The Chartered Institute for Securities and Investment (CISI), the ICMA Centre at the Henley Business School and the Financial Industry Regulatory Authority (FINRA) of the US announce that they have joined forces to support and enhance education, training and certification in financial compliance.

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 abroad.  It has developed a suite of well recognised and supported programmes centered around product knowledge and regulation to support practitioners in the financial services industry.

Since 2006, the ICMA Centre and FINRA have developed and offered a highly regarded Diploma in Capital Markets Regulation and Compliance aimed at mid-level securities professionals.  With the development of the CISI’s Diploma in Investment Compliance, the industry was faced with two seperately recognised routes to certification, and it was agreed that, by joining forces, the parties can work together to enhance the professional credentials of capital market practitioners in the UK better.

The agreement will mean that those who have already achieved the Diploma in Capital Markets Regulation and Compliance will become members of the CISI and those with a partially completed qualification will receive appropiate exemptions from the jointly supported Diploma in Investment Compliance.  In addition, the ICMA Centre will work with the CISI to deliver advanced certification for those who have completed the Diploma in Investment Compliance and whose needs are for expanded coverage of topics required by senior compliance staff on financial institutions.  Additional details will be published at http://www.cisi.org/ in the coming days.

In announcing this new collaboration, Simon Culhane, Chartered FCSI, CEO of the CISI said: ‘We are very pleased to be working with the ICMA Centre and FINRA – two highly respected institutions that have a long history in capital markets education and training’

Professor John Board, Director of the ICMA Centre added: ‘Merging of these qualifications will lead to a cleaner and better defined route to the professional certification and demonstration of competence that is so much in demand following the financial crisis’

Paul Andrews, Vice President and Managing Director of FINRA, noted that: ‘this combination is the next logical step in our four-year partnership with the ICMA Centre.  By joining forces, we are able to create an even more robust programme.’

Chartered Institute for Securities & Investment

The CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment industry.

Formed in 1992 from the Stock Exchange, the CISI is now the leading examining, training and membership body for the securities and investment industry in the UK, with over 40,000 members who benefit from its programme of professional and social events. As the main examining body for the industry, the Institute provides a range of relevant vocational qualifications attracting over 35,000 candidates a year. The CISI has developed Centres of Excellence within several Universities to offer our qualifications, and has made its Introduction to Securities and Investments available to schools and colleges around the UK In addition, the Institute produces publications and workbooks and runs a series of widely respected and well attended conferences and seminars in the UK and overseas.

Based in the City of London, CISI is a global organisation with representative offices in financial centres such as Dublin, Singapore, Dubai, Mumbai and Shanghai. It works in close cooperation with regulators, firms and other professional bodies worldwide. The Institute is currently a member of the FSA workstream on professionalism as part of the Retail Distribution Review and became a Chartered body in November 2009.

FINRA

FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through comprehensive regulation. FINRA touches virtually every aspect of the securities business – from registering and educating all industry participants to examining securities firms; writing and enforcing rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and firms.

ICMA Centre

The ICMA Centre at Henley Business School, University of Reading has an international reputation for being the premier institution in Europe for academic and executive education for financial markets. Established in 1991 with funding provided by the International Capital Markets Association (ICMA), the Centre is housed in a purpose-built modernist building with state-of-the-art facilities including three dealing rooms. The Centre recently opened its new extended facilities including an additional flagship 40-seat dealing room equipped by Thomson Reuters.

Dr Simone Varotto, Teaching Fellow at the ICMA Centre has recently been elected to the Board of Directors of the European Financial Management Association.

The European Financial Management Association was founded in 1994 by Prof. John Doukas to encourage research and disseminate knowledge about financial decision making in all areas of finance as it relates to European corporations, financial institutions and capital markets. To achieve its objectives, the European Financial Management Association provides its membership with a refereed journal, the European Financial Management, and holds Annual Meetings at which members exchange ideas, present and discuss their research. European Financial Management Association membership consists of academics, practitioners and students from Europe and the rest of the world who are interested in the practice of sound financial management techniques and are dedicated in understanding and solving financial problems.

Full list of EMFA Officers

Henley Executive MBA applicants can from this year choose to take advantage of the exceptional scope of expertise across Henley Business School through a range of newly launched themed MBAs.

These themed MBAs are designed for experienced, practising managers who are looking for a world renowned general management MBA but with a particular application to three different industries - Corporate Finance, Construction Management and Real Estate.

Three MBA themes will be delivered by the Henley Business School’s ICMA Centre, School of Real Estate and Planning and the University of Reading’s School of Construction Management. Participants will study as part of the executive MBA programme following the core curriculum whilst periodically studying tailored modules bespoke to their subject theme at approriate points in time.

Associate Professor Susan Rose, The Associate Head of the School of Management responsible for The Henley MBA said ‘I am delighted to work in collaboration with colleagues of the Henley Business School and  The University of Reading who have such strong industry connections and reputations in their respective fields.  This enables us to offer MBA participants something really different.  The themed programmes provide the best of both worlds for those who want general managerial development whilst applying it to the very specific challenges of their sector and thereby demonstrating commitment to their organisation.’

The Henley Executive MBA is a two year part-time programme aimed at aspiring senior managers who wish to develop their management competency as well as focus on their own personal development, alongside their full-time employment.

MSc and BSc students at the ICMA Centre that take the portfolio management course are involved in an assessed group project where they have to build and evaluate a hypothetical portfolio with securities of their choice using real time data. The new web-based ICMA Centre portfolio simulation platform that has been developed by StockTrak Inc and customised by Dr George Alexandridis allows students to trade securities in most major markets around the world in real time and build and manage large portfolios.

Dr George Alexandridis, Lecturer in Finance at the ICMA Centre said:

“Our custom made portfolio simulation platform and other simulations used in the centre can really help us bridge the gap between theory and practice and progress the students’ learning experience to a higher level. Students can apply the tools they learn in the class and improve their investment skills. It is very much like real-life on-line trading platform, that not only allows students to get some hands-on experience but also ignites a spirit of competition in the class room. Moreover, it helps improve students’ investment awareness and potential in securing better jobs after graduation”

The MSc Portfolio Management challenge runs between January and April by Professor Jacques Pezier. Each group of students is required to submit a detailed report where they critically explain and justify their trades and profitability compared to appropriate benchmarks. The final winners are determined based on both their final profit and reports. This allows for students to be evaluated on their critical judgment as well as their skills of practically applying what they learn from core courses such as portfolio management and derivative markets.

Professor Chris Brooks who runs the BSc Portfolio management course commented:

“The simulated portfolio challenge is an integral part of the portfolio management module and links closely with our ambition to equip students with the transferable and practical skills that they will need to be successful in their future careers. The students typically enjoy the experience enormously and learn much more about the process of forming and evaluating equity portfolios than they could from simply reading a book. Some of our graduates have commented that the exercise inspired them to work in that part of the industry and helped them field questions at interviews.”

The ICMA Centre is one of the very few Business Schools in the UK that have adopted similar portfolio simulation platforms that are becoming an essential training tool in business and finance education.