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«Internship Programme 2014 16 Gray Street, St. Clair, PO Box 1259, Port-of-Spain Institute of Banking and Finance of Trinidad and Tobago Internship ...»

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Institute of Banking and Finance of Trinidad and Tobago

Internship Programme

2014

16 Gray Street, St. Clair, PO Box 1259, Port-of-Spain

Institute of Banking and Finance of Trinidad and Tobago

Internship Programme

BACKGROUND

About Us

The Institute of Banking and Finance of Trinidad and Tobago (IBF) is a not-for-profit local awarding

body, established in 1984, to assist the advancement of the banking and finance professions through

its offerings of professional educational programmes. The institute has two (2) main courses of study that are currently offered: the Certificate for Financial Advisors (Cert. FA) and the Diploma in Banking or DIB and also offers corporate training services, workshops and seminars.

IBF is governed by a Council which provides oversight and direction on professional programmes and courses of study. IBF has a CEO on board who is directly responsible for overseeing the delivery of its educational programmes and other services in addition to its administrative and operative functions.

The directors of IBF’s Council include nine (9) representatives who are nominated by the following organisations.

 One representatives nominated by each of seven (7) commercial Banks  A representative of the Central Bank of Trinidad and Tobago nominated by the Governor of the Central Bank of Trinidad and Tobago  A representative of the University of the West Indies, St. Augustine History IBF was established to promote and advance the banking profession and matters of interest to bankers by contributing to the continued development of the study and practice of banking. The primary objective was the development of professional education for bankers.

The idea of a school for bankers was born in 1974 but remained in an ‘orphan’ state until the National Institute of Higher Education, Research, Science and Technology (NIHERST), founded in 1978, adopted the idea and hosted the first inter-bank seminar in October 1981. After several inter- bank working committee meetings, the agreement to formally establish the Institute of Banking of Trinidad and Tobago was signed on July 31st 1984.

By the end of the 1990's, the Institute had recognized that the rigid lines that once divided banking from the rest of the financial services sector had begun to fade. A special resolution was passed by Page 1 of 11 Institute of Banking and Finance of Trinidad and Tobago The Council to expand the mandate of the organization to include the wider financial sector and this was reflected in the name change from the Institute of Banking of Trinidad and Tobago to the “Institute of Banking and Finance of Trinidad and Tobago.” Our Mission “To facilitate the continuous development of banking and finance professionals and to promote high standards of knowledge, skills and conduct to meet the demands of a changing financial industry.” Our Vision “To be the preferred learning Bank for Financial Service Professionals”

OBJECTIVES OF THE INTERNSHIP

IBF would like to introduce an Internship Programme in partnership with The University of the West Indies (UWI), St Augustine and our Member Banks. The Bankers Association of Trinidad and Tobago (BATT) has sanctioned IBF’s launch of this programme with the consent and support of the UWI. The goal of this Programme is to provide an opportunity for full-time undergraduate students enrolled in The Faculty of Social Sciences in the Department of Management Studies and Department of Economics to gain employment experience with Member Banks after graduation. We would like to consider students majoring in the following programmes: B.Sc. Accounting, B.Sc.

Banking & Finance, B.Sc. Insurance & Risk Management, B.Sc. Management Studies and B.Sc.

Economics. This internship experience will take place during academic breaks which include Christmas and summer vacations and will allow these students an opportunity to gain work experience in jobs that are relevant to their major at their qualification level. The enrolment with IBF for the internship will begin during the student’s first academic semester of their second year in their degree programme at UWI.

The IBF Internship Programme will be beneficial to students in two ways:

1. Students will enhance their academic learning by being employed in a financial setting and be able to be double banked with an experienced banker during their period of training, thereby allowing them to put into practice theoretical coursework covered in their respective programmes.

–  –  –

2. Our member banks may exercise the option to offer their interns from UWI, full-time employment at the end of their internships prior to graduation (based upon availability).

LEARNING OUTCOMES RELATED TO THE STUDENT’S PROGRAM OF STUDY:

Students will have the opportunity to apply theory to practice in the banking field. These internships are designed with structured learning outcomes that will give students a competitive advantage in the

workplace. They will be able to enhance their skills and competencies in the following areas:

 Organizational Values Logical Thinking  Critical Analysis  Listening  Ethics  Technology and Application  Communication  Problem solving  Conflict resolution  Motivation  Leadership





Students will also be able to develop banking technical competencies which include:

 Meeting with and interviewing corporate and personal customers, discussing their financial requirements, and providing other appropriate financial advice  Monitoring accounts  Assessing and reviewing financial statements  Authorising and evaluating overdrafts and loans including mortgages  Preparing of credit proposals and other banking services instruments  Preparing lending agreements  Promoting the bank's products and services  Problem solving and planning

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 Writing reports  Managing projects  Maintaining records  Recruiting, training and supervising junior banking staff

ELIGIBILITY

All students must be enrolled as second year students in The Faculty of Social Sciences in the Department of Management Studies and the Department of Economics with a declared major in the following programmes: B.Sc. Accounting, B.Sc. Banking & Finance, B.Sc. Insurance & Risk Management, B.Sc. Management Studies and B.Sc. Economics. UWI can also recommend a student to be part of the Internship Programme who is not enrolled in the Faculty of Social Sciences if the University is of the view that the student has the capability and potential to be part of the programme. Specific criteria will be communicated to IBF by our Member Banks however we have provided a general list of requirements.

