New certifications and trainings in finance: Impact on the rise of Monaco’s financial center

Few financial centers can claim to have navigated the repeated shocks of the last few years as well. Yet, the Monegasque financial center is in good health and nothing seems to be able to slow down its development.

This dynamism is not the result of chance. Over the past decade, the Monegasque authorities have been taking measures to encourage the upgrading of finance professionals working in Monaco so that they can be competitive on an international scale. Thus, in 2014, the Professional Certification dedicated to front office professionals was born, followed in 2018 by the Certification on Confidentiality that is taken by every single professional working in a regulated institution in Monaco.

In 2022, faced with an ever-increasing demand from candidates for the professional certification, including English-speaking candidates, the AMAF, wanting to provide the best possible support for all candidates, decided to increase the number of possible sessions offered, with the possibility of having one session per year delivered entirely in English.

Concerning the certification on confidentiality, it has entered its second phase. As a reminder, the ministerial decree 2018-367 of April 2018 requires that knowledge updates be carried out every 3 years. Since October 2021, the International University of Monaco (IUM) has therefore begun to deliver the second wave of training, adopting a resolutely innovative pedagogy. It is no longer a matter of listening quietly and signing off at the end of the session, but rather of becoming the master of one’s own learning by interacting directly with the subjects through a computer platform and the use of one’s smartphone. This changes everything: learning becomes concrete, fun and encourages candidates to ask themselves the right questions. As a result, after 9 months of feedback, the satisfaction of the thousand or so participants is at its highest.

If innovation and the constant search for improvement are the hallmarks of Monegasque certificates, degree courses are not to be outdone:

• Demand for work-study finance courses is at its highest, both at Bachelor and Master’s level. Banks and asset management companies are all the more keen to play the game as it allows them to integrate young professionals of high quality and to support them as they move up the ladder, thus promoting a long-term relationship with them.
• The full-time MSc Finance program continues to adapt in order to meet the new requirements of investors and money managers: integration of new ESG and sustainable investment standards, construction of innovative portfolios, compliance and ethics, fintech, impact investing and private equity.
• Beyond the necessary technical requirements, IUM also places a strong emphasis on the human dimensions of the financial industry: teamwork, communication skills, critical analysis, intellectual curiosity, open-mindedness and respect for others. It is in fact through these soft skills that IUM students make the difference. Through their academic journey, they leave their student skin behind them in order to become the next generation of finance professionals.