Capital market traders will have a chance of training with the Milken Institute and the George Washington University from August this year under a programme supported by World Bank’s International Finance Corporation (IFC).

The eight month programme launched in Los Angeles on Tuesday is set to provide graduate level program for capital market practitioners in developing economies.

The inaugural cohort will include 20 students from capital market authorities, central banks and ministries of finance in Kenya, Angola, the Democratic Republic of Congo, the Gambia, Malawi, Mozambique, Rwanda, Uganda, Saudi Arabia, the Seychelles, and Zambia.

“A well-functioning capital market is not a luxury; it is a necessity. Deep, vibrant capital markets are essential for a thriving private sector that creates jobs and enables economies to achieve their full potential,” Jingdong Hua, IFC Vice President and Treasurer, said.

This comes after the Capital Markets Authority (CMA), in a move to raise the bar for players in the financial, launched a certification developed by UK firm Chartered Institute for Securities & Investment (CISI) that will determine whether one can work at the markets.

CMA said that the standard will be applied to existing market operators with those planning to enter the space of financial markets forced to be certified before being allowed to participate.

Competency standards

The Authority issued a circular to all market licensees on November 9, last year informing them of the market certification and competency standards to be adopted pursuant to Regulation (19)3 of the Capital Markets (Corporate Governance) (Market Intermediaries) Regulations 2011.

The IFC programme will offer an alternative option combining rigorous coursework and a work placement opportunity to equip mid-career professionals with analytical tools and practical experience to support capital-market development in their countries.

The program is initially focused on sub-Saharan Africa, with a view to expanding to other regions.

The curriculum is tailored to address challenges specific to developing economies. It leverages the academic excellence of the George Washington University School of Business, with course work ranging from financial modelling and computation to regulatory and legal aspects of capital market development.

Following the successful completion of the program, participants receive an academic certificate from the George Washington University and are expected to return to their home countries to work on local capital markets for at least two years.