CISI upbeat of post-war expansion in financial services industry

The Chartered Institute of Securities and Investments (CISI) is upbeat of post-war expansion in the financial services industry and as part of building a pool of skilled personnel is marketing its qualifications locally.

“We are looking at Sri Lanka’s post-war future very favourably as we are confident of tremendous growth in the capital markets and wealth management sectors,” CISI Chief Executive Officer Simon Culhane told the Daily FT last week.

The CISI is the largest and most widely respected professional body for those who work in the securities and investment industry in the UK and in a growing number of major financial centres around the world. Formed in 1992 by London Stock Exchange practitioners, it now has more than 40,000 members in 89 countries. In the past year, it set almost 40,000 examinations in over 70 countries, covering a range of vocational qualifications.

In mid-February CISI formally launched its presence in Sri Lanka, opening an international office and operations centre in Colombo. Sri Lanka is CISI’s fourth international office, in addition to representative offices in Dubai, India and Singapore. The centre in Sri Lanka also handles administrative work connected to CISI operations and students in the Middle East, Singapore and South Asia.

According to Simon, with exams annually written by 750 qualified and practicing professionals CISI is the most up to date and demand-driven qualification for the financial services industry. He said that students outside the UK account for one fourth of the new student base which is rapidly growing. For example, Singapore is the fourth biggest base outside UK. CISI qualifications especially the certificate program is also sought by those in the ICT/BPO industry.

 “We recognise the demand for qualified and knowledgeable candidates to support post-war Sri Lanka’s financial services industry. Via our qualifications we help individuals and firms to attain and maintain high standards of competence, behaviour and integrity,” Simon added.

He emphasised that apart from a booming financial services industry, CISI qualifications will help to build a pool of skilled personnel for the BPO industry which Sri Lanka is promoting as a thrust sector.

Simon said that Sri Lanka has a good talent base and obtaining CISI qualifications would further empower them as well as companies who employ them.

“We feel that CISI qualifications are a perfect fit for Sri Lanka as it aspires to become a financial and knowledge hub in the region, which is a good initiative given the strategic location as well as the pool of talent,” Simon emphasised, adding “we want Sri Lanka to be a success”.

CISI is actively promoting the ‘Certificate for Introduction to Securities and Investment,’ which is globally popular and considered as basic for employment and/or for careers in financial services, securities and wealth management careers.

It is designed to provide students in full time education with a basic introduction to the financial services industry with a focus on investments.

It aims to help develop their awareness of career opportunities, as well as their own personal financial knowledge. This unit offers students a valuable understanding of the language within the financial services industry and is the first step to towards completing a globally recognised qualification, acknowledged widely by firms in the sector. To complete this unit, students are required to take a one hour, 50 question multiple choice exam via computer based testing.

Simon said that CISI is firming up a list of accredited tuition providers in Sri Lanka for the benefit of students.  “We are very keen to ensure there is a higher pass rate, hence we support students accordingly,” he added.

CISI is offering a discount (subject to proof of status) of 25% for professionals and 50% for students on the full international price of all certificate and single (stand-alone) qualifications to Sri Lankan candidates as part of a strategy to encourage more Sri Lankans to benefit from the globally-recognised qualification. In line with CISI’s commitment to maintaining professional competence, membership of the institute is offered to all individuals, whether just starting in the industry and studying for a qualification or an experienced practitioner with qualifications already achieved.

There are currently three accredited training providers in Sri Lanka offering training for the CISI’s Investment Operations Certificate (IOC) (also known as the Investment Administration Qualification (IAQ)) and the Islamic Finance Qualification.

They are Singapore Informatics, First Global Knowledge Centre and Zeylan Edu Consultants.

To support the growing need for skilled financial professionals in Sri Lanka’s financial services industry, and to help promote high standards in training and competence, CISI has also formed strategic alliances with local bodies including the Securities and Exchange Commission and the Sri Lankan Association of Software and Service Companies (SLASSCOM) with the objective of supporting the capacity building for the financial industry in Sri Lanka.

A National Advisory Council (NAC) for Sri Lanka has been set up. The NAC plays a vital role in the success of the CISI, both through maintaining and developing the membership base and by providing opportunities for the CISI to establish a market for its qualifications to contribute to the country’s wider capacity building initiatives in financial services. It also supports the provision of Continuing Professional Development (CPD) opportunities and social and networking events for CISI Sri Lankan members.

The committee comprises President Nihal Fonseka, General Manager/Director and Chief Executive, DFCC Bank PLC and Chairman Colombo Stock Exchange and as members Nandika Buddhipala, Chief Financial Officer, Commercial Bank of Ceylon PLC; Channa De Silva, Managing Director, LR Global Lanka Asset Management; Ajith Devasurendra, Managing Director/Chief Executive Officer, Taprobane Group of Companies; Hareendra Dissa Bandara, Financial Services Academy, Securities and Exchange Commission; Indrajith Fernando, Managing Director/Chief Executive Officer, Bartleet Transcapital Limited; S. Jayavarman, Chief Executive Officer, National Asset Management Limited; and Madu Ratnayake, Vice President/General Manager Virtusa Corporation and Board Member, Sri Lanka Association for Software and Services Companies (SLASSCOM).