AI skills shortage doubles hiring times in financial services
UK financial services firms now take nine months to fill AI and digital roles, nearly double the 5.5-month average from a year ago. Companies are offering salary premiums of 49% to attract candidates with the necessary expertise.
A survey by Amazon Web Services found that 61% of UK financial services organisations cite AI and digital skills shortages as their biggest barrier to expanding AI use. The extended hiring timelines reflect intense competition for a limited talent pool.
The cost of the shortage
The 49% salary premium signals how desperate firms have become. Candidates with AI skills can command substantially higher pay than their peers in other roles.
The shortage is slowing digital transformation across the sector. Banks and financial institutions cannot deploy AI systems at the pace they planned without the people to build and manage them.
What this means for finance leaders
Finance leaders face a choice: wait nine months to hire externally, or develop existing staff. Internal training programs offer a faster path to building AI capability, though they require upfront investment.
Understanding AI fundamentals has become essential for finance teams. Leaders who can evaluate AI tools and manage AI-driven projects will be more valuable as the sector continues its digital shift.
For more on building AI skills in finance, see AI for Finance or explore the AI Learning Path for CFOs.
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