Nunavut Arctic College will soon be offering a bachelor degree program in business administration, with some financial help from the Royal Bank of Canada.

The Royal Bank announced on Tuesday that it is donating $150,000 over a three-year period to support the college's new program.

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Bruce Mackenzie, the Royal Bank's regional president in Alberta and the territories, was in Iqaluit on Tuesday to announce $150,000 for Nunavut Arctic College's new business administration program. ((CBC))

"We see no better investment than in tomorrow's leaders through education, and that includes the students of Nunavut Arctic College," Bruce Mackenzie, the bank's regional president in Alberta and the territories, said in Iqaluit.

College interim president Michael Shouldice said the Bachelor of Business Administration program will be offered in the territory, meaning students won't have to leave the territory to pursue their studies.

Shouldice said the college will team up with a university in southern Canada to offer the program, which will specialize in accounting.

The degree program will build on the college's existing two-year Management Studies diploma program, allowing students to meet the tougher requirements to become a chartered general accountant, Shouldice said.

"The transferability is always an important thing … to build on something that you can transfer to [a] university degree," he said.

Shouldice said the business administration program will be offered in the 2012 school year, with 15 to 20 students expected to enroll.

There is a high demand in Nunavut's government and business sectors for employees with financial skills, he added.