It is anticipated that the one-of-a-kind Academy initially will take on 50-55 students in a work study programme, growing eventually to 110 students at any one time. After the first year the students will actually go to sea – an immediate entry into the workforce.

There will be three buildings, and state-of-the-art simulators, including a maritime fire training simulator. “All of the classrooms are going to be high tech and we’re looking at an e-library as well,” said Dr. Cleare.

With 1,600 ships on its books and gross registered tonnage exceeding 57 million, The Bahamas currently ranks as the world’s fifth largest shipping registry. The Bahamas Maritime Authority (BMA) recently completed a business development mission to Brazil, and is looking now at Japan and Korea – with the end objective of expanding the registry. Chairman Anthony Kikivarakis asserts that the BMA’s aim is to get newer ships, bigger ships, oil rigs and tankers as well – but all “quality” rather than simply going for the numbers.

Campbell Shipping launched the LJM Maritime Academy last year as a non-profit initiative, with the funding coming from its group of companies. At that time, Managing Director Chandler B.T. Sands said the underlying idea of the institute is to promote "national development" in The Bahamas. The goal is to attract young Bahamians between the ages of 18 and 35, and students initially will come from the Bahamas Maritime Cadet Corps, although the Academy also will be open to public entrants.

Both visits allowed senior Exchange officials the opportunity to interact with young Bahamians in a small discussion setting, that also allowed students the opportunity to ask questions directly to Exchange officials.

BISX Chief Executive, Keith Davies commented on the school outreach:

"Young people are our future investors, and they bring such a unique perspective to discussions. So we not only talk about investing and stocks, but we also branch out to talk about education, especially their next step in their life, into college or another path. More than a few years have passed since I was a high school student, and it is easy to forget the concerns of young people at that stage in their educational, professional and financial life. Giving them advice on saving, investing and education is great from a social point of view. However, it is also smart business, because this generation is the first generation that will grow up having always been familiar with a stock exchange. BISX is only 13 years old, and these young people will mature along with our nation's stock exchange."

Over the past 5 years, BISX has had the opportunity to speak to a number of schools in Nassau about the Exchange. In the next academic year, they plan to expand this outreach to schools in Grand Bahama, and eventually throughout The Bahamas.

In 2008 BFSB elected to incorporate its annual Careers Fair into the first National Career Awareness Month; that first year, it was decided to keep the essay & speech competition as stand-alone events. As of the 2009 NCAM, however, BFSB’s School Competitions were fully integrated into the national event, similarly to what was done for the Careers Fair in 2008. Bahamas Business Solutions Ltd. has been a long time sponsor of this school outreach programme, donating the prizes for the winning student/school for both the essay and speech competition.

The 2010 Competitions are underway and, once again, Bahamas Business Solutions Ltd. has come on board as sponsor of the primary prizes. Also contributing to the annual event are KPMG and the Rotary Club of Nassau Sunrise.

The topic for the 2010 Competitions is “Developing Bahamian Entrepreneurship within the Bahamas Financial Services Sector”. The Essays have been submitted to the Panel of Judges, while the Speech Competition is scheduled for Tuesday, November 23rd. It will be followed by the Presentation Ceremony for finalists and winners of both competitions.

Photo Caption: Photo shows BFSB CEO Wendy Warren accepting the two laptops provided by Erika Colebrooke of BBSL. BBSL also is contributing gift certificates for the winning schools.

BFSB, in collaboration with the Professional Industry Associations, launched the Financial Services Student of the Year award in 2002 as part of an ongoing “Financial Centre Focus” (FCF) programme. FCF is designed to facilitate the growth and development of the financial services industry by raising the profile of key components considered essential for the continued success of The Bahamas as an international financial services centre.

This award programme recognises an outstanding graduating student from within the School of Business, College of the Bahamas, with specific focus on financial services relevant disciplines: economics, banking & finance, accountancy and law; it also extends to computer information systems, marketing, and management. In addition to the collaboration with Industry Associations, BFSB also partners with the COB and the Central Bank of the Bahamas on the annual student award programme.

Corporate sponsors of the $5000 Student award are Societe General Private Banking and CFAL, along with Colina. SG Private Banking has been a consistent Co-Sponsor of the student award since inception of the Investment Account prize in 2004, while the Colina Group of Companies also supported the award as a Co-Sponsor in 2004 and 2005 under Colina Investment Advisors. This year, Colina and CFAL collaborated to jointly sponsor half of the award.

Photo Caption: Photo Shows COB Graduate with Student Award Sponsors at CFAL’s offices preparatory to his first meeting with his Investment Manager. (Left to Right):- Renee Barrow, HR Manager at Societe Generale Private Bank; Edmund Bain (Recipient); Pamela Musgrove, Vice President-Investments, CFAL; Sophia Thurston, Vice President-Operations & Pension Administration, CFAL.

The language school is just one of a number of new initiatives designed to increase benefits to members whilst demonstrating the continuing investment of the international banking sector in The Bahamas. David Thain, AIBT Chairman, explains “AIBT always has had a strong focus on training and recognises the critical importance of demonstrating to international clients the availability of qualified persons within the local work force. Whilst the existing cadre of financial service professionals already displays an impressive array of relevant qualifications and experience, language skills have always been a challenge”.

The language classes currently focus on Spanish and it is hoped that the first intake of students will wish to continue their studies with AIBT, which will allow more advanced classes to be offered in the future. There is also nothing to stop AIBT offering other languages if there is sufficient demand. Mr Thain explains that whilst these first classes have been oversubscribed, AIBT is maintaining a waiting list for future classes and hopes that the strong initial support is an indication of the value of the initiative. He notes, however, that whilst classes are free for attendees, AIBT is meeting the full costs of the training exercise, which includes books and materials; as such there must be a limit to how many classes are held. AIBT is also engaged in a membership recruitment drive, however, and it is hoped that additional financial resources will allow the Association to increase these types of opportunities for local staff.

