Generation of the future
Why?
Attracting the bankers
The results of the 2013 Deloitte Talent in Banking Survey show that student career priorities
and attitudes towards banking are changing, and banks will have to respond decisively if
they want to continue attracting the best talent.
Deloitte examined data from the 15 markets that are most relevant
to banking, namely Brazil, Canada, the United States, China, India,
Japan, France, Germany, Italy, the Netherlands, Russia, South Africa,
Spain, Switzerland and the United Kingdom.
Almost 108 000 business students from 1 350 universities participated
in the survey and provided a clear reflection of their intentions,
aspirations and associations in relation to banking careers. A total of 6
240 direct responses were received from students in South Africa.
Key findings of the survey
Banking is a less popular career choice today than it was in 2008
Since the financial crisis, banking has internationally become a
less popular career choice for business students, while industries
like software and computing services have become more popular.
Banking’s popularity has fallen by only half as much as that of
manufacturing and engineering.
For those considering a banking career, preparing for the future
is more important than money
Students are more concerned with training and development than
level of earnings. Nonetheless, both are important, ranking first and
second out of 40 job attributes. Earning a “competitive base salary”
comes seventh on students’ list of 40 priorities, while “performancerelated bonuses” rank 19th.
Banking-oriented students want a supportive and dynamic
workplace
The students surveyed associate only six of their top ten job attributes
with banking. Two of the four that they don’t associate with banking
(“leaders that support my development” and “a creative and dynamic
workplace”) suggest that they desire a degree of fun and support in
their first job. However, they don’t expect banks to provide this.
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Banking-oriented students don’t expect to reach their career
goals while working in banking
Work–life balance is the top career goal for banking-oriented
students, followed by job security as the second-most important.
These are, however, not attributes that the students associate with
banking. The paradox may be a response to the industry’s slew of
job losses. Conversely, it may denote a multi-stage career plan, with
a short stint in banking for training and development, followed by an
alternative career.
More than half of business students expect to move on from
their first employer within three years
Of those interested in banking, 85% expect to move on from their
first job to another within three years. Only 10% expect to remain in
their job for a decade or more.
Banks are not considered diverse places to work in
Most banking-oriented students don’t think that banks support
gender equality (65%) or that banks are accepting towards minorities
(74%), and this may be turning off applicants.
Women make up 53% of business students but a mere 48% of
banking-oriented students. Moreover, substantial minorities of
business students strike banks off their list of “ideal” employers,
because they don’t think they will develop in the banking
environment (16%) or because they don’t identify with current
banking employees (14%).
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Investment banks are seen as extreme versions of other banks,
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