As stewards of capital, financial sector professionals have a fiduciary duty to their clients. Undergirding this responsibility is a robust financial industry competency framework of industry-recognised certification and quality training providers.
Under the Institute of Banking and Finance Singapore’s (IBF) purview, this ecosystem empowers financial sector professionals with capabilities to ensure Singapore’s financial sector remains robust.
Two of the largest training institutions in this ecosystem are the Wealth Management Institute (WMI) and the Singapore College of Insurance (SCI).
The former is positioned as Asia’s centre of excellence for wealth and asset management education and research, established in 2003 with the support of Temasek and GIC. With over 20,000 annual enrolments, WMI offers a comprehensive suite of practice-based certification and diploma programmes and collaborates with leading universities for Master’s qualifications.
The latter is the successor to the Singapore Insurance Training Centre. Similar to IBF, it was set up in 1974 as one of the training and educational bodies to support Singapore’s development as a financial centre. Since the late 1970s, SCI has functioned as an industry examination and certification body, administering regulatory examinations for aspirants in the financial advisory, life and general insurance sectors and expanded beyond to be a capability-builder.
IBF works closely with both WMI and SCI to accredit their courses for the industry. Beyond funding support, there are a number of benefits of IBF accreditation, says Foo Mee Har, CEO of WMI.
See also: IBF’s journey in building a skilled and resilient financial sector workforce
Firstly, IBF accreditation is a “recognised mark of quality” for financial sector training in Singapore, ensuring that WMI’s courses meet high industry standards.
Secondly, IBF collaborates closely with the industry to identify skills demand, curate training programmes and onboard training providers whose curriculum aligns with the technical skills and competencies that are “most relevant” for the industry’s needs.
Finally, IBF accreditation attests to the “quality and rigour” of WMI’s courses, enhancing the institute’s credibility and attractiveness to prospective trainees. WMI was appointed Singapore’s lead training provider for private banking by IBF from 2017–2022, supported by the Monetary Authority of Singapore (MAS). WMI supports the certification of private banking professionals with their Certified Private Banker (CPB) Programme for Levels 1, 2 and 3.
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The wealth management sector is rapidly evolving, says Foo, who was appointed CEO in 2015. “The workforce must continuously upskill to meet clients’ changing needs. WMI plays a critical role in the finance ecosystem to ensure professionals have the skills needed to adapt to industry changes.”
IBF accreditation also benefits trainees, says Shalini Pavithran, CEO of SCI. By undergoing these accredited courses, they enjoy improved career prospects, ability to access a broader professional network and assurance of high-quality, industry-relevant talent development and upskilling programmes, she adds.
“For a financial sector professional, the IBF Certification attained through an IBF-accredited course provides an independent testimonial that he or she have met the competency standards required of the particular job role and should help enhance his or her value in the eyes of his or her employer or prospective employer,” says Shalini, who was appointed CEO in 2023.
How can financial sector professionals find out what skills are needed in today’s workforce? The IBF Skills Framework for Financial Services, jointly developed by IBF, MAS, SkillsFuture Singapore (SSG) and Workforce Singapore (WSG) in 2019, outlines the competencies required for specific job roles. It also provides “practice-oriented development roadmaps” for financial sector professionals, says Shalini.
Since the Framework sets out clearly the Technical Skills and Competencies (TSCs) for each job role, it also enables a new job holder, or someone aspiring to perform a particular job role, to understand the specific knowledge and skills required, she adds.
Even mid-career professionals can refer to the Framework for help, as it also highlights opportunities for industry practitioners to move laterally to other segments. “For a more experienced practitioner who has performed a job for many years but does not possess the relevant paper qualifications, the IBF-accredited courses provide an avenue for him or her to acquire a competency-based qualification through a training and assessment programme,” says Shalini.
In April, MAS and IBF, with the support of WSG, launched the Sustainable Finance Jobs Transformation Map (JTM). The central bank and regulator also set aside $35 million in its Financial Sector Development Fund to support upskilling and reskilling, and develop specialists in sustainable finance over the next three years.
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The JTM sets out the impact of sustainability trends on jobs in Singapore’s financial sector and the emerging skills that the workforce will require to serve global sustainable financing demands, says Shalini.
According to Shalini, SCI is partnering IBF in rolling out a suite of programmes covering sustainability risk management, climate technologies and environmental risk management, green insurance, sustainable finance and investment, sustainable finance products, climate tech, sustainability strategy planning, taxonomy application and sustainability leadership with an insurance focus.
WMI is also closely supporting the new JTM, says Foo. “WMI is rolling out a range of new programmes to support upskilling in this critical area as we transform the finance sector and build a greener future.”
