Professional certifications in financial sector

In developed economies, professional roles in finance and other sensitive sectors are strictly regulated. Progression into such positions is contingent upon obtaining well-defined certifications that validate both technical knowledge and adherence to ethical standards. For instance, financial planners cannot rise to senior roles without completing successive certification stages, while credit risk professionals follow their own structured path. These certifications are not general qualifications; they are designed to create subject-matter experts capable of handling complex and high-stakes responsibilities. Equally important, candidates must meet a skill set matrix-a clear benchmark of technical, analytical and ethical competencies-before they can qualify for such positions.
By contrast, our financial industry has long suffered from the absence of such mandatory prerequisites. This gap has allowed CEOs, managing directors, and even boards to place preferred candidates into sensitive roles without transparent, merit-based processes. Such practices have frequently been exploited-undermining institutional integrity, opening the door to corruption and eroding public trust. While some of these appointments may have been based on personal loyalty or short-term expediency, the long-term impact has been detrimental to both organizational strength and industry credibility.
The recent introduction of professional courses is a positive step, but far from sufficient. To future-proof our industry, we must think beyond traditional training. The future of finance is being shaped by data analytics, artificial intelligence and machine learning. Decision-making in risk management, financial forecasting, fraud detection and customer engagement is already being revolutionised by these technologies. Without certified experts in these emerging domains, our institutions risk falling dangerously behind global standards.
Local institutions such as BIBM (Bangladesh Institute of Bank Management), BBTA (Bangladesh Bank Training Academy) and IBA (Institute of Business Administration, Dhaka University) are well-positioned to play a pivotal role in this transformation. These organizations have the potential to design and deliver rigorous certification programs that not only cover core financial competencies but also integrate advanced training in data analytics, machine learning and AI-driven decision-making. If done correctly, this could usher in a new era of professionalism and expertise, equipping a new generation of professionals to navigate both traditional financial risks and emerging technological challenges.
On a global scale, certifications serve as a safeguard against malpractice and incompetence, ensuring that sensitive roles are occupied only by qualified experts. For our financial industry to mature and align with international best practices, the establishment of a certification-driven framework backed by regulatory enforcement is not just a suggestion, but a necessity. Such a system would not only protect institutions from undue influence but also help build a culture of professionalism, transparency and accountability.
If Bangladesh's financial sector is to thrive in the coming decades, professional certification must be treated not as a supplementary option but as an essential prerequisite. With the right certifications in place, we can ensure that expertise, not favouritism, determines who occupies the most critical positions in our financial system, paving the way for a thriving and credible industry.

Mohammed Abul Ahsan is Deputy Managing Director, United Finance PLC