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3.7 Financial and Professional Services and ICT
Defining the Sector
The Financial and Professional Services sector encompasses a number of different areas and is primarily made up of service based industries. The sector ranges from legal and financial services through to professional consultancy and similar occupations. At a Wales level the sector is the largest in terms of its GVA of all the priority sectors (£12,080m). It is also a significant employer, with 31,400 individuals working in the sector across the region of South West and Mid Wales.
3.7.1 Employer Evidence
Recruitment and Retention
Recruitment and retention into the Financial and Professional Services sector is good on the whole. However, there is evidence to suggest that small firms are unaware of where to go to recruit Apprentices. The recruitment and retention of individuals into the legal sub-sector is very high, however it is a very competitive profession and therefore practical experience is invaluable. Attracting staff within the law and accountancy profession to work in the South West and Mid Wales region as larger firms in Cardiff target university students in their second year, even though training offered through smaller firms would give broader opportunities.
Suitability of Skills Provision
A primary source of discussion for employers is the need to build in an element of work experience or practical experience into every course. This would be of significant benefit to both the employer and the learner.
Specifically, the current Higher Education course for Law has remained unchanged for almost 20 years, therefore it is not fit for purpose nor does it fully prepare learners for the world of work following graduation. There is a demand for the course to cover more practical skills, such as; learning to write letters, researching skills and answering phone calls. These are skills that new entrants to the sector simply do not possess and require.
Furthermore, funding is an issue for the legal practice course (LPC) which needs to be completed before an individual becomes a fully qualified solicitor. This issue is exacerbated by the lack of an advanced learner loan in Wales which is currently available in England. Some companies prefer to take on candidates from the less academic routes.
3.7.2 Primary Research Analysis
Response Profile for Professional Services
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Regional Employment & Skills Plan South West & Mid Wales Sector Profiles