The Chartered Institute of Public Finance and Accountancy’s (CIPFA) has launched an innovative co-operative training scheme in the North West to help train the next generation of public sector financial managers. The cost-saving programme, developed jointly by CIPFA and the Greater Manchester Association of Metropolitan Treasurers (GMAMT), will ensure that the public sector can continue to attract and train talented graduates in public financial management despite tight budgets.
Led by Bury Council, the scheme will see five graduate trainee finance managers learning on the job while they rotate across roles in five local authorities in the Greater Manchester area. The public bodies involved will work co-operatively to share the cost of the training and provide on-the-job learning. It’s hoped that the varied experience will also boost the trainees’ employability by giving them a wide range of skill sets for different public finance roles.
Mike Owen, President of CIPFA and Executive Director of Resources and Regulation, said:
“One of the biggest challenges facing the public sector is ensuring that despite austerity we continue to train the next generation of leaders to an excellent standard. Despite economic pressures, CIPFA and GMAMT’s innovative scheme means employers can continue to recruit the UK’s top graduates to enter public financial management, ensuring that communities can continue to benefit from excellent candidates.
"The scheme has proved to be incredibly popular, with over 200 applying for five positions, proving CIPFA’s professional qualifications is continuing to appeal to graduates.
"I am particularly grateful to Stephen Kenyon from Bury who has brought the scheme to life and to colleagues from around Greater Manchester who have shown great support.”
Modelled on a CIPFA joint scheme in Nottinghamshire, which has now grown to include training graduates in the private and health sectors, the Institute hopes this programme will also increase its capacity. Other regions in the UK have also expressed an interest in adopting co-operative training to ensure local authorities are able to maintain the financial management capacity and capability they require.
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Five trainees have commenced their training and rotations from January 2015 in various locations (from) – Bury, Manchester, Stockport, Blackpool and Warrington.
The scheme will allow organisations to share the wealth of the trainee along with the budgets and cost. Students will also be able to build a network and study together.
Organisations in the pool will elect how long they have the trainee for in either 6 or 12 month placements and will only pay for their training/salary/overheads during that set time. With many recruitment budgets cut, this offers an affordable solution to continuing to train top tier candidates in public service roles.