The transformation of business education and options for solving the problem of personnel shortage in the financial market became the topic of an expert session within the framework of the Finopolis forum, organized by the Bank of Russia.

Deputy President - Chairman of the Board of VTB, Director of GSOM SPbU Olga Dergunova moderated the discussion “Where to get personnel: dialogue between business and universities.”

“We want to discuss the challenges that a new round of technological transformation and economic reorganization has posed to universities. Is there a contradiction between the needs of the financial market and the capabilities of the education system? — Olga Dergunova outlined the topic of discussion. “And most importantly, what solutions do financial market companies offer to get the highest quality personnel from higher education?”

 

The Finopolis Forum, organized by the Bank of Russia, brings together representatives of government authorities, leaders of the financial sector and the IT industry to discuss and present innovative solutions and projects in the field of financial technologies.

The session speakers were:

• Andrey Afonin, Director of the University of the Bank of Russia,
• Yuri Denisov, Chairman of the Board of the Moscow Exchange,
• Vyacheslav Blagirev, Director of the Development and Sales Directorate of Digital Financial Instruments of the St. Petersburg Currency Exchange,
• Alexey Perventsev, Deputy General Director, Head of the personnel agency ANO “Russia – Land of Opportunities”,
• Vladimir Vertogradov, vice president of the LANIT group, managing director of NORBIT,
• Evgeniy Ivashkevich, rector of the Central University.

According to Andrey Afonin, it is significant that this year the task of training personnel is for the first time recorded in key documents for the financial industry, for example, in the Strategy for the Development of the Financial Market until 2030, developed by the Bank of Russia jointly with the Ministry of Finance of Russia.

“The development of technology without the development of people has no chance of success, and this is evidenced by the shortage of qualified personnel in the labor market,” emphasized the director of the University of the Bank of Russia. “Now we, together with 600 major players in the financial market, are studying their level of satisfaction with university graduates and come to the conclusion that in the current situation, doctoral education is becoming increasingly important.”

Among the most sought-after competencies of specialists for the financial market, Andrei Afonin listed:

• Soft skills: adaptability, ability to learn quickly and see new opportunities,
• Technological skills associated with the intensive adoption of AI in the financial sector,
• Proficient in digital technologies and working with data.

 

“The World Economic Forum published data according to which up to a quarter of jobs could be cut with the introduction of AI — and the financial market is no exception,” added Olga Dergunova. — Therefore, I agree with the thesis about the importance of soft skills, because the need for such competencies will accordingly increase to 25%. You can teach programming, but teaching how to communicate correctly is much more difficult.”

For higher education, quality feedback from graduates is now more important than ever, said Yuri Denisov. It helps to assess the relevance of programs and flexibly plan changes in the training of specialists needed by the market.

As a solution, representatives of the Moscow Exchange and the St. Petersburg Currency Exchange offer the student the fastest possible access to practice. It is important for a future specialist to realize in time that he has chosen the right direction; starting from the 2-3rd year, companies take students for internships and give them the opportunity to see all the processes from the inside.

So, does the market need not just certified specialists, but also those with the widest range of relevant skills. Are universities capable of meeting the challenges of the modern economy and teaching students the competencies of the future?

The rector of the Central University, Evgeniy Ivashkevich, cited contradictory data: despite the fact that Russia has a record share of people with higher education — up to 56%, half of them do not work in their specialty. He connected this not only with the problem of higher education being isolated from the needs of the market, but also with insufficient career guidance for students when choosing a profession.

“Therefore, we decided to create a university that focuses specifically on the employment rating of allumni and how many of them work in their specialty,” said Evgeniy Ivashkevich. “Our task is to create such social elevators so that our students find themselves in life.”

The panelists agreed on the following conclusion: in order to become competitive in a changing market, a diploma is not enough for a young specialist. It is important to see yourself in the chosen industry as early as possible and undergo a full-fledged production internship.

Olga Dergunova gave the example of the long-term industrial internship program of the Graduate School of Management of St. Petersburg State University, which allows students to combine study with practice for 6 months.

The Career Center of GSOM SPbU, together with a number of partner companies, launched an industrial internship project in 2023. This is an extended six-month internship in a company without interrupting their studies, allowing students to gain applied knowledge from business practitioners in real working conditions.

 

“We launched this case for the first time among the partners and trustees of GSOM SPbU. And it is happiness for both students and companies. The first got the opportunity to really understand what field and what company they ended up in, and the second got a concrete result by immersing students in solving real problems.”

In conclusion, Olga Dergunova emphasized the importance of actively involving business experts in teaching - today this is urgently needed for the effective transformation of higher education in general and business education in particular.

For reference:

GSOM SPbU is a leading Russian business school, created on the basis of St. Petersburg State University, the oldest Russian university, the largest center of science, education and culture.

VTB Bank is a strategic partner of the Graduate School of Management of St. Petersburg State University and a member of the Board of Trustees of the Business School since 2007. The key to long-term cooperation with the university is the synergy of the academic and business communities, as well as the implementation of common goals for the education and self-realization of a new generation of leaders of the Russian economy.

GSOM SPbU is the holder of the “triple crown” of international accreditations AACSB, EQUIS and AMBA and is among the top 1% of business schools in the world with similar recognition. The business school is a recognized center for research and teaching in the field of management.

The Central Bank of the Russian Federation (Bank of Russia) is the main emission and monetary regulator of the country, developing and implementing a unified state monetary policy of the country. For many years, the Bank of Russia has been a member of the Board of Trustees of the Graduate School of Management of St. Petersburg State University.