IFS Malta will put together the first local intake for Bangor Business School’s Chartered Banker MBA by February, president Joseph Abdilla told The Times Business.
Unions should push for further training to preserve employability
The brand new qualification – launched in Malta soon after it was made available in the UK – comprises a dual qualification as it is a top MBA coupled with Chartered Banker status. It was launched in partnership with the world’s oldest professional institute of bankers, the Chartered Institute of Bankers in Scotland.
Mr Abdilla described the interest shown in the programme by potential candidates as “encouraging” and coming from various age groups.
The CMBA is the latest premium addition to IFS Malta’s training portfolio. Now running 18 courses ranging from certificates to diplomas and first degrees, besides the CMBA, the organisation’s training calendar caters for the broader spectrum of financial services and covers funds, advice, and investments. Programmes are designed according to the demands of the industry, which are also met through courses provided by international institutions.
Mr Abdilla said the organisation’s plans for next year include the launch of a programme for people in the mortgage industry.
“The industry and the regulator, to some extent, have not pushed training for the mortgage industry very much,” Mr Abdilla explained. “Mortgages are so central to people’s financial decisions. There is regulation for people giving advice on life policies but not for people advising on mortgages. The programme will take into account changes at EU level. Meanwhile, we are also hoping to design master class programmes on lending and trade finance.”
IFS Malta, established in 1960, is a voluntary organisation with a mission to promote knowledge and education in banking and financial services and to facilitate the elevation of professionalism within the industry.
Mr Abdilla explained that Malta’s size meant it was not commercially viable for the organisation to design its own programmes. Through its connections, it had access to top experts and institutes on the international circuit. It also worked hand in hand with the local industry to address requirements and skills gaps.
“We obviously add the local content, in terms of legislation, and such like, but we would rather rely on the international expertise of renowned colleges to provide specific programmes,” he explained.
IFS Malta first began to offer qualifications awarded by the IFS School of Finance (the Chartered Institute of Bankers of the UK) and its portfolio has evolved to offer a comprehensive range of programmes offered by Central Law Training, International Compliance Association, First Finance Training and Consulting, and the Chartered Institute for Securities and Investments.
In 2007, it secured affiliation with the European Banking and Financial Services Training Association to share knowledge and experience of ways to constantly raise the bar for training standards.
Under its affiliation, IFS Malta officials attend events like seminars or fora to participate in discussions on matters challenging the industry and to maintain close links with institutions in the European Union. IFS Malta vice-president Peter Calleya sits on EBTN’s executive committee.
In a bid to address shortages in the local talent pool, the organisation has fostered a close collaboration with the Malta Financial Services Authority and is a member of its Education Consultative Council.
“We work very closely with the industry,” Mr Abdilla continued. “As soon as we become aware of a particular requirement, we strive to source the appropriate training from overseas. We normally focus on funds, investments and banking. We are very careful not to overlap the work of other organisations which focus on insurance, tax or Islamic finance, for example.
“The EBTN gives us access to a considerable network of educational institutions. Joining the EBTN was crucial to IFS Malta’s future. The interaction with these institutes is very fruitful and it contributes to the internationalisation of Malta. In turn, we are approached by the institutions which send over experts to Malta to lead programmes. We also source local expertise.”
Over the years, IFS Malta has made a significant contribution to the local industry.
Anyone giving investment advice is now required by the regulator to possess the Certificate for Financial Advisors. Mr Abdilla said more than 900 professionals have obtained the qualification through IFS Malta.
Last year saw a record 260 students at the IFS Malta graduating ceremony. Those are besides the annual average 75 students who undertake the Diploma in Banking and Financial Services which IFS Malta awards through MCAST. Meanwhile, 18 students have almost completed the Diploma in Fund Administration which has already been obtained by 44 students. An average 26 financial practitioners begin to study for degrees every year, while a further 280 attend a series of public training programmes designed and organised by IFS Malta.
The organisation has extended its offering to other related sectors: professionals involved in betting and online gaming joined the 120 students who undertook awareness certificates on anti-money laundering and financial crime prevention.
Mr Abdilla explained that financial services had seen considerable change in recent times as people entering the industry were more qualified than they used to be. Armed with first degrees, many required follow-on training leading to specialisation.
Many established industry players also approached the organisation to provide training in specific skills like relationship management and customer.
Mr Abdilla was critical of banks, saying they had, over the years, been “economical” with training, particularly because of costs. Every collective agreement generally incorporated some provisions for training but without a nudge, staff might not readily take the initiative.
People, he emphasised, had to be developed on an ongoing basis. Programmes in banks have been based on instruction rather than proper training, and it was important that there was a broader outlook to cover more than the strict requirements.
Mr Calleya added that with the crisis, more could be done to foster continuous professional development. He believed unions should push for further training to ensure people had the appropriate skills to preserve their employability. Age should not be a barrier to training and several opportunities for funding existed.
Banks have traditionally been IFS Malta’s main clients but the organisation is working increasingly closely with the investment sector. The Diploma in Fund Administration, in particular, which was developed with the MFSA’s ECC addresses an important niche.
In a joint venture project with Ganado and Associates and with the support of Progress Press, IFS Malta has contributed to the publication of ‘Financial Services Legislation, Volume I’. The project has developed to become considerably ambitious and now envisages the publication of a further three volumes which will serve as a reference point to professionals and international organisations examining the potential of doing business in Malta.
Internally, Mr Abdilla said, IFS Malta was to review its administrative set up to ensure greater efficiency and effectiveness.