presentation title here. ifs center for educational excellence
TRANSCRIPT
Presentation Title Here
IFS Center for Educational Excellence
Industry Statistics
• 139,400 approximate total number of jobs
• 66% more concentrated IFS jobs in CT than in the U.S.
• U.S. Rank #2 in highest concentration of total jobs and
highest paid wages
• IFS sector jobs account for 17% of total Gross State
Product
• U.S. Rank #4 in number of investment jobs
Rank #1 in underwriters and financial managers in U.S.
• Local, state, regional and global reach
Industry Statistics
• Over 80% of job postings for Sales Managers/Account Managers, Underwriters, Financial and Business Analysts and Accountants list verbal and written communications skills as a vital prerequisite.
• 100% of the Connecticut job postings for Sales/Account managers in the Insurance sector require a degree in business/finance or accounting or a NASD designation.
• Of the four key occupations in Connecticut's Financial Services Sector, Business Analysts are currently highest in demand.
SkillPROOF Research commissioned by the IFS Center (March 2009)
Industry Statistics
DepartmentOf Economic & CommunityDevelopment
CapitalWorkforce
Partners
Number of Job Openings for Actuaries in Connecticut from 50 selected nationwide employers in the Insurance,
Financial Services and Banking Industry
65
42 42 42 4145
38
25 24
2115 12
0
10
20
30
40
50
60
70
Jun-2008
Aug- Oct- Dec- Feb-2009
Apr-2008 2008 2008 2009
Industry Statistics
Hard Skill Requirements as Percentage of Job Openings for Actuaries in Connecticut from 50 selected nationwide employers
in the Insurance, Financial Services and Banking Industry
11%
11%
78%
Analytical Business Analysis Underwriting
Industry Statistics
Soft Skill Requirements as Number of Job Openings for Actuaries in Connecticut from 50 selected nationwide employers
in the Insurance, Financial Services and Banking Industry
0
10
20
30
40
50
Jun-2008
Aug- Oct- Dec- Feb-2009
Apr-2008 2008 2008 2009
Verbal Communication Written Communication Sales Skills Interpersonal Leadership
Why Was IFS Center Conceived?
• Global competition
• Complex products & services
• Changing workforce/retirements, etc.
• High demand for key strategic talent
• High cost for acquiring and developing new talent
Why Did Connecticut Receive US DOL Grant?
• High-growth occupations
• Core economic driver
• Established foundation
• Mature infrastructure
• Fresh talent pool
IFS Center Model
• Partnership: State, Industry & Academia
• Designed “by the industry for the industry”
• Broad range of training programs and services
• On-demand services
• Communication to all stakeholders
Point of Difference: “Connecticut’s Competitive Advantage”
• IFS Model Approach
• Program Design Committee
• SkillPROOF
• HR Survey
• Senior HR Task Force
Measurement
• Trained 716 incumbent workers
• Established first AS degree in Insurance and
Financial Services
• Created a manual for national replication
• Provided training for more than 100 dislocated
workers
• 46 IFS companies have participated to date
CapitalCommunity College
IFS Cluster
DepartmentOf Economic & CommunityDevelopment
TheWorkplace,
Inc.
IFS Center
IFS Center Partnerships
Why This Makes Sense for Employers
• On-demand training
• Customized
• Cost-effective
Employer Testimonial
• Training by the
industry for the
industry
• Creating a pipeline of
talent
Diane Bengston,
Travelers
Why This Makes Sense for Employees
• Industry is changing
• Real-world training
• No-cost options
Employee Testimonial
• A commitment to learning
new skills
• Classes have increased
knowledge and soft skills
Doug Wilson,
Webster Bank