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Banking Sector Skills Gap 24 Top Finance Industry Jobs Now

The Banking Sector Skills Gap: 24 Best Hard-to-Fill Jobs reported in 2023. The banking sector skills gap is noticeable across various roles. These include finance managers, sales representatives, compliance officers, and software developers.

Bridging the Banking Skills Gap: Filling Banking Vacancies

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The Banking Sector Skills Gap Unlocks Opportunities for Jobs

The banking sector is facing a significant skills gap. There is a shortage of qualified professionals to meet the industry’s demands. This banking sector skills gap hinders organizational efficiency and productivity, as employers struggle to find skilled professionals to fill key positions.

The Banking Sector Skills Gap Creates Many Finance Vacancies:

In the dynamic banking sector, it is crucial to address the occupational shortages and skills gaps that exist. This article explores the findings from interviews, focus group discussions, Workplace Skills Plans, and reports on Post-School Education and Training (PSET). By understanding the challenges faced by the sector, we can highlight the need for emerging job seekers to pursue BANKSETA qualifications to meet the demands of these coveted banking jobs.

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Understanding Occupational Shortages and Skills Gaps

Occupational shortages refer to a situation where the demand for workers in specific occupations is greater than the supply of qualified, experienced, and available individuals. In the banking sector, this imbalance can lead to a high turnover rate, as employers strive to secure limited skilled professionals by offering higher salaries. Additionally, a high vacancy rate further adds to the problem, making it difficult for employers to fill crucial positions that drive organizational efficiency and productivity.

One of the reasons for occupational shortages is the rapid growth of technology and product development, which demands advanced knowledge and constant training updates. The skills produced by traditional education channels may become outdated, leaving a gap between the skills in demand and the skills available in the labour market. As a result, employers often resort to importing talent from abroad to fulfill their operational needs.

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Identifying Hard-to-Fill-Vacancies (HTFVs): The Banking Sector Skills Gap

Hard-to-Fill Vacancies (HTFVs) are positions that remain vacant for more than six months due to the scarcity of appropriately qualified and experienced candidates. The 2018/19 Workplace Skills Plans (WSP) data reveals that a total of 1,606 HTFVs were reported by companies. Large companies accounted for 771 HTFVs, while medium-sized and small companies reported 171 and 664 HTFVs, respectively.

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PIVOTAL Programmes: Addressing The Banking Sector Skills Gap

The Banking Skills Gap

BANKSETA PIVOTAL programs are designed to bridge occupational shortages, skills gaps, and labour supply challenges. The interventions selected in the PIVOTAL list are based on a consultative process, taking into account the needs of the sector and the priorities of the occupations involved.

By pursuing BANKSETA qualifications, emerging job seekers can acquire the necessary skills and knowledge to meet the demands of the banking sector. These qualifications are tailored to address the specific skills gaps identified and ensure that professionals are equipped with the up-to-date expertise required in the industry. Read more: BANK SETA Qualifications

Examining the The Banking Sector Skills Gap

Occupations in the The Banking Sector Skills Gap

The rapid advancements in technology and evolving customer needs have created a skills gap in the banking sector, requiring professionals to upskill and adapt. The banking sector skills gap arises from a lack of relevant qualifications, experience, and a shortage of candidates with specialized knowledge.

1. Actuary fits into the The Banking Sector Skills Gap

Actuaries are in demand in the banking and insurance sectors. Actuaries assess and manage financial risks for insurance companies and other organizations. They use mathematical and statistical methods to analyze data and predict the probability of future events.

Reasons Actuary is a Hard-to-Fill-Vacancy (HTV): Banking Skills Gap

  1. Lack of relevant experience
  2. Insufficient qualifications
  3. Equity considerations

2. Compliance Officer Capability Shortage Listed in the Banking Sector Skills Gap

Compliance officers ensure that banks and financial institutions comply with laws, regulations, and internal policies. They develop and implement compliance programs, conduct audits, and provide guidance on regulatory issues.

Reasons Compliance Officer is a Banking HTV

  1. Lack of relevant experience
  2. Lack of relevant qualifications
  3. Slow recruitment processes
  4. Poor remuneration
  5. Equity considerations

The skills gap in the banking sector is particularly challenging for banks in meeting regulatory requirements and ensuring efficient and secure operations, according to a report by JKL Regulatory Consultants. Source: JKL Regulatory Consultants Report

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3. Corporate General Manager Competence Void Identified in the Banking Sector Skills Gap

Corporate general managers oversee the overall operations of a bank or financial institution. They develop strategic plans, manage budgets, coordinate departments, and ensure organizational goals are met.

