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Financial Services Future Skills Action Group

The Financial Services sector in Northern Ireland employs around 22,000 individuals in over 1200 companies across the region. Belfast is the second largest financial services centre on the island. Companies active in the region are a mix of global leaders including Citi, Allstate Corporation, and Liberty Mutual, and a growing number of specialist indigenous firms such as Singularity and First Derivatives who compete internationally in the Financial Services technology sector.

Northern Ireland has become an attractive near shore location for inward investment from London, Dublin and the US primarily because of the following key success factors:

  1. the availability of a pool of highly skilled labour
  2. the flexibility of training initiatives to meet specific demands of industry
  3. the sustainability of skills base through returnees and retention
  4. the provision of high quality talent at a competitive cost

Skills Availability

As the international financial services industry continues to evolve and grow, it is driven by the need to access fresh pools of highly skilled labour. The number one factor for Northern Ireland as a financial services centre is the sustainable availability of individuals with appropriate high quality skill sets.

Northern Ireland offers:

  • 13,000 students currently enrolled in Business and Administration subjects at college and university level
  • A further 7,000 following other courses relevant to the financial services sector including Law, Mathematics, and Computer Science.
  • Around 1,800 university graduates in Business and Finance related disciplines
  • Nearly 1,700 graduates in other disciplines relevant to the sector including Law, Mathematics, and Computer Science.

Skills Flexibility

In addition, we are working to ensure the flexibility and fit of skills to industry needs now and in the future through

The Futures Programme:

offers graduates the opportunity to gain the Securities and Investment Institute’s (SII) Investment Administration Qualification (IAQ) and fund servicing experience in major financial services firms in London, Dublin, Edinburgh or Luxemburg. IAQ provision is offered through Belfast Metropolitan College

The Academy of Finance:

launched in October 2007 by Belfast Metropolitan College combines 16-19 curriculum provision with professionally focused mentoring and work experience. The North West Regional College launched its own Academy of Finance on 16 May 2008.

Collaboration of Universities with Industry:

recent launches of a BSc in Actuarial Skills by Queens University in Belfast and an MSc in Computing for Financial Services by The University of Ulster in Londonderry.

Skills Retention

Work is underway to connect with the many individuals from Northern Ireland who are currently working in financial services outside of the region. Many of these left Northern Ireland to study at UK institutions and remained there.