News

The Cayman Islands Financial Services Institute (FSI) has commenced registration for its 2023 Diploma Programmes, starting in September, which offer a recognised qualification in financial services to greatly enhance career prospects in this dynamic industry.

The new FSI Diploma courses are an absolute ‘game changer’ for anyone looking to upskill in the financial services sector, which provides many career opportunities for Caymanians and residents. This level of in-depth training in financial services has never before been offered in the Cayman Islands. With two distinct programmes at an introductory level, there are many ways the FSI diplomas can benefit people either starting or already working in financial services.

According to Paul Byles, founder of the FSI, “The Cayman Islands is a centre of excellence for international financial services and our new diplomas offer direct and practical education related to this industry. Anyone looking to improve their career prospects will benefit from the content and course structure, there has never been a better time to gain this career advantage in a highly competitive job market.”

Taught by 12 experienced and qualified lecturers, and presented over a 12-month period, at a steady pace of one evening per week with classroom-based learning, the FSI is currently taking applications for two Diploma courses. The International Financial Services Diploma (IFSD) provides a comprehensive introduction to Cayman’s international financial services sector and its regulation, while the Cayman Islands Compliance Diploma (CCD) covers the anti-money laundering regulatory and compliance framework. The Diplomas received on completion of the course are jointly awarded by FSI and the International College of the Cayman Islands (ICCI) and are fully certified by Modul University, which is one of the largest private universities in Vienna and is over 100 years old.

Financial Services Covered

Covering all aspects of the financial industry, the IFSD represents a unique career development opportunity that has been tailored to prospective students of different circumstances at varying stages of their career in financial services. Articled clerks, currently completing their legal qualifications but looking for a more comprehensive understanding of the financial services industry, will welcome the broad curriculum which touches on the various sectors they will go on to advise on once admitted. Similarly, newly qualified accountants or attorneys can get up to speed with current developments across the industry, including financial regulation and the global tax landscape.

The IFSD is particularly suitable for experienced professionals that are new to the Cayman Islands financial services industry, perhaps having relocated for a position, with an orientation to the wide breadth of services offered in Cayman and the rationale behind international clients’ continued use of this jurisdiction. It is also a perfect fit with tangible benefits for any individuals either just interested in a career in finance or those looking to upgrade knowledge and gain immediately actionable expertise.

“Many people have worked in financial services for years but not everyone has had the opportunity to learn about other sectors and types of services where their skills and experience are in high demand by prospective employers,” Byles said. “Hundreds of people are working in our industry and performing extremely well every day, but do not have that comprehensive understanding of other areas where they can also succeed.

“Everyone benefits from having a broader understanding of the environment around them, which brings context to the work you are doing and improves their productivity.

“Understanding why annual returns need to be filed, appreciating why a hospital network will set up a captive insurance vehicle in Cayman and being able to speak confidently about different types of fund structures are just some examples of how the IFSD can add value to your current situation” he added.

Succeed in Compliance

With the proliferation of global regulation, the financial industry is only becoming more complex. Service providers, offering highly competitive packages, need more talent with the right training to meet the demands of the global marketplace and the opportunity is particularly hot at present in the compliance arena, as firms look to provide more of these services.

The Cayman Islands Compliance Diploma (CCD) will help level up a person’s compliance career as they will gain the knowledge, skills and practical experience needed to excel in the Cayman Islands compliance industry. The course programme explains how the compliance framework operates and how to complete due diligence, with expert insight into the jurisdiction’s AML regulations and compliance obligations. As a route to a well-paid position as a Compliance Officer in the Cayman Islands, the CCD is unmatched, with a full-year’s Cayman centric compliance training.

“The CCD can be seen as a complement to other compliance designations that do not go into the same depth in our local regulatory regime” says Byles. "Sessions include considerable ‘hands-on’, practical experience, especially in due diligence specific to the Cayman Islands, designed to improve your role as a compliance officer. If you are looking to begin a career in compliance, the CCD provides the ideal introduction and if you are already in the industry the content and workshops are aimed at improving your performance.”

Apply Today

Further information on the FSI Diploma Programmes, which run from September 2023 to September 2024 can be seen here. The application deadline is August 25, 2023 and the FSI has introduced an instalment option which includes paying CI$2,000 on registration and monthly payments of CI$1,200 per month for five months.