PwC (PricewaterhouseCoopers) has stepped up with a corporate sponsorship for the academic chair at the International College of the Cayman Islands in a strategic move to expand its business programme and raise the bar in higher education.

The corporate sponsorship contributes 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 specialized knowledge and research and is traditionally funded by either private corporations or foundations.

While many firms have cut back on education funding as the economic downturn has dragged on, PwC has committed to a significant sponsorship to continue to build a skilled labour force that will help the Cayman Islands stay competitive in the global market.

A driving force behind the sponsorship commitment is to raise the profile of the International College business programme, attract more students and build stronger relationships within the business community, explained PwC Territory Senior Partner Frazer Lindsay.

According to Mr. Lindsay,”PwC Cayman believes that the new addition of the academic chair to the International College will not only benefit the students locally, but will also boost the stature of the Cayman Islands in the academic world.  We feel that the value added to the community will be a stronger workforce with an enhanced knowledge base to expand from.  PwC Cayman is pleased to have the opportunity to make such a contribution.”

As the overall business environment, and the financial sector in particular, continues its trend to being more productive with multiple skills, more students are enrolling in the business school to meet the demands in the employer’s market. This academic chair is the first of its kind in the Cayman Islands and is the next step in broadening the business programme offerings, explained International College President John Cummings, PhD.

“Having PwC’s support in hiring a full-time professor who understands the dynamics of the financial services sector will bring the business programme to a new level,” said Dr. Cummings. “This new academic chair will provide students with more exposure to high quality instruction, research and the benefit of the professor’s industry experience.”

A key part of what International College stands for is being accessible to all students who are academically-ready to earn an associate, bachelor’s or master’s 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 PwC for their three-year sponsorship commitment to the academic chair.

“Having PwC’s support has significantly boosted our fundraising efforts for the academic chair, which will be invaluable in providing the best possible opportunity for success to our business and accounting students,” said Mr. Cummings. “We just opened our new business building a few months ago, we could accommodate more students so the timing for hiring a professor coincides nicely with the expansion of the accounting and business programmes.“

PwC Cayman Islands helps organisations and individuals create the value they’re looking for. They are a member of the PwC network of firms in 158 countries with close to 169,000 people, and are committed to delivering quality in assurance, tax and advisory services.