With FinanceMalta’s mission to grow the business opportunities that develop Malta as a respected financial services jurisdiction, education remains a key priority as part of the value chain that the financial services industry has become in Malta.
Malta, as a European Financial Centre, is well aware of its responsibilities to support the continued investment in its education system to ensure that this important dimension of the sector is adequately serviced. Sustaining the availability of a highly educated and skilled workforce as well as ensuring that academic training is adapted to the needs of the industry will underpin the industry’s need to expand in parallel with the intellectual capability of its human resources.
The high level of coordination between the educational bodies like MCAST, the Institute of Business & Commerce, University of Malta, the Malta Institute of Accountants, the Institute of Financial Services (banking), the Malta International Training Centre (insurance), the Institute of Financial Services Practitioners (trusts, various technical training), the Institute of Legal Studies, the Institute of Directors - all members of the MFSA’s Education Consultative Council (ECC) - ensure proper alignment with the financial services industry to provide the right quality of trained staff and graduates. These trainees and students may choose to specialise in areas like the accounting, audit, business advisory, legal advisory, banking, investment services, fund management and administration, insurance, trusts and wealth management.
Professor Charles Farrugia, Chairman of the ECC stated: “Young men and women seeking a stimulating and well-paid job should seriously consider a career in Financial Services. This is a growth area of the Maltese economy that will expand and become more exciting in the near future. If I were younger and wished to contribute to my country’s wealth, a Financial Service career would be my first choice.”
Malta’s sound financial services regime has attributed greatly to the increased attention to Maltese shores by overseas companies and organisations to the extent that a number of fiscal incentives have been developed to attract expatriate talent to Malta’s financial services industry. But to supply demand from within, Malta maintains a high quality of tertiary education where individuals are encouraged to obtain the necessary qualifications and skills that financial sector employers look for. Yet, historically, the local banking industry, for example, has nurtured its own talent employing University and MCAST graduates. Career opportunities in the insurance sector tend to be more specialized, making previous experience and qualifications essential to most employers, added to the fact that a university degree in insurance has only recently been introduced. Of course, new companies and institutions have allowed for increased mobility in this sector. The last 18 months have seen an increase in fund administrators. The skills set required in this area is highly specialized, particularly for senior roles. Fund management firms tend to employ semi-skilled professionals, so the segment has provided a number of opportunities for Commerce graduates.
Accountants remain the most sought after qualified workers in the local financial services sector according to information that has emerged from the annual salary survey conducted by Castille Resources, a leading Financial and Technology recruitment specialist. Castille surveyed over 1,500 positions across the industry and found out that, while 2011 proved to be a successful year for the recruitment of lower entry level roles, skills shortages persist in the intermediate experience segment of 4 – 6 years. In attracting and consequently retaining staff, the most valued factors taken into consideration by potential staff are salaries, career progression and the company’s reputation. This demonstrates that companies should strive to build a trustworthy reputation while, at the same time, rewarding their employees as a result of an improved company performance. Castille believes that potential employees should seek careers in the financial sector because it promises well-paid, highly rewarding jobs that will, in turn, fuel this sector’s growth. The survey stated that the financial services sector is expected to expand further in the coming years, thanks to the investment in the education of promising graduates.
More information can be found on http://careersinfinance.mfsa.com.mt