City of London employers are calling for closer links with UK universities, according to a report published today.
The Graduate Skills and Recruitment in the City report, commissioned by the City of London Corporation and the Financial Services Skills Council (FSSC), assessed the relationship between financial and related business service employers in the City and UK universities.
The study analysed current City recruitment practices, graduate expectations of the financial services sector and the views of UK higher education institutions as providers of appropriately skilled graduate labour.
The report found that the financial services companies typically did not target graduates with specific degrees.
Lord mayor of the City of London, David Brewer, said: “This research shows that, more than ever, employers need graduates who can apply their education practically. There is a widespread perception in the sector that preparing graduates for the world of work, both directly, and indirectly, should be part of the proper function of UK higher education institutes.”
The report recommends developing stronger links between City employers and the institutes.
FSSC chairman, Stuart Bernau, said: “The UK’s financial services employers and UK higher education institutions are global leaders in their respective fields. The success of both relies to a great extent on ensuring the continued excellence of UK graduates.
“Although there are examples of excellent collaboration between employers and higher education, opportunities still exist for both to work more closely and form new types of relationships”.
The study analysed 25 financial services and related business firms and 10 higher education institutes.