The graduate certificate is aimed at practitioners in developing economies.
IFC, a member of the World Bank Group, the Milken Institute and the George Washington University launched Tuesday a first-of-its-kind graduate-level program for capital market practitioners in developing economies.
Held over eight months, the program combines rigorous coursework and a work placement opportunity to equip mid-career professionals with analytical tools and practical experience to support capital-market development in their countries.
The program is initially focused on sub-Saharan Africa with a view to expanding to other regions.
The curriculum is tailored to address challenges specific to developing economies. It leverages the academic excellence of the GW School of Business with coursework ranging from financial modeling and computation to regulatory and legal aspects of capital market development.
“This unique partnership has the potential to bring millions of people in the developing world out of poverty by developing effective capital markets and stronger financial institutions,” George Washington President Steven Knapp said. “The program will make the connection between classroom instruction and real-world experience that is a hallmark of the George Washington experience.”
Coursework is enhanced with case studies drawn from IFC’s unparalleled experience in supporting domestic capital market development in countries as diverse as the Dominican Republic, India and Rwanda. A speaker series will offer additional opportunities for interaction with thought leaders, practitioners and pioneers in the international capital markets.
In the spring semester, program participants will put learning into practice through work placements with the Milken Institute’s wide network of public and private sector collaborators.
Following the successful completion of the program, participants receive an academic certificate from GW and are expected to return to their home countries to work on local capital markets for at least two years.
“A well-functioning capital market is not a luxury. It is a necessity,” said Jingdong Hua, IFC vice president and treasurer. “Deep, vibrant capital markets are essential for a thriving private sector that creates jobs and enables economies to achieve their full potential.”
The inaugural cohort—20 students from capital market authorities, central banks and ministries of finance in Angola, the Democratic Republic of Congo, the Gambia, Kenya, Malawi, Mozambique, Rwanda, Uganda, Saudi Arabia, the Seychelles and Zambia—begins the program in August 2016. They will graduate in May 2017. After graduation, program participants will belong to an active alumni network that will collectively foster the next generation of capital market leaders in developing regions.
“Capital markets multiply the vast potential of human and social capital—and thereby contribute to economic growth and prosperity,” said Mike Milken, chairman of the Milken Institute.