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Financial Markets Education - Emerging Trends

INTRODUCTION:

Financial Markets are witnessing huge transformation in the past decade. Innovations in market

microstructure, screen based trading systems (SBTS), corporatization of market intermediaries,

demat system is revolutionizing the way financial markets operate. This new eco-system needs

huge pool of trained human resources in terms of Knowledge of Market Design, Risk

Management practices, Understanding of Concepts, Trading Systems, IT interfaces.

Exchanges are taking initiatives to fulfill this gap in knowledge. New Exchange Supported

Courses (ESC) are being introduced for the first time in India. This is a welcome trend as it

enhances the knowledge base and resource pool available for Financial Markets. NSE has

introduced MBA Financial Markets and BBA Financial Markets courses integrating with its

NCFM (NSE Certification in Financial Markets) Modules. To quote National Stock exchange's

MD and CEO Mr. Ravi Narnia ''Educating the youth on financial issues has been a key focus

area of NSE for many years. The exchange has conducted hundreds of seminars on financial

literacy, to bring more people into the financial mainstream. This is another step in that direction

to train the youth and empower them to take sound financial and investing decisions".

This article reviews the various educational courses available to students in India and particularly

the various ESC's and NonESC's.

INTERNATIONAL SCENARIO:

Exchanges are major supporters of educational initiatives internationally also. For example CME

www.cmegroup.com) has lot of educational programs. ICE (www.theice.com) also has a variety

of financial markets education programs.

CBOE and SGX has partnered with Kent State University in offering a 2-year MS in Financial

Engineering.

INDIAN SCENARIO:

In India the trend of exchange supported education programmes in Financial Markets is

increasing off late. This has started with NSE's NCFM which is a huge success and became abenchmark in financial markets certification. According to NSE as of June 2011 , more than 12

lakh students have already appeared for various NCFM modules. BSE's certification program on

various topics and BSE training institute has tied up with IGNOU to offer MBA Financial

Markets program and also it offers GFMP (Global Financial Markets Professional ). MCX the

Multi Commodity Exchange also has a program called MCCP (MCX certified commodity

professional). Financial Technologies, the promoter of MCX and MCX-SX also has programs in

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association with IGNOU through its division FTKMC. Other regional exchanges like Cochin

Stock Exchange and Madhya Pradesh Stock Exchange also have their training programs on

various aspects of Stockmarkets and trading. It is estimated that 62 lakh professionals will be

required by the BFSI sector by 2022, but there is a huge shortfall in this target. These courses

will help employers to find youth with the requisite skills.

MBA Financial Markets :

NSE has tied up with various universities like Punjabi University, M D University , GGSIP

University to offer MBA Financial Markets degree program.

As part of the curriculum, MBA students will be required to qualify in 15 modules of NSE's

National certification in financial markets (or NCFM) . The NCFM modules are widely

recognized in India as a necessary criterion for employment in the financial and capital markets

space. The students will also be taught investment, trading and portfolio management skills.

Through mock software developed by the exchange.

The university and NSE will help students to get effective placements and internships with

industry