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India and UK lead effort to plug skills gap in global investment industry
India has been chosen to help lead a global effort to plug a skills gap in the financial services industry by adopting a professional qualification backed by the world’s biggest financial investment institutions.
The success of the qualification in Britain has prompted the global launch of a distance learning version of the programme aimed at employees working in financial and business process outsourcing companies.
Senior investment figures in India have expressed frustration at the lack of international qualifications in this area. They have welcomed this “holistic”
The qualification, developed in collaboration with Scottish Investment Operations (SIO), an Edinburgh-based body that exists to promote the interests of the investment industry, includes four exams and covers the key areas of fund accounting, financial accounting, finance and technical accounting. Each of these units can also be studied on a stand-alone basis.
Alan Thornburrow, chief executive of SIO, said India was a preferred location for the Investment Accounting Diploma because of its vibrant financial services sector and potential for growth.
The asset management industry in India grew by 47% annually between 2003 and 2009 when it was worth US$92billion (McKinsey & Co). There are now more than 30 active players in the industry that includes a rapidly growing mutual funds sector, an insurance sector that is dominated by unit-linked insurance plans, and domestic and foreign Venture Capital Funds.
“Following extensive consultation with the investment industry’s largest employers, we developed a qualification that addressed a commonly reported skills gap,” says Thornburrow. “We are delighted to see such strong interest in the qualification in India and look forward its continued success”.
“The financial services sector in India has witnessed a fundamental transformation and as emerged as the one of the most rapidly growing economies across the globe.
“Candidates there will benefit from a solid understanding of the theory and practice of investment accounting and the Diploma will help to grow, retain and develop talent in the industry.”
Anton Colella, chief executive of ICAS, said: “The Investment Accounting Diploma is a strong example of the export potential and global collaboration that successful qualifications offer. Investment accounting is a thriving industry. It is vital that the right skills and qualifications are adopted across the globe to help meet the demand and further grow the industry.”
For more information go to: http://www.investmentaccounting.org.uk/
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SIO represents the biggest investment companies based in Scotland including Aberdeen Asset Management; Baillie Gifford; Barclays Wealth; Blackrock; BNP Paribas Securities Services; First State Investments;