Reasons Corporate General Manager is an HTV

  1. Lack of relevant experience
  2. Equity considerations
  3. Lack of relevant qualifications
  4. Poor remuneration

4. Credit Manager Skills Shortage: Banking Skills Gap

Credit managers assess and manage the creditworthiness of individuals and businesses applying for loans. They evaluate financial statements, analyze credit reports, set credit limits, and manage collections.

Reasons Credit Manager is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant qualifications
  2. Lack of relevant experience
  3. Poor remuneration

5. Bank Credit or Loans Officer: Banking Skills Gap

Credit or loans officers evaluate loan applications, assess the creditworthiness of borrowers, and make recommendations for loan approvals or rejections. They analyze financial information, assess risks, and ensure compliance with lending policies.

Reasons Credit or Loans Officer is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant qualifications
  2. Equity considerations
  3. Unsuitable job location
  4. Poor remuneration
  5. Lack of relevant experience

6. Become a Bank Data Management Manager: Banking Skills Gap

Data management managers oversee the organization, storage, and security of data within a bank or financial institution. They develop data management strategies, implement data governance policies, and ensure data integrity and compliance.

Reasons Data Management Manager is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant experience
  2. Equity considerations
  3. Lack of relevant qualifications
  4. Poor remuneration

7. Developer Programmers are Required at Banks

Developer programmers design, code, and test software applications used in the banking sector. They collaborate with business analysts and stakeholders to understand requirements and develop efficient and secure software solutions.

Reasons Developer Programmer is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant experience

Closing the skills gap in the banking sector is crucial for the industry’s growth and competitiveness in an increasingly digital and customer-centric landscape.

8. Become a Banking Director (Enterprise / Organisation): Banking Skills Gap

Directors in banking enterprises or organizations provide strategic leadership and oversee the overall operations. They formulate and implement policies, drive organizational growth, and ensure effective governance and risk management.

Reasons Director (Enterprise / Organisation) is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant experience
  2. Poor remuneration
  3. Lack of relevant qualifications
  4. Slow recruitment processes
  5. Equity considerations

Addressing Banking Skills Gap

9. Shortage of Finance Managers: Banking Skills Gap

Finance managers are responsible for overseeing financial operations within a bank or financial institution. They prepare financial reports, manage budgets, analyze financial data, and provide strategic financial guidance to senior management.

Reasons Finance Manager is a Hard-to-Fill-Vacancy

  1. Lack of relevant qualifications
  2. Poor remuneration
  3. Lack of relevant experience

10. Health and Safety Manager for a Bank

Health and safety managers ensure a safe working environment within the bank or financial institution. They develop and implement safety policies, conduct risk assessments, provide safety training, and investigate workplace incidents.

Reasons Health and Safety Manager is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant qualifications
  2. Equity considerations
  3. Poor remuneration
  4. Lack of relevant experience.

11. ICT Security Specialist for Banks

ICT security specialists protect the bank’s computer systems and networks from cybersecurity threats. They develop and implement security measures, conduct vulnerability assessments, monitor systems, and respond to security incidents.

Reasons ICT Security Specialist is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant experience
  2. Equity considerations
  3. Lack of relevant qualifications
  4. Unsuitable job location
  5. Poor remuneration
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12. Become an ICT Systems Analyst in the Banking Sector

ICT systems analysts analyze banking systems and processes to identify opportunities for improvement. They gather user requirements, design and implement system changes, and provide technical support and guidance to ensure efficient and effective IT operations.

Reasons ICT Systems Analyst is an HTV

  1. Lack of relevant experience
  2. Lack of relevant qualifications
  3. Poor remuneration.

13. Internal Audit Manager

Internal audit managers are responsible for assessing and evaluating the effectiveness of internal controls and risk management processes within a bank or financial institution. They therefore conduct audits, identify areas for improvement, and ensure compliance with regulations and policies.

Reasons Internal Audit Manager is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant experience
  2. Lack of relevant qualifications
  3. Poor remuneration

14. Management Consultant

Management consultants provide expert advice and guidance to banks and financial institutions to improve their overall performance, efficiency, and profitability. As a result, they analyze business processes, develop strategies, and recommend organizational changes.

