The Rise and Rise of - Business Education in Cyprus

Business and Management as a field of study started in Cyprus only a few decades ago. Since then an impressive rate of growth has been registered both in number of students who are interested to study this popular area as well as in the diversity of course offerings. Some of the more plausible explanations for this phenomenal rate of growth in this particular area of education are set out below:

1. Whilst some hundred years ago the formal study of business was practically unknown management and business studies have now overrun all other fields of study in terms of student preference. That is why one witnesses a scramble for places in business departments by students wishing to earn a diploma or degree in this area with a view to enhancing their opportunities in the market place.
   
2. A cursory review of the “vacancies” columns in the Greek language papers quickly makes one realise were the opportunities for employment lie. Young men and women come across such advertisements everyday and they have thus been inculcated with the idea that without a business degree one is almost handicapped in his search for a challenging job. This is why so many young men and women with good degrees in the sciences and other “hard” subject areas feel the need for a conversion course into business to enhance their chances for employment.
   
3. Cyprus has historically played its role as a trading route and people have always been exposed to the challenges and opportunities of business. An old Greek saying, which one often hears repeated even today, loosely translates as, “you better get involved in trading if you wish to make a living in Cyprus. Otherwise, pick up your bags and go (emigrate).”
   
4. The fact that Cyprus is on the door-step of the European Union, and with full membership just around the corner, provides an impetus for many youngsters to get an education which is easily marketable and can help them get a job in any United Europe country. And here is where courses taught in English come in handy, considering the widespread use of this language in many European countries.
   

We at Philips College have taken the message and have painstakingly developed our Business and Management courses offering quality programmes aiming to meet the needs of the market. The department identified four key business studies areas and then developed market-centred quality courses, all taught in English. Results appear to support that the Philips strategy is working out well and to the benefit of the student. All these programmes blend well the development of solid analytical skills with practical applications giving the student a head advantage in terms of employability. I have the feeling that the Philips programmes, which follow below, give a good picture of what is happening in the field and can enlighten the reader as to which form business education takes in Cyprus.

The College offers the following Business and Management streams: A) The Marketing stream, which offers an integrated cycle of study reflecting the pivotal role played by the marketing function in an expanding and ever-competitive business world. B) The International Banking and Financial services stream, which aims to bridge the gap between the need for a firm theoretical training and the need for a solid grasp of the applied nature of the discipline in the context of International Financial Services. A country, which aspires to become a regional financial centre, finds such courses very helpful in its drive to secure such vital skills. C) The insurance stream was developed in response to the specific and growing requirements of such a vibrant and dynamic sector of the Cyprus economy considering the expected growth rate of this sector. D) The General Business stream offers a wide and representative sample of subjects and gives the student a good understanding of how the world of business works. In addition the College offers an MBA programme.

The future of Business and Management studies looks more and more promising as we in Cyprus enter into the new era-- the era of membership to the European Union. We believe that the peak has not been reached yet and that we all have more work to do and more programmes, with potential, to consider. Europe will begin to demand a wider spectrum of management courses which will put emphasis on issues such as bringing more harmony between business and the environment, human rights and how business can best bring about respect for the individual consumer. Equally, we expect the rise in courses which will focus on the transition away from the dependence on Government and the taking of more personal initiatives as a way to solving problems. All in all, it appears that Business and Management education can expect a bright future, full of new challenges and opportunities.

• Management and business studies have now overrun all other fields of study in terms of student preference
  
• Without a business degree one is almost handicapped in his search for a challenging job
  
• Cyprus has historically played its role as a trading route and people have always been exposed to the challenges and opportunities of business
  
• The future of Business and Management studies looks more and more promising as we in Cyprus enter into the new era of United Europe