A university education is becoming essential in order to succeed in Bermuda's economy, with a majority of the largest employers requiring it.

Richard Winchell, executive director of the Association of Bermuda International Companies (ABIC), said statistics showed there has been a "a paradigm shift" in the Island's economy.

He said: "The need for a college educated workforce spans all industries, not just the international companies. According to the 2000 census, of the ten largest professions in Bermuda, nearly all of the top professions require at least a four-year college degree, along with additional training and/or accreditation."

He pointed out that international businesses had added more than 2,500 jobs since 1991 and account for one-third of the net increase in Bermuda's employment in the 1990s.

Patrick Tannock, executive vice-president of Ace Bermuda, received an ABIC scholarship in the late 1970s. "Training and development of Bermudians is essential in the Bermuda market in order to provide a core of highly trained professionals with the ability and talent to compete in the international marketplace," Mr. Tannock said.

"Bermudians have every opportunity to participate and succeed in international business, provided they acquire the appropriate education and skills. With every jurisdiction of note trying to replicate the Bermuda model for success, it is not good enough to just be competent."

And he asked the assembled guests, all of whom were recipients of ABIC scholarships in the past, to encourage their companies to invest in Bermuda's future.

"We are uniquely positioned to act as ambassadors to positively influence perceptions about Bermudians in the international business arena and perceptions about international business within our communities," he said. "As former scholarship recipients we must continue to tangibly demonstrate, by our continued contributions to the success of our companies, that it's a great investment for international companies to award scholarships to Bermudian students."