Professional bodies can play a leading role in preparing the financial services sector for key future skills demands, says Tracy Vegro, CISI CEO.
Ms Vegro, who was recently appointed to the Financial Services Skills Commission (FSSC) board,* says that every one of the latest FSSC’s Future Skills Framework 13 priority “future skills”, outlined in the FSSC report, Reskilling Everywhere All At Once, is featured in the CISI’s continuing professional development (CPD) suite.
The FSSC has over 40 members, representing more than 300,000 employees across all parts of the financial services sector. Their members revealed that the demand for skills is outstripping supply. Despite organisations’ increasing their focus on skills forecasting and upskilling, demand for these future skills is approximately 20% short of supply, further widening the industry’s existing skills gaps.
With over 250 digital CPD modules, CISI’s CPD suite is produced and updated by professional financial services practitioners. The modules range from 30 minutes to two hours, depending on subject. If passed successfully a certificate of achievement is obtained. Additionally, CISI has a range of micromodules of between 5-15 minutes in length.
The 10 CISI CPD digital categories include Compliance, Corporate Finance, Essentials, Financial Planning, International, Operations, Risk, Soft Skills, Training and Wealth. The CISI CPD offer is designed to support and enhance its extensive suite of exams and qualifications.
The FSSC 13 priority future skills and behaviours required to meet the demands of the financial services sector are Data Analysis and Insights, Data Literacy, Software Development, Cybersecurity, User Experience, Machine Learning/AI, Adaptability, Coaching, Relationship Management, Agile, Creative Thinking, Empathy and Teamwork.
The CISI has mapped the 13 FSSC future skills against its digital CPD modules. Every one of the 13 skills are addressed in depth.
Ms Vegro said: “Professional bodies are the unsung players in helping to close these future skills gaps for financial services sector firms. Our early mapping exercise against our digital CPD offering, which does not include CPD offered by our Review member magazine, CISI TV or our rolling events programme, shows the value we can offer firms through membership. We have a deep, constantly updated digital knowledge platform available for our members to enrich their learning, anytime, anywhere. Our app was built to enable learning on the go. Our financial services sector is perpetually evolving and fast moving, and we applaud the FSSC for their in-depth research, integral to the future of our profession.”
The CISI has produced an infographic mapping the FSSC 13 future skills against its own digital CPD offering, which is only one of its range of CPD member benefits:
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*Ms Vegro was appointed the Chartered Bodies Alliance Nominated Director to the FSSC in April 2023.