As the global market evolves and restructures, economic forces are steadily driving up skills requirements in the UK. The UK is a world leader in financial services and the financial services industry a key driver in the growth of the UK economy. In 2006, the net exports of UK financial sector reached £24.4 billion.

Our recent report: The View from Europe, Productivity and change in UK financial services, highlighted that by 2014 the financial services industry in the UK will rely more heavily on high-level skills than any other industry, except education. Workers with qualifications at Level 4 and above will make up to 39% of the financial services workforce and earn 56% of the industry’s total wage bill. By then, the industry will be creating 78,000 new jobs, annually, that require an HE degree or equivalent, in order to maintain the UK’s current position in the world.

Our research also shows that UK students face bigger skills challenges than those from overseas. Overseas students are perceived to have the edge in their drive to succeed, partly because the financial services sector is so international that it attracts not just home students but also the best from abroad. As a result, only the very best UK students are able to compete against this international competition for the prime positions. The reality is that they are not only competing with their peers but also with people recruited from abroad.

It’s believed that higher education institutions (HEIs), such as universities, colleges and other providers, play a crucial role in developing the UK's skills by ensuring their provision meets changing needs for knowledge and skills.

The FSSC, as an employer-led and UK-wide sector skills council for financial services, has an important role to play in ensuring that the employers have a ready supply of people with the right skills. We identify the skills needed, which vary in different contexts, to grow and compete in a globalising economy.