bodyindent:<*t(0,0," ")>Bermudian students require more funding in order to further their education [EmDash] that is according to the latest survey by the Bermuda International Business Association (BIBA).

BIBA's annual Secondary Research Study revealed that the majority of scholarships and funding available to the Island's students was in the insurance and international business sector.

But it found that additional financial support was needed across the board to plug the gap and meet the expense of studying in the UK, the US<\p>and Canada.

"While the good news is that the range of opportunities for scholarships is fairly extensive in key business sectors, there are some areas where additional scholarship support is needed. Moreover, it is clear that additional financial support across all scholarship areas is needed so that the gap can be closed in the expense of attending colleges in the UK, Canada and the United States," said Cheryl Packwood, chief executive officer of BIBA.

"Bermuda is doing well, but must make far more progress to ensure that all Bermudians have an opportunity to participate in international business and the Bermuda business economy."

The study, which was conducted by Research.bm last month and focuses on the availability of scholarships, student loans, internships and youth initiatives, is a part of the Association's ongoing efforts to develop and support opportunities for local students to be fully qualified when entering the workforce and to develop their role in the success of the international business sector.

It was carried out to determine the number and financial value of the scholarships and other initiatives available, focusing this year on determining youth programmes that are under-funded or under-represented in Bermuda.

The findings showed that most of the scholarships were available for undergraduate degree programmes (127) and college programmes (107), with 50 scholarships on offer for postgraduate degrees and 15 scholarships for local private secondary school education, all ranging from one to five years in duration.

Along with insurance and international business; computers/IT, health/medical field and accounting/finance/economics led the way for scholarship availability.

But there were fewer scholarships on offer in environment/horticulture, architecture/planning, construction, science and hospitality [EmDash] all areas of importance to the Island's business community.

"Our Association has long understood that the ongoing growth and success of the international business sector in Bermuda is absolutely dependent on having Bermudians involved and leading international companies and other service providers," said Ms Packwood.

"In order to do that, we must provide our students with the education and training to be not just participants in international business, but leaders. Our ability to do this is driven by scholarships, student loans and other critical opportunities that our entire community provides, but certainly the international business community.

"This research report assesses the progress that Bermuda is making and is a critical tool available to our young people and businesses alike in determining what they can do for our young people.

In this year's report, 232 scholarships were identified that provide funding for a wide range of areas of study, with the total value of all of the scholarships that have been compiled to date standing at $3,997,104.

Given the importance of understanding the financial resources available in each of these scholarships, the Association studied the adequacy of support in funds that are needed for an overseas university education.

Based on the research, the typical expenditure needed to cover tuition at a Canadian University was approximately C$12,000 per year. Typically, an additional C$10,000 is paid in living expenses, with Bermudian students studying in Canada requiring around C$22,000 or US$19,600 based on current conversion rates.

In the US, tuition fees and livng expenses were higher, with students on average expected to pay about $18,000 per year for tuition expenses, and $12,000 per year for living expenses, adding up to approximately $30,000 per year.

As of September 2007, Bermudian residents became eligible for UK "home" tuition fees. As such, the cost of funding a UK education has reduced substantially. UK home rates are approximately £3,000 per annum, while living expenses are roughly £7,000 per year, equally approximately £10,000 per year or US$16,200 for a UK education.

To determine whether the average value of scholarships offered in different industries is adequate to fund an overseas education, the survey compared the average value of the scholarships offered in each industry to the amount of funding needed to cover one year of study at an overseas university.

Based on the research, the industries that offer scholarships with an average financial value adequate enough to support an overseas university education included social work/counselling, legal field, insurance, visual arts, health/medical fields, engineering, accounting/finance/economics, and science.

For all other scholarships, the financial values are between $1,425 and $12,531. This is short of being adequate to support a UK university degree and short by $4,601 to $15,707 for a Canadian University degree, and is a shortfall between $15,000 and $26,106 for supporting a university degree in the US.

The research also found that awards of a higher value were needed in environment/horticulture, hospitality, computers/IT, and architecture/planning.

Meanwhile the analysis revealed there were limited scholarships supporting education in environment/horticulture, architecture/planning, construction, science, and hospitality.

For the full study results, visit the membership section of BIBA's website at www.biba.org