Presentation Title Here

IFS Center for Educational Excellence

Industry Statistics

• 139,400 approximate total number of jobs

• 66% more concentrated IFS jobs in CT than in the U.S.

• U.S. Rank #2 in highest concentration of total jobs and

highest paid wages

• IFS sector jobs account for 17% of total Gross State

Product

• U.S. Rank #4 in number of investment jobs

Rank #1 in underwriters and financial managers in U.S.

• Local, state, regional and global reach

Industry Statistics

• Over 80% of job postings for Sales Managers/Account Managers, Underwriters, Financial and Business Analysts and Accountants list verbal and written communications skills as a vital prerequisite.

• 100% of the Connecticut job postings for Sales/Account managers in the Insurance sector require a degree in business/finance or accounting or a NASD designation.

• Of the four key occupations in Connecticut's Financial Services Sector, Business Analysts are currently highest in demand.

SkillPROOF Research commissioned by the IFS Center (March 2009)

Industry Statistics

DepartmentOf Economic & CommunityDevelopment

CapitalWorkforce

Partners

Number of Job Openings for Actuaries in Connecticut from 50 selected nationwide employers in the Insurance,

Financial Services and Banking Industry

65

42 42 42 4145

38

25 24

2115 12

0

10

20

30

40

50

60

70

Jun-2008

Aug- Oct- Dec- Feb-2009

Apr-2008 2008 2008 2009

Industry Statistics

Hard Skill Requirements as Percentage of Job Openings for Actuaries in Connecticut from 50 selected nationwide employers

in the Insurance, Financial Services and Banking Industry

11%

11%

78%

Analytical Business Analysis Underwriting

Industry Statistics

Soft Skill Requirements as Number of Job Openings for Actuaries in Connecticut from 50 selected nationwide employers

in the Insurance, Financial Services and Banking Industry

0

10

20

30

40

50

Jun-2008

Aug- Oct- Dec- Feb-2009

Apr-2008 2008 2008 2009

Verbal Communication Written Communication Sales Skills Interpersonal Leadership

Why Was IFS Center Conceived?

• Global competition

• Complex products & services

• Changing workforce/retirements, etc.

• High demand for key strategic talent

• High cost for acquiring and developing new talent

Why Did Connecticut Receive US DOL Grant?

• High-growth occupations

• Core economic driver

• Established foundation

• Mature infrastructure

• Fresh talent pool

IFS Center Model

• Partnership: State, Industry & Academia

• Designed “by the industry for the industry”

• Broad range of training programs and services

• On-demand services

• Communication to all stakeholders

Point of Difference: “Connecticut’s Competitive Advantage”

• IFS Model Approach

• Program Design Committee

• SkillPROOF

• HR Survey

• Senior HR Task Force

Measurement

• Trained 716 incumbent workers

• Established first AS degree in Insurance and

Financial Services

• Created a manual for national replication

• Provided training for more than 100 dislocated

workers

• 46 IFS companies have participated to date

CapitalCommunity College

IFS Cluster

DepartmentOf Economic & CommunityDevelopment

TheWorkplace,

Inc.

IFS Center

IFS Center Partnerships

Why This Makes Sense for Employers

• On-demand training

• Customized

• Cost-effective

Employer Testimonial

• Training by the

industry for the

industry

• Creating a pipeline of

talent

Diane Bengston,

Travelers

Why This Makes Sense for Employees

• Industry is changing

• Real-world training

• No-cost options

Employee Testimonial

• A commitment to learning

new skills

• Classes have increased

knowledge and soft skills

Doug Wilson,

Webster Bank