A record 21 students graduated with diplomas from the Cayman Islands Financial Services Institute, amid calls for more corporate funding.
Between them, they earned 24 of the institute’s accredited diplomas, an increase on the 13 earned the previous year.
The graduates can be split into two groups, explained institute director and founder, Paul Byles, speaking at the graduation ceremony held at the Grand Cayman Marriott on 1 Oct. “The two primary targets are those who would like to transition into financial services, and those who may be in financial services now, but could use a boost in their career.”
Byles started the institute in 2023, because he felt that most Caymanians weren’t taking advantage of the opportunities offered by the islands’ status as a global financial centre. Of this year’s cohort, 17 of the successful graduates were Caymanian.
“The average wage in the financial services industry is much higher than any other industry,” said Byles. “So if you want to improve your quality of life and pursue a job that helps you to better feed your family and take care of yourself, then finance is an option.”
Byles feels there is a lot of misunderstanding among Caymanians who might feel that finance jobs aren’t for them. “You don’t have to be an accountant or an attorney to have a successful career in financial services. In fact, 80% of the persons who work in financial services are not accountants and attorneys. They’re working in marketing, HR, IT, administration and corporate services.”
Success stories
One example of how increased financial knowledge can help local job prospects came from Camelia Gillispie Spence, a 27-year-old Caymanian who currently works with the Royal Cayman Islands Police Service. “I currently work as a domestic violence and child safeguarding officer. However, I would like to join the financial crimes investigation unit, which is why I decided to take this course.”
Meanwhile for 22-year-old Caymanian, Oisin McGeough, the course offers a way for him to find a job in his homeland. “I would love to work in the financial regulation space, ideally as a compliance officer. I think having a Caymanian institution, with input from industry experts, is really going to help young Caymanians.”
The courses work by harnessing the know-how of experienced professionals already working in finance. Laura McGeever, funds director at Hawksford, was one of the industry volunteers that taught the diploma. “I’ve lived on the island for 12 years and seen the evolution of the financial services space. I think it’s so important to be training and mentoring the next generation of Caymanians.”
To date the Ministry of Education has funded 15 of the FSI diploma graduates. Success stories like Gillispie Spence, believe it’s a worthwhile investment. “I think as a country we need to invest as much as possible in our own people.”
Yet Byles, who is grateful for the government assistance so far, believes that greater corporate support could help fund the expansion of the programme. “The government can’t pay for everything,” he said. “Corporate Cayman should also invest in upskilling their staff. These companies would benefit if people working in, say, their corporate administration department had a wider understanding of finance.”
Information on FSI diploma programmes and scholarship opportunities, is available on its website.
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This is uplifting. Congrats to the students.