The Cayman Islands Society of Professional Accountants has thrown its support behind the International College of the Cayman Islands’ fundraising initiative for an academic chair to hire a full-time professor in a strategic move to raise the bar in higher education and attract more corporate sponsors.

CISPA is committing to an $18,500 sponsorship over a three-year period to help fund the academic chair for a full-time professor in accounting. An academic chair is a university designation given to a professor for specialised knowledge and research and is traditionally funded by either private corporations or foundations.

CISPA’s three-year sponsorship comes at a time when there is considerable economic uncertainty with many businesses cautious about making significant financial commitments. A driving factor behind CISPA’s sponsorship was sending a message that investing in college education, even in a shaky economy, is a smart investment in the skilled labour force and will help the Cayman Islands stay competitive in the long run, explained CISPA President Jeff Short.

“This sponsorship will further enhance and allow the International College to grow its high quality accounting programme,” said Mr. Short. “Given the International College’s importance of training accountants for our financial services sector, CISPA has helped promote sponsorship from other organisations and companies. With this new initiative, as well as their new business building, it is a very exciting time at the International College. We wish them great success.”

Student enrolment among high school graduates and mature adults is growing in the accounting, finance, banking and management programmes to meet the demands of a competitive business environment, explained International College President John Cummings, PhD.

“Having CISPA’s support in hiring a full-time professor who understands the dynamics of the financial services sector will bring our business programme to a new level,” said Dr. Cummings. “The timing for hiring a professor couldn’t be better as we just opened our new business building for the fall term, which will enable us to accept more students into our business programmes.“

A key part of what International College stands for is being accessible to all students who are academically-ready to earn an associate, bachelor or masters degree, but who have limited financial means and may face work or family obligations that prevent them from attending an accredited university overseas.

As a non-profit, private institution, the International College has made it a priority to offer affordable tuition to both Caymanians and residents and still maintain its international accreditation, which undergoes a rigorous review every few years.

International College Dean, Scott Cummings, expressed his gratitude to CISPA for their three-year sponsorship commitment to the academic chair.

“CISPA has been incredibly generous with their professional advice and financial support,” said the Dean. “Providing this level of corporate sponsorship for the academic chair is invaluable in providing the best possible opportunity for success to our business and accounting students.”

“CISPA has always stood ready to assist us with the growth and development of our business programme and this academic chair is the next step in the evolution of our programme,” the Dean said.