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Financial Services Studies is a course of study that focuses on the knowledge and skill sets related to the provision of economic goods and services within the finance industry. Although the impact of globalisation has heightened the importance of financial security and sustainability, and the movement of funds associated with the daily operations of World economies have changed the face of the financial services industry, many territories do not have any such facilities or plans to prepare their nationals for the regional market as well as for the international markets which are consistently expanding. These markets will attract the best of the pool of experts from all over the world, with the Caribbean being no exception to the rule as seen in several other fields. The lack of preparation of Caribbean nationals does not augur well for the alleviation of the unemployment crisis in the Region, or for the improvement in the quality of life experienced by citizens when economies experience growth and development.
This course aims to:
- promote an awareness of the international importance of the financial services industry;
- create awareness of the impact of offshore financial service policies on the Caribbean;
- help students understand the impact of globalisation and the global financial industry on the Caribbean;
- help students understand the value of the customers and information systems in the financial services industry;
- develop the capacity for critical thinking, creativity, problem-solving, leadership and management, positive cooperative behaviours, emotional intelligence, entrepreneurial skills and technological competence through authentic learning experiences;
- integrate information, communication and technology (ICT) tools and skills.
CAPE Financial Services Studies SBA
MODULE 1: THE FINANCIAL SERVICES ENVIRONMENTS On completion of this Module, students should: 1. outline the different products and services offered by financial centres; 2. understand the functional components within the international financial services industry and their interrelationships; 3. understand key issues in the international financial services industry and their impact on the global economy; 4. employ a working knowledge of best practices in international financial services management; 5. be aware of the relationship of customer service to international financial services management in real world contexts; 6. have a working knowledge of international financial services operations in onshore and offshore facilities; 7. understand the role financial institutions play in an economy that is considered to be fueled by banking; 8. be aware of the career possibilities and the skill sets needed in the financial services.
- Explain terms related to financial services;
- Discuss the different career possibilities in the financial services industry;
- Describe the main features of savings and investment products and services by financial centres;
- Describe the main features of lending products and services offered by offshore financial centres;
- Explain the concept of private banking and the types of products and services offered within the financial services environment;
- Explain the purpose and activities of captive insurance;
- Explain the advantages and disadvantages of financial derivatives;
- Explain the importance of trusts in financial services;
- Explain the importance of Special Purpose Vehicles (SPV)/ Special Purpose Entries in the financial services environment;
- State the relationship between cyber security and financial centres;
- Discuss the impact of a malware attack on financial data.
MODULE 2: COMPLIANCE LEGISLATION AND STATUTES On completion of this Module, students should: 1. develop an understanding of the importance of regulatory compliance in financial services; 2. develop an awareness of governance systems in the international and Caribbean environments; 3. develop an understanding of Information and Communication Technologies (ICTs) and their impact on financial services; 4. comply with relevant national and international law, legislation, regulations, safety requirements, and professional standards; 5. participate effectively in the planning, implementation, and evaluation of daily operations and projects; 6. assess the ethical considerations involved in financial services and actions to circumvent unethical issues or challenges; 7. have a working knowledge of international offshore financial services operations in international financial centres.
- Discuss the concept of compliance in financial services;
- Describe the key functions of a compliance department in financial institutions;
- Discuss the generally accepted core values of financial services regulation;
- Explain the concept of legislation in the context of financial services;
- Describe the functions of a regulator;
- Explain the concept of risk and risk management;
- Explain the types of governance systems;
- Explain the importance of bank licence jurisdictions;
- Explain the factors that influence ICT innovation in microfinance;
- Discuss technologies and Management Information Systems for delivery of financial services;
- State any exemptions from taxes, duties and exchange control;
- Explain the significance of the Foreign Account Tax Compliance (FATC);
- Discuss the concept of a Ponzi scheme and its legal implications;
- Explain any inadequacies in the regulation of financial centres with respect to supranational institutions;
- Explain the roles and responsibilities of Intellectual Property in the financial services industry;
- Critically analyse the financial services environment.
MODULE 3: FINANCIAL REPORTING On completion of this Module, students should: 1. have a working knowledge of best practices in international financial services management; 2. be aware of information technology systems which are used to comply with the requirements of the international financial services industry and to support decisions; 3. understand the process of financial services methodologies; 4. demonstrate an appreciation for the principles applied to financial reporting; 5. know the appropriate tools and techniques for financial reporting.
- Describe the elements of the financial reports;
- State the rules governing accounting records, inspections and audits;
- Describe the importance of financial reports as it relates to providing useful information for decision-making;
- Prepare financial statements;
- Calculate common size balance sheet and income statements;
- Explain the importance of ratio analysis;
- Calculate and interpret ratios.