Thursday evening, Jean-Philippe Muller, Dean of the International University of Monaco, welcomed Stéphane Valeri, Minister of Health and Social Affairs and Isabelle Bonnal, Director of the Department of Education, Youth and Sport, on behalf of the 2017 class of Bachelor of Finance “Monaco Banking and Financial Services”.
Dr Muller, who has been Dean of IUM since February 2013, thanked the government, the dozen banks, which this year include BNP Paribas, Société General, Union Bancaire Privé, CFM Indosuez, BNP Wealth Management and Barclays, the Monegasque Association of Financial Activities (AMAF) and Pole Emploi for their support and cooperation, citing that this new program, along with IUM’s recently-launched Masters in Yachting, illustrate how the university is developing in harmony with the needs of the Principality.
The 13 students, 9 women and 4 men, will work in a bank as a salaried employee from Monday to Wednesday, and then attend classes at the university the other two days of the week. The course agenda is broken down into three sections: the technical side of the industry such as markets, products and the banking system; the culture of the industry and very high-end customer service; and regulation and etiquette. The last six months of courses will be taught in English.
Two of the female students told Monaco Life that the program interests them because they have a background in banking and wanted to develop their skills in the private banking sector, as they enjoy the customer service.
Candidates for IUM’s Bachelor of Finance “Monaco Banking and Financial Services” undergo a thorough interview with the university before meeting with the bank, who ultimately does the hiring.
A variation of the program was established in 2007 in the Principality jointly by the Directorate of Labour (through the Youth Employment Unit), the Monegasque Association of Financial Activities (AMAF) and the Banking Training Institute (IBF) in Nice. Part of the pedagogical content has been developed by professionals and IUM to meet the demands of Monegasque banking. The current diploma reflects a real need of the job market and is intended primarily for Monegasques, residents of the Principality and neighbouring municipalities.
This revised “100% made in Monaco” program was validated in May 2016 by the Department of Education while the cost of the apprentice training is paid by employers and then reimbursed by the Government of Monaco.
“The banking sector isn’t simple, it’s a discipline,” said Dr Muller as he thanked the students for their commitment to the program. “You are both employees and students, and I hope you realise how lucky you are in this program, because if you do a good job in the sector, the banks will probably accompany you in your path down the road.”
READ MORE: University offers Masters in Yachting
Article first published November, 4, 2016.