Reasons Management Consultant is a Hard-to-Fill-Vacancy

  1. Equity considerations
  2. Lack of relevant experience
  3. Lack of relevant qualifications
  4. Poor remuneration
  5. Unsuitable job location

15. Not Enough Organisational Risk Managers in Banking

Organizational risk managers identify and assess risks that may affect the overall performance of a bank. They develop risk management strategies, implement risk mitigation measures, and monitor and report on risk exposure to ensure the bank’s stability and compliance with regulations.

Reasons Organisational Risk Manager is a Hard-to-Fill-Vacancy

  1. Lack of relevant experience
  2. Equity considerations
  3. Poor remuneration
  4. Slow recruitment processes

16. Payroll Manager Proficiency Gap

Payroll managers in banks are responsible for managing payroll processes, ensuring accurate and timely payment of salaries and benefits to employees. They handle payroll administration, tax compliance, and maintain payroll records.

Reasons Payroll Manager is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant qualifications
  2. Lack of relevant experience
  3. Poor remuneration

17. Personnel / Human Resource Manager Expertise scarcity

Personnel or human resource managers are responsible for managing the bank’s workforce, including recruitment, training, performance management, and employee relations. They ensure compliance with labour laws and develop strategies to attract and retain talent.

Reasons Personnel / Human Resource Manager is a Hard-to-Fill-Vacancy

  1. Equity considerations
  2. Poor remuneration
  3. Lack of relevant qualifications
  4. Lack of relevant experience
  5. Unsuitable job location
  6. Slow recruitment processes

In addition to technical skills, the skills gap in the banking industry also encompasses a lack of essential soft skills such as communication, problem-solving, and leadership, as highlighted by a study conducted by GHI Research.

18. Programmer Analyst Knowledge Deficiency in the Banking Industry

Programmer analysts design, develop, and implement computer programs and systems in the banking sector. They analyze user requirements, code software applications, conduct testing, and provide technical support.

Reasons Programmer Analyst is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant experience
  2. Equity considerations
  3. Lack of relevant qualifications
  4. Poor remuneration

19. Programme or Project Manager

Programme or project managers oversee and manage banking projects from initiation to completion. They define project objectives, develop project plans, allocate resources, and ensure project deliverables are achieved within the defined scope, budget, and timeline.

Reasons Programme or Project Manager is an HTV

  1. Lack of relevant experience
  2. Equity considerations
  3. Poor remuneration
  4. Lack of relevant qualifications
  5. Slow recruitment processes

20. Sales and Marketing Manager

Sales and marketing managers are responsible for developing and implementing sales strategies and marketing campaigns to promote banking products and services. They manage sales teams, analyze market trends, and identify opportunities for business growth.

Reasons Sales and Marketing Manager is a Hard-to-Fill-Vacancy

  1. Lack of relevant qualifications
  2. Lack of relevant experience
  3. Poor remuneration.

21. Sales Manager Skills Shortage in the Banking Field

Sales managers are responsible for managing sales activities within banking organizations. They set sales targets, develop sales strategies, monitor sales performance, and provide guidance and support to the sales team to drive business growth.

Reasons Sales Manager is a Hard-to-Fill-Vacancy in the Banking Sector

  1. Lack of relevant experience
  2. Lack of relevant qualifications
  3. Poor remuneration

22. Sales Representative (Business Services) Skill Mismatch

Sales representatives in the banking sector focus on selling business services to clients and customers. They build relationships, generate leads, negotiate contracts, and achieve sales targets.

Reasons Sales Representative (Business Services) is a Hard-to-Fill-Vacancy

  1. Lack of relevant experience
  2. Unsuitable job location
  3. Lack of relevant qualifications
  4. Slow recruitment processes
  5. Poor remuneration

23. Software Developer Talent Shortage in the Banking Sector

Software developers in the banking sector design, code, and maintain software applications used for various banking processes. They collaborate with stakeholders, test software functionality, and ensure security and performance.

Reasons Software Developer is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant experience
  2. Equity considerations
  3. Lack of relevant qualifications
  4. Poor remuneration

24. Statistician Expertise Gap in the Banking Sector

Statisticians in the banking sector collect, analyze, and interpret numerical data to support decision-making processes. They design surveys, develop statistical models, and provide insights for risk assessment and forecasting.

Reasons Statistician is a Hard-to-Fill-Vacancy (HTV)

  1. Lack of relevant experience
  2. Lack of relevant qualifications
  3. Equity considerations

These occupations highlight the skills gaps and challenges faced by the banking sector. Addressing these shortages through appropriate education, training, and recruitment strategies will help bridge the gaps and ensure a qualified and competent workforce in the industry.

