Launching on 11th April, the programme will support one individual per academic year with an £8K stipend to support studies. The fintech sector is one of the UK’s fastest growing sectors, adding more than £6.6 billion into the local economy and attracting more than £500 million of investment. Its continued success is closely connected to access to talent, in the short- as well as long-term.
A recent survey by recruitment website Indeed revealed that 20 percent of top fintech job vacancies are left unfilled after 60 days. The data highlights an immediate need for managers, analysts and technicians with financial and technical expertise.
On top of this the activation of Article 50 brings further long-term uncertainty. As negotiations start, more questions on how secure a healthy talent pipeline are likely to be raised. Despite the agreements put in place between the UK and other European markets regarding movement of talent, it is certainly the case that a robust UK talent base is needed.
“The rising cost of graduate and postgraduate studies combined with the UK's impending exit from the European Union could create real challenges when it comes to ensuring a strong and healthy talent pipeline,” said Niels Turfboer, managing director of Spotcap. “We have created the Spotcap Fellowship because we want to raise awareness of these issues and encourage the UK fintech industry to get involved in attracting and supporting the development of talent.”
Market Strategist Devie Mohan, co-founder and CEO of Burnmark, a fintech research company, is one of four judges on the panel awarding the scholarships. She continues:
“The UK government recognises the need for fintech related skills and initiatives. Indeed, supporting the development of these skills was announced in the Spring Budget and Digital Strategy. As an industry, we need to step up and contribute. For the message to resonate, aspiring master's and MBA students need to hear ‘we want you’ directly from fintech businesses as well.”