FiCAC Partners Industry Players to Help Build Up Talent Pipeline of Financial Sector Professionals
New Professional Conversion Programme launched to address demand for various financial services skillsets
Launch of Financial Services Week
1. FiCAC (Financial Industry Career Advisory Centre), which was set up in April 2016 by the Financial Sector Tripartite Committee (FSTC), is collaborating with industry players to help financial sector professionals move into key job opportunities in the financial sector, while the sector undergoes transformation in operating models and composition of jobs.
2. Through the Financial Services Week from 28 to 31 March, FiCAC is bringing together a series of initiatives such as the industry expert series, industry mentoring sessions, career preparatory workshop and career fair to help Professionals, Managers and Executives (PMEs) identify opportunities, upgrade themselves and take on jobs within the sector.
3. PMEs can look forward to learn from industry experts on the challenges and opportunities in the financial sector. For those seeking new opportunities, the career fair brings together a total of 250 jobs offered by seven employers – Citibank Singapore Limited, HSBC Singapore, Maybank, OCBC Bank, UOB Limited, Standard Chartered Singapore and AAM Advisory, in areas such as compliance, wealth management, relationship management and technology. The National Trades Union Congress’ (NTUC) e2i (Employment and Employability Institute) and the Workforce Singapore (WSG) would also offer on-site industry mentoring sessions and talks by experienced industry mentors to provide advice to financial sector professionals seeking progression in growth areas.
Launch of Company-Initiated PCP
4. At the opening of the Financial Services Week this evening, Mr Patrick Tay, co-chairperson of FSTC, announced the launch of the company-initiated Professional Conversion Programme (PCP). The PCP is one of the programmes rolled out by the government under the Adapt and Grow initiative that aims to help Singaporeans adapt to changing job demands and grow their skills.
5. Under the company-initiated PCP, employers have the flexibility to customise the training roadmap for new hires. They could also leverage on the PCP to redeploy their existing staff who are at risk of job redundancy, into jobs in growth areas. OCBC Bank is the first financial institution piloting the company-initiated PCP. The bank will train and convert new hires into compliance-related roles. Participating financial institutions will receive funding from WSG for salary support and training subsidy under the company-initiated PCP. For more details on the company-initiated PCP, please refer to Annex A.
6. “The company-initiated PCP will enable financial institutions to be more agile and build a pipeline of skilled workers quickly. In today’s day and age where technology is advancing rapidly leading to job churns in the industry, training needs to be fast and efficient to meet the ever-changing needs of the industry. Through the companyinitiated PCP, financial institutions will be able to identify specific training needs and train new hires without the relevant working experience or reskill mid-career switchers, to embark on a career in a new field,” said Mr Tay.
7. Ms Jacqueline Loh, Deputy Managing Director, Monetary Authority of Singapore (MAS) and co-chairperson of FSTC said, “The Financial Services Week will feature career opportunities in key growth areas within the financial sector. The PCP is an important lever to equip individuals with skills, knowledge and expertise to move into these areas. With the launch of the company-initiated PCP, financial institutions will be developing more PCPs for other growth areas such as technology, wealth management and risk management. This is an important initiative for financial institutions in today’s landscape, where strong capabilities are critical to drive the business.”
8. Mrs Ong-Ang Ai Boon, Director of The Association of Banks in Singapore said, “Our member banks continue to be supportive of the various FiCAC initiatives to help the workforce in the financial sector adapt to the changing job landscape, through skills enhancement and acquisition, professional guidance and sharing of career opportunities. This has been consistently demonstrated in their support for the PCP and career fairs.”
9. FiCAC is a collaboration by MAS, NTUC, the Institute of Banking & Finance, e2i, U PME Centre, WSG and the industry associations. FiCAC has successfully reached out and supported over 860 PMEs in the past one year. Members of the public are welcome to join the programmes organised under the Financial Services Week at One Marina Boulevard, NTUC Centre. Please visit www.etms.sg/e2i/fsw for more details.