The financial services industry has been trying to combat a depleting talent pool by welcoming people from different walks of life.
According a poll of 1,949 Chartered Insurance Institute (CII) and Personal Finance Society (PFS) members, second careerists make up a large chunk of the insurance and financial services industries.
The data showed that 46% of CII and PFS members enter the sector straight after education, but 37% joined after a career change.
For the financial services sector, second careerist were most common (47%) with post-education (40%) following.
This differed for insurance, as 47% joined the sector straight after education, while 35% were second careerists.
Apprenticeships and via family connections were not common entry paths into the industry, both with single digit percentages for all members, as well as insurance and financial services breakdowns.
As evidenced by International Adviser interviews with footballers, pilots and soldiers; taking the second careerist route is becoming an increasingly common way to enter the advice sector.
Diverse pool of talent
Sian Fisher, chief executive of the CII, said: “When I meet insurance professionals and financial advisers they often say, ‘it’s not the career we thought we’d have but we love doing it’.
“As a profession, we must do more to attract a diverse pool of talent and help point those thinking of a career in the sector in the right direction. It is positive to see there is a real range of experience in the sector and that it is one people are not afraid to take up in later life.
“Apprenticeship schemes, such as our own aspire programme, are fantastic opportunities for individuals wanting to start a career in financial services and they also help to ensure a diverse pool of talent.
“The City is often accused of nepotism and still being an ‘old boys club’, so it’s very positive to see less than one in 10 insurance and personal finance professionals entered the sector due to a family connection.
“These old school connotations associated with the professions can be detrimental and it’s a really encouraging statistic that shows the growth of the sectors.”
