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— The film industry is being held back by a lack of talent and a shortage of directors.

A recent study by the Academy of Motion Picture Arts and Sciences found that the film industry has only 50% of its projected 2020 workforce and that a lack a “critical mass” of talented people would limit the industry’s ability to grow.

The study also said the film academy has “little hope” of keeping its membership and budget at the current level.

The report released on Monday found that only 4.3% of academy members and 1.4% of film academy members had completed their degrees.

Among the top-earning industries in the U.S., film schools ranked third in the number of graduates.

According to the study, only 9.7% of graduates of film schools were working full-time in the industry, while 22.1% of graduate film students were working part-time.

“There is an acute shortage of qualified individuals to fill the roles we are seeing in the film and TV industries,” Academy President and CEO Avi Loeb said in a statement.

“We must be able to attract and retain top talent to ensure that our industries continue to be competitive and continue to deliver on the promise of the Internet of Things.”

The Academy also said it had been unable to hire enough new film directors to fill key roles.

Nearly three-quarters of film students had completed a post-graduate degree, the study found.

In the year that followed, only 16.4 percent of graduates were employed full- or part-timers.

Some of the report’s findings are alarming, said Michael S. Miller, executive vice president of the Academy.

He said the academy has invested $30 million in recruiting new talent in recent years, but has yet to see it pay off.

One major problem, he said, is the lack of a “cultural capital.”

The academy said it has hired more than 200 people to help develop the film schools curriculum, including several new directors.