Kazakhstan will start preparing world-class risk managers
Kazakhstan MBA program of AlmaU Graduate School of Business "Financial Engineering" ** has successfully passed international accreditation in Global Association of Risk Professionals (GARP ***). Now students of AlmaU GSB program will be able to pass an international exam on risk management in finance (FRM®) during their studies. Certification (FRM®) is recognized internationally as Master’s Degree standard in the USA, Singapore, India, etc.
GSB is the first and so far the only academic partner of GARP in Kazakhstan. With this accreditation, AlmaU set the high standards for development of the business education market in the CIS countries.
The demand for certified risk managers is growing all over the world - starting from the time of 2008 crisis. Responding to the requirements of the real sector of the economy and the risk-oriented supervision introduced in Kazakhstan in 2019, Graduate School of Business keeps pace with the times and continues to be a kind of trend setter in the field of Kazakhstani business education, said the Dean of AlmaU GSB Gulnar Kurenkeeva: “Today business assigns an important role to risk management, as one of the main components of social responsibility. The program was developed taking into account global and Kazakhstan trends in risk management development. Our MBA program “Financial Engineering” received accreditation as soon as possible after filing an application and starting consideration. It suggests that it initially met the requirements of GARP. It is also the only program in the Republic of Kazakhstan with dual global accreditation. Graduates will receive, in addition to Kazakhstan state diploma, AlmaU GSB diploma recognized by the international community and AMBA nominal certificate. Let me remind you that we remain the only business school in Kazakhstan and Central Asia, whose programs are accredited by the world MBA Association (AMBA, UK). ”
Today, risk management is rather, an integral part of any manager’s work, than a separate profession. Any business is done under conditions of uncertainty and risk. In addition, we have been living in a period of permanent crisis for the second decade, and ability to manage risks is increasingly included in the list of requirements that employers place on applicants, especially for top positions. However, there are not enough risk managers, like 10 years ago. Analysts point out the urgent need for qualified personnel capable of modeling and financially assessing risks in all segments of the economy.
“GARP (Global Association of Risk Professionals) website contains information of FRM-certified specialists worldwide, there are more than 45,000 of them, but only 10 certified risk managers fall to Kazakhstan. Now we are faced with the task of doubling this amount this year, and bringing it to 100 in the next 2 years.
Considering that in our country there are not so many certified risk managers per 100 thousand people who work officially in the financial sector, we can say that not many people in the financial industry manage risks professionally. At the same time, knowing how to manage risks is necessary not only for risk managers, but also for auditors, compliance specialists, analysts and others. We are seeing companies' interest in training their specialists in international certifications in order to put work with risks at a higher level, ”- the head of AIFC training center Ruslan Muldashev.
In MBA program, which starts in May 2019 with the support of AIFC (Astana International Financial Center), several students of the program will be able to pass the first level of FRM® certification (Financial Risk Manager) free of charge.
AlmaU GSB is still the only business school in Kazakhstan that trains personnel according to world-class standards.
It is worth noting that “Financial Engineering” is more intensive and larger in number of hours than the classical MBA program. It is focused on professional participants of the financial market and provides an opportunity to master modern tools for analyzing and assessing financial risks in a turbulent macro environment. The new MBA program "Financial Engineering" with "Financial Risk Manager" specialization can contribute to the preparation of such a demanded specialization as a risk manager. One of the strengths of this program is its practice-oriented, integration (knowledge from different areas, including at the intersection of industries). The goal of the program is to increase the effectiveness of risk management under conditions of uncertainty and risk.
*AlmaU - Almaty Management University, the first entrepreneurial university in Kazakhstan.
**Financial Engineering program was developed jointly with AIFC Bureau, the main goal of which is to develop the personnel potential of local financial market specialists, popularize international professional certifications, create a personnel reserve of professionals at the international level for further work in AIFC eco-system and beyond it.
***GARP (Global Association of Risk Professions), Global Association of Risk Management Professionals is a non-profit structure whose main goal is to support educational programs in the field of risk management and search for solutions to problems that arise in the financial industry with its development and emergence of new risks.
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