Academics don’t want to work in Finance

A while ago, becoming a banker was an attractive career choice. In a study pursued by the University of Maastricht and Studitemps, banking underperforms other industries in seven of ten criteria regarding the attractiveness for students.

In the study “Fachkraft 2020” pursued in March 2015, 24 industries were investigated regarding their attractiveness. STUDITEMPS, a job agency bringing students into temporary jobs, has accessed the student work, student mobility, time management and workload, financial situation and professional perspective in cooperation with the Department of Labour Economics of the Maastricht University. About 25,000 students have taken part in the survey.

Regarding the industry’s recognition, banking ranks with a value of 66 percent on the seventh place. The retail (92%) and IT (91%) industry are leading the ranks in this domain. Still, only 30 percent of students that know all top seven banks find a career in banking attractive.

Despite the fact that nearly all student know Commerzbank and Deutsche Bank (both 99%) as well as the Postbank (97%), only a fourth of students perceive these as attractive employers (28%, 27%, 25%). Not as known banks are seen as more attractive employers. Less than half of the students know the Bank of America and Goldman Sachs, only a third knows JP Morgan Chase and only a forth knows the Credit Suisse but up to half of the students that know the respective bank could image working for it.

The unattractiveness of the financial industry is due to the bad performance regarding different criteria: In seven out of ten criteria, the banking industry underperforms other industries; it is able to keep up in one and is better than the average among just two criteria. Students perceive the financial industry as attractive regarding promotions and opportunities to build skills and gather experience. Regarding their international profile, banks are just as good as the average of industries. Regarding all other criteria - equal changes/diversity, organisation/leadership style, social media presence, sustainability, work-life-models, family friendliness, free-time and sport offering - banks rank below the average.

STUDITEMPS sees the bad performance as an aftermath of the financial crisis. The industry has a bad reputation among many students. “To pre-empt middle- and long-term problems in the recruitment of skilled labour, risen prejudices need to be removed and the academic youth needs to be convinced of the advantages of working in banks,” says the job agency in a press release.