Graduate Recruitment in Banking: Facing the credibility crunch, explores what banking-oriented students want from their career and how banks measure up to those expectations. What stands out from the research is that globally, banking has been usurped from its position as the number one career choice for business students. The findings also dispel a few preconceptions about what students want out of a career in banking.
In South Africa, banking has been a consistently popular career choice among business students over recent years, and has not suffered the reputational challenges faced by other countries worst hit by the 2008 global financial crisis. This could be because South African banks have been one of the most innovative in the world. A fact that’s been recognised by students. Although banking as a career has increased in popularity compared to last year, it is still below its 2010 peak.
Other key findings from the global report include:
- Banking has been toppled from its position by FMCG as the most popular career choice
- The software and computing services sector is continuing to rise in popularity among business students
- Work-life balance remains the most popular career goal
- “Professional training and development” topped the list of attributes that students found attractive in an employer
- The banking sector was viewed by business students as less likely to offer a friendly work environment than the average employer
The findings from this report are a wake-up call for banks, whose popularity has fallen sharply since the global financial crisis. There is also a growing gap between banks’ image as employers and their needs in an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity (VUCA). The banks’ only advantage may be their people. This survey highlights the need for banks to respond positively in order to attract the best talent.