FA and CISI join hands to host professional exams

The Financial Academy (FA) has signed an agreement with the UK-based Chartered Institute for Securities & Investment (CISI) to develop and host their professional examinations. This comes as one of the Capital Market Authority’s initiatives to develop qualification examinations for registered candidates. It is included in the Financial Leadership 2020 program.

The agreement has been signed by Director General of Financial Academy Mana Al-Khamsan and Simon Culhane, Chartered FCSI, chief executive of CISI, at the FA in Riyadh.

Al-Khamsan said that after an extensive search for the best international institutions in the field of developing manpower, CISI was selected to be the FA’s strategic partner to develop and raise skills in the capital markets sector, because of their long experience, widespread recognition throughout the Gulf and expertise in the capital markets.

He said the agreement is part of the role assigned to the Financial Academy in accompanying best international practices and providing protection for capital market activities. This, Al-Khamsan said, will achieve the vision of the Capital Market Authority (CMA) to improve the efficiency of the capital markets sector and to create an attractive investment environment trusted by local and international investors.

Al-Khamsan added that this agreement will also see FA become the exclusive exam venue provider throughout Saudi Arabia for all CISI’s professional examinations. Additionally, the FA, in accordance with its role in providing pre-operational courses for these professional examinations through contracting with the best regional and international institutions, will also prepare examinees for many of these exams.

Culhane said the agreement will ensure that, over time, everyone working in the Saudi capital markets will be qualified in accordance with international standards. This will help raise the professionalism of all participants and therefore provide consumers and investors with greater confidence and protection, which, in turn, will lead to development and growth of the sector.

The CISI is the largest and most widely respected professional body for the securities and investment profession. The CISI operates globally with its headquarters in London having been formed in 1992 by London Stock Exchange practitioners.

CISI’s examinations are recognized by over 50 jurisdictions, with over 40,000 CISI exams taken in over 80 countries, 15,000 of which were outside the UK. As of September 2019, it has a global community of circa 45,000 members in 111 countries.

The Financial Academy was established in line with Vision 2030 and the Financial Sector Development Program aspirations and objectives to provide a variety of learning and development solutions that equip banking and finance practitioners, from entry level to senior level, with the relevant knowledge and skills to improve performance.