India’s financial services sector is facing a significant challenge – there are no takers for nearly 18 lakh jobs created last year.
Krishan Mishra, CEO of the Financial Planning Standards Board (FPSB) India, highlighted this issue, shedding light on the unmet demand for skilled professionals in the industry.
The Data Revealed
- According to data from the National Career Services portal, India generated a whopping 46.86 lakh jobs in the financial services sector last year.
- Shockingly, only 27.5 lakh positions have been filled, leaving a staggering 18 lakh jobs vacant.
- This discrepancy underscores the critical issue of unemployability—jobs exist, but the workforce lacks the necessary skills to take them up.
Also Watch: How GenAI Transforms Hiring and Recruitment, Click Here
The Demand-Supply Gap in Jobs
Banks, insurance companies, brokerage houses, and mutual fund firms consistently require trained and skilled professionals.
A quick online job search reveals that there are approximately 40 times as many job openings as the number of Certified Financial Planner (CFP) professionals available in India.
What Next?
Krishan emphasizes that financial planning is not just for the elite; it’s for everyone. While wealth management may be exclusive, financial planning is essential for all.
He also predicts that by 2030, India will need around 1,00,000 CFPs due to the massive demand. Currently, there are only 2,731 CFP professionals in India compared to 2.23 lakh worldwide.
Strategic Initiatives for Jobs in the Finance Sector
FPSB India and the Indian Institute of Management Ahmedabad (IIMA) have signed a strategic MoU to launch capacity-building initiatives. This is being done for professionals in financial planning and investment advisory services.
These initiatives will include training programs, applied research, and focused workshops to enhance skills and professionalism in the financial planning domain.
Summing Up!
Financial planning is an essential process that helps individuals and families manage their finances effectively. While it’s a well-established industry in developed nations, India is still in the early stages of recognizing its value.
As India’s economy grows and financial literacy improves, the demand for financial planning services will increase. The industry has immense potential to positively impact people’s lives.
Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click Here, Google News– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
