The majority of advanced wealth management qualifications are being taken outside of London, figures from the Chartered Institute of Securities and Investment can reveal.
The chartered accrediting body, which is headquartered within London's square mile, said it has witnessed a rising interest in professional financial qualifications across Britain.
According to a spokesperson from the CISI, one reason for this burgeoning demand for both CISI membership and financial services professional development in UK regional cities could be the shift away from in-person, retail banking branch transactions to digital and online services.
This has made it easier for companies outside of the traditional City financial districts to focus on growth and development in their local areas.
Statistics seen by FT Adviser show that, as of March 2024, the CISI’s wealth management qualification were taken by 59 per cent of candidates based outside London, with 67 per cent of its most advanced wealth management exam taken by candidates based outside of London.
The UK regional growth in CISI membership is compared to 0.82 per cent member growth in London. Its membership as a whole (outside London) has grown 10 per cent, the body said.
The spokesperson said: "This confirms the depth of wealth management knowledge and expertise in the UK regions."
At March 2024, 62 per cent of CISI's chartered members in the UK were based outside of London. Across the UK, the body has 23 UK regional committees run by member volunteers, including Leeds, where CISI membership has increased by more than 20 per cent.
"This growth in our sector regionally is reflected in the FCA's recent announcement to expand its Leeds office, creating more jobs in the region. This was also preceded by the Bank of England which announced that one in 10 of its staff will be based in Leeds by 2027", the spokesperson added.
Similarly, the CISI said it was experiencing growth in Scotland, which outside of London has the second largest membership.
As uncovered by a recent FT Adviser investigation into the future of Edinburgh as a financial centre, the growth of CISI membership there reflects the breadth of the Scottish financial services sector including operations, financial planning and wealth management.
Scotland has a thriving fintech community, with more than 200 fintech companies, according to Skills Development Scotland.
According to the spokesperson, the rise of fintech reflects the demand for CISI’s Certificate in Ethical AI, available since November 2023, which has been taken by almost 2,500 UK and 3,000 overseas candidates.
The biggest increase in CISI regional membership is in the North East, which has increased by 93 per cent since 2019.
Other regions which saw more than a 20 per cent increase were: East Midlands and Lincoln, Lancashire and Cumbria, Cotswolds, and Manchester.
There was more than 10 per cent registered for: Liverpool and Chester; North Wales, Yorkshire, West Country, Northern Ireland and East Anglia.
