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C THE FINANCIAL SECTOR: PERFORMANCE AND GROWTH  
  Building a World Class Talent Pool 65
 
Building a Deep Pool of Quality Workforce  
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Attracting Global Financial Talent  
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Building a Hub for Financial Knowledge,
 
Innovation and Learning  




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  BUILDING A WORLD CLASS TALENT POOL

Building a Deep Pool of Quality Workforce
 

To raise the quality of Singapore’s financial sector workforce and training providers, the Institute of Banking & Finance (IBF) led over 90 financial institutions in developing the Financial Industry Competency Standards (FICS) for 52 job families across the financial sector. The initiative was supported by MAS and the Workforce Development Agency (WDA). On 2 September 2005, the FICS certification and accreditation frameworks were launched, and competency standards for four job families - Relationship Managment-High Net Worth, Trading-Financial Markets, Claims Handling-General Insurance and Claims Handling-Life Insurance - were released. Standards for the remaining job families have been released in June 2006. In December 2005, Credit Suisse became the first financial institution to be accredited as an FICS training and assessment service provider for its relationship management programme. In the commercial training space, the Wealth Management Institute (WMI) was the first financial training provider to offer FICS-accredited programmes.
Following the launch of the Financial Sector Manpower Conversion Scheme in mid-2004, MAS introduced a new programme on middle office product control in July 2005, in addition to the existing programmes on private banking and settlement operations. To date, a total of 300 participants have been trained in these three areas.

Besides focusing on working professionals, MAS also partnered IBF, the industry and tertiary institutions to nurture a steady pipeline of graduates for the financial sector. We launched the Financial Sector Seminar Series in 2005 in all three local universities to promote a better understanding of the range of financial sector opportunities and careers available.