New Delhi(IndiaPRwire), This is highlighted in the report titled ‘Global Skills for Graduates in Financial Services’ released by KPMG. The report was released at a seminar held in Mumbai today on ‘Skills for Business – Trained and Motivated Teams, Creating a Professional and Successful Business Environment.’

KPMG has partnered with the UK-India Education and Research Initiative (UKIERI), to encourage quality training within graduate professionals. This research report is one such step from KPMG, which is the keystone partner of Financial Services Skills Exchange on this initiative.

UKIERI, launched by the British Prime Minister Tony Blair in April 2006, has identified the development of skills for the financial services sector as a priority within its Professional and Technical Skills vertical. It also aims to substantially improve the educational collaboration between India and the UK over the next five years. The objective is that in the long term the two countries could become each other’s preferred partner of choice in the field of education. UKIERI has committed nearly £25 million over the next five years towards this initiative. The private sector, including KPMG, has also added significantly to this fund. The Department of Science and Technology (DST), India has also assured to match the funds for science related collaboration under the initiative.

At the release of the report, Ian Gomes, Chairman – New & Emerging Markets, KPMG, UK, said, “The recruitment of the right talent into the financial services industry is a big issue in countries like London and Mumbai. Our report shows that graduates gain theoretical knowledge, but lack practical job related skills. There is a ‘soft skills gap’, which needs immediate attention. The findings of our report will be used to inform joint curriculum projects in the UK and India to help institutions address this issue.”

In 2005-06, financial services accounted for 9.7 percent of India’s GDP, which was 1.2 percent more than the GDP of the UK. The research also indicates that the recruitment activity in the financial sector is more than the UK. Despite, increase in the recruitment figures, the report indicates that 58 percent of the Indian organisations experience difficulties in recruiting the right people with the right skills. This is mainly because, most Indian companies hire people directly for sales operations as opposed to the backend work, where the chances of learning on the job skills are higher. This recruitment pattern, therefore, calls for the the education institutions in India to improve their job related skills.

The essential soft skills required by graduate employees joining global financial and business services in the UK and India include teamwork, communication, client relationship management, customer services, business awareness, problem solving and achievement orientation skills. 

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