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Financial services firms are facing a graduate skills crisis, according to a new research.

KPMG, a leading provider of professional services in the UK, has produced a report, Global Skills for Graduates in Financial Services, which emphasising that current graduates entering the sector are usually technically proficient but are very often lacking in soft business skills.

The study, which also analysed similar graduate skills in India, revealed that 62 per cent of UK organisations said they experience difficulties in recruiting graduates with the correct skills.

Ian Gomes, chairman of KPMG's new and emerging markets practice, said: "Our report shows that graduates are leaving education with inspiring theoretical knowledge but lack practical job related skills.

"There is a 'soft skills gap' developing.

"The findings of our report will be used to inform joint curriculum projects in both UK and India to help address this."

The report pointed out the lack of practical job-related work experience among many new graduates.

It is hoped the report will provide direction for employers and educational bodies on how graduate skills might be better developed to meet the expectations of the financial sector.

The "soft" skills employers feel many graduates lack include teamwork, good communication, drive, energy and a "can do" attitude.