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City managers suffering from maths skills shortage

Ref. PR-01293

Over half of city finance managers see maths key to a successful career

City job hunters are at risk of losing out on top jobs within the finance sector because they lack vital qualifications in maths, suggests a new report by Robert Half, the specialist recruitment company. The findings are based on a survey of more than 400 Finance and Human Resource Managers in the UK.

Maths today is a highly regarded commodity - over half (56%) of the respondents believe that a maths degree is important or very important for a successful career in finance and accounting while nearly a third (31%) threaten to recruit fewer graduates without a maths degree in favour of more qualified staff. Further findings revealed that a third (34%) of Finance and HR managers feel that the maths skills of recent hires have become worse in the past five years.

Finding these maths whiz kids could be a challenge, though, as maths A-level students have fallen by 10.4% since 2000, leaving larger firms to increasingly look to India, China and Eastern Europe to bridge the shortfall in UK skills.  

In order to resolve the skills shortage, almost a third (29%) of managers surveyed by Robert Half believe that the finance and accounting industries need to improve their external communication, and position their sectors as innovative to school students. A fifth (21%) of managers want to see more effective collaboration within the industry to remedy the imbalance.

Alan Stevens, Vice President Communications at the Institute of Mathematics and its Applications, comments, “Graduates who embark on a career in the finance sector are going to be at a disadvantage without a maths degree. A solid understanding and education in Maths is critical, it is a discipline which must be learnt through formal education prior to on the job training in order to really deliver and add value. The demand for maths graduates from every sector is growing as businesses place a high significance on financial and numerical skills which in today’s economic climate are seen as fundamental.”

Phil Sheridan, Managing Director of Robert Half, commented, “Financial organisations are recruiting graduates but if today’s Generation Y continue to choose modern degrees over classic academic courses such as maths, they risk losing out on the top jobs. Businesses need to work harder to get the message into all schools that studying a degree in maths can open up exciting opportunities in a wide range of sectors.”

Robert Half conducted its analysis of the maths skills shortage in the finance sector between March and April 2008. The research was conducted by Heliview who surveyed 401 Finance and Human Resource Managers in the UK. 

Document: Maths skills shortage

Contact Us

For further information please contact:

Michelle Whitman
Robert Half International
Tel : 020 7331 2222
Email : michelle.whitman@rhi.net