Evolving needs of HNWIs
WMI is expanding its collaboration with IBF as it anticipates future industry needs and enhances its existing offerings to remain at the forefront of industry developments. In total, 170 WMI courses have been IBF-accredited and over 3,000 individuals have been certified.
Private banking clients are increasingly demanding that advisors bring broader, more holistic skill sets, says Foo Mee Har, CEO of WMI. “While core private banking skills in relationship management, investment portfolio management and advisory remain critical, clients are also looking out for advisors who are knowledgeable in macro trends, philanthropy, sustainability, family legacy and more.”
To address this, WMI has launched training programmes in philanthropy, sustainability and family office advisory. WMI also launched the Dalio Market Principles Online Programme in February, to help learners understand the universal linkages driving markets and equip them with skills to navigate the changes, says Foo.
Foo also notes a growth in family offices. “To better serve the incoming family offices, it is vital for wealth management professionals to have a strong base of upto-date skills in family office advisory, investments, governance and social impact,” she adds.
Beyond learning, wealth managers will also benefit from being part of a community of peers, says Foo. For this reason, WMI hosts the Global-Asia Family Office Circle, a “vibrant family office network platform” that creates a trusted environment for convening, peer learning and thought leadership, she adds.
On philanthropy and impact capital, Foo says “giving back” is a notion “deeply ingrained in Asian families”. “What is new is that we are now seeing wealth owners looking to channel their resources more strategically. There is also growing interest in more innovative ways to fund impact, such as impact investing.”
To address this, WMI launched in early 2024 the Asia Centre for Changemakers (ACC), which aims to foster a “pipeline of active changemakers” and position philanthropy as a strategic asset class to address Asia’s pressing issues, says Foo.
Finally, Singapore’s success as a financial hub rests on strong rule of law, risk management and compliance.
According to Foo, “innovative” threats like money laundering and fraud means a well-trained workforce is essential to combat financial crime and manage risks. “WMI’s training programmes in compliance provide up-to-date knowledge on regulatory changes and best practices.”
Building a strong insurance talent pipeline
The insurance industry in Singapore, like many other markets, is undergoing significant transformation driven by technological advancements, changing consumer behaviours and regulatory developments, says Shalini Pavithran, CEO of SCI.
The insurance industry is focused on digital transformation, generative AI, sustainable finance, regulatory compliance and risk management, she adds. “Talent development addresses these by equipping professionals with up-to-date skills, fostering innovation, ensuring regulatory adherence and enhancing risk assessment and mitigation capabilities. Creating the awareness for people to join our industry in order to create a strong talent pipeline for succession planning in companies is crucial.”
Even as digital distribution models gain a foothold in the insurance sector, a combination of “digital” and “human touch” is essential, says Shalini. “There is still a need for human advisors, especially for complex products. Hybrid models that combine digital tools with personal advisory services can provide a balanced approach. Providing a seamless experience across multiple channels — online, mobile, in-person — is becoming more important today.”
To stay relevant, the training ecosystem for financial sector professionals must focus on personalised learning paths, industry-specific skills, emphasising digital skills and continual upskilling, says Shalini. “This includes incorporating AI-driven adaptive learning technologies, offering micro-learning modules, and providing training in emerging technologies.”
SCI is currently working on a Skills Intelligence Platform to support the JTM project to facilitate and catalyse workforce transformation by mapping, assessing and leveraging employees’ skills and competencies.
The platform leverages a combination of AI-driven algorithms, data analytics and machine learning that can be used for skills profiling, personalised learning and development, and for strategic workforce planning.
Critical skills like leadership, communication and critical thinking are also essential, she adds, along with hybrid and flexible learning formats that combine online and in-person training.
“One of the major changes we envisage that we have to make is in the use of varied assessment tools to certify job competencies, besides using the traditional written assessment mode,” says Shalini.
SCI continues to work with IBF to provide relevant courses for insurance professionals. Over 100 courses have been IBF-accredited and over 5,900 individuals have been certified.
Additionally, clear career pathways and practical experience integration are vital, says Shalini. “Hands-on training through simulations, internships and job rotations, coupled with role-specific programmes, will ensure professionals acquire necessary skills. Industry collaboration and regular feedback from industry professionals are crucial to develop relevant programmes to meet evolving market needs.”
IBF’s close partnership with WMI and SCI testify to its commitment to foster a strong training ecosystem for the industry, and help build a resilient and adaptive workforce.
Training providers and financial institutions can look forward to working with IBF in developing more quality courses for financial sector professionals.
Photos: WMI, SCI
