A NEW training scheme to mould the top council finance bosses of the future is being led by Bury Council.

The initiative will see five graduate trainee finance managers learning on the job, while rotating across Bury, Manchester, Stockport, Blackpool and Warrington councils.

It is hoped that the scheme, which is being run in conjunction with the Chartered Institute of Public Finance and Accountancy (CIPFA), and the Greater Manchester Association of Metropolitan Treasurers (GMAMT), will produce the next generation of talented council financial managers even in times of austerity.

It is also designed to cut costs, as the councils will share the training costs and provide vital hands-on experience.

The graduates will spend either six or 12 months on their placement, with councils regarding the scheme as a more affordable alternative in continuing to train people to work in high-powered roles.

Mike Owen, the president of the CIPFA, who is also executive director of resources and regulation at Bury Council, said maintaining a high quality of recruits in the future is key consideration for councils.

Mr Owen, who was appointed as president last year and has worked at Bury Council since 1986, said: "One of the biggest challenges facing the public sector is ensuring that, despite austerity, we continue to train the next generation of leaders to an excellent standard.

"Despite economic pressures, CIPFA and GMAMT’s innovative scheme means employers can continue to recruit the UK’s top graduates to enter public financial management, ensuring that communities can continue to benefit from excellent candidates.

"The scheme has proved to be incredibly popular, with over 200 applying for five positions, proving CIPFA’s professional qualifications is continuing to appeal to graduates.

"I am particularly grateful to Stephen Kenyon from Bury who has brought the scheme to life and to colleagues from around Greater Manchester who have shown great support."

The co-operative approach to training, which was based on a similar scheme in Nottinghamshire, could now be rolled out across the country by other councils.