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Why Business Schools are important
Training people in business is itself a business, and as such if you are making inquiries about a training course or package, don't be surprised if you find yourself talking to a sales person instead of a tutor, however if they seem a little more keen for you to sign up then they have when you have contacted them previously, there may be a reason for it that you may not have realised.
Some within the business have been quoted that the new sense of urgency relates to the need for more knowledge within the world of finance. The finacial crisis of recent years has been hard for any of us to avoid in one form or another, either as a consumer or as a business and the financial training sector is aware of this with one prominant professor saying that one of the main lessons learnt within the industry in the wake of the crisis is that many managers had been autorising financial deals they did not fully understand because they were "ashamed" to ask how they worked.
They went on to say that the complexity of the financial system needs to be balanced against the increasingly pressing need to provide for the aging global population, that financial education should no longer simply be aimed at generating profits, it now needs to be tailored for the crucial ned to reduce risk and generate wealth, as aging populations rely heavily on the money they have set to one side, and the management of this money is crucial.
Many business schools, especially in Europe, already offered programmes to provide a master in finance programme alongside their more "traditional" training courses like MBA programmes and short courses for executives.
However, the latest application trends survey from the Graduate Management Admission Council (GMAC) which is published annually in September indcates that just over half (53 per cent) of schools surveyed in 2013 reported fewer applications for master of finance programmes despite 42 per cent reporting a rise in interest.
The drop in interest shown in this most recent edition is a contrast to figures from the previous four years, all of which saw business schools reporting a rise in applications. This is a trend that peaked in 2011, when 83 per cent of schools reported a rise in applications against just 17 per cent reporting a fall.
Trying to keep up with changes, especially any of those relating to regulation or new financial products, has also created opportunities for specialist short course providers, such as the subsiduries of the Wilmington Group, who offer specialist training to professionals in accountancy, banking, charities, financial services, healthcare, insurance, legal and pensions.
Adkins Matchett & Toy, one such subsidury provides specialist training to first-year MBA students on internships at investment banks, or to newly employed associates in the banking industry.
The Business schools are also among Wilmington’s clients as they can deliver specialist training in Europe and to the US to students who wish to gain entrance to investment banking. Their clients include Insead, Cass and the London Business School. It delivers large bespoke contracts too; for example, training on money laundering for 10,000 employees of one bank.
Charles Brady, chief executive of the Wilmington Group, says: “A lot of what we do is based on regulation and compliance.”
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