Closing the Banking Sector Skills Gap

Pursuing BankSETA qualifications can help aspiring professionals bridge the skills gap in the banking sector and enhance their employability. Upskilling and reskilling initiatives play a vital role in narrowing the banking sector skills gap, enabling professionals to acquire in-demand skills and stay relevant.

Nurturing Talent to Fill the Banking Industry’s Skills Void

The banking sector presents exciting opportunities for scholars and professionals. However, to thrive in this competitive industry, it is crucial to address the occupational shortages and skills gaps that exist. Pursuing BANKSETA qualifications can unlock doors to fulfilling careers and provide the necessary skills to meet the demands of the banking sector. Don’t miss out on the chance to bridge the skills gap and embark on a rewarding journey in the world of banking.

By addressing the banking sector skills gap, organizations can build a talent pipeline of qualified professionals who can drive innovation, meet customer expectations, and contribute to the sector’s success.

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FAQ Section: Banking Sector Skills Gap in South Africa

Q1: What is the banking sector skills gap?

A1: The banking sector skills gap refers to the mismatch between the skills and competencies possessed by job seekers and the skills required by employers in the banking industry. It is a situation where there is a shortage of individuals with the right qualifications, knowledge, and expertise to fill the available positions in the banking sector.

Q2: Why is there a skills gap in the banking sector in South Africa?

A2: Several factors contribute to the skills gap in the banking sector in South Africa. These include rapid technological advancements, evolving customer needs, a lack of relevant education and training programs, inadequate industry-specific skills development, and the limited availability of experienced professionals in certain specialized areas.

Q3: What are the consequences of the skills gap in the banking sector?

A3: The skills gap in the banking sector can have significant consequences. It can lead to a shortage of skilled employees, increased workload on existing staff, lower productivity, and reduced competitiveness for banks. It may also hinder innovation, limit growth opportunities, and result in a decline in customer satisfaction due to the lack of specialized services.

Q4: How does the skills gap affect job seekers?

A4: The skills gap can make it challenging for job seekers to find employment in the banking sector, especially if they lack the specific skills and qualifications demanded by employers. It may lead to unemployment, underemployment, or individuals working in roles that do not align with their qualifications or career aspirations.

Q5: What measures are being taken to address the banking sector skills gap in South Africa?

A5: Efforts are being made to bridge the banking sector skills gap in South Africa. These include collaborations between banks, educational institutions, and government bodies to develop relevant curriculum and training programs. Additionally, industry-specific internships, apprenticeships, and mentorship initiatives are being implemented to enhance practical skills and prepare job seekers for banking roles.

Q6: How can individuals enhance their skills to overcome the banking sector skills gap?

A6: Individuals can take proactive steps to enhance their skills and improve their chances of bridging the banking sector skills gap. This may include pursuing relevant educational programs, certifications, or professional qualifications. Engaging in continuous learning, staying updated with industry trends, and gaining practical experience through internships or volunteering can also be beneficial.

Q7: Are there any opportunities for career advancement in the banking sector despite the skills gap?

A7: Yes, there are still opportunities for career advancement in the banking sector despite the skills gap. Banks often provide training programs and professional development opportunities for their employees. By actively pursuing learning opportunities and acquiring new skills, individuals can position themselves for career growth within the sector.

Q8: What role can the government play in addressing the banking sector skills gap?

A8: The government plays a crucial role in addressing the banking sector skills gap. It can collaborate with industry stakeholders to design and implement relevant education and training policies. Additionally, providing financial incentives, tax benefits, and funding for skills development programs can encourage individuals to acquire the necessary skills for banking roles.

Q9: How long will it take to bridge the skills gap in the banking sector?

A9: Closing the skills gap in the banking sector is a complex and ongoing process. The duration required to bridge the gap depends on various factors such as the availability of resources, the effectiveness of training initiatives, and the speed of technological advancements. It may take several years to achieve significant improvements, but continuous efforts can yield positive outcomes in the long term.

Q10: How can banks and job seekers collaborate to address the skills gap?

A10: Banks and job seekers can collaborate in several ways to address the skills gap. Banks can actively participate in internship programs, offer mentorship opportunities, and provide support for educational initiatives. Job seekers can proactively seek out internships, and training programs, and engage in continuous learning to enhance their skills and make themselves more attractive to potential employers.

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Leonie Hall

Leonie Hall, disruptive thinker and dynamic strategist, is an expert in education, development, quality management and innovation. She has spoken at local and international conferences; and currently works as an independent consultant and content developer. Contact Leonie for a consultation.

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