IBSL – Your pathway to become a professional in banking
View(s):Education is fundamental requirement of an individual’s achievement and success. The current global trends on education have also enabled various study options to be implemented in many countries around the world. Students now have greater access to educational opportunities and this has resulted in a rapid increase in qualified professionals, however, the job opportunities rarely match in terms of numbers. Thus an individual has to ensure he/his stand apart from the crowd and opt to combine a professional qualification along with the academic qualifications. The Institute of Bankers of Sri-Lanka offers an affordable professional qualification that also enables students to gain an academic qualification simultaneously, right here in Sri Lanka. During the past few years, Sri Lanka’s Banking and Finance sector has grown rapidly. The rapidly expanding financial sector of Sri Lanka translates to the need for more banking professionals, who possess an updated knowledge and skills in the financial sector. Following is an interview with Dr. S.H.A.M. Abeyratne, Director General of the Institute of Bankers of Sri-Lanka.
IBSL is a long-standing institute that offers a recognised professional qualification in banking and finance. How did the institute start and how has it grown and expanded over the years?
The Institute of Bankers of Sri-Lanka is a professional body that was set up in 1964 by the Central Bank of Sri Lanka and the institute was incorporated by a Parliament Act in 1979. The main purpose behind the setting up of the IBSL was to provide professional education to the banking sector employees and to update the knowledge for those who are interested in pursuing a career in Banking and Finance. It was with this objective in mind that, in the year 2000, the IBSL decided to cater to school leavers and undergraduates at universities.
So we were able to widen the scope of IBSL and provide not only a professional qualification to bankers but also to non bankers who aspire to join the Banking and Finance industry. Our Sri-Lanka education system does a good job with providing students with knowledge. At IBSL we cater to students through teaching methods in all three languages, that is, English, Sinhala and Tamil. We help students to achieve the all important balance in academic and professional qualifications, thus ensuring they stand-out from the masses when it comes to employment prospects. IBSL is also the authorised institute for conducting banking examinations.
What is the responsible authority on issuing Certificate & Diplomas?
The IBSL is governed by a high powered Governing Board. The governing board consists of high ranking banking professionals, the Chairman is always the Deputy Governor of the Central Bank, Vice Chairman is the Assistant Governor of the Central Bank, in addition the board consists of three Chief Executive Officers from leading state banks, and Chief Executive Officers and senior officials from the 
private sector banks. Three Associates are elected to serve as members on the board as well. This ensures that a high quality and industry relevance is maintained in the educational programmes that we offer.
You mentioned that IBSL improves a student’s employment prospects once they complete their education. How does IBSL aim to address the rift between the education and employment?
Yes, as I mentioned, it is very important for students to stand apart from the rest. The Sri Lankan economy is now at a rapidly developing stage, and taking a look at the statistics we see that 60% of the Gross Domestic Product comes from service sector. The banking and finance sector accounts for nearly 10% of the service sector, thus it is a rapidly growing sector for job opportunities. There are approximately 50,000 individuals in banking service with around 3000-4000 job opportunities opening up annually. Thus the competition is intense. Our students gain a vast amount of practical knowledge and are taught by experts and leading lecturers in the field of banking and finance. Thus employers prefer to select candidates with the IBSL qualification. Our students are updated with the latest information. Our students receive a wide scope of knowledge in areas such as management, marketing, sales, customer service, accounting, general law principles, corporate governance, and information management in addition to the banking and finance subjects. Thus students are fully equipped with a wide knowledge and are able to be productive individuals in the work environment. Thus their employment prospects are considerably higher.
What are the study routes offered to students and how can they also gain access to an academic qualification?
The first stage we offer is the Certificate in Banking and Finance, which is suitable for post Ordinary Level students as well, provided they meet the admission criteria. The certificate course is one year in duration and covers the same variety of topics such as marketing, management, general law principles etc. Upon completion of the certificate level, the next stage is the Diploma in Banking and Finance which offers a more in-depth focus in to the subjects and the sub-components. The Diploma is also one-year in duration. Upon partial completion of the Diploma stage (50%) students can enrol for the final year of the BSc. (Hons) degree in Leadership and Management and BSc. (Hons) degree in Business and Management offered by Northumbria University, UK. In addition, those who complete Diploma in Banking and Finance (DBF) can join the final year of the BSc. (Hons) degree in Banking Practice and Management in ifs School of Finance in the UK. This programme is available as distance learning module through online. This is a great opportunity for our DBF qualified students to acquire internationally recognised academic qualification in Banking and Finance. Thereafter they can proceed to complete Master degree programme in Banking and Finance. We are also currently in the process of seeking degree awarding status from the University Grants Commission to award degree in Banking and Finance.
What are your future plans?
Our future plans are focused on the improvement of our deliverables and to provide more facilities to our members. Our student members have very bright future in terms of their job prospects as well as international recognition on IBSL qualification. In that context, the IBSL will widen its scope by providing learning opportunities not only for bankers and finance sector personnel to develop their professional career but also school leavers and undergraduates to be equipped with qualification in Management or related disciplines to build their aspiring career. Since IBSL is reaching 50 years of age in 2014, we are planning to celebrate our 50th Anniversary (Golden Jubilee) with the opening of IBSL modern building towards end of 2014. With these achievements the members of the IBSL may well enjoy the new physical environment. We welcome Bankers and School leavers who intend to acquire professional qualification in Banking and Finance and prepared to give positive contribution to the country’s development.
In a situation where Banking and Finance Sector is rapidly growing, there could be more opportunities in the industry for qualified people to try and find job opportunities. Therefore our every effort in future will be to deliver right professionals so that Banking and Finance Sector can deliver better services to the growing customers of the country.
comments powered by Disqus