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www.sii.org.uk
Membership Survey Results 2007
Membership Committee
Richard BennettHead of Membership
Grade of Membership & Age
Base: All respondents (1198) (2006 Results) Q1.1/1.3
Membership Grades
Age*DK/No answer = 2% (n=21)
Total Sample: 1198 (1273) respondents
Actual Members 2008*FSI 23% (n=3,540)MSI 40% (n=6,169)ASI 34% (n=5,178)Aff 3% (n=408)
*Does not include Students
2% 8%
31%
29%
20%
10%
18-25 26-30 31-40 41-50 51-60 61+
34%
43%
21%2%
FSI
MSI
ASI
Affiliate
Distribution across regions
Base: All respondents (1198) Q1.4
• Overseas members replied 1% (n=23)
• All other regions, 3% or below
• The number of members who are unaware of the region of which they are a part of has dropped by 3% to just 7%
% of respondents
3%
4%
6%
8%
50%
0% 10% 20% 30% 40% 50% 60%
Birmingham
Guernsey
Jersey
Scotland
London
Membership of Professional Bodies
Base: All respondents (1198) Q1.5
None (32%)
Accountancy (18%)
Various Others(50%)
ACA 10% (n=118)ACCA 4% (n=50)CIMA 2% (n=25)
UKSIP 5% (n=61)ACIB 5% (n=60)CFA 2% (n=26)STEP 2% (n=24)
Which sector do you work in?
Base: All respondents (1198) Q1.5
35%
50%
15%
Wholesale Investment Industry Private Client Industry
Retail Investment Industry
Base: All respondents (1198) (2006 Results) Q1.7
Type of Firm members work in
Several further mentions at 2% and below
23%
18%
14%
9%
Private Client Investment Bank
Fund Managers Private Bank
Plus…
• Consultancy 7% (5%)
• Accountants 3% (4%)
• Life Company 3% (3%)
(21%)
(7%)
(19%)
(10%)
Job Description
Regulation & Compliance (13%) (16%)
Operations(13%) (15%)
FSI 10% (13%)MSI 17% (20%)ASI 11% (12%)AFF 10% (N/A)
FSI 5% (6%)MSI 15% (15%)ASI 21% (29%)AFF 25% (N/A)
Investment Mgt(11%) (12%)
FSI 17% (18%)MSI 8% (11%)ASI 9% (6%)AFF 5% (N/A)
Portfolio Mgt(11%) (11%)
FSI 16% (16%)MSI 9% (9%)ASI 5% (6%)AFF 5% (N/A)
Base: All respondents (1198) (2006 Results) Q1.8
Plus…
• Advisory/securities/derivatives 9% (10%)
• Corporate Finance 8% (8%)
• Fund management 7% (7%)
Does your firm pay for subs?
Base: All respondents (1198)/(860) (2006 Results) Q1.11a/b
73%
25%2%
Yes
No
N/S
YES
Firm pays all subscriptions direct to SII(74%) (72%)
I pay and firm repays all
subscriptions to me
(25%) (27%)
Firm Contributes(1%) (1%)
(75%)
(24%)
(1%)
If your firm didn’t pay – would you?
Base: All respondents (968) (2006 Results) Q1.12
71%
10%
19%
Yes
No
DK/NS
(72%)
(19%)
(9%)
Responses given for not paying:•Too expensive•Not enough benefits•Left industry
Perceptions of Membership
Q “How necessary to your profession do you consider your membership of the Securities & Investment Institute?”
Base: All respondents (1198) Q1.14
Very Beneficial Not all beneficial
6 15 4 3 2(22%) (25%) (26%) (12%) (10%) (5%)
Mean = 4.2
• No difference from 2006
• No significant differences between perceptions of FSI, MSI and ASI
Do you use your designatory letters?
