Press release details
31/01/2012 Forging links with schools key to profession’s competitiveness, says CII
Financial planning firms should engage with the next generation of professionals to ensure the competitiveness of the sector - which means forging closer relationships with schools, according to the Chartered Insurance Institute (CII).
The CII is calling on practitioners who can provide the time, resources and expertise through initiatives such as the recently-launched “Discover Fortunes” game to help develop the advisers of tomorrow.
Discover Fortunes – a CII initiative – follows the success of an existing campaign, Discover Risk, in the general insurance sector. It aims to inspire the financial planners of tomorrow and give them a real flavour of what a career in financial planning entails while helping them develop vital business skills such as teamwork, influence, negotiation and communication.
The Discover Fortunes game was developed to promote the financial planning sector within sixth forms in a fun, lively and engaging way. With the help of experienced financial planners from local and regional companies, teams of students work their way through five scenarios with character clients who have varying attitudes to risk. Since its launch in December 2011 the game has proved a great success, with 80 per cent of students saying they would consider a career in financial planning after playing.
Recent research from the CII* suggests that action by the profession is needed to address the current shortcomings in the UK education system when it comes to financial literacy and preparing young people for careers in financial planning.
Findings showed that more than half (56 per cent) of Personal Finance Society (PFS) members are unhappy with the UK education system’s ability to provide students with satisfactory preparation for working in financial services, with just 51 per cent considering school leavers’ basic skills as adequate.
In addition, 45 per cent of teachers believe that financial education is lacking in their school due to too little time and resource while a further third (36 per cent) feel they would benefit from support from an expert practitioner when teaching the subject**.
Julian James, CII president, says: “Traditionally, in financial planning, talent has been drawn from inside the profession. However, to ensure the sector’s vitality and secure long-term viability it’s important we look to the next generation and make serious efforts in attracting highly talented young people. This is why we’re launching the Discover Fortunes campaign and are calling on practitioners to help uncover the future stars of the sector.”
As part of the initiative, the CII is also championing the development of effective work placements as a means of recognising new talent.
Only a third (32 per cent) of financial planning firms currently offer work placements and internships which means many employers may be missing out on identifying, attracting and retaining the highest calibre of candidates.
Caspar Bartington, relationship manager at the CII, says: “Work placements need not be the preserve of large, well-established organisations. For the employer, a well-structured and supported placement can be an effective platform for recruitment and a good opportunity to get a fresh pair of eyes on business processes, while the student can gain valuable experience, understanding of the sector and increased business ability.
“There has never been a more important time for financial planners to build relationships with students, develop financial literacy and attract new recruits. The fluctuating economic climate means there are many talented graduates seeking employment in a profession that offers real opportunities for progression. Similarly, for school leavers concerned with the new university fees regime, the availability of universally-recognised professional qualifications such as Chartered status is an attractive option, awarding parity of esteem with other professions.
“To capitalise on this it’s crucial that financial planners act now to make in-roads with young people and provide routes into the profession. Whether this is through involvement in the Discover Fortunes game, a work placement of a week or a long-term internship, employers and students alike can reap very real benefits.”
ENDS
* The Skills Report is compiled from the annual CII membership skills survey, conducted online in July 2011 with 2,884 members of the CII and PFS. Of those, 888 were members of the PFS.
** Survey of 258 secondary school teachers, conducted in December 2011 and January 2012 by Opinium Research.
Contacts:
Lucy Grubb, public relations manager
lucy.grubb@cii.co.uk
Office: 020 7417 4430
Mobile: 07584 213408
Lynda Tahri, public relations executive
lynda.tahri@cii.co.uk
Office: 020 7417 4422
Mobile: 07584682582
Notes to Editors:
The CII
The CII is the world’s leading professional organisation for insurance and financial services. Its 101,000 members are committed to maintaining the highest standards of technical competence and ethical conduct.
A robust framework of learning and development solutions enables the CII to support corporate partners and individuals across the industry. It ensures that all members comply with minimum standards and inspires many more to achieve advanced levels of technical and professional competence.
Discover Fortunes
The Discover Fortunes programme was developed by the Chartered Insurance Institute (CII) in 2011 to raise awareness among students of the diverse range of opportunities that exist in financial planning. The CII runs student events at schools, colleges and universities around the country. It has proved to be very successful with 80% of participants saying that after taking part in the game they would consider a career in financial planning.
To explore what’s involved in financial planning and find out more about the many varied and fulfilling career opportunities the industry offers visit www.facebook.com/discoverfortunes or email discover@cii.co.uk. You can also follow Discover Fortunes on twitter at http://twitter.com/DiscFortunes
Magnified Learning
The Discover Fortunes game was designed for the CII by Magnified Learning.
Magnified Learning brings young people and businesses together. It specialises in the design, delivery and evaluation of collaborative campaigns to help young people and employees develop skills and insights for the futures that matter to them. Magnified Learning programmes enable businesses to enhance their reputation and better understand tomorrow’s colleagues and customers through active learning relationships. Since it was established in 2005, over 25,000 young people have participated in the bespoke learning projects delivered by Magnified Learning.
For more information on Magnified Learning’s bespoke learning capabilities visit www.magnifiedlearning.com or email info@magnifiedlearning.com
