THE banking and insurance sectors are losing their appeal to graduates as the reputational damage of the financial crisis and long-standing stereotypes take their toll.
Studies by Deloitte show that banking has been knocked off the top spot among career choices for business students, while insurance has dropped to 18th out of 30 sectors. More than a third of students said they didn’t consider banks to be innovative, while the insurance industry was hit by “negative misconceptions”. Students’ top choices were Apple and Google.
Craig Cosham, financial services audit partner at Deloitte, said: “While the global tech giants may have a smaller presence in Scotland, it is still a competitive market and the banks would be wise not to ignore the rise in popularity of the software and computing sectors for attracting the best talent.
“The industry must respond to the challenge and demonstrate its ability to innovate and provide the stimulating environment that business students are looking for.”
Donald MacKechnie, risk and regulatory partner at Deloitte, said: “Insurers need to focus on developing employment propositions, learning from other sectors to promote the attractive range of careers on offer.”
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