MFSA Financial Newsletter - MFSA publishes Skills Survey results
The MFSA recently published a report entitled: "Building on Success - Future Skills Requirements in the Financal Services Sector", based on a survey undertaken by the Authority during the first quarter of 2008. The survey was influenced by the need to...
The MFSA recently published a report entitled: "Building on Success - Future Skills Requirements in the Financal Services Sector", based on a survey undertaken by the Authority during the first quarter of 2008. The survey was influenced by the need to obtain a clear and measurable picture of skills requirements and deficiencies within the financial services sector. The survey covered the incidence of vacancies and hard-to-fill vacancies, skills gaps and training availability.
Forty five per cent of companies participating in the study reported at least one vacancy - with a total of 251 open vacancies on the market at the time the survey was carried out. 54 per cent of reported vacancies have been classified by respondents as hard-to-fill. The highest incidence of hard-to-fill vacancies was within the insurance sub-sector and other business.
The main reasons given by companies for hard-to-fill vacancies include the lack of work experience of applicants, lack of qualifications, lack of required skills and competition from other employers.
The audit of skills and qualification requirements undertaken by the MFSA shows that the shortage in trained people is being experienced mostly in the middle and technical level. 22 per cent of respondents mentioned that there is currently a skill gap within the sector meaning that the companies involved see that their own employees could be better deployed by their employer following further training.
The report highlights a number of skills issues which need to be addressed in order to ensure the continued competitiveness of the financial services industry.
The study shows that there is a short supply of technical skills within the insurance sub-sector as well as a shortage of accountants specialised in the various areas of financial services.
The importance of soft skills have also been highlighted in the report, especially when companies find well-qualified people who lack adequate reporting and analytical skills such as communication, management, language and problem solving skills.
The MFSA considers the skills-base within the financial services sector to be a centrally important factor to the future growth of the industry. The survey highlights areas which require action in the short to medium-term in order to maintain Malta's competitiveness in financial services. It provides the impetus to establish the right mechanisms to ensure the continuous availability of well qualified people.
In response to the survey results the MFSA has prepared a set of recommendations which have been designed to ensure a flow of skills within the industry. Based on these recommendations, the Education Consultation Council (ECC) within the MFSA would be advising the Authority on a number of key actions to be taken to enhance training and career awareness.
The report can be downloaded from the publications section of the MFSA website on www.mfsa.com.mt.
MFSA web site: http://www.mfsa.com.mt
Registry web site: http://registry.mfsa.com.mt
Consumer web site: http://www.mfsa.com.mt/consumer
Forty five per cent of companies participating in the study reported at least one vacancy - with a total of 251 open vacancies on the market at the time the survey was carried out. 54 per cent of reported vacancies have been classified by respondents as hard-to-fill. The highest incidence of hard-to-fill vacancies was within the insurance sub-sector and other business.
The main reasons given by companies for hard-to-fill vacancies include the lack of work experience of applicants, lack of qualifications, lack of required skills and competition from other employers.
The audit of skills and qualification requirements undertaken by the MFSA shows that the shortage in trained people is being experienced mostly in the middle and technical level. 22 per cent of respondents mentioned that there is currently a skill gap within the sector meaning that the companies involved see that their own employees could be better deployed by their employer following further training.
The report highlights a number of skills issues which need to be addressed in order to ensure the continued competitiveness of the financial services industry.
The study shows that there is a short supply of technical skills within the insurance sub-sector as well as a shortage of accountants specialised in the various areas of financial services.
The importance of soft skills have also been highlighted in the report, especially when companies find well-qualified people who lack adequate reporting and analytical skills such as communication, management, language and problem solving skills.
The MFSA considers the skills-base within the financial services sector to be a centrally important factor to the future growth of the industry. The survey highlights areas which require action in the short to medium-term in order to maintain Malta's competitiveness in financial services. It provides the impetus to establish the right mechanisms to ensure the continuous availability of well qualified people.
In response to the survey results the MFSA has prepared a set of recommendations which have been designed to ensure a flow of skills within the industry. Based on these recommendations, the Education Consultation Council (ECC) within the MFSA would be advising the Authority on a number of key actions to be taken to enhance training and career awareness.
The report can be downloaded from the publications section of the MFSA website on www.mfsa.com.mt.
MFSA web site: http://www.mfsa.com.mt
Registry web site: http://registry.mfsa.com.mt
Consumer web site: http://www.mfsa.com.mt/consumer