A wide range of careers for those interested in the financial services industry was profiled on Tuesday, as The Bahamas Financial Services Board (BFSB) launched its second annual “Careers Fest” at the Sandals Royal Bahamian Resort and Spa.
The two-day event is being sponsored by the Ministry of Education, Finance and Financial Services and Investments.
The seminar was officially opened by Permanent Secretary at the Ministry of Education, Creswell Sturrup, who reminded the grouping, comprised of senior level students and individuals affiliated with the financial sector, that the financial industry serves as a pillar that strengthens the economy.
“I hope that those of you who find this exhibition attractive will not only find it attractive in terms of the information given to you, but to choose a career in this very important sector. We can only hope from the perspective of the Ministry of Education, that you all become enabled and empowered by this seminar and all the other offerings that you have within your curriculum,” he said
Mr. Sturrup also thanked those individuals who contributed to the exhibition and said that partnering with other financial entities to launch the exhibit was very important and beneficial. “Partnerships like the ones that you see today is something that every one of us benefits from,” said the education permanent secretary.
Chief Executive Officer and Executive Director of the Bahamas Financial Services Board (BFSB), Ms. Wendy Warren, told the Guardian that the two-day seminar is a part of BFSB’s prgramme, known as “financial centre focus,” which seeks to achieve three principal goals. She said the programme will firstly, attract young individuals into the financial profession; encourage all participants in the industry to continue with professional development, and encourage all participants to stay abreast of developments in the financial services industry.
“What we are really emphasizing is that financial services affects us all. It is a key pillar of our economy and the spin-off and linkages between financial services, tourism and property development is critical, so we are really asking all Bahamians to join in with us, as we continue to become a successful financial centre,” she said.
The BFSB Executive Director said the unit is trying to engage persons who are presently undergoing their educational development and encourage them to examine the financial services industry as a career, while having them understand what is required for success, expertise and excellence.
“We are really starting out to attract students at an early age, to encourage them to succeed and excel at whatever they pursue, and to encourage them to consider financial services a career. What we are also emphasizing is that there are many aspects of financial services, and many routes that one can take to become directly involved in the industry,” she said.
Exhibits at the two-day seminar were manned by financial services industry professionals, including regulators, with each providing details on career options in their respective sectors. A selected number of corporate sponsors also hosted exhibits that provided a more comprehensive view of the services available in the sector.
The BFSB Executive Director said that the seminar brings together the Ministry of Education, professional industry associations and individual firms that acted as sponsors, such as Scotia Bank and the Canadian Imperial Bank of Commerce.
Also hosting exhibits were the Ministry of Finance and Financial Services and Investments, the Securities Commission, the Registrar of Accountants, and The Bahamas Institute of Chartered Accountants, who all profiled career opportunities within their respective ministries and departments. Lecture series were also held at the seminar, covering savings and budgeting. Job preparation, presentations on attitude, punctuality and dress codes also complemented the exhibits.
“Last year’s career fest was a resounding success and we certainly hope that this year will be the same,” said Ms. Warren.
Meanwhile, The Bahamas continues to compete successfully in the two largest global industries, tourism and financial services, with a gross domestic product of $4.8 billion. It maintains the third largest per capita income ($16,000) among independent states in the Western Hemisphere, following only the United States and Canada.
The financial sector contributes roughly 20% to the Gross Domestic Product (GDP) with expenditures in the local economy of the banking sector alone approaching $400 million, and with assets under management already reaching $1 trillion.
Overall, The Bahamas offers a full range of financial services and products, including: Asset management and protection, aviation registry and support services, commercial banking, brokerage services, company formation and administration, e -commerce services and support, and many others.
BFSB was launched in 1998, and represents an innovative commitment by the financial services industry and the government of The Bahamas to promote a greater awareness of The Bahamas’ strengths as an international financial centre.
The BFSB represents and promotes the development of all sectors of the industry, including: Banking, private banking and trust services, mutual funds, capital markets, investment advisory services, accounting and legal services, insurance and corporate and shipping registration.
By Tamara McKenzie, The Nassau Guardian
