Compliance Corner: Monetary Authority Of Singapore, Financial Career Programme

Editorial Staff

25 April 2023

Monetary Authority of Singapore, Institute of Banking & Finance
Singapore’s central bank and principal regulator is launching a financial career training programme aimed at polytechnic students and graduates.

This initiative comes at a time when financial centres are continuing to push their status as hubs for building talent and handling potential skills' bottlenecks.

The has rolled out the Polytechnic Talent for Finance Scheme. Through the Financial Sector Development Fund, MAS will set aside S$8 million ($5.99 million) over the next three years for the programme, and the scheme will be administered by the .

The programme has three channels:
-- For polytechnic students, there are internships to equip them with skillsets to be job-ready, and hired on graduation. The scheme will fund 80 per cent of monthly internship stipends, capped at S$1,000 per month, for up to 12 months for qualifying interns;

-- For polytechnic graduates: There will be apprenticeships to provide an alternative pathway to secure jobs immediately after obtaining their polytechnic diplomas, receiving training and eventually taking on university graduate-equivalent roles. The scheme will provide salary support of up to S$2,000 per month, for up to 12 months; and

-- For finance professionals who are diploma holders: Sponsorships to fulfil their academic aspirations to pursue relevant post-diploma and degree-equivalent programmes whilst continuing to be employed. The scheme will fund 50 per cent of tuition fees, capped at S$10,000.