A Financial Academy announced in this year?s Budget will require more funding than that allotted by Finance Minister Paula Cox.

Maxine Esdaille, senior education officer, said the Academy was proposed by businesswoman Patricia Pettit.

?Money has been committed to the establishment of the Financial Services Academy in the Budget but it will not be enough to cover all costs,? Ms Esdaille said. Education Minister Terry Lister said up to $150,000 would be set aside for the Financial Services Academy.

Ms Esdaille said: ?Ms Pettit became aware of the programme and thought that it would be a good idea in Bermuda.?

Ms Pettit is the owner of Pembroke Atlantic Ltd., a marketing consultancy.

The academy caters to students who have recently graduated from high school but Ms Esdaille said it is an opportunity for everyone.

Its programme will be a six to eight week course with a very intense curriculum of all the basic issues concerning the financial industry, said Ms Pettit.

?For example, basic computer skills and workplace protocol.?

The plan is to have members of the financial industry teach at the academy, she said.

?A relationship with the financial industry is a key component.?

Ms Pettit hopes to get local companies and international companies involved.

The Academy is a concept which was developed by the New England College of Finance.

Ms Pettit said: ?The Academy is still under consideration by the Department but the former Minister of Education Paula Cox was impressed by the concept.?

Upon graduation the plan is for the students to be hired by the company involved, explained Ms Pettit.

An Associates degree is available after being hired which may be partially paid for by the company, she said.

?Now that we have funding the work of putting it together will begin.?