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U.K. Finance Industry To Cut 43,000 Jobs As Grads Shun Sector

The U.K.’s financial industry will lose 43,000 jobs in six months, according to a forecast from the Confederation of British Industry, as companies shrink and reduce costs.

Banks, insurers, asset managers and other finance firms probably cut 25,000 positions in the last three months of 2012 and may eliminate 18,000 jobs in the first quarter of this year, according to a study by Britain’s biggest business lobby group and PriceWaterhouseCoopers, published Monday.

Global cuts at financial firms have exceeded 115,000 since 2012 as they seek to control compensation expenses and retreat from capital-intensive businesses, according to data compiled by Bloomberg.

The cuts in the U.K. industry will mean about 132,000 financial-services jobs have been lost since the peak in the final quarter of 2008, when it employed about 1 million people, the CBI said.

In addition to firings, bankers have been retiring earlier and younger would-be recruits are shunning finance for less-tainted industries, said Burrowes.

For young professionals, ‘it’s not an attractive place to go’, he said. Banking and capital markets at his firm, PwC, ‘is not a sector they’re attracted to any longer’, Kevin Burrowes, U.K. financial-services leader at PwC,  said. ‘It used to be our most popular sector’.

Check out the original article over at Bloomberg.

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Are today’s graduates unemployable?

Employers are struggling to fill entry-level vacancies, despite the fact that there are 75 million unemployed young people worldwide, Diana Farrell, director of McKinsey Global Institute told CNBC.

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A new survey conducted by the group says employers struggle with a lack of skills among graduates of academic and vocational courses,particularly for medium and high-skilled jobs, such as teaching and medicine.

‘The gap is tremendous. It’s a real tragedy’, Farrell said.

The shortage of workers in skilled jobs could reach 85 million by 2020, according to McKinsey report. The company defines youth as individuals between 15 and 29 years old.

The survey revealed that just 42% of employers believed young people were adequately skilled.

Farrell said the education to employment system was not working properly and the mismatch between education providers and industry requirements was rendering young people unemployable.

The McKinsey study conducted among 8,000 participants in nine countries revealed half of young people are not sure their postsecondary education improved their chances of finding a job, with the U.K. at a low of 40% and Saudi Arabia at 60%, though local Saudi graduates are guaranteed a public sector job in the country.

‘This is quite low considering how much money is spent on education’, Farrell said.

She said the most successful were those employers who spent time with young people before they finished school, with some kind of on-the-job training or exposure to the kind of work they do.

Writing by Tanya Ashreena, special to CNBC.com


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Salary Guide (from The IT Job Board)

Are you earning enough?

The average salary of IT professionals is always changing. If your skills are in demand you could be earning more. Take a look at this easy to read,
free salary guide from the folks at The IT Job Board and see if you could be getting paid more.

With the 2012 salary guide you’ll be able to see:

  • Average permanent IT salaries by skill
  • Average contract daily rates by skill
  • Average contract hourly rates by skill
  • Year on year increase or decrease

Check it out here – http://www.theitjobboard.co.uk/browse/salary-guide-2012/en/


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5 Reasons Why UK Graduates are Moving Away From Careers in Banking & Finance

This article has been re-produced. The original author was William Frierson.

Times are tough with the economy all round, but the financial services industry appears to be having a torrid time. Financial scandals coupled with changing business models have wreaked havoc with bottom lines during this prolonged downturn.

And issues like these have resulted in many graduates, who previously were keen to earn big money and work in ‘the City’, deciding that their futures lay elsewhere.

Here’s 5 key reasons why UK graduates are increasingly giving a career in financial services a wide berth:

1. Job security – the economic outlook and regulatory and capital pressures have significantly impacted revenues in this sector. Job security (or the lack of it) is a significant negative factor when considering a career in financial services.

2. Financial reward – where once a career in banking & finance was seen as a quick way to riches and early retirement, this is no longer the case. Political pressure and demands to achieve a better balance between employee reward and shareholder value has meant that compensation ratios have come down (and will fall further).

3. Work / Life Balance – always known as an industry that works employees hard, job insecurity has resulted in employees having to put in even more hours to try and justify their existence. In addition, cuts in headcount increasingly means that workloads have increased for those who remain.

4. Stigma – five years on from the start of the financial crisis, bankers in particular are held in very low regard. Where once a young professional was proud to show off a business card that confirmed he / she worked at a large financial institution, that is no more. Scandal has followed scandal, and there appears to be no let-up.

5. Uncertain environment – with the industry under a microscope like never before, and in the midst of a significant economic downturn fraught with further political uncertainties (the break-up of the Euro, the stability of Greece and other European countries, etc), the future shape of the financial services industry is now in question. Likely to go through significant structural change over the coming years, it is difficult to see how a career in this sector will unfold.

William Frierson is a staff writer for CollegeRecruiter.com, a leading job board for college students who are searching for internships and recent graduates who are hunting for entry-level jobs and other career opportunities