(February 16, 2005, Indianapolis, IN) — Indianapolis-based Networks Financial Institute (NFI), an initiative of Indiana State University, recently published research that addresses the skills, experiences and curricula employers in the banking, insurance and securities industry are seeking in new college hires. The research indicates that while employers deem it important for new hires to have a solid education based on traditional curriculum, there is an intense and emerging interest in "soft skills," particularly in the area of business ethics and financial services specific coursework.

The research, conducted by MarketVibes, Inc. interviewed 181 hiring managers and human resources recruitment officers representing small, mid-sized and large institutions in the banking, securities and insurance sectors across the nation. Objectives focused on understanding the importance of and preferences for new college grad work experience, curriculum and skills within the financial services sectors. The research also sought to assess the college courses hiring officers deemed most valuable in new college grads.

Financial services companies participating in the research hired on average 10 new college grads in the past year. Overall, these companies placed more emphasis on soft skills when hiring new college grads, with curriculum a close second and experience being less important. These findings were true regardless of company size or sector. The soft skill deemed most important by a large margin was ethics (honesty and integrity) followed by communications, teamwork, discipline, enthusiasm, maturity and problem solving. The least important soft skills were project management, presentation and planning skills.

When asked to evaluate the soft skills performance of recent college grads, research participants cited ethics, enthusiasm and teamwork as the strongest skill sets. Respondents cited leadership potential, analysis, business writing and decision making as the weakest skill sets. "The information gleaned from this research has implications for higher education, financial institutions and the college grads," said Liz Georgakopoulos, executive director of NFI. "The findings provide insight into what curricula need to be strengthened or added, what skill sets employers need to coach and mentor in new hires, and feedback that can help students better prepare to meet future employers’ expectations," Georgakopoulos added.

As an outreach of Indiana State University’s College of Business, NFI seeks to partner with ISU to enhance curriculum, professional development and placement strategies for its students. Research indicated that accounting, finance and business administration were the top three majors hired by research respondents. Other prominent majors hired included management, marketing, computer science and MIS. "The majors employers are looking for align well with the curriculum we’ve developed," said Ronald Green, dean of the College of Business at ISU. Research respondents deemed a focused Financial Services curriculum to be valuable to hiring organizations. Regardless of whether the respondent represented banking, insurance, or the security segment, the top required course was Business Ethics.

NFI currently awards 15 Networks Scholarships a year to incoming Indiana State University freshman pursuing a course of study in the College of Business, with an intent to pursue a career in financial services. The organization is currently developing a comprehensive co-curricular program for its Scholars program to incorporate, which the soft skills deemed important by financial service employers.

Networks Financial Institute was founded in 2003 with a grant from the Lilly Endowment. The non-profit organization serves as an outreach program of Indiana State University and focuses efforts on improving financial literacy, advancing important financial issues impacting Indiana through research, education and collaboration. Networks Financial Institute is headquartered in Indianapolis with offices on the campus of Indiana State University and outreach in Washington, D.C., and internationally. For more information about Networks Financial Institute, visit www.networksfinancialinstitute.org.