The Securities & Investment Institute (SII), with partner organisation Scottish Investment Operations (SIO) and with industry support and consultation from the Investment Management Association (IMA), has developed three new qualifications which will bridge the gap between its entry level Investment Administration Qualification (IAQ) and Diploma level.
Building on the success of its Advanced Certificate in Operational Risk, the SII is introducing two new Advanced Certificates which cover other operational areas. They are the Advanced Certificate in Global Securities Operations and the Advanced Certificate in Investment Scheme Administration. Once one of these Advanced Certificates has been achieved candidates now have the option to progress to the new Diploma in Investment Operations. The Diploma in Investment Operations is unlike any other qualification currently available for operations staff as no other UK examination body focuses on custody, settlement and investment schemes administration at an advanced level.
The pilots for the new examinations will take place in June and September 2006 and candidates can register for the first official examination sitting in December 2006.
Training for the new exams will be available in cities in England and Scotland including Edinburgh, Glasgow, London, Birmingham and Manchester.
Study time required for the new Advanced Certificates is 80-100 hours and to achieve the new Diploma in Investment Operations candidates will need to complete a total of around 250-300 hours of study.
The SII introduced the IAQ in 1990 to address the training needs of staff where no other suitable qualification existed. Since its introduction, over 40,500 candidates have passed or sat the examination in the UK.
SII has been working closely with Scottish Investment Operations, a body which represents eighteen leading investment companies based in Scotland and with the Investment Management Association. Owing to these two organisations’ interest in this area the SII has introduced the custody, settlement and investment schemes administration exams to cover these major operations areas.
Ruth Martin of the Securities & Investment Institute said, "These new qualifications are aimed at individuals working in operations and administration who are seeking to develop their managerial, professional and technical skills as operational specialists in the financial services sector. It is also aimed at firms seeking to prepare staff for more demanding roles which require a broader understanding of the technical environment in which the firm operates."
Linda Houston, Chief Executive of the SIO, said "Scotland is a leading and growing area for international investment operations within Europe and the Scottish players have been instrumental in the establishment and development of the new Diploma in Investment Operations. The new qualifications will underline the professionalism of the industry and will become the benchmark for recruiting future Investment Operations managers. We would also like to thank Scottish Enterprise for their support in this project."
Richard Saunders, Chief Executive of the Investment Management Association, said: "We are pleased to have been able to help in developing the Diploma for Investment Operations. Its sets new standards for staff who wish to develop their professional, technical or managerial skills for a rapidly changing and complex business. The Diploma supports the needs of staff who aspire to more challenging and senior roles within Investment Operations."