Photo Caption: Some of the students attending the first class at the end of September. Standing are Lecturer Rosa Sweeting and David Thain, AIBT.

Christopher Dorsett, President of the CFA Society of the Bahamas, reports that more than 40 candidates sat the three different levels of the CFA exam here in Nassau. "The CFA programme has a long and cherished history in the Bahamas, and we are proud to keep that tradition alive by raising awareness for the designation and providing resources to the local candidates,” he said, adding, "This is an impressive turnout, one of the largest in recent years.”

Of all 139,900 enrolled candidates, the majority, or 40 per cent, came from the Asia Pacific region; 37 per cent from the Americas; and 23 per cent from Europe, Middle East and Africa.

A WealthBriefing article quoted the CFA Institute as having reported that around 18,000 (roughly 17%) of all June 2010 candidates who provided information about their background, work in private wealth, an area in which the Institute reportedly has invested heavily. The Institute is the global association for investment professionals, and administers the Chartered Financial Analyst and Certificate in Investment Performance Measurement curriculum and exam programmes worldwide.

Note: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute

Candidates may select business administration or any banking related major (e.g. business management, banking & finance, accounting, finance or economics) as their field of study. The successful applicant must be willing to work with Credit Suisse twelve (12) hours per week (part time) and four (4) months per year (full time) during May, June, July, August – and any other month whilst pursuing fill time studies at COB.

The Credit Suisse scholarship includes tuition and fees at COB; housing, transportation, book and miscellaneous expenses allowances; health insurance; and a special allowance for candidates from the Family Islands.

Credit Suisse says the apprentice programme is part of its "corporate citizen" goal of making a positive contribution to the local community. Bahamian students interested in applying should contact the Program Administrator at Credit Suisse.

Tracy Knowles, Senior Partner, says “This is a major accomplishment for the Firm, one which we are extremely proud of. At KPMG in The Bahamas, our aim is to sustain our competitive advantage by recruiting and retaining the best talent locally and overseas and remaining an Employer of Choice. The Firm thrives on providing continuous learning and development opportunities to our staff, while simultaneously implementing best practice initiatives in our strategic and operational management of the Firm."

Paula Marcelle-Irish, Manager-ACCA Northern Caribbean, adds “It was a pleasure to have collaborated with KPMG in The Bahamas on the Approved Employer process. From the beginning, a detailed assessment of KPMG’s learning and development systems indicated that they were well structured to successfully provide for the professional development needs of its staff. It is also of major significance that they are the first firm in The Bahamas to receive this recognition and we warmly congratulate them on such an achievement.”

The ACCA approved Employer programme can be used to compare and certify the training policies and procedures of organisations, against ACCA’s global best practice standards, providing independent assurance for their learning systems. ACCA’s Approved Employer programme continues to grow and now has more than 8000 Approved Employers worldwide.

ACCA is the global body for professional accountants, and aims to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world, who seek a rewarding career in accountancy, finance and management.

Ian Jennings, Senior Vice President and CFO, Commonwealth Bank says, “At Commonwealth Bank we started off small, but our ambition was to achieve the equal heights, at that time, of the international banks built on the belief that things Bahamian can succeed.” He added that the Bank sees this same philosophy at COB - particularly referencing its dream to transition to The University of The Bahamas.

Additionally, Mr. Harvey will set out some of the big trends in private client issues that will shape the next few years, speaking specifically to the need for high quality trusted advisors who can cross jurisdictions.

According to the STEP Executive, professionals need to be highly educated in hard and soft skills, capable of working across jurisdictions and types of practice, and capable of relating to other professionals and working with them. He will draw on examples from STEP and his broader professional life. He is firmly of the view that individuals taking a positive approach to work through regulation understand it, and position themselves well to build business.

Mr. Harvey is a former President of the UK Institute for Small Business and Entrepreneurship and an Industrial fellow at Kingston Business School. He is a member of the Family Firms Institute and has written and commentated widely on family business issues. He has participated in a range of government initiatives, including as deputy chairman of the UK Better Payment Practice Group, as a member of the Bank of England Finance Panel on Small Firms and an EU expert. Mr. Harvey qualified with Ernst & Young and practiced in public affairs in accountancy, between 1994 and 2001.

The Leadership and Entrepreneurship component of BFSB’s Lecture Series has as a primary goal the profiling of Bahamians who have achieved success in financial and professional services, whether as top management and/or as entrepreneurs; specifically focusing on how our present leaders can be used to mentor future leaders. In this connection, other speakers for the March 18 event will be Anthony Ferguson, Principal, CFAL; Lindon Nairn, Vice-President, Life Division, Colina Insurance; and Vaughn Delaney, Deputy Managing Director, Bank of the Bahamas International. These BFSB member firms are sponsors of the seminar. Messrs. Ferguson and Nairn will speak to “The Pursuit of Excellence”,while Mr. Delaney will present on “Leadership Characteristics and Abilities: What Really Matters”.

BFSB previously launched the leadership and entrepreneurship seminar series in collaboration with sponsor Bahamas First Holdings. That first seminar was considered a success with attendees from banks, trust and insurance companies and legal and accounting firms. Presenters were Patrick Ward Group President & CEO, Bahamas First Holdings; Judith Whitehead, Managing Partner, Graham, Thompson & Co; and Raymond Winder, Managing Partner, Deloitte.