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PMG supports the Professional and Technical Skills Strand of the UK-India Education & Research |
Initiative (UKIERI) as the Keystone Partner of the Financial Services Skills Exchange. The partnership supports much of the work they are already doing within the local communities, both in the UK and in India, to improve education and skills at all levels. This forms part of a much wider KPMG effort to maximise the links between the UK and India. KPMG works with UKIERI to identify partners ,training institutions and relevant sector bodies in both the UK and India, to create a three year programme of exchanges for graduates. Key areas in financial services include insurance, wealth management, merchant banking and capital markets. The first partnership |
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was launched in October 2006, between the Indian Institute of Foreign Trade and City College, Norwich. The project also involves other educational institutes such as the University of East Anglia, Tower Hamlets College and the UK Securities and Investment Institutes. Employers involved include two major financial services firms Marsh and Norwich Union (Aviva), both of which have major business process outsourcing (BPO) functions in India. As the project grows and develops other employers from India will be involved. KPMG has also contributed pro-bono support for a recently conducted research into the global skills needs of employers in financial and business services, particularly in the UK and
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he Financial Services Skills Exchange was launched under the aegis of the Professional and Technical Skills Strand of UKIERI. The project aims at promoting better understanding of the context and impact of the financial |
services in UK and India; establish commonality in regard to employability skills in an international context. Bill Rammell MP, Minister of State for Lifelong Learning, Further and Higher Education and HE Kamalesh Sharma, the Indian High Commissioner, were the key speakers at the event along with Ian Gomes, Partner KPMG & UK-India Business Head and Martin Davidson, Deputy Director-General, British Council |
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he UKIERI-KPMG report on 'Global Skills for Graduates in financial services', was launched during the recent India visit of the Lord Mayor of |
the City of London. The report is the output of a bilateral research conducted by KPMG as a part of their contribution towards their partnership with the UK-India Education and Research Initiative. As a major employer in both India and the UK, KPMG itself knows |
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the importance of recruiting the right talent and some of the skill shortages that can be encountered.
The report was presented by Ian Gomes, Chairman – New & Emerging Markets, KPMG, UK, who said: “The recruitment of the right talent into the financial services industry is a big issue in both London and Mumbai. Our report shows that graduates are leaving education with inspiring theoretical knowledge but lack practical job related skills. There is a 'soft skills gap' developing. The findings of our report will be used to inform joint curriculum projects in both the UK and India to help address this.”
The foreword by Bill Rammell MP, Minister of State for Lifelong Learning, Further and Higher Education, states “Just as in the UK, where a healthy Financial Services Sector is a prerequisite for overall economic growth, Mumbai in India too is working towards becoming a world class financial centre, making most of its ideal location between major Asian markets and London.”
The report highlights that financial services organisations in both the UK and India are experiencing staff shortages and finding employees with the right skills has resulted in a competition for talent. Organisations in both India and the UK, are less demanding of technical skills, considering them as trainable, but both report a greater need for new employees that have the right soft skills for the industry. It has also been pointed out that fresh graduates have exceptional theoretical abilities but lack practical job related experience.
This report is aimed at educators and employers and provides them with data that will help them bridge this gap between industry expectations and the current skills provided by educators |
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