Types of postgraduate study

Lifelong education is the key phrase in today's knowledge-based economy. From traditional postgraduate degrees to professional licenses and certifications, professional and personal development in the form of continuing studies is the trend nowadays. For those thinking of working in the banking and financial services industry, here is an overview of postgraduate courses or programmes that are available.

Why postgraduate study?

Most people undertake up postgraduate studies for very practical reasons - to enhance the career prospects and for overall personal and skills development. Common reasons include:

• enhancing career prospects (promotions, overseas posting etc.)
• enhancing career rewards (pay rises in tandem with rising qualifications)
• preparing for a new career (in preparation for a change in industry)
• aspiring to professions in higher education (lecturing in tertiary institutions)
• aspiring to professions in research or training (in research universities or research centres)

The MBA and other degrees

Traditionally, postgraduate qualifications refer to the different types of certificates, diplomas or degrees obtained post basic undergraduate degree. These may include graduate diplomas, masters or PhD degrees. Popular and useful postgraduate degrees for banking professionals include the quintessential MBA (Masters of Business Administration) as well as relevant degrees such as Masters of Economics, Masters of Applied Finance etc.

The MBA is undeniably one of the most popular postgraduate programmes in Malaysia and Singapore. The MBA course concentrates on various advanced aspects of business communication, including business knowledge, leadership and management skills, and is extremely sought after as its achievement is considered a major step (or even a pre-requisite) towards a successful business management career. In addition, an MBA programme also has its less obvious value - the opportunity for like-minded and potentially influential students to network with one another.

The MBA programme originated from the USA and is typically two years in duration. However, the forms of MBA programmes are wide and varied today and the length of the respective courses may well range from 10 months to two years. Many MBA courses are tailored to suit specialisations of executives in various sectors such as Economics, Finance, Human Resources and others. For graduates in the banking industry looking towards an executive or management-level post in the future, an MBA could indeed be a good investment.

The CFA, ACCA and other professional qualifications

Professional qualifications are often an advantage when it comes to climbing the corporate ladder in the banking and financial services industry. For those working in sectors such as investment/financial analysis, fund/portfolio management, financial planning, corporate finance, real estate investment and the like, a useful and popular professional credential is the CFA - Chartered Financial Analyst. This globally recognised award is offered by the CFA Institute of the United States and organisations often see it as a standard of measure for investment professionals. Some institutions offering the CFA programme have even touted that it is a hotter course than the MBA for banking professionals today.

The CFA programme offers a comprehensive overview of the fundamentals of modern analysis and investment decision-making. This programme is available in 135 countries with more than 80,000 students worldwide. The result of a compensation survey by Russell Reynolds Associates (a global recruitment firm) has indicated that members of the CFA Institute with ten years of working experience command the highest median annual compensation level - US$295,000 in Singapore, US$257,000 in the UK, US$245,000 in the US$240,000 in Hong Kong, as quoted in the survey.

Other popular professional qualifications include professional accounting qualifications such the ACCA (Association of Chartered Certified Accountants) and CIMA (Chartered Institute of Management Accountants).

Other specific recognised professional qualifications include Certified Financial Planner (CFP), Certified Credit Professional (CCP), Certified Risk Professional (CRP), Certified Bank Auditor (CBA) and others. The Institute of Bankers Malaysia (Institute Bank-bank Malaysia), the professional and educational body for the banking and financial services industry in Malaysia, offers a full range of these specialist programmes all year round.

Professional licences

Capital market professionals working in the following careers such as Futures Broker's Representative, Futures Fund Manager's Representative, Compliance Officer, Trading Permit Holders, Dealer's Representative and Fund Manager's Representative are all required to possess relevant professional licenses under the Securities Industry Act 1983 and Futures Industry Act 1993. These licenses could be obtained by passing examinations on their respective fields of work.

The Securities Industry Development Centre (SIDC) of the Securities Commission (SC) is a one-stop centre which sets examinations for those seeking approval for registration with the relevant Exchanges and as mandated by the various guidelines issued by the SC. Depending on your area of work, you would need to study and pass a combination of different course modules such as: Futures and Options, Rules and Regulations of Futures and Options, Stock Market and Securities Law, Financial Statement Analysis and Asset Valuation, Funds Management Regulation, Asset and Funds Management, Fundamentals of Compliance, Investment Management and Corporate Finance and Investment Advisory (Rules and Regulations).

Certified Islamic Finance Professional (CIFP)

As part of the government's efforts to promote Continuing Professional Education (CPE) programmes as well as to develop and enhance human capital in the realm of Islamic finance, the International Centre for Education in Islamic Finance (INCEIF) was set up by Bank Negara Malaysia in March earlier this year. A non-profit organisation, the INCEIF acts as a professional certification body and training institute for postgraduates. The INCEIF aims to produce professionals and specialists in Islamic finance to meet the needs of the global Islamic finance industry. The centre would also forge strategic alliances with domestic and foreign academic institutions to offer post-graduate programmes in Islamic finance.

Currently, the Certified Islamic Finance Professional (CIFP) programme is being offered by the INCEIF, among other programmes. The CIFP is a course that allows students to specialise either in Islamic banking or takaful in order to enhance their expertise in the industry. This holistic programme is accompanied by membership in a professional association, according to INCEIF. Areas of study covered include Islamic Economics and Finance, Islamic Finance Regulation and Governance, Applied Syariah in Financial Transactions, Syariah Audits and Compliance, Issuing and Managing Islamic Securities, Risk Management in Takaful etc. The CIFP qualification is touted to give graduates a competitive edge in the Islamic financial services industry.

© GTI Specialist Publishers. Reproduced with permission.