The Institute of Banking and Finance Singapore (IBF) provides support to financial institutions to groom young talents to join the financial sector. These initiatives help financial institutions address the need for quality young talents in the ever-evolving financial sector. IBF administers the Polytechnic Talent for Finance Scheme (PTFS), which provides support for financial institutions’ internship, apprenticeship and sponsorship (further studies) programmes. It also administers the Finance Associate Management Scheme (FAMS) to support financial institutions’ structured training for fresh graduates.
Unleashing potential with UOB’s UUP
To provide opportunities in UOB for both polytechnic and Institute of Technical Education (ITE) students, the bank launched its U Unleash Programme (UUP) last year, offering year-long internships to final-year students from the hospitality, business and ICT schools, across different business units within UOB.
UOB offers internships as a platform for students to learn and be exposed to the industry. It is also a way to “build its own timber” and grow the next generation of professionals.
UOB believes that with training, many polytechnic and ITE graduates have the potential to grow fruitful careers in the financial sector alongside their university peers.
The UUP provides interns with hands-on experience in various banking functions. On the other hand, the students bring fresh perspectives, helping UOB’s existing teams view their tasks differently. Bringing in younger minds also allows the bank to connect with the younger generation.
See also: IBF’s journey in building a skilled and resilient financial sector workforce
Nanyang Polytechnic student of business and financial technology Tan Wei Xing is one of the students assigned to intern for UOB’s Infrastructure and Platform Services (IPS) team. Tan was drawn by the chance to gain firsthand insights into the backend operations of financial systems and their impact on businesses and economies.
“I see this opportunity as a way to expand my understanding, develop critical thinking skills, and build a foundation for future career growth,” Tan adds.
She shares that the UOB team has been friendly, professional, and always willing to explain and demonstrate their processes patiently. Tan has served two months of internship so far. She has learnt about different types of requests from internal stakeholders and gained a deeper understanding of service requests and their workflow, providing her with valuable insights into banking operations.
See also: Nurturing growth, embracing change
OCBC strives to ignite interest in the financial sector
Committed to nurturing young talents and building a sustained pipeline of talent for Singapore’s financial sector, OCBC offers various programmes and internship opportunities for students from diverse academic backgrounds and disciplines.
Last year, Siti Hatijah applied for an internship with OCBC after a sharing session hosted by the bank’s representatives and former interns at her polytechnic. “I was drawn to the OCBC internship as it offered a more hands-on experience. The career progression and mentorship opportunities presented also left a lasting impression on me,” Siti shared.
Shawn Yang and Siti Hatijah of OCBC. Photo: OCBC
Siti served six months as a digital ambassador intern, which laid a strong foundation for her current position as a full-time digital ambassador at the Serangoon Nex branch. Today, Siti is responsible for assisting customers who visit the branch with tasks such as internet banking, ATM usage, as well as other transactions that do not involve cash.
Throughout the internship, Siti received training and guidance from OCBC customer service manager Shawn Yang, whom she describes as one of the best mentors she has ever had. “Being a polytechnic graduate himself, he shared about his experiences and progression in the bank, offering advice and guidance whenever possible,” says Siti.
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OCBC believes that polytechnic graduates are a compelling talent pool that brings industry-relevant skills to the bank, given that they are good problem solvers and operate well within an interdisciplinary environment.
The bank is committed to providing more pathways for young talent in the financial sector, says managing director of group human resources Ernest Phang. To this end, OCBC’s Ignite programme was launched in June, aiming to double OCBC’s annual intake of fresh polytechnic graduates.
OCBC Ignite offers an accelerated career pathway comprising an internship that will take place during their final year of studies and a structured full-time apprenticeship after they graduate. At the end of the 18-month learning and development journey, successful participants will be fast-tracked to take on university graduate-equivalent roles at the bank. Designed in partnership with all five polytechnics in Singapore, it is a first-of-its-kind by a Singapore bank that offers extensive training of this scale and job placement opportunities for polytechnic students.
“The programme will empower polytechnic students with an alternative pathway to gain valuable real-world industry experience and practical skills that can give them a head start in their careers,” says Phang.