Base: All respondents (1198) (2006 Results) Q1.8
60%
36%
4%
Yes
No
N/S
FSI: 30% (28%)MSI:37% (38%)ASI: 46% (50%)
FSI: 70% (70%)MSI: 63% (61%)ASI: 54% (49%)
(37%)
(2%)
(61%)
Importance of existing Membership Benefits
Regulatory Update
CPD Events
Designatory letters
S&I Review
PIFs
CPD scheme
Reg Refresher
Infolink
Online membership directory
Webcasts
Conference discounts
FSI Masterclasses
Annual Conference
More important
Less important
Top 3 for FSIsCPD eventsReg Update
Designatory letters
Top 3 for MSIsReg UpdateCPD events
Designatory letters
Top 3 for ASIsReg Update CPD eventsCPD scheme
Importance of new membership benefits
Integrity at work book
Membership cards
Wealth Management Forum
Podcasts
Lapel pin
Base: All participants/users of benefits (1198) Q2.3
• All grades chose ‘Integrity at work’ book as 1st choice
• ASIs preferred Book, Card & then Podcasts
• 80% of members thought that we now offer sufficient membership benefits
More important
Less important
Personal membership Benefits
44
56
Aware Unaware
Base: All respondents (1198) / all aware of benefit (530) Q2.3
11
89
Used Not used
•Mean rating of importance (1-6) was 3.2
Aware
%
%%
%
(61%)
(39%)
(85%)
(15%)
SII CPD SCHEME• 40% of Members surveyed this time claim to have registered with the SII CPD Scheme compared to 28% last year, now 85% are registered.
Base: All respondents (1198) Q5.1
1.7
1.9
1.4
2
2
2.2
2.1
2.3
2.4
2.4
0 0.5 1 1.5 2 2.5 3
Super user facility
Learning Style guides
Recog. Develop others
Reduce to MSI
Accred Firms' schemes
Accred non-Sii activities
recommend 35 hrs
Online record
Automatic logging
FREE
Mean scores
Rated 1 (not very beneficial) to 3 (Very beneficial)
CPD Survey
50% 50%
0%
10%
20%
30%
40%
50%
yes no
Are you part of a formal CPD scheme within your firm?
82%
18%
0%
20%
40%
60%
80%
100%
Compulsory Optional
Is your scheme compulsory or voluntary?
Who monitors the CPD scheme/employees' CPD records?
35%
28%
13%
23%
1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
ComplianceOfficer
HR Line Manager Self Other
CPD Survey (contd)
30%
20%
16%
29%
5%
0%
5%
10%
15%
20%
25%
30%
ComplianceManager
HR Line Manager Self Other
Who assesses your training and competence or CPD needs?What is the main basis of your scheme?
63%
21%
16%
0% 10% 20% 30% 40% 50% 60% 70%
Inputs
Outputs
Other
12%
21%
7%
50%
10%
0%
10%
20%
30%
40%
50%
Less than 15hours
16 - 25 hours 26 - 30 hours 31 - 35 hours other
If input, how many hours?
CPD Survey (contd)
57%
38%
5%
0%
10%
20%
30%
40%
50%
60%
Yes No Do not know
Do you think that current proficiency of individuals should be regularly tested?
73%
27%
0%
20%
40%
60%
80%
Yes No
Do you believe that CPD should be mandatory for everyone working in the Financial Services industry?
31% 31%
19%15%
4%
0%
5%
10%
15%
20%
25%
30%
35%
Disciplinaryaction
No action Promotionalprospectsaffected
Salary andbonus
affected
Other
What action is taken if you do not comply?
23%
32%
40%
4%1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Yearly Every tw oyears
Threeyears plus
Five yearsplus
Other
If yes, how often should they be tested?
Summary of findings• Quantitative research used to suggest trends and areas that may
merit further investigation– Good response rate (8.5%) on average with PB surveys– Low representation from ASIs need to think of ways to encourage them
• Membership of other Professional Bodies very wide ranging– Noticeable concentration in Accountancy
• Half of members work in Retail Investment Industry– Notable number in compliance & operations functions
• CPD benefits & Reg Update ranked number one by members– Integrity book well received.
• High overall rankings for SII CPD Scheme– Registration increased to 40% before auto signing up of all members, now
need to increase usage.