Fitch Learning Examines The Growth of Data Science in Financial Services Apprenticeships
- Platform Technology , Financial
- 21.05.2021 11:05 am
Recent research has shown that the UK has a chronic shortage of data talent, which is costing organisations more than £2 billion a year. The demand for data scientists has also tripled over the past five years, rising 231%. Apprenticeships are a key tool in helping to overcome this skills gap within the financial services industry and developing these data management capabilities at the beginning of someone’s career will help to address this increasing demand, according to an insights article published today by Fitch Learning.
This week, the UK Government published its policy paper and report, Quantifying the UK Data Skills Gap. To better understand the UK’s data skills gap, it undertook a large-scale study and spoke to 1,045 businesses, 5,000 workers and 1,000 students in higher education or training across the UK. The findings show that almost half of businesses (46%) have struggled to recruit for roles that require data skills and that data skills training is felt to improve productivity and reduce stress, but there isn’t enough.
Kevin Poulton, Managing Director, Fitch Learning, said: “I am pleased to share our latest observations on the ways that data science and analytics are changing the financial services industry. Investment firms and banks are increasingly using data analytics and data management tools to leverage better insights into their businesses and to make better informed risk and investment management decisions that can have a positive impact on their financial performance and profitability. Demand for data analysts has sky rocketed and data science is a fantastic path for those beginning their finance careers. Our Level 3 and Level 4 apprenticeships offer valuable opportunities for apprentices to not only learn skills on the job, but build rewarding careers in this increasingly sought after discipline.”
The full article is available to read here.
Find out more about our Financial Services Apprenticeships.