Future's bright for next generation; One in three financial services vacancies is hard to fill and nearly 400,000 people are needed in this sector in the coming years. Niki Chesworth talks to those helping to train the City workers of the future.

Byline: Niki Chesworth

If 2009 was carnage in the financial services sector with more than 50,000 banking, finance and insurance jobs lost, 2010 is the year it starts hiring again.

Yet, despite high unemployment, recruiters are finding it hard to find those with the right skills.

"We all recognise that the financial services sector is a very important part of the UK economy -- whether in London or elsewhere -- and that is why it is vital that we grow the talent to meet the demand from employers," says Sylvia Perrins, CEO of the National Skills Academy for Financial Services (NSAFS). "However, we know from employers we work with that they are suffering from a skills gap. The feedback we get from recruiters is that they want local people trained to fill local jobs -- and this is until recently an untapped source of talent for employers in the Canary Wharf area."

Already hundreds of jobseekers -- mainly school leavers and graduates -- have found work in the financial sector after completing one of the National Skills Academy's courses based at Tower Hamlets College.

"Each student also benefits from a work placement," adds Perrins. "We find a combination of basic training, some experience and the right skills means, more often than not, employers then recruit our students." In addition, many employers are signing up to apprenticeship schemes -- particularly in insurance, banking and financial advice. "There are around a thousand in operation," adds Perrins. "Employers are waking up to this as a means of attracting young talent."

Jennifer Lavelle is one such student.

She took up an apprenticeship with Aon in 2008 which involves studying for an NVQ in financial services.

"The programme takes two years and I expect to finish in October. The key benefits for me are that I am gaining qualifications, getting hands-on work experience and working in a large company where there is room to develop," she says.

Another aspect of the NSAFS work is career and leadership development, with courses linked to recognised professional qualifications. "We started this leadership programme in London last year and already have 100 people in 15 companies furthering their professional development," says Perrins.

"The focus has been on small and medium-sized companies, but they do not always have the same resources as multi-nationals for training."

SCHOOL LEAVERS' OPPORTUNITIES THE City Business Traineeship programme is another scheme designed to attract new talent to the City.

Recognising the fact that financial firms require a range of skills and talents -- not just the brightest graduates -- the scheme is open to those completing A-levels or equivalent in this academic year.

The online application process is being launched this month and is open to those who live or go to schools in one of these London boroughs: Camden, Hackney, Islington, Lambeth, Southwark, Tower Hamlets and Westminster. Students must have at least GCSE grade B in both English and maths.

Pupils will be called back for an interview and will be assessed for a place on a summer placement which involves working for up to 13 weeks and earning the going rate at a City firm.

The Brokerage Citylink, which delivers the programme founded by the City of London Corporation, will be visiting City fringe schools this month to encourage pupils to enter.

Last year 87 A-level leavers participated in the scheme including Illya Karpenko, 19, from Dunraven Sixth form in Lambeth, who was awarded the CBT Highly Commended Trainee of the Year Award following a successful placement at Lloyd's underwriters, Antares Underwriting.

Karpenko, who has since accepted a full-time, six-month placement at the company, says of the scheme: "The work placement left me with no doubt as to my future career -- I knew I definitely wanted to become an underwriter."

The City of London Corporation (CLC) works with another 40 projects dealing with economic regeneration and maximising employment opportunities for those in the City's neighbouring boroughs.

"The projects we work with largely provide soft skills to make people generally more employable -- these can be recent graduates from some of the newer universities as well as young people aged between 16 and 24 who are not in education, employment or training," says David Pack, partnerships manager at the CLC.

"We have recently increased the resources put into this and over the next couple of years will be introducing around 1,000 young people to the concept of City jobs and will help a similar amount with formal training and support.

"In addition to the City Business Traineeship programme we work with the Adab Trust, which helps ethnic minority graduates break into the City recruitment market, as well as the City Careers Open House, which gives young people a chance to taste life in a City office."

For more information on the National Skills Academy for Financial Services courses visit www.nsafs.co.uk.

To apply for the City Business Traineeship programme go to www.the brokerage.org.uk/city-businesstraineeship.

html. For information on the 40 projects helping recruitment and urban regeneration in the City fringe boroughs visit www.cityof london.gov.uk/urban regeneration

CAPTION(S):

Bright lights: the City is predicted to start hiring again this year, and offers a great future