Gauteng Business News

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BANKING: South African Business Students Believe SA Banks Are Innovative


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A recent survey by Deloitte, titled “Talent in Banking Survey 2014: South Africa in Focus” revealed that business students in South Africa see a career in banking as attractive. The research, which surveyed 28 countries indicates that none of the country’s’ business students, except in South Africa, felt that banks are innovative.

“Although banks have increased in popularity compared to last year, they still face tough competition in public sector as it remains number one as the most popular employment sector. Auditing and Accounting sectors are third with only a two percent difference between these top three sectors,” says Colin Smith, Associate Director, Human Capital, Deloitte

“In South Africa, banking has consistently been a popular career choice among South African business students and has not suffered the reputational challenges faced in the country’s worst hit by the 2008 global financial crisis,” says Smith.

Banks have improved slightly in popularity by compared to last year’s, but are below their 2010 peak.

South African banks have been among the most innovative in the world, especially in their use of technology and business students recognise that as innovation is the word most students associate with banking. Additionally, to be entrepreneurial and innovative ranks much higher as a career goal among South African business students and banking-inclined students than it does for their counterparts in most other EMEA markets.

The survey also looked at what banking inclined students most want from their employer and what they most associate with banks. Comparing their aspirations and expectations shows where they coincide or diverge and this may offer interesting insights to employers.

Worthy to note is the fact that business students actually prefer training and development over pay. Being competitively and intellectually challenged is more important to them than being a technical and functional expert. Half of banking-inclined students chose ‘professional training and development’ and ‘leaders who will support my development’ among their top goals. This is similar to many other countries. South African students strongly associate banks with pay. High future earnings, competitive base salary and competitive benefits all feature among the ten job attributes they most expect from banking.

The gender balance among South African banking-inclined and investment banking-inclined students is similar to many other countries, but is more pronounced in South Africa than in most of them.

“South African investment banks are clearly missing out on a significant pool of potential talent by failing to appeal to women,” says Sellschop

The regions included in this survey are APAC, EMEA, UAE and UK.


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