Socio-Economic Diversity in Life Sciences and Investment Banking

Abstract

People from more privileged backgrounds are over-represented in professional scientific roles in life sciences and in front office roles within investment banking compared to the population as a whole. In the UK c.82% of children attend a non-selective state school, 11% attend a selective state school, while 7% attend fee-paying schools. In comparison, within investment banking, according to research published byThe Sutton Trust in 2014, 34% of new entrants over the previous three years had attended a fee-paying school and 14% had attended a selective state school.Overall, 51% of current leaders were privately educated, and privately educated leaders are more prominent in the under 45s (at 72%) than the over 55s (at 57%). Within the life science sector the research found that data on educational background of employees is currently unavailable.The life science sector is very diverse and it is likely that the social mix will depend on the employment context and sub-sector.For professional level scientific jobs, particularly with large employers, the profile appears to be skewed to high achieving graduates from relatively privileged backgrounds.Science graduates are stratified by social origin, and differences in access to science education start during initial schooling.Ensuring fair and equal access to life sciences and investment banking is important, for our economy and society, and for individuals.v roles including life sciences at graduate level 6).These routes are in the early stages and have the potential to draw in a more diverse profile of new entrants as well as developing those already in the workforce who wish to progress to a professional level role.Putting vocational learning on an equal footing with academic routes has been identified as a key issue for meeting the future skill needs of the sector and education of employers about the value of the Apprenticeship route and job relevant training is seen as a key priority for the sector. This trend is less evident within investment banking, where apprenticeship schemes tend to lead to back or middle office roles, for example within information technology.Middle and back office roles within banks are likely to be more diverse on the basis of social background, and routes into front office roles are available, although interviewees suggested that these are rarely formalised.vi Summary of RecommendationsMore detailed recommendations for each sector are provided within the relevant chapters (see page 112 for life science and page 115 for investment banking).A summary of the key over-arching recommendations for both sectors is provided below. ObjectiveWhy is it important Encourage agreement on the business case for tackling social inequality in life sciences, and investment banking.