Dear Anuradha, you've asked a very important question. You should take comfort in knowing that even the largest organizations struggle to answer it. Not because it's difficult to answer (in an ideal world), but because the real answer has many competing demands.
In my experience—both as a senior leader and now as a training organization—differentiate between two critical training types. These will be:
1. Core competency - Technical Skills Training (in your case - financial services related); and
2. Core competency - Non-Technical Skills Training (usually referred to as Soft Skills and includes Leadership training, etc.).
To add more complexity, you can declare certain training as mandatory each quarter, half-yearly, or annually. Other training can be termed 'desirable' but not mandatory. Once you do this, you narrow your focus on first getting your people through their mandatory training. This makes your job of deciding 'how much training' a lot easier.
Figure out what group of people will need what quantum of which training. Once you've done that, allocate their training requirement in hours. Never allocate training in days. It's a very misleading measure and will throw your ROI calculations into a tailspin.
To help you, most Professional Bodies from the Financial Services such as the Institute of Insurance Providers, Institute of Chartered Accountants, The CPA Institute, etc., have determined that their membership must undergo a certain minimum number of hours each year. This number varies between 30 to 50 hours per year.
I hope my answer helped you somewhat. I have tried to present a critical exercise very simplistically.
If you need an in-depth analysis and a true representation, just ring or email me, and we will take it from there.
Kind regards,