Box Story 9: Finance Scholarship Programme and
Doctorate Scholarship Programme
As the financial sector moves up the value chain and assumes
more complex and sophisticated activities, we will need to develop
a critical mass of specialists with cutting-edge capabilities to
support the long-term growth of Singapore's financial services
To meet the demand for such specialised skills, MAS launched
two Financial Sector Development Scholarship Programmes to
nurture a critical mass of financial specialists who can push new
frontiers in high value-add areas such as financial engineering,
risk management, actuarial science and economics.
The Finance Scholarship Programme (FSP) provides scholarships
for selected candidates to pursue specialised Masters programmes
in top local and foreign universities. Launched in June 2006, the
FSP provides scholarships for company-sponsored scholars.
MAS extended the FSP in November 2007 to cater to individuals,
without company sponsorship. These individuals can be fresh
graduates or working professionals working in or outside the
financial sector. Upon graduation, FSP scholars will return to
Singapore to contribute as highly skilled specialists in their
respective fields in the financial services industry. MAS has set
aside S$30million to award up to 200 FSP scholarships over the
next five years.
In 2007, we also included two new programmes into the list of
specialised Masters Programmes eligible for FSP funding support
- the University of Chicago's Master of Science in Financial
Mathematics, which will be offered in Singapore with effect from
September 2008; and the NUS-Columbia University Double
Professional Degree in Financial Engineering, which will be offered
in Singapore from August 2008.
In addition to the FSP, MAS introduced the Doctorate Scholarship
Programme (DSP) in July 2007 to further develop research and
highly specialised skills in areas such as financial risk management,
financial engineering and economics. The DSP provides
scholarships for specialised PhD studies in top-ranked Universities.
Upon graduation, DSP scholars will return to Singapore to
contribute as highly skilled practitioners in the financial services
industry, or as researchers in the academic and research institutions.
A total of S$20 million has been set aside to award up to 50 DSP
scholarships over the next five years.
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