Science Fair Project Encyclopedia
Institute of Bankers
The Chartered Institute of Bankers (CIB) was founded in 1879, as the professional body for members of the banking profession in the United Kingdom. It was granted its royal charter in 1988. In 2000 it rebranded itself as the Institute of Financial Services, reflecting the changing needs for professionalism across a wide range of financial services.
The CIB was, and continues to be, an important aid to the professionalism of bankers. After studying a series of Banking related topics and passing exams, and after working for a minimum period within the Banking Industry, it is possible to be elected to an Associate of the Chartered Institute of Bankers. The letters ACIB continue to demonstrate to others the experience and academic standards of the designee.
In the last two decades of the 20th century, the Financial Services Industry underwent significant change. Retail banks transformed themselves from transaction oriented deposit taking and lending institutions into deliverers of retail financial services. At the same time, additional complexity was introduced into the less retail forms of banking. New investment products developed. International finance became more complex. Derivatives became available to hedge risk, or in some cases to amplify risk. The distinctions between retail banks, investment banks, building societies, insurance companies and other financial services institutions became blurred. Institutions complimented their own services with additional ranges of services offered by other institutions. It became possible to satisfy all needs for financial services through one financial institution.
The CIB needed to respond to changes in the industry. In 1986, its professional exams were linked to and moderated by UMIST. Any student passing the exams required to attain ACIB status is now awarded a BSc(Hons) in financial services, underscoring the academic standards achieved by professional bankers.
Today the CIB provides courses leading to qualifications in all areas of the financial services industry, and it has a vision to be a school of finance that is recognised for the excellence and relevance of its range of qualifications.
In addition to providing education, the CIB also organises regionally based events to enable members to both network and keep abreast of developments within their fields of interest.
The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details