The Role of Employability Development Opportunities in Closing the Social Gap in the Finance Sector: A Case Study of a Post-1992 UK Business School

Abstract

Amid growing concerns about social mobility in Britain's higher education system, our study delves into universities' role in addressing the social gap within the financial and professional services sectors. The social reproduction theory underscores how upper-class students often benefit from greater exposure to dominant cultural and educational practices, providing them with a competitive advantage in navigating the higher education landscape. To combat these challenges, Higher Education Institutions (HEI) have invested heavily in Employability Development Opportunities (EDOs). Drawing on primary data from finance and accounting students and employability officers at one of these HEIs, our research aims to investigate which EDOs are perceived as most relevant for students to succeed in the financial and professional services industry. First, we confirm that both work experience and real-life activities are most valuable and unavoidable, prompting business schools to include compulsory exposure to the finance industry as part of the curriculum. Second, we find that career development activities are useful as a starting point but not enough for students to secure an internship. Finally, while previous literature shows that extra-curricular activities do not significantly impact student employability, we argue that some of these activities, for example, the Finance Society, are as valuable as real-world exposure. Indeed, the Finance Society was found to be the most helpful source of information, advice and networking for finance students.