Fresh grads entering financial services not industry-ready: Institute

PETALING JAYA: Fresh graduates entering the financial services industry (FSI) in Malaysia are frequently not industry-ready, said the Asian Institute of Finance (AIF).
According to a study titled "Bridging the Talent Gap: Financial Services Industry and Entry Level Hires in Malaysia" launched by AIF, hiring managers indicated that they are unable to find the right people with the proper skills to fill up vacancies.
"Young graduates may not necessarily have the right knowledge, expertise and experience that they can apply in the workplace immediately after they graduate," Alliance Bank Malaysia Bhd head of group human resource Chew Siew Suan said in her review of AIF's report.
"This is why we apply a combination of back-to-basics old-fashioned development with powerful, pragmatic and experiential learning that continuously taps into the bank's business ecosystem in our management trainee programme to build future banking leaders," she added.
The AIF study suggests that there is a need for more initiatives to improve soft skills such as leadership and problem-solving, more exposure and programmes on business and entrepreneurial skills as well as improvement in lifelong learning for entry-level hires.
The study involved 24 employers from four FSI sectors and professional bodies, 51 entry-level employees, 10 programme coordinators and 95 final-year students in Malaysia who took part in a questionnaire, based on Malaysian Qualifications Agency requirements.
Knowledge and skills were measured against six-level scale descriptors that determine respondents' adaptability. The study is based on qualitative and quantitative insights from 180 participants.
The AIF study aims to gather insights into the talent gap that exists in FSI and how FSI employers and higher learning institutions (HLIs) can collaborate to plug this gap.
"What makes the report particularly important and compelling is that it offers some significant insights on the challenges faced by FSIs and HLIs in addressing the talent gap in the sector, and proposes a more holistic and cohesive approach from all relevant stakeholders," said AIF's director of strategy, policy development and research, Jaya Kohli.