Recipients of the island¡¦s largest post-secondary scholarship program attended their first ABIC Alumni meeting and were told that education and mentoring are critical for a successful career in Bermuda¡¦s international business sector.

Patrick Tannock, Executive Vice President of ACE Bermuda and Richard Winchell, Executive Director of ABIC addressed the audience of ABIC education award alumni at a luncheon hosted at ACE Global Headquarters. The purpose of the luncheon was to provide a forum for members to network and support each other, promote the ABIC education awards, and to offer mentoring opportunities to current award recipients.

Training and Development of Bermudians Essential
Mr. Tannock received an ABIC scholarship in the late 1970´s and is now a member of the ABIC Board. He said said “Training and development of Bermudians is essential in the Bermuda market in order to provide a core of highly trained professionals with the ability and talent to compete in the international marketplace. Bermudians have every opportunity to participate and succeed in international business, provided they acquire the appropriate education and skills.”

Mr. Tannock told the group of more than 30 past scholarship recipients, “With every jurisdiction of note trying to replicate the Bermuda model for success, it is not good enough to just be competent. We must challenge ourselves to strive for mastery, to acquire the skills that allow us to practice our craft better than anyone else so that we, as Bermudians, can continue to increase our participation and contribution to Bermuda´s track record of innovation in the global marketplace.”

“We are uniquely positioned to act as ambassadors to positively influence perceptions about Bermudians in the international business arena and perceptions about international business within our communities. As former scholarship recipients we must continue to tangibly demonstrate, by our continued contributions to the success of our companies, that it¡¦s a great investment for international companies to award scholarships to Bermudian students.”

Paradigm Shift in Bermuda Economy
Mr. Winchell´s presentation revealed the statistics behind “a paradigm shift” in the Bermuda economy, and outlined the importance of university education for those wishing to succeed in it.

He said ” The need for a college educated workforce spans all industries, not just the international companies. According to the 2000 census, of the ten largest professions in Bermuda, nearly all of the top professions require at least a 4-year college degree along with additional training and/or accreditation.” He added, “This presents great opportunities for Bermudians and there is help available for those who need funding for education.”

ABIC Key Findings
Mr. Winchell presented the following key findings:

1. This paradigm shift in the economy starts with a change in the industries that are growing in Bermuda, which leads to a shift in what employers are looking for in their workforce.

2. Since 2002, the Bermuda economy has been seeing more new jobs created than jobs lost. However, there is not a direct transfer of job skills from the shrinking retail or manufacturing sectors to the new positions being created in the health, business services or international business sectors. And most of the new jobs require a university education.

3. International business has added more than 2,500 jobs since 1991. In fact, international companies accounted for one-third of the net increase in Bermuda¡¦s employment in the 1990s.

4. Within the international companies, the positions are mainly professional, technical and managerial — positions that generally require at least a 4-year college degree.

5. It is estimated that companies in the international industry alone have required nearly 1,500 more college educated workers since 1990.

About ABIC
ABIC, the Association of Bermuda International Companies, funds and operates the ABIC Education Award, which gives a total of $30,000 per year to promising Bermudian students to pursue undergraduate studies at accredited colleges and universities in areas related to international business, with each scholarship extending over two years of study. ABIC also has two post-graduate awards.

In the last nine years, international companies have donated more than $3.5 million for scholarships to support 170 students. A record $575,000 raised in 2007, and 21 scholarships were awarded. More than 60 companies contribute funds to the program.

Students in the program have attended universities in Canada, the United States, United Kingdom, Ireland, Europe and Australia.

ABIC, the voice of international business, represents more than 140 international companies incorporated in Bermuda. ABIC award recipients interested in participating in the alumni group should contact Fiona Lines at fiona.lines@abic.bm or 295-8932.