About 76% of graduates and final year students who passed the “Finance and Accounting Skills Test” conducted by the Masters Union were found to be unemployable and lacking on several fronts in the skills required for early-stage funding roles, says report.
The F&A test, conducted on May 20, saw the participation of more than 5,000 students from across the country, of whom only 24% could qualify in all parameters, the institute’s press release informed.
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The F&A test was conducted to map the proficiency levels of students with these roles in mind. The test covered six key parameters – financial reasoning, logical reasoning, quantitative reasoning, data-driven reasoning, verbal reasoning and schematic reasoning. While nearly 60% of students lacked quantitative skills, 36% lacked data-based reasoning, 27% logical reasoning, 25% schematic reasoning, and an alarming 42% verbal ability. reasoning.
Meanwhile, industry experts say the demand for entry-level positions in the banking, financial services and insurance sectors has grown exponentially following the pandemic. According to Monster.com, banking, financial services and insurance (BFSI) remained the fastest sector to experience a job recovery with an annual growth rate of 54% this year.
Some of the most in-demand finance entry-level positions across all industries include Financial Controller, Financial Accountant, R2R Financial Analyst, Financial Reporting Specialist, O2C Financial Analyst, and P2P Financial Analyst.
Pratham Mittal, Director of Masters’ Union, said: “We are seeing strong demand for entry-level finance talent given the recovery seen by BFSI companies, GCCs as well as startups. However, it is disheartening to see the huge skills gap that currently exists in the industry. One of the reasons for this is the lack of industry-focused, application-oriented graduate courses like we do in engineering today. We need programs that integrate academics with real projects and assignments, and that train students on tools like SAP and Power BI, which are part of the curriculum in the world of finance today. Then there’s the huge learning gap due to COVID that has left students struggling with the basics. The need of the hour is for students to examine the demands of the business role and hone accordingly to seize those opportunities.
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