Robots may not take your job, but graduates might

While the future of financial services is likely to include further automation and the use of artificial intelligence, the industry remains attractive for humans.

Specifically, college graduates who have indicated that finance is the industry that is most attractive to them as they embark on their careers.

A quarter of the almost 10,000 graduates who participated in the poll by the CFA Institute for its 2023 Global Graduate Survey said that finance offers the best career prospects, replacing education which had topped the list in 2021 when finance was fifth.

Finance has also replaced healthcare and medicine as the top ranked profession in terms of career prospects.

The survey was conducted in April this year and included more than 700 participants in Canada alongside respondents from the UK, US, India, Australia, Singapore, Hong Kong SAR, UAE, Germany, Spain, France, Brazil, and Mexico.

The pipeline of new talent for the finance industry is vital but there is a global shortage of suitable candidates across multiple industries.

Salary is king

But the research found that any industry that wants to attract the brightest young talent needs to offer the right levels of compensation.  More than three in five (62%) respondents rated a good salary as what they look for most in an employer, compared to less than half in 2021.

Graduates are also keen to ensure they build up their skills to help realize their earning potential.

“Seventy-two percent say post-graduate certifications and qualifications will help them secure higher earnings and give them an edge in the job market,” said Margaret Franklin, CFA, president and CEO, CFA Institute. “Businesses that are investing in learning and development and partnering with certification and educational institutions will be seen as responsive to the needs of a next generation of talent hungry to further their knowledge and careers."

They also want to make a positive societal and environmental contribution through their career; 91% say it is important that their career allows them to make an impact.

Wealth Professional Canada is on the hunt for exceptional finance and advisory professionals aged 40 or younger who have made a difference in the industry and are quickly rising to influential roles.