The Chartered Insurance Institute (CII) has urged the financial services industry to get involved in apprenticeship schemes.
The call comes as a number of surveys reveal many UK job candidates do not have the right skills or qualifications.
The CII says employers are beginning to realise that university degrees are becoming devalued and urges financial services employers to look at the apprenticeship route for new talent.
Caspar Bartington, relationship manager for further and higher education at the CII, says: “It's key for employers to get involved in the programme, particularly in the Financial Services sector which hasn't traditionally engaged with Apprenticeships in the past, and with a skills shortage already identified for claims, continuation of this trend can only augur badly for the industry.”
Data from Income Data Services shows the financial services industry is likely to recruit 15% fewer graduates this year, while manufacturing industries are bolstering their graduate recruitment efforts.
Bartlington says it is important for those without academic qualifications to be considered on a par with those that have attended university and says more education is needed on the different routes into employment.
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