Undergraduate applicants must meet the following criteria:

 Enrolled full-time/part-time at UWI  Students must be starting their second year of study  Students must have fulfilled academic requirements up to their second year of study  Must have declared a major in one of the following programmes in The Faculty of Social

Sciences in the Department of Management Studies and the Department of Economics:

 B.Sc. Accounting  B.Sc. Banking & Finance  B.Sc. Insurance & Risk Management  B.Sc. Management Studies  B.Sc. Economics  Possess a minimum 3.0 GPA on a 4.0 scale  Official Transcript NB – The Internship Programme is open to all nationals in the Department of Management Studies and the Department of Economics.

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COMPENSATION

Remuneration/compensation will be at an agreed rate among our Member Banks and communicated in the offer letters to students prior to their internship.

DURATION & START AND END DATES

The summer internship will be approximately twelve (12) weeks while the Christmas internship will take place over a shorter period. The exact months during which the programme will take place will be at the discretion of the employer. These start and end dates will be provided by the employers in the offer letters sent out to successful candidates for internships.

HOURS OF WORK

Interns will be advised by the member banks of their working hours upon acceptance in their offer letter distributed.

TIMELINE FOR OFFER FROM MEMBER BANKS

Students will be shortlisted and notified by their internship employer by the end of their internship prior to graduation with a decision on whether or not he/she received a full-time offer with that Bank based upon performance.

DEPARTMENTS IN BANKING

The departments within the Banking field in which interns will be placed include:

 Retail Banking Retail banking, also known as consumer banking or personal banking is the “face” of banking to the general public. Most banks have branches that are located throughout many regions.

Most retail banking is conducted by separate divisions of banks since the numbers of banks that focus primarily on retail clients are comparatively few. Customer deposits accumulated by retail banks are a crucial source of funding for most banks.

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 Wealth Management Wealth management is an investment-advisory arm of banking that incorporates a number of financial services that are targeted towards high-net-worth individuals, small-business owners

and families, all of whom desire the assistance. Some of these financial services include:

financial planning and investment portfolio management. This group of clientele also requests that wealth managers coordinate retail banking, estate planning, legal resources, tax professionals and investment management to suit their financial needs.

 Trust and Asset Division This division manages assets on behalf of individual and corporate clients and seeks to fulfil

its customers’ investment needs. Some services provided by this division of banking include:

 Pension Administration Services  Custody Services  Employee Savings Plans  Profit Sharing Plans  Mutual Funds  Individual and Corporate Retirement Plans  Asset Management Services for Pension Plans  Asset Management Services for Individuals  Credit Risk/Compliance The Credit Risk and Compliance Departments manage risk by providing a strategy for organizational risk management. These departments also validate to professional bodies that the risk management processes are adequate, effective and comply with accepted risk management standards. They are also responsible for the co-ordination and facilitation of

specialized operational risk management processes which include:

 Business continuity risk management  Occupational health and safety management  Compliance risk management.

–  –  –

 Corporate Corporate banking, also known as business banking, refers to the arm of banking that serves corporate customers. Corporate banking is a key profit generator for most banks and also serves as the biggest originator of company loans.

 Finance

The core functions of a bank’s Finance Department include:

 Understand a bank’s financial statement - banks financial statements are typically the reverse of normal financial statements i.e. customer deposits are liabilities to a bank and customer loans are its assets.

 Oversee policies and procedures to ensure that all banking transactions are properly recorded in the bank’s general ledger.

 Evaluation of the bank’s return, risk and overall performance. (Calculate and use ratios such as Net Interest Margin, Return on Asset, Return on Equity, NIX ratios i.e.

operating efficiency, Asset Utilization, Leverage and Liquidity.)  Asset and liability management and the yield curve, time value of money and interest rate sensitivity, the duration gap and yield to maturity of the bank’s assets and liabilities.

 Measurement and providing for reserves and liquidity, capital adequacy rules and ratios and managing the bank’s capital requirements.

 Monthly regulatory reporting to the Central Bank.

 VAT and corporation tax computation and filing to the BIR.

 Financial and management reporting to the board, SEC and shareholders.

 Management of quarterly and annual audits.

 Marketing

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STRUCTURE OF THE INTERNSHIP

How can students apply?

IBF will employ a number of marketing mediums to raise awareness among the targeted students at UWI, St. Augustine. Some of these mediums will include banners at UWI, an information booth, advertisements through the Student Guild, the Finance and Management Societies and through lecturers. We would then like students to provide their resumes along with a cover letter stating the reason for their interest in the Programme why they should be accepted into the Programme. These documents should be submitted to Ms. Christine Sahadeo, Senior Lecturer/Deputy Dean, The University of the West Indies, St Augustine (who will serve as a liaison with IBF for the Internship Programme).

Timeline for student’s application:

Students will be advised by IBF on the timeline for the submission of their applications for consideration.

–  –  –

Process for Candidate Consideration:

Eligible students will be invited to an interview with The Academic and Quality Assurance SubCommittee (AQASC) of IBF after which IBF will provide the names of successful students to our Member Banks. Once IBF has a complete list of accepted students by our Member Banks, we will provide this confirmation information to UWI. Successful students will be placed with one bank for the duration of their time in the Internship Programme. Expectations for each student will be outlined in detail.



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