The government and major banks are backing an IT
training centre that will produce up to 20 PhD students specialised
in financial services computing.
But the current economic turbulence could leave graduates
without jobs to go to.
The UK Doctoral Training Centre in Financial Computing is an
attempt to keep London at the centre of the financial services
industry. The project is to receive about £6m funding from the
government.
Financial services companies rely on complex computing. The
skills of IT workers in the sector are considered the best
commercially available.
Ralph Silva, an analyst at Towergroup, said he supports the idea
but he said, "the timing sucks". There is currently little demand
for this type of employee, he explained.
"I agree with it because it will improve London's chances of
being the centre of financial services, but I am concerned about
the timing. Where will the graduates work?"
The investment banking industry is
experiencing thousands of job cuts as mergers are completed and
companies prepare for a slowdown in business. As many as 300,000
people could have lost their jobs in the financial services sector
globally by the end of 2009, with as many as 25% drawn from IT
professionals.
The centre will be at the UCL in collaboration with the LSE and
London Business School. The government funding is through the
Engineering and Physical Sciences Research Council (ESPRC). The
centre will be one of seven which set up by the ESPRC.
Each UCL Centre will have 50 students to take part in four-year
doctorate programmes over the next five years. The first intake of
doctorate students will join in October 2009.