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Singapore’s Financial Sector – Positioning for the Upturn

Building Manpower Capabilities Amid the Downturn

Many financial institutions adopted cost-cutting measures such as hiring freezes in the immediate aftermath of the financial crisis. To sustain the longer-term talent pipeline within the financial sector, MAS went beyond training incentives and launched two graduate schemes in the first half of 2009. The schemes, supported by the Financial Sector Development Fund (FSDF), aimed to provide attachments and job opportunities for fresh graduates during the downturn and encourage continued investment in financial sector talent.

The Finance Graduate Immersion Programme (FGIP) provided fresh graduates with industry and research attachment opportunities which would prepare them for effective deployment in the financial sector. Graduate trainees hired under the scheme receive structured on-the-job training to equip them with the relevant skills for specialised financial activities. The Finance Graduate Leadership Programme (FGLP) supported the hiring of management associates (MA) by financial institutions in order to build leadership pipeline for the financial sector.

More than 800 graduates were supported under the two programmes. With improving economic conditions, most of the FGIP participating organisations have converted suitable trainees into permanent hires. Overall, the two schemes have been effective in building a pipeline of skilled talent for the financial sector amid the downturn.

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