A project involving two London City-fringe colleges and the Securities & Investment Institute (SII) has proved so successful in placing staff for a major global investment bank that the bank has committed to the scheme for the next twelve months and possibly beyond.
Over the last year Citi has accepted 15 unemployed graduates from both Tower Hamlets College and Hackney Community College onto their specially developed work experience programme in the Operations divisions. As a result of this 4-week programme, there are two individuals in permanent and five individuals in temporary jobs in both front office and operations positions based at its Canary Wharf, London headquarters.
The graduates completed the Introduction to Investment course, developed by SII, over a period of three weeks which included delivery, examination and employability preparation. The course is aimed at individuals looking for a career in the financial services industry who want to understand the breadth of the industry, the regulatory foundation, how the industry works and the basics of the various financial instruments – shares, bonds, derivatives.
Both the European Social Fund (ESF) and the London Development Agency (LDA) provided the colleges with co-financing funding to run the Introduction to Investment course for unemployed individuals from Tower Hamlets, Newham and Hackney. The funding requirement involves target qualifications as well as work placement and employment. The LDA targets for this project included recruiting candidates from black and ethnic minority backgrounds and under-represented groups including women.
James Edgar, Senior HR Generalist at Citi said, “SII approached us regarding the Introduction to Investment course at the two colleges. We felt the project was right for us as it not only helps the community but gives us access to a different market of individuals. It also makes financial sense for us as it obviates recruiting costs for new individuals and mitigates the costs incurred when using a temp. The course gives great work experience to the students and therefore it is a win-win for all those involved.
“We felt this was a fantastic opportunity to forge strengthened relationships with both the SII and the local colleges. It provides vocational experience for the SII’s course and joint employer and professional body cooperation in developing an entry for key local talent into the investment banking industry. For Citi it was a chance to further our commitment with the local community and help provide meaningful work experience for students trying to break into the industry. We’ve committed to providing structured 4-week programmes with additional workshop and soft skills support for each of these students and they also receive a “buddy” to help his or her assimilation into the work place.”
Citi has been one of the first financial institutions to create a work experience programme, for a cohort of students of this size, from these colleges.
Ruth Martin, Managing Director of SII, said “The Colleges have given their students an excellent opportunity to work within the financial world and gain employment in this sector. It is often difficult for individuals to get into an organisation such as Citi without relevant work experience, which is why this work experience programme is so unique. We are committed to working with local communities to develop access to financial services careers. This project has enabled us to build an excellent partnership with two colleges and a leading global firm and it serves as an exemplar for future collaborations of this kind.”
Therese Reinheimer-Jones, Head of the Financial Skills Academy at Tower Hamlets College said, “Our relationship with Citi has given these unemployed graduates work experience, a valuable reference and permanent or temporary employment but also allowed us to benefit from working with a large corporate and remain up to date with the relevant skills and qualities that an international organisation requires from its graduates. This has provided a real progression route for those completing the SII course and not only produces ambassadors for the college but role models for future students hoping to pursue a career in this environment.
“Working closely with Citi on the project and seeing how highly the organisation values the employability training we offer to our graduates has allowed us to reflect and develop this training to ensure that our graduates enter fully prepared and ready to embark on a career with confidence.
“This project has broken down some of the invisible barriers of working in the City. Although the City and the global financial services industry is on our doorstep, many of our students have come from disadvantaged backgrounds and would never have had the opportunity to work in the financial services sector. This partnership has provided them with the unique opportunity to realise their dreams and work in an international banking environment.”
Ian Ashman, Principal of Hackney Community College said, “We are delighted to be working with Citi, SII and Tower Hamlets College. This project is a great opportunity to learn from each other and to help open up the world of financial services to our students and the local population. We have already seen students getting valuable experience and even high-flying City jobs. We look forward to many further success stories.”
The SII is actively seeking to develop similar partnerships with other colleges and firms throughout the UK and has also developed a bespoke college scheme of this type for BNP Paribas.
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