Institute of Bankers
The Chartered Institute of Bankers (CIB) was founded in 1879, as the professional body for members of the banking profession in the United Kingdom. It was granted its royal charter in 1987. In 1997 it rebranded itself as the Institute of Financial Services, reflecting the changing needs for professionalism across a wide range of financial services. In 2006 members agree proposals for changes to the organization's corporate governance and structure. Changes to the Royal Charter are approved by the Privy Council and the
organization is renamed as the ifs School of Finance
The ifs was, and continues to be, an important aid to the professionalism of workers in the financial services industry. After studying a series of finance related topics and passing exams, and after working for a minimum period within the finance industry, it is possible to be elected to an Associate of the ifs School of Finance. The letters Aifs continue to demonstrate to others the experience and academic standards of the designee.
In the last two decades of the 20th century, the Financial Services Industry underwent significant change. Retail banks transformed themselves from transaction oriented deposit taking and lending institutions into deliverers of retail financial services. At the same time, additional complexity was introduced into the less retail forms of banking. New investment products developed. International finance became more complex. Derivatives became available to hedge risk, or in some cases to amplify risk. The distinctions between retail banks, investment banks, building societies, insurance companies and other financial services institutions became blurred. Institutions complimented their own services with additional ranges of services offered by other institutions. It became possible to satisfy all needs for financial services through one financial institution.
The ifs needed to respond to changes in the industry. In 1986, its professional exams were linked to and moderated by UMIST. Any student passing the exams required to attain Aifs status is now awarded a BSc(Hons) in financial services, underscoring the academic standards achieved by professional bankers.
Today the 'ifs' provides courses leading to qualifications in all areas of the financial services industry, and is
recognized throughout the world as a leading supplier of financial education.
In addition to providing education, the ifs also
organizes regionally based events to enable members to both network and keep abreast of developments within their fields of interest.