The value of partnership: How WBS and the Bank of England developed a programme to upskill bankers worldwide
When the Bank of England wanted to offer a postgraduate course to improve the knowledge of financial professionals, it looked to Warwick.
The Bank of England plays a huge role in the British economy and world events.
The decisions taken on Threadneedle Street reverberate around the world, influencing global financial markets, shaping attitudes towards the UK and affecting the lives of millions both here and abroad.
Naturally, such an important and storied institution wants the best, and only the best, among its ranks.
To help ensure this happens, the Bank has teamed up with Warwick Business School (WBS) to offer a truly unique postgraduate course.
Think of it as an investment – in its own future as well as the future of the country, the future of worldwide banks and markets, and the future of the graduates who study on it.
The resulting Global Central Banking and Financial Regulation programme gives professionals already working in the sector an opportunity to further develop the career on a part-time basis.
It’s proving popular with them, as well as offering real benefits to the Bank.
The flexible first choice
Warwick was the Bank of England’s number one choice because, well, it was number one.
WBS’s distance learning MBA was ranked the best in the world by the Financial Times in 2018, so the Bank naturally wanted to take advantage of the same online platform for the new fully remote course it envisaged.
Indeed, the programme uses a virtual classroom to deliver lectures, enable group work and share interactive learning resources from students who live all over the planet.
The curriculum was designed in close partnership, with the aim of blending the latest thinking in research and practice while tapping into the expertise of the world-leading academics, central bankers and regulators who deliver the course. In fact, it was painstakingly co-developed.
“A lot of work has gone into designing the programme, and in using the latest digital technology to deliver it to homes and offices across the globe,” Andy Lockett, Dean of Warwick Business School said.
“This is a truly bold new step for finance education as we try to bring world-class research and insights from expert central bankers to students and professionals in all parts of the world.”
Subjects covered include Comparative Central Banking, Financial Regulation, Monetary Policy, Big Data, Behavioural Finance and Financial Conduct, exposing students to a breadth of content with relevance and significance to their current and future job roles.
Should they complete all seven modules, students will receive an MsC in Global Central Banking and Financial Regulation – though a Postgraduate Award, Certificate or Diploma is on offer to those who can only complete fewer due to time pressures.
That flexibility is fundamental to the design of the programme; its modular nature allows students to fit it around their busy working lives while they apply what they learn directly with their employer.
And while many of the students might currently work away from the city or the UK, the Bank sees real benefit in improving the skills and knowledge of everyone in the sector.
"In a world with an increasingly interconnected global financial system, it is right that we invest in and train practitioners, regulators and central bankers of the future,” Mark Carney, former Governor of the Bank of England, said in 2018.
A relationship you can bank on
For WBS, the partnership with the Bank of England represents yet another fruitful collaboration with industry.
The School embarks on custom partnerships with businesses to tailor new programmes in ways that ensure the topics discussed in classroom settings are the issues they face in the real world.
“We have a world-class faculty, breakthrough research and an inspiring learning environment,” Tim Wray, Director of Executive Education at WBS, said.
“But we understand that it is our strong relationships with our clients and our partnership approach that are the keys to unlocking the full value and impact of what we offer.”
For the Bank of England, that means sharing an appreciation for the interconnected world and understanding just how important a solid educational grounding can be in global markets.