A major development in banking education in Queensland is to be launched as a joint initiative of the University of Queensland and the Commonwealth Bank.
University Commerce Department head Professor Frank Finn said a three-year sponsorship from the Commonwealth Bank would enable the University to offer students a full sequence of courses leading to accreditation by the Australian Institute of Banking and Finance.
This would be offered within the bachelor of commerce degree and other degrees within the business, economics and law faculty.
The development would enable commerce students to take advantage of Australia's expanding role in the fast-growing economy of the Asia-Pacific region, Professor Finn said.
To allow the course to be offered, the Commonwealth Bank is supporting a professorship in banking and finance in the University's Commerce Department through a $50,000 annual grant for the next three years.
Professor Finn praised the bank's foresight for investing in the education of the future workforce in Australia's banking and finance sector.
Accreditation would benefit graduates because of the opportunities presented by Australia's potential role as the second most important financial services centre in the Asia-Pacific region behind Tokyo, he said.
This had come about through various events in the last 15 years, including the deregulation of financial services and the establishment of the Wallis Inquiry to remove impediments to Australian banks from operating in the global financial market and to consider the merger of banks.
'All of this points to further rapid changes in the structure of the Australian banking and finance sector and to increasing sophistication in the areas of service delivery, technology and telecommunications and financial risk management if the sector is to take advantage of the opportunity it now faces,' Professor Finn said.
'It also points to the need for greater investment in human capital through education and training to achieve and maintain a world-standard workforce in the financial services sector.'
The bank's contribution would also further strengthen the Department's ranking as the number one commerce department in the Australian university system, as recognised by a review of professorial staff undertaken by the Institute of Applied Economic and Social Research at the University of Melbourne, he said.
Additionally, it would allow further development of the Department's research activities, with specific encouragement of banking and finance issues.
'In particular, we perceive a demand for subjects in financial institutions management and lending and securities,' Professor Finn said.
State General Manager, Commonwealth Bank Don Nissen said it was the Bank's objective to make its donations, both at State and national levels, make a difference to the community and to the bank.
Mr Nissen said the Bank had a long-standing relationship with the University, having been its banker since inception in 1910 and having had a branch on the St Lucia campus since 1965.
'We have supported the University of Queensland because it embodies many of the values that are important to our bank,' Mr Nissen said.
'It strives for excellence, and through its many spheres of endeavour operates in a team environment. It is a leader in its field and its influence impacts throughout the whole community.
'There is a real challenge for the corporate sector to proactively participate with our educational institutions in these types of facilities and strategies. The benefits flowing from such initiatives will pay dividends not just for the corporate sector and the University but for the community in general.'
For more information telephone Professor Finn on 07 3365 6591.
