Banking careers fall in popularity, recruiting must change -Deloitte
LONDON, Oct 16 (Reuters) - The popularity of a banking career among business students has fallen since the 2008 financial crisis and banks face a wake-up call to change to attract the best graduates, a survey for accountancy firm Deloitte showed on Wednesday.
The popularity of working in the average bank fell five places to 35th out of 100 employers in the five years to 2013, according to the Deloitte Talent in Banking Survey 2013.
Though banking was more resilient than manufacturing and engineering, which saw popularity fall by twice as much, industries such as software and computer services have become more popular. Accounting also fell, by six places, but remained the most popular career among business students.
The research, a survey of almost 108,000 business students from 1,350 universities in Asia, the Americas, Europe, the Middle East and Africa, also found students interested in banking ranked professional training and development as the top job attribute, ahead of high future earnings.
"This survey is a wake-up call for banks," Deloitte said, emphasising changing attitudes towards them following the crisis, rate-rigging and mis-selling scandals and regulatory pressure to overhaul their corporate culture.
"Banks must respond decisively if they are to continue to attract the best graduates and it is in their interests to recognise these changing attitudes and highlight attractions other than pay," said Kevin O'Reilly, a partner at Deloitte.
The students considering a banking career did not think banks could provide their ultimate career goals of achieving a work-life balance and job security. More than half expect to move on from their first employer within three years.
"Many students appear to be planning a multi-stage career. Applicants want to work for banks because they are seen as a good place to lay the groundwork for a future career... It may be necessary to transform the career paths they (banks) offer graduates," O'Reilly said.
Deloitte said that old perceptions of sexism and discrimination also lingered on and that banks must cast their recruiting net wider.