Media Releases
Published Date: 29 November 2021

IBF and MAS Launch New Skills Maps to Enhance Capabilities of Family Office Professionals

Singapore, 29 November 2021… The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) launched today two skills maps for family office professionals under the Skills Framework for Financial ServicesThe Skills Framework for Financial Services provides useful information on occupations and job roles, career pathways, existing and emerging skills, training programmes for skills upgrading and mastery, and sector information.. The new skills maps serve as a resource for training providers and financial institutions to design family office-related training, and provide guidance to family offices on the skills and competencies which family office professionals should possess.  

2. The skills maps are the Family Office Executive Skills Map, which is geared towards entry-level professionals, and the Family Office Management Professional Skills Map, which is targeted at management-level professionals. The skills maps contain the new Family Governance and Philanthropy Advisory technical skills and competences, which aim to equip family office professionals with the necessary skills to support the governance needs and philanthropic aspirations of family offices.  

3. The new skills maps complement the Family Office Advisor Skills Map that was launched in July 2020 for private banking professionals advising family offices. Together, the three skills maps form a comprehensive suite of family office capabilities guides aimed at enhancing the specialist skillsets of family office professionals and their advisors, to better serve Singapore’s growing family office ecosystem. The new skills maps were co-created over the past year with representatives from private banks and family office professionals, legal and tax advisors, and SkillsFuture Singapore.

4. The skills maps also expand the career pathwaysCareer pathways in Financial Services Sector: https://www.ibf.org.sg/application/SFW/ for professionals working in the wealth management industry under the Skills Framework for Financial Services, by opening up advancement and growth opportunities for private banking professionals to progress laterally or vertically into the family office sector as investment or management professionals, and for family office professionals to take up jobs in the private banking sector. This expansion of career pathways aims to increase the job mobility of professionals in the wealth management industry. 

5. Ms Gillian Tan, Assistant Managing Director (Development and International), MAS said, “The new Family Office Skills Maps and Technical Skills and Competencies launched today will ensure that financial sector professionals are well-equipped to comprehensively support the specialised needs of family offices based in Singapore, including succession planning and philanthropy, and strengthen Singapore’s competitiveness as a wealth management hub.” 

6. Mr Ng Nam Sin, Chief Executive Officer, Institute of Banking and Finance Singapore said, “With more family offices setting up in Singapore, the development of the skills maps ensure that Family Office professionals in Singapore are familiar with the skills and competencies needed to excel in their job roles and the possible career pathways. Training providers can also be part of the ecosystem and use the skills maps to design quality training curriculum. The launch of the new Family Office skills will provide a clear roadmap for both professionals and financial institutions to plan their skills journey.”

7. Training programmes accredited by IBF under the skills maps will be able to benefit from the IBF-Standards Training Scheme grant which offsets training expensesThe Scheme provides funding for training accredited under the Skills Framework for Financial Services. Due to COVID-19, IBF and MAS introduced enhanced course fee subsidies for accredited courses of up to 90% and Training Allowance Grant to eligible companies. More details are available here .. In addition, professionals who have acquired the relevant skills and experience will be able to apply for IBF Certification. More details on the Family Office Executive and Management Professional Skills Map can be found at this link (www.ibf.org.sg/go/FO_WM_Skills ).

 

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