One of the world’s largest independent financial advisory organisations has today committed to taking on double the amount of graduates from its flagship Graduate Programme next year. The successful graduates are also likely to buck a depressing UK trend.
deVere Group, which has over 70,000 clients in 100 countries and more than $9billion under advice and management, has announced that a minimum of 150 graduates will be taken on from those who enrol in 2014, compared to 75 this year. Those ultimately recruited by the firm are, in addition, typically going to be earning more in real terms than the graduates at the same stage of their careers before the economic crash of 2008.
This announcement comes as new research by the Financial Times shows that the average new graduate earning 15,000 GBP or more is today paid 12 per cent less in real terms than his or her counterparts in 2007-2008. In addition, the typical UK graduate of 2012 will also owe approximately 60 per cent more in student debt.
deVere Group’s founder and chief executive, Nigel Green, explains: "Due to the high calibre of graduates this year, and the strong demand for places, we are delighted to confirm that deVere will recruit at least 150 graduates from the 2014 intake.
‘Those successful graduates will enjoy a ‘fast-track career pass’ into the international financial services industry within a robust global organisation.”
The deVere Graduate Programme sets out to turn graduates into well-remunerated, fully qualified wealth management professionals in two years. The Programme begins with a substantial training course at the firm’s support centre in Malta. Graduates then undertake further advanced training and complete formal industry qualifications at one of the deVere Academies in Abu Dhabi, Dubai, Istanbul, Malaga, Moscow or New York.
Whilst the FT’s analysis shows that in general graduates are, in real terms, worse off at the same stage of their careers compared with pre-economic downturn graduates, Mr Green says that deVere graduates reverse this trend.
He comments: "The financial services industry has undoubtedly changed since the 2008 crash.
"Clients now, quite rightly, demand more than ever from their wealth management professionals, meaning that those starting a career in financial services today will have to work much harder than their counterparts who began six years ago.
"However, due to soaring demand for expert financial advice and an increasingly well-structured and globalised industry, the rewards for hard-working, committed advisers are at an all time high.
"Not only will they have a career with real job satisfaction - achieved by providing considered, independent advice that helps clients reach their long-term financial objectives - graduates beginning a career with deVere Group today also typically earn 50 per cent more, in real terms, than those who began their careers with us before the 2008 crash.”
He concludes: "For these two reasons, I suggest to deVere graduates that they either ‘go hard or go home’.”
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