INDUSTRY
18 lakh jobs in financial sector lying vacant due to lack of skilled manpower
- IBJ Bureau
- Jul 18, 2024
A top official of the Financial Planning Standards Board (FPSB) India has said that India is facing an issue of unemployability in the financial services sector because there are no takers of nearly 18 lakh jobs last year.
GIFT City in Gandhinagar, which employs nearly 6,000 people in the financial services sector, will generate nearly 1.5 lakh jobs in this sector in the next five years, FPSB India CEO Krishan Mishra has said.
“Last year, as per the data provided by the National Career Services portal of the Central government, India created 46.86 lakh jobs in financial services. Of those, only 27.5 lakh jobs were filled. It shows that there were no takers for 18 lakh jobs. This is because of unemployability. Jobs are there, but people are not capable enough to take them up,” Mr Mishra adds.
“Banks, insurance companies, brokerage houses and mutual fund companies are always in need of trained people. If you conduct an online job search, you will find that there are about 40 times as many jobs as the number of Certified Financial Planner (CFP) professionals available,” he said.
FPSB India is the Indian subsidiary of Financial Planning Standards Board (FPSB) – the global standards-setting body for the financial planning profession and owner of the international Certified Financial Planner (CFP) certification programme.
At present, there are 2,731 CFP professionals in India against 2.23 lakh worldwide. By 2030, there will be around 10,000 CFPs in India as against the requirement of 1,00,000 due to huge demand, Mr Mishra has noted.
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