.

A big thank you to everyone who attended and contributed to such a thought provoking event. We look forward to many more as we continue to connect universities with employers to find the very best outcome for students.