This week, professional services company PricewaterhouseCoopers (PwC) announced it was scrapping the A-level requirement for its graduate scheme, in a bid to drive social mobility and fairer recruitment across the organisation.
The firm explained the reasons for this decision in a
recent blog: “The strong correlation that exists in the UK between social class and school academic performance suggests that by placing too much emphasis on UCAS scores, employers will miss out on key talent from disadvantaged backgrounds, who can perform less well at school.”
Many commentators have applauded the move – so is it time for other organisations to follow suit?
Long time comingPwC may be the first of the ‘Big Four’ to change its entry requirements, but the Association of Graduate Recruiters (AGR) notes that the move is hardly the first of its kind. If anything, the company’s blog suggests the professional services industry has been on the right track for some time.
“PwC are not the first significant employer to ditch UCAS points for screening: Goldman Sachs, the Civil Service and Grant Thornton all take a flexible approach,” the blog states. Some big recruiters have never employed a UCAS tariff, the writer adds, and just 38.2% of AGR members currently set a minimum UCAS tariff.
However, in an industry where A-level results have long provided the strongest correlation to professional exam success, AGR concedes that PwC’s announcement constitutes a “highly significant move” for financial and professional services.
AGR blog 40%
of employers believe students lack problem-solving skills
1 in 3
businesses believe higher education doesn't prepare students adequately for work No longer fit for purposeAdam Gale believes reliance on A-level qualifications is just as unhelpful for businesses as it is for students coming from disadvantaged backgrounds.
While A-levels help graduate recruiters assess the capabilities of their future employees, writes Gale, they have long been criticized for a bias towards privately educated pupils – or those who attended top state schools – and PwC “appears to have listened to that criticism”.
But for Gale, PwC’s move also pushes us to question whether the UK’s higher education system prepares students for the world of work. “How closely do academic qualifications align with what employers actually want in their recruits?” he asks.
“It takes neither a brain surgeon nor a rocket scientist to figure out that being able to write a 2,000-word essay on Plato or do a titration isn’t very likely to be useful at a place like PwC,” he argues. “Whether other employers such as PwC’s rivals in the Big Four will follow suit remains to be seen.”
Management Today opinion Better preparedGale’s argument is partially supported by job site CareerBuilder, which recently revealed that although 95% of businesses plan to hire new graduates this year, one in three believe higher education doesn’t prepare them adequately for work.
Writing for
City A.M., Emma Haslett unpicks the research. According to Haslett, ‘Finance and accounting’ is the fourth-most committed industry when it comes to hiring graduates – so companies in this sector potentially have much to gain from reviewing their approach.
The report suggested 40% of employers believe students lack problem-solving skills, while 37% “aren't good enough” at oral communication, Haslett reveals.
“Meanwhile, 34% said they need to build teamwork skills, 33% said they need to work on their written communication, while 32% suggested they need to develop leadership skills,” she adds.
City A.M. piece “The opportunity to gain experience on other teams prior to securing this permanent position was vital” What’s the alternative? One way for financial services firms to ensure school leavers are prepared for the demands of the City is to offer
apprenticeships.
Amy Kirby is one of six apprentices currently completing two years of on-the-job training across a range of operations roles and a study programme with investment manager Rathbones at its Liverpool office. The programme leads to a National Vocational Qualification in business administration (level 2) during the first year and the CISI's
Investment Operations Certificate during the second.
The apprentices were selected with the help of Archbishop Beck, a local sixth-form college where the CISI is sponsoring a teaching post.
Now nearing the end of her training, Kirby works for two investment directors and keeps a blog documenting her ongoing professional development and explaining the benefits of the programme.
“I am extremely happy, enjoying each day and feel settled into the team,” she wrote in a recent post. “I am learning new things all the time and my time here has definitely confirmed that working in investment management is where I want to be.”
Another budding former apprentice, who has recently passed the UK Financial Regulation unit of the IOC qualification is Paul Edwards.
Edwards, who has since accepted a permanent position at Rathbones, cites his apprenticeship as a crucial stage in his professional development: “The opportunity to gain experience on other teams prior to securing this permanent position at Rathbones was vital for me and as a result it has equipped me with the foundational knowledge to have a successful career within the industry.”
Amy’s My Apprenticeship blog Paul’s My Apprenticeship blog
Seen a blog, news story or discussion online that you think might interest CISI members? Email
joanna.lewin@wardour.co.uk