The UAE is fast establishing itself as a leading hub for an increasingly qualified workforce in the financial services profession. 2018 saw a record number of practitioners undertaking and passing professional qualifications as reported by the Chartered Institute for Securities & Investment (CISI) data for financial year ending March 2019. A total of 2443 exams were taken by financial services professionals in financial year (FY) 2018-2019 in the UAE. This year, 1111 exams were passed, an increase of 8% on the number of exams passed last year.
These qualifications include certificates in Islamic Finance, Fundamentals of Financial Services, International Introduction to Securities & Investment, International Certificate in Wealth & Investment Management, UAE Financial Rules & Regulations, Risk in Financial Services and Global Securities, amongst others.
The CISI has also seen an 18% increase in the number of members in FY 2018-2019, including 562 from leading financial entities. In addition, the CISI has expanded their collaborative efforts to include the Jordan Securities Commission (JSC) and Kuwait’s Capital Market Authorities (CMA). This is a testament to the increased demand for professionalism and CISI’s ethical standards in the industry as more firms are increasingly focusing on upskilling their staff to drive transparency and professionalism, while enhancing knowledge in key areas of growth within the profession.
Matthew Cowan, Chartered MCSI, regional director Middle East at the Chartered Institute for Securities & Investment said: “Across the region, we are seeing not only a change in attitude, but an increased demand for qualifications. Workers in the financial services space are keen to position themselves as the best in their field and the profession continues to demand the highest standards of knowledge, skills and behaviour.”
He added, “Year on year, we are seeing an increase in the number of professionals joining the Institute in a bid not only to support their personal development but to satisfy both regulatory and market demands. As we continue to partner with regulatory authorities, financial entities and educational institutions, we see a widespread recognition of the importance of facilitating a more secure and robust investment environment across the region. With a focus on upholding the highest standards of professionalism and ethics across the financial services landscape, we look forward to working with our partners in establishing the UAE as a prime choice for both regional and international investors as well as cement its position as home to one of the most skilled workforces globally.”