Learning and Development

Learning and development (L&D) is an essential function within the whole of financial services. Its main goal is to support the organisation’s business success by identifying and meeting the needs for skills and knowledge.  This ensures that people are competent at their jobs, have the skills required to deliver good customer service and understand the products that they may be working with. It also encompasses more generic soft skills development (such as communication or team work skills).  Learning and development is required for the development of technical skills and to help people with their personal progression.  L&D professionals are based either in their own department or are part of a broader HR function. Within many financial services functions, regulated employers must ensure that their employees are aware of legal and regulatory obligations they must adhere to in their daily duties.  Learning and development professionals work with department managers to identify and evaluate training gaps, designing, developing and delivering training solutions. Sometimes they will liaise with external providers. Many different learning styles are utilised, including face-to-face training, e-learning and distance learning, mentoring and personal coaching.

Salary

Administrative and support roles start at approximately £15,000 per annum. With the right experience, qualifications and skills you could progress to management roles and earn in excess of £60,000 per annum. This does not include potential bonuses and additional benefits. Salaries will vary considerably based on location and employer.

• Understanding business goals
• Working with managers and HR professionals to identify performance gaps
• Planning learning and development strategies
• Designing and preparing solutions, including liaising with external training/learning and development providers and professional bodies
• Implementing and delivering solutions 
• Ensuring statutory training requirements are met
• Managing budgets
• Monitoring and evaluating results

• Excellent presentation skills and comfortable working with individuals and large groups
• Consultancy skills – an ability to work with business partners and others in HR
• Application of learning and development knowledge to produce effective materials
• Confidence, with excellent facilitation skills
• Good IT skills, especially using presentation software
• Motivational
• Proactive and creative
• Professional manner
• Persuasive and diplomatic
• Accuracy and attention to detail

A new entrant will not always be required to have this knowledge. Employers usually provide training to acquire skills for:

• Industry knowledge relevant to the area where learning and development is needed
• How to assemble training and development materials 
• How to recognise people’s preferred learning styles
• Regulations that affect each organisation’s training requirements

There may be opportunities for entry at administration or training / human resources assistant levels and then to develop into a higher role, taking relevant qualifications as appropriate. For these roles, employers will normally require a minimum of:

• A Levels, Scottish Highers or equivalent qualifications such as  Business, Administration and Finance (BAF) Diploma, BTEC National Diploma, Welsh Baccalaureate (BAC), SVQ Level 3 or Higher National Certificate (SCQF Level 7)

Some learning and development positions in larger financial services firms often require candidates to have a degree or sometimes a relevant industry qualification for an entry-level position.  Most employers will require candidates to have a 2:1 or above.

It is not always essential to have a relevant financial services or accountancy qualification, although this varies between employers. It may, however, be required if you are delivering specific technical or regulatory training. 

The Chartered Institute of Personnel and Development (CIPD) offer a range of relevant courses including:

• Level 2 Certificate in Training Administration
• Level 3 CIPD Certificate in L&D Practice
• Level 7 CIPD Advanced Level Award in Knowledge Management and Organisational Learning
• Level 7 CIPD Advanced Level Award in Designing, Delivering and Evaluating Learning and Development Provision
• Level 7 CIPD Advanced Level Award in Learning and Talent Development

Scottish Qualifications Authority (SQA) and Edexcel also offer, respectively

• SVQ Level 3 and 4 in Learning & Development
• Level 3, 4 and 5 Award, Certificate and Diploma in Learning & Development

Other relevant qualifications include the Award in Preparing to Teach in the Lifelong Learning Sector (PTLLS), Certificate in Teaching in the Lifelong Learning Sector (CTLSS) and Diploma in Teaching in the Lifelong Learning Sector (DTLLS). 

The financial services industry is increasingly subject to regulation that demands specific training regimes. You might work for an insurance company, bank/building society, training company, investment company, financial advice or investment firm or accountancy practice.  Learning and development professionals can be self-employed and work on a consultancy basis for training companies or financial services firms. Learning and development professionals work in all major financial centres throughout the UK. There might be a global dimension in higher-level strategic jobs, especially with financial companies that have large international operations.

• Chartered Institute of Personnel and Development
• Personnel Today
• Scottish Qualifications Authority (SQA)