LF - supported initiative to train Bahraini finance professionals is major success

The BD1.6m project to train 700 Bahrainis over 5 years was expected to attract 190 applicants by August 2008. Instead, training providers Ernst & Young have already received nearly 800 applications.

Further, it is interesting to note that an analysis of the candidates' statistics shows that women dominate every course offered by the project with female candidates applying for more than 55% of the available places in all programmes.

So far, 57 candidates have been accepted to train as Certified Accounting Technicians (CAT); 50 candidates have been enrolled as trainees for the ACCA qualification; 25 for training as Certified Management Accountants (CMA) and 10 for the Professional Risk Manager (PRM) programme.

"Of course we have set very high standards for the project because we want the graduates to take their place in the international workplace and out of the 793 applicants, To date EY has, short-listed and accepted 142 candidates and this number will increase once successful applicants are accepted from the August batch,"

said Acting CE of the Labour Fund (LF), Abdulellah Al Qassimi.

"But we are delighted that the initiative has caught the imagination of young Bahrainis who see it as a unique opportunity to obtain a world-class qualification from a respected body, the Association of Chartered Certified Accountants (ACCA) which is the largest and fastest-growing global professional accountancy body, with 296,000 students and over 115,000 members in 170 countries," he added.

Mr Al Qassimi added that the LF was particularly encouraged by the low drop-out rates and the excellent mix of employed and unemployed Bahrainis taking part in the project, saying that this indicated that the LF's 'dual approach', in targeting both new entrants in the labour market for enrolment in the CAT programme as well supporting the professional career development of employed Bahrainis by opening enrolment for them in the other streams of this initiative (ACCA, CMA and PRM programmes), was the correct one.

Added the LF's Vice President for Enterprise and Human Capital Development Division, Dr. Ahmed Abdul Ghani, "Due to its flexible and well-structured training path and easily controlled efficiency of training, ACCA reduces training costs of the employer. Plus, we are offering candidates a chance to study under the supervision of 'Big Four' accounting firm Ernst & Young. These factors, combined with the knowledge that they will get excellent career openings after they qualify, has made the course very attractive to the Bahrainis."

By the time the BD.6m project concludes in 2011, 700 qualified Bahraini finance and accounting professionals will be ready to take up distinguished careers in various economic sectors, Dr. Abdul Ghani said.

"The intake volume and nature of this key Skills Gap Training project makes it a trend-setter in that it puts into practice the Labour Fund's commitment to responding to the needs of the modern Bahraini workplace in a scientific manner and providing employers with Bahrainis who have excellent international qualifications that will make them employees of choice,"

he noted.

"The flexibility of the ACCA qualification means that qualified Bahrainis are not limited to one particular sector. As ACCA members, they will have the opportunity of working in any sector they choose all over the world, be it public practice, the public sector, financial services, or the corporate sector, giving them access to a broad range of complex and interesting careers," he added.

The LF-sponsored Bahrainis have been receiving training in classes being held at the EY training centre in the AlMoayyed Tower in the Seef District. Students have access to approved revision materials as well as case studies, extensive class work, simulation and formal instruction to prepare them for examinations.

The ambitious programme is part of the Labour Fund's efforts to address the Accounting and Finance Skills Gap in the Kingdom and is the first time that the LF has sponsored such a large number of Bahrainis to study for professional rather than academic qualifications.

The training push is based on findings that more than 1,340 banking and investment specialists will be required by 2009 to fill expected job vacancies in the financial sector. The skill gap analysis report the HRD Fund identified a severe shortage of internationally qualified accountants and other financial investment specialists to serve the financial sector as well as other sectors in the Bahrain economy.

"With such qualifications, the Bahraini workforce will be able to re-enforce Bahrain's position as a premier financial centre for the Middle East, as well as attract foreign investments in almost any economic sector,"

Labour Fund's Mr. Al Qassimi said.

Ernst & Young Bahrain Office Managing Partner, Mr Tariq Sadiq said:

"Our firm is well placed to provide such training and the Business Community Training Division of Ernst & Young has been providing training to Bahrainis to obtain professional qualification for several years. We consider the Labour Fund project to be visionary and timely to sustain the economic growth of the Kingdom of Bahrain. We are committed to providing our best global resources and experience to ensure the success of this project through our close partnership with the Labour Fund."

Mr. Al Qassimi reaffirmed that, "The Labour Fund continues to implement its strategic plans which aim to enhance the competencies, skills and employability of Bahraini nationals and identify the economic sectors that offer value-added jobs."