Finance Scholarship Programme (FSP)
The Finance Scholarship Programme (FSP) is one of the manpower development initiatives supported by grants administered by the MAS.
The Finance Scholarship Programme comprise of 2 tracks:
1. Company-Sponsored Track – where MAS co-funds with a Singapore-based financial institution to send its staff for postgraduate studies in top Masters programmes.
2. Individual Track - where MAS co-funds with individual applicants, the cost of postgraduate studies in top Masters programmes.
Eligibility Criteria
For Company Sponsored Track
The Programme is available to Singapore-based financial institutions only. Applications for funding support should be made by the sponsoring institutions.
Financial institutions may sponsor the following groups:
- Existing employees
- New fresh graduates
Candidates must have good honors degree (Second Upper/Cum Laude and above), an excellent GRE score of at least 1200 and/or GMAT score of at least 650 and demonstrate strong leadership qualities.
Preference will be given to candidates who are Singapore citizens or Singapore Permanent Residents.
The sponsored candidates must have gained admission into top Masters programmes at the point of application.
For Individual Track
Candidates must have good honors degree (Second Upper/Cum Laude and above), an excellent GRE score of at least 1200 and/or GMAT score of at least 650 and demonstrate strong leadership qualities.
Preference will be given to candidates:
- who are Singapore citizens or Singapore Permanent Residents, and
- with at least two years’ work experience in the Singapore financial sector
Candidates must have applied to top Masters programmes.
Terms and Conditions
Scholars are required to successfully complete his studies.
Returning scholars are required to serve in Singapore for a continuous period of 2 years upon their return in a job position relevant to the area of specialization either with the sponsoring organization (for company-sponsored track) or a single specified financial institution in Singapore (for individual track).
Failure to meet the above conditions may result in a claw-back of funding support and additional penalty fees.
Application Procedures
For Financial Institutions
Financial institutions applying for FSP funding should ensure that their employees or fresh graduates have applied directly to the respective universities and secured admission into top Masters programmes (with the exception of local Masters programmes*), before submitting their application to the FSDF Secretariat. FSP applications must be submitted to the MAS at least two months before commencement of the postgraduate studies.
For *local Masters programmes offered by NUS, NTU and SMU, FSP applications must be submitted to the MAS by January of the year of programme commencement. For these programmes, candidates need not have gained prior admission into the Universities.
Applicants are required to use the prescribed forms available from:
Financial Sector Development Fund Secretariat
Financial Centre Development Department
Monetary Authority of Singapore
10 Shenton Way MAS Building
Singapore 079117
Fax: (65) 6225-3261
Website: www.mas.gov.sg
E-mail: fsdf@mas.gov.sg
For Individuals
The FSP is open for applications twice every year:
- First Exercise: November - January (deadline for application: end January); and
- Second Exercise: May - July (deadline for application: end July)
Applications for programmes commencing in Fall (September/October) must be submitted during the First Exercise of that year (November-January); while applications for programmes commencing in Spring (February/March) must be submitted during the Second Exercise of the preceding year (May-July).
Candidates must apply on their own to the respective Universities prior to submitting their applications for the FSP to the FSDF Secretariat. Only those who have applied to the Universities/programmes will be considered.
Applicants are required to use the prescribed forms available from:
Financial Sector Development Fund Secretariat
Financial Centre Development Department
Monetary Authority of Singapore
10 Shenton Way MAS Building
Singapore 079117
Tel: (65) 6229-9396
Fax: (65) 6225-3261
Website: E-mail: fsdf@mas.gov.sg
Only shortlisted candidates will be notified.
Frequently Asked Questions (FAQs)
about the Finance Scholarship Programme (FSP)
Q. What is the selection process like?
A. Under the individual track, upon receiving the application forms, we will shortlist applicants who meet the scheme’s minimum academic shortlisting criteria and relevant working experience in the financial sector. Shortlisted candidates will be invited for a face-to-face interview with an Industry Interview Panel.
Under the company-sponsored track, candidates would be pre-identified by the sponsoring financial institution and be assessed according to their organisation’s own selection criteria. This may include their contribution to the financial sector, as well as their ability to be groomed into leadership roles within the organization.
Q. How will candidates know if they have been shortlisted for interviews?
A. Under the individual track, applicants will be notified within two months of the closing of applications if they are shortlisted. We regret that only shortlisted candidates will be notified.
Under the company-sponsored track, candidates will not be required to go through selection interviews. The Sponsoring Financial Institution will be notified within four to six weeks after they have submitted its application.
Q. How will candidates know if they have been offered the scholarship?
A. MAS will notify candidates (under the individual track) on the outcome of the interview. A letter of offer will also be sent to the successful candidates. Upon acceptance of the letter of offer, scholars will be expected to sign an agreement detailing the terms of the Scholarship, including their commitment to stay employed within the Singapore financial sector. The scholars are also expected to provide two sureties who must be Singapore citizens or Singapore Permanent Residents as part of the condition of sponsorship.
Q Is there a bond for the scholarship?
A. Under the individual track, candidates are expected to fulfill a 2-year service period with a single specified Singapore-based financial institution in a job position related to their area of specialization upon completion of their Masters programme.
Under the company-sponsored track, candidates will likewise be expected to serve a minimum 2-year service obligation period with their sponsoring organisation in a job position related to their area of specialization. The actual service obligation period imposed on the candidate by the sponsoring company may exceed 2 years subject to mutual agreement between both parties.
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