Investors' diploma sets global standard

The investment accounting diploma, developed by trade body Scottish Investment Operations, whose members include Baillie Gifford and Aberdeen Asset Management, will be aimed at countries, such as India, which service the UK's 1.4 trillion fund management industry.

The course was launched in Scotland last year in conjunction with the Institute of Chartered Accountants of Scotland (ICAS) and the Chartered Institute of Bankers in Scotland.

So far, 59 Scottish fund managers have completed the course, but SIO chief executive Alan Thornburrow expects these numbers to rocket once the distance learning version for overseas students is launched.

Thornburrow said the diploma will be a "huge win" for Scotland given the demand for formal qualifications in countries such as India and Poland which do a lot of the support work for UK fund management firms.

"This diploma promises to be a big deal," Thornburrow said. "We are looking specifically at centres that are doing a lot of operations and administration work in this area."

SIO, which evolved out of Scottish Financial Enterprise ten years ago, also hopes that more UK-based investment firms will use the diploma in place of their own in-house training.

Thornburrow added: "A lot of the companies were training internally on this stuff and there wasn't a fixed qualification."

The investment accounting diploma is the first formal diploma outside of the CA qualification to be launched by ICAS in its 157-year history.

Anton Collella, chief executive of ICAS, said: "Scotland's financial services industry and the UK accounting profession are becoming increasingly global in the way they operate and are in high demand from other countries. The investment accounting Diploma is a strong contribution to the professionalism and expertise of the investment sector."