Central Board of Secondary Education (CBSE) had launched a new course on Financial Markets Management (FMM) in collaboration with National Stock Exchange (NSE) as joint certification program under vocational education at senior secondary level from the academic session 2007-08. Also see article on Financial Market Management in CBSE schools
Though, in India, there are about 18.8 crore investors and many more of similar number of prospective investors are likely to enter into the financial market in coming years, there will be an acute shortage of trained professionals in the Financial Markets. The National Skill Development Corporation, Govt. of India has also identified Financial Services Skills as one of the 21 employable skills. A career in Financial Markets provides employable skills for life.
It is no doubt that in view of such an acute shortage of professionals and for India to attain major role in the world economy, Govt. of India is also taking initiative to make “Financial literacy” as a compulsory subject for students of all streams in Senior Secondary level. In an initiative, the government as per Gazette of India notification dt. March 6, 2010 has reduced the minimum age for employment from 21 to 18 years for handling NSE terminal in Capital Market & Derivative Market.
As you may be already aware, in the year 2009, 1303 students belonging to 59 schools appeared in the FMM examination. The result has been very encouraging as passing percentage was 95%. Similarly 68% of the students passed NSE online modules to be eligible for prestigious joint certification by NSE and CBSE. These students who have secured joint certification are also eligible for employment in the Financial Markets of these 44 students opted for job. The result for the year 2010 has been further encouraging. The number of FMM students who appeared for final examination in 2010 increased from 1307 (in 2009) to 1423. Similarly the pass percentages as well as those are eligible for joint certification also increased in comparison to last year.
Though, initially there were some difficulties for the students towards the vertical mobility for pursuing higher Education in various universities in India, but such difficulties have been solved with the initiatives of the Board with AIU and UGC. As a result of which :-
The University of Delhi as per letter no. DSW/8/2009/56 dt. June 12, 2009 has recognized the Financial Markets Management course under vocational stream for the purpose of admission to various undergraduate courses of the university from academic session 2009-10.
The Mumbai University has launched B.Com in Financial Markets from the academic session 2008-09.
In Banaras Hindu University B.Com (Honors ) in Financial Markets is available.
MS University, Tirunelveli (TN) has launched MBA, PGD and BBA in Financial Markets Management (FMM) vide notification no.MSU/DD&CE/BIFM/TC/2010 dated 21/05/2010. The FMM students from CBSE board are given preference for admission to BBA (FMM).
The CBSE has also reviewed the curriculum and course structure of FMM. Based on the feedback received from the schools who have implemented FMM course, and on the basis of the opinion of teachers and students, and as per the recommendations of the course committee, the following, changes have been made by the Board w.e.f. the academic session 2010-11.
The existing three vocational packages will be reduced to two vocational packages by replacing “Accounting for Business I & II by regular commerce subject i.e academic elective, Accountancy (code-055) since most of the syllabus is common in those subjects. This step will further make the admission procedure easier in to undergraduate courses in various universities with combination of Accountancy as an elective subject.
The Board used to send the question paper of class XI only in three vocational subjects of FMM in order to standardize and to ensure the uniformity among the schools opting FMM stream. But the existing policy of conducting class XI FMM annual Examination will be discontinued from the academic Session -2010 and hence forth, the schools opting the FMM course shall conduct the XI annual examination internally as the teachers are well trained by now.
The revised scheme of studies in Financial market management (FMM) for class XI and XII with effect from 2010-11 provided below is applicable to all the schools offering the same course in the current academic session for class-XI.
Click the links below to download Latest Syllabus for FMM :-