Energy and Finance Labour Market Information Update

Many thanks to my colleague Mark Osnowitz for this post giving an update on the energy and finance sectors – Rebecca

Recently I attended an event which was jointly held by the Association of Graduate Careers Advisory Services (ACGAS) and the Career Development Institute (CDI). At the event the audience was treated to presentations by Robert Orr and Ian Hanson. Both work for Skills Development Scotland (SDS) as sector managers for their respective sector, which is the Energy Sector for Robert and Financial and Business Services for Ian.

The majority of Robert’s talk focused on Oil and Gas (O&G). At the turn of the year Ernst & Young released a report that projected the O&G sector would add 12,000 jobs over the next few years. Despite the fact that there have been 6000 redundancies in the sector since the beginning of the year, SDS are sticking to that figure. The upside is that of the 6000 redundancies the majority are skilled contractors who will be able to find other work, potentially abroad. What this means for students is that there are still graduate opportunities, albeit reduced from the level of hiring that was done before.

Ian focused on the financial side of his financial and business remit. The most recent figures have the sector sitting at 10,000 less jobs than there were pre-crash. The top 20 employers in the sector make up 60% of the workforce. Software engineering and coding skills, as well as data analysis skills, are in high demand in the move towards providing more digital services. Recruitment still largely focuses around graduates, with any degree being accepted but a new focus on STEM degrees. Ian also highlighted the changes to Contact Centres. With most of the work being automated there is increased demand for individuals to fill highly specialised roles, dealing with technology and data analysis.

The take away message from both speakers was that while neither industry is what it once was, there are many opportunities for interested graduates to apply and excel. Don’t let the recent downturns discourage you from applying and be sure to visit the Careers Service for more information and advice on making a successful application.

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