The Cayman Islands Society for Professional Accountants (CISPA) held a gala at Pedro St James Castle on Saturday, 13 September to celebrate the achievements of 23 Caymanians who have earned accounting degrees or professional qualifications. 

A large number of CISPA members and guests attended the event, including H.E the Governor Stuart Jack; Chief Secretary Hon George McCarthy; Attorney General Hon Samuel Bulgin; Financial Secretary Hon Kenneth Jefferson; Minister for Education, Training, Youth, Sports and Culture Hon Alden McLaughlin; and Minister for Tourism, the Environment, Development and Commerce Hon Charles Clifford. 

In his address, Mr Jefferson congratulated all the students who had gained either bachelor's degrees in accounting from the University College of the Cayman Islands (UCCI) or the International College of the Cayman Islands (ICCI), or by gaining a professional qualification. He also paid tribute to all the other people, including the students' instructors, who had helped them achieve these goals. 

He said that "it is a time to celebrate but don't make it long. The world of business and especially the business of the Cayman Islands needs you right away". 

Mr Jefferson added that he believes "our greatest challenge is also our greatest opportunity, a sort of double-entry accounting of what we face and what you will face. The reality is, our profession is growing rapidly". 

He also pointed out that "the opportunities for professional accountants will only grow larger in the years to come. The large, fast-growing economies will need many thousands of new accountants. China has already identified that the demand for accountants in their country will outpace supply". 

Concluding his remarks, Mr. Jefferson spoke about the new regulatory role that CISPA will be taking on, in addition to maintaining its high standards, and promoting the profession of accountancy. 

"In a year when CISPA's membership has reached a new highpoint, when the need for accountants in Cayman is greater than ever, when the need for accountants the world over is at a record high, now is the time to tell the young people of the Cayman Islands what an important and fulfilling career that accounting can be," he said. 

CISPA President John Ferrari also addressed the gathering. 

"This is a very special evening; we are here to recognise students who have successfully achieved an accounting degree from UCCI and ICCI and to recognise those who have successfully achieved a professional accounting designation," he said. 

"It is indeed an honour to have you all gathered here tonight, to celebrate their accomplishments, and wish success to these very special professionals."

He told the graduates: "In the Cayman Islands and globally, there is a world of opportunity in the financial services industry. It makes me proud and excited to think of everything the future has to offer you." 

Mr. Ferrari then went on to outline some of the significant changes that had recently taken place in the global financial services industry. 

"For CISPA we have been constantly re-tooling and retraining to meet the new requirements of ongoing change," he said. 

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