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Financial market transformation and demand for a new type of specialists

Vol. 26, Iss. 10, OCTOBER 2020

Received: 10 September 2020

Received in revised form: 24 September 2020

Accepted: 8 October 2020

Available online: 29 October 2020

Subject Heading: Financial system

JEL Classification: G10, J44

Pages: 2290–2309

https://doi.org/10.24891/fc.26.10.2290

Koloskova N.V. Siberian University of Consumer Cooperation, Novosibirsk, Russian Federation
natashak2002@list.ru

https://orcid.org/0000-0002-1821-4256

Chistyakova O.A. Siberian University of Consumer Cooperation, Novosibirsk, Russian Federation
chistiakowa.ol@yandex.ru

https://orcid.org/0000-0002-5325-1239

Subject. We investigate the influence of modern trends in the development of the financial market on the labor market for young specialists in the financial sector, identifying the growing contradictions between new requirements for professional qualifications and the ability of educational institutions to provide appropriate competencies for future financial market specialists majoring in Finance and Credit.
Objectives. The aim is to study theoretical aspects and analyze the professional competence of young specialists majoring in the field of Finance and Credit in the context of financial market transformation.
Methods. We employ methods of economic analysis, the content analysis, comparison, and expert assessments. The program and analytical documents of the Bank of Russia and the data of the Ministry of Science and Higher Education and the Ministry of Labor and Social Protection served as the information base for the study.
Results. The paper confirms the hypothesis about the lack of flexibility and adaptability of the system of higher professional education with respect to high rates of changes in the financial market, both institutional and technological. We prove the inconsistency of new demands of the financial market and the emerging competencies of university graduates majoring in Finance and Credit.
Conclusions. The study serves as a prerequisite for predicting the prospects for the labor market development, which is represented by qualified specialists – graduates of educational institutions, in order to harmonize the interests of all participants of the financial market.

Keywords: financial market, fintech, labor market, professional standard, professional qualification

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