Knowledge and Skills Important For the Financial Sector – A Review of Literature

Mark Kanchukov, Kulno Türk

Abstract


Purpose. The main purpose of the paper is to identify key knowledge areas and skills important for specialists and managers of financial organizations based on the review of previous empirical research. Because the financial sector is of very high importance from the perspective of economic development, and the value of financial companies is largely the function of human capital then it is important to map knowledge, skills and experience necessary to increase specialists’ and managers’ – and hence the organizations’ –  competitiveness.

Methodology. We provide the review of literature, including scientific papers as well as applied surveys conducted during last decades in countries with both developed and developing financial markets. Surprisingly little scientific attention has been paid to the field of the role of human resources, their skills and knowledge in the financial industry; also the issue of specific knowledge and skills vital for financial organizations has been covered very little. We contribute to the field by filling this gap, providing systematized view of relevant studies; we pay attention to possible time shifts in skills and knowledge demanded by financial sector. As our paper is basically review paper we follow general framework of literature reviews.

Results. We provide the list of key knowledge areas and skills important for and demanded by the financial sector. We pay attention to future challenges related to staffing of financial institutions with employees possessing adequate knowledge and skills.

The theoretical contribution. As our main focus is on the practical aspects of the topic, the theoretical contribution is not the main strength of our paper. However, we provide the framework and recommendations for conducting surveys on financial sector employees’ knowledge and skills.

Practical implications. We see several possibilities for practical implications: our results can be interesting for 1) top-management of financial sector organizations when planning their training programs and human resource development activities; 2) young people considering their careers in the financial sector, and 3) higher education institutions and companies in the field of business training when compiling their syllabi and training programs. We think that implication can be hardly overvalued considering the importance of the financial sector for a business environment and a country’s economy as whole.

Keywords: financial sector, human capital, literature review, skill, knowledge.

Paper type: research paper.


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