IBF Golden Jubilee ITE Scholarship
MOU between IBF, ITE and 13 financial institutions. Photo: IBF
To commemorate IBF’s 50th anniversary, IBF partnered the Institute of Technical Education (ITE) and 13 financial institutions to launch the IBF Golden Jubilee ITE Scholarship which offer more than 50 scholarships to ITE students.
This scholarship provides ITE students with a study award and the opportunity to gain industry exposure within the financial sector through internships. The scholarship aims to encourage greater inclusivity and skills-based hiring within the financial sector, where employers look beyond academic qualifications and place a candidate’s skills and competencies at the forefront of their hiring practices. ITE College East Principal, Dr Yek Tiew Ming sees the scholarship as a catalyst, further accelerating the partnership between the financial sector and ITE.
“It also opens up significantly, a myriad of new opportunities for ITE students and graduates by providing financial support, enhancing their educational experience, and equipping them with the skills and connections needed for them to find pathways to take up various job roles, grow their competencies as well as build their career in the sector,” he notes.
J.P. Morgan taps alternative programmes
Recognising the benefits of nurturing young talents, J.P. Morgan has various programmes aimed at providing opportunities to build experiences in the financial sector. For instance, it runs the J.P. Morgan Apprenticeship programme, a one-year programme for polytechnic students and ITE students via the Work-Study Diploma (WSDip) programme.
The apprenticeship programme was launched in 2015 with a cohort of 14 students. Over 150 students have benefited from it, with 37 hires this year. The programme has been instrumental in providing a diverse sourcing pipeline for talent, says J.P. Morgan’s chief administrative officer for Asia Pacific Ong Wei Han.
Hazel Lim of J.P. Morgan. Photo: J.P. Morgan
“In addition, we want to provide polytechnic students in Singapore with realistic career experience working in financial services by getting involved in meaningful projects.
He shares that seeing the students bring different perspectives to the firm’s solutions, products and services has been very rewarding. The programme participants bring with them an eagerness to learn through work exposure. Many of those who have performed well are still with J.P. Morgan today.
Hazel Lim is one such story. Part of the 2020 cohort of the apprenticeship programme, Lim is now an associate business manager in the commercial and investment banking unit of J.P. Morgan.
Lim says the programme has allowed her to pick up multiple technical and soft skills in areas such as communication and strategic thinking. Exposure to situations of varying complexities helped her better understand her current role. “This created a strong foundation for me to lean upon, as I fine-tuned my approach to managing stakeholders and took on more demanding tasks,” says Lim.
While the WSDip programme is a newer offering by J.P. Morgan, it already has over 10 students enrolled. The programme gives the students more opportunities to develop and apply what they have acquired in school. After two and a half years in the programme, the students gain relevant work experience and skills on the job.
Programme participant Zhimin Teo started her Work-study Diploma in 2022 as a data centre operations engineer. As part of her final year assignment for the programme, Teo worked on a cross-team collaboration project. “Navigating cross-functional teams proved to be challenging given the project’s complexity, but with the help of my colleagues, I managed to learn and adapt as I grew in the organisation,” says Teo.
Citi’s early career programme offers a wealth of opportunities
For Citi’s junior corporate banker Tan Li Jin, the decision to join the bank was as simple as being attracted to the bank at NUS’s career fair, drawn to the bank’s emphasis on finding diverse candidates. Believing that the firm is committed to an equitable and inclusive culture, Tan jumped at the opportunity to intern with Citi’s corporate banking team as a summer analyst.
Enjoying the short stint, Tan also clinched the offer to join Citi as an analyst with the corporate banking division post-graduation as part of its early career management associate programme supported by the Finance Associate Management Scheme (FAMS).
Through the programme, Tan’s professional development would be accelerated through multiple rotations throughout the two years. She says the programme also provided insights into Citi’s various businesses aside from the opportunity to form meaningful professional relationships with both global and local networks.
Tan follows in the footsteps of her seniors who have completed similar Citi early career programmes including the current head of corporate bank and other business heads.
“I am very fortunate to be surrounded by seniors at the very top levels of leadership who themselves have been part of such programmes when they started their careers. I hope to one day have a similar career journey and become a trusted advisor to my clients and lead the next generation of bankers,” says Tan.
