The latest round in the ongoing financial education craze could see colleges and universities handing out free financial education classes, or “finance degrees”, to anyone interested in getting into banking.
It comes after the government cut funding for financial education in the latest budget.
This has seen some universities offering “financial literacy” courses for people to take to get into banking, and some schools have offered courses for more specific skills such as financial management.
But as a group, universities are struggling to provide the full range of financial literacy courses required for the profession.
A new report from the Chartered Institute of Finance (CIF) has found that many of these courses are not even being offered.
Some of the courses are so expensive that it is unlikely that anyone will take them.
Many courses are offered for free to anyone who wants them, even though the cost of the course is around £15,000, and not all are covered by financial aid. “
This could make it difficult for students to gain practical experience in the field of finance and ultimately can result in them not being able to complete the course in the way that they need to,” it said.
Many courses are offered for free to anyone who wants them, even though the cost of the course is around £15,000, and not all are covered by financial aid.
The report found that universities “should not be making a profit on these courses, as they would have a negative impact on the quality of the curriculum”.
Some of the biggest names in the industry have been quick to point out that they do not charge fees for these courses.
“We do not believe there is any conflict of interest or conflict of interests for our institutions in providing these courses,” said the head of one of the UK’s biggest banks, which is the world’s third biggest bank by assets.
It has been suggested that students might feel more comfortable taking financial education if they had access to other resources, such as job training, and financial advice.
But the report found this is not true.
“While the majority of financial learners are motivated to pursue a career in the financial services industry, a significant proportion of them are likely to remain in the finance profession for the long term, meaning there is a need to develop the skills and knowledge needed to fulfil their lifelong aspirations,” it concluded.
There is an obvious reason why some financial institutions are not offering finance degrees.
They have found it is easier to simply charge students for a course that they are not qualified to take.
“Financial institutions may not be able to make financial loans in a market where people have little or no interest in loans and they do so only for the convenience of those who hold the relevant banking licences,” it added.
As of the end of September, students are taking £8 million of finance courses, according to the Charted Institute of Financial Education.
This is an estimated number that could easily increase if financial institutions offer more courses to students.
And it is not just for students.
Some banks have recently raised concerns about the quality and the amount of financial courses they offer.
It is also a concern for students themselves.
The report found some courses offered by banks were “generally not in a state that would allow for full participation of students in their financial education.”
“Many of the financial education offerings were designed to serve a limited audience of students with a particular interest in financial management and/or financial literacy,” it stated.
Even if students are willing to pay for financial literacy, the quality varies widely.
The survey found that some financial courses did not even appear on the CIF’s list of the “most-recommended financial courses”.
And the report warned that students may be tempted to spend money on courses that are not in their “financial capital” or their “best interests”.
A spokesperson for the Chartetif said the organisation “is concerned that some institutions are offering financial literacy in a way that is inconsistent with the standards of their business and does not provide students with the full breadth of financial learning, especially as the number of courses offered is decreasing”.
“The CIF will continue to work with institutions to ensure the best possible financial education services for our students are available to all, including those who do not have a banking licence.”