Today marks the 140th anniversary of the establishment of The London Institute of Banking & Finance.
The Institute of Bankers, as they were called in 1879, was set up by a small group of bank workers who got together to help gain recognition for workers’ skills. They set up lectures, provided educational resources and put in place a formal qualification – open to any bank worker – to help workers advance their careers.
Since 1879 over 1.5 million people have studied with them, building careers within the sector.
Alex Fraser, Chief Executive of The London Institute of Banking & Finance said: “140 years ago, there was very little opportunity to acquire skills and knowledge to move up the career ladder in banking. Our Institute changed all that and created opportunities for promotion based on merit rather than privilege.
“Today, the skills you need for a career in finance are completely different to even 20 years ago. Workers today need to be digitally savvy and know how to add value in a digital world.
“Of course, we’ve evolved too – our professional qualifications now span banking, investment, regulated advice and trade finance, to name just a few; we’re a degree-awarding body, with our own university college in the heart of the City; and we provide financial education in schools at GCSE and A Level, as well as working with vulnerable communities to improve financial capability more generally.”