The Financial Market Authority (FMA) and the Oesterreichische Nationalbank (OeNB) are collaborating to establish a joint Academy of Supervision. “Our staff is our most valuable asset,” stated FMA Directors Kurt Pribil and Helmut Ettl, agreeing with OeNB Director Andreas Ittner at their joint presentation. “Only with the best talent, regularly trained and kept abreast of the latest developments, can we fulfil our role which is so vital for the Austrian economy.” The Directors went on to explain that close cooperation between the FMA and the OeNB in matters relating to the supervision of the Austrian financial market required a joint understanding of supervision and a common supervisory culture, for which reason the step towards founding the joint Academy of Supervision was vital.
The joint academy opened its doors yesterday, with the first “Financial Market Supervisor” course. A total of 50 participants from the FMA and the OeNB are set to complete the course, split into two classes and following a curriculum that progresses in parallel to their work, taking in 49 days in the classroom over an 18-month period. The modular curriculum comprises three blocks, each of which ends with a lengthy final exam. Block 1 is an Introduction to Financial Market Supervision and the Business of Finance, while block 2 provides the Basics of Finance and Business and block 3 studies In-depth Risk Management and Control. Those participants who successfully complete the course will be awarded a certificate confirming their status of “Examined Financial Market Supervisor”. The next round of classes will commence studies in September.
OeNB Director Ittner explained, “Our aim is to establish a distinct profession of Financial Market Supervisor, and to have the joint Academy of Supervision recognised as providing university-standard postgraduate education.” His counterparts at the FMA went on to say, “The profession of Financial Market Supervisor has a future, as the recent experiences of the global financial crisis have indicated. Already, many of the companies that we supervise are attracting our employees to work for them as Regulatory Relations Officers in staff positions. In addition, as part of the growth in international cooperation and the creation of cross-border supervisory institutions, there is great need for well trained financial market supervisors.
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0676)/882 49 516