Over recent years, many businesses have focused on finding ways to make their graduate pipeline representative. It is therefore tempting to assume that the graduate pipeline has been fixed or, at the very least, no longer requires attention.
However, research from the Black Talent Charter, in collaboration with Bain & Company, suggests that whilst black talent is twice as likely to apply for a role in the highest remunerated industries, they are still significantly less likely to succeed, being half as likely to be offered a job as their peers.
The findings cast a stark light on the systemic barriers facing black graduates in the UK. Black students constitute 8% of the UK university population and 4% at the top 20 universities. And this translates into good representation within the cohort applying for roles in financial services and the professions (7 – 8%). However, as they go through the recruitment process, they fall away to the point that only 2% are recruited into jobs, mirroring the 2% black representation at all levels across the financial and professional sector.
Therefore, this is not an issue of supply. The myth that black talent is “hard to find” is thoroughly debunked by the research. Indeed, black students surveyed were more likely to pursue roles in financial services than their white counterparts, with 34% expressing interest compared to just 16% of white students. The commitment is there— but the opportunities are not. Organisations must therefore continue to challenge themselves to identify the barriers that must still exist within their recruitment and assessment processes.
The reasons cited for black candidates’ lower success rates are both subtle and structural. Companies point to “verbal skills,” “commercial judgment,” and “a lack of polish” as factors that hinder black applicants. These terms, while seemingly innocuous, often serve as proxies for entrenched biases. They reflect an outdated view of potential that prioritises conformity to traditional norms over the genuine capabilities of diverse candidates. For instance, accents, mannerisms, and cultural expressions that diverge from corporate norms are unfairly penalised, effectively filtering out talented individuals who could bring fresh perspectives and innovative thinking.
Economic barriers compound these challenges. The costs associated with assessment days, professional attire, and travel are additional hurdles that many black candidates must navigate, often without the financial safety nets available to their peers. As one interviewee noted, understanding the pathways to success — such as competitive internships — often comes too late, underscoring the need for earlier and more inclusive outreach by employers.
The implications for businesses are clear: a failure to address these inequities is not just a moral failing but a strategic one. Diversity drives innovation, enhances decision-making, and reflects the broader customer base that businesses aim to serve. Yet, at the current rate of progress, it will take 70 years to achieve proportional representation of black talent in finance and professional services — a timeline that is both unacceptable and avoidable. This matters for London given it is both one of the most diverse cities in the world (where black representation is 13.5%) and one where financial and professional services accounts for more than 800,000 jobs.
Organisations must take a hard look at their recruitment practices. This means interrogating the biases embedded in hiring processes. What data do we use to set targets? How do we use candidate data to equip interviewers to see where outcomes are weighted against black applicants? How do we define “potential”? Are we investing in programs that prepare diverse candidates for success? Are our assessment methods equitable? These are the questions that leaders must ask if they are serious about change.
The findings of this report should galvanize businesses to act. The Black Talent Charter is committed to working alongside organisations to dismantle the barriers that persist so that we can reach a point where talent — regardless of race — can thrive, innovate, and lead. You can read the full report here.