Mohamed Khan- Chief Executive-Financial Services Institute
Mohamed Khan- Chief Executive-Financial Services Institute spoke to MIFC Newsroom, on how the newly set-up Financial Services Institute (FSI) will open new vistas of employment opportunities for the young graduates with the new financial product offerings and services that are being developed in the financial eco-system of Mauritius. The Financial Services Institute is a key department of the Financial Services Promotion Agency.
- What is the objective of the Financial Services Institute?
The Financial Services Institute (FSI) is a new initiative set-up by the government, with the primary objective of upskilling our unemployed graduates. We essentially trying to bridge the gap between the university and workplace. Universities are all about theoretical concepts and the FSI will develop and design bespoke courses which will have this knowledge transfer whereby the theoretical concepts are now transferred into the work-place. So, we are to have range of courses which will also include soft-skills, communication skills and also how to navigate the corporate world. We will also offer a number of technical courses, like captive insurance, commodities and derivatives exchange, stock exchange, in view to make our graduates employable.
- What is the strategy of the Financial Services Institute to address the issue of skills-mismatch in the Financial Services Sector?
Indeed, I think there is a skills mismatch. You've got people who have done agricultural sciences, geography, business studies at university and we are looking to make these graduates employable in the financial services sector. For example, someone who has done a degree in agricultural sciences can now working in the banking industry. As I alluded to previously, the FSI will design be-spoke courses which will make them employable in the financial services sector. Before we design these courses, we will engage with operators and gather intelligence to find out, exactly what their requirements are. We must bear in mind that they are graduates and they know how think, research etc. As such it should not be too difficult to get these graduates up to the required standard so that they discharge their duties with due skill and care and to the satisfaction of their employers.
- In terms of the new financial services product offerings announced in the budget 2016/2017, what will be role of FSI in regards to these budgetary measures?
As we are aware, the government has announced a number of new products such as investment banking, captive insurance, trading in commodities and derivatives to name a few. So, what the FSI can do about that? The FSI is not about supply driven courses, it is about demand driven courses. If for instance, an investment banking company is established in Mauritius, we will find out what degree of expertise they require and we will accordingly adapt our courses to suit whatever the investment bank requires. Our graduates will, after following our courses be desk ready for a job in the investment if we pursue that analogy.
- What are the upcoming Initiatives of the FSI?
Well in the first question I answered as to what is the primary strategic area for development which is to make our young graduates employable. After we have achieved this objective in part or in whole we will then move on to the next phase of our strategy which will be promoting financial literacy and more competency-based trainings. Thereafter, we can reach out to take the FSI to our African brothers and sisters. I think with our degree of expertise; it is not beyond the realms of possibility that in a couple of years we may become involved with Africa and seek to meet the training requirements of their companies.
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