The Financial Industry employs about 200,000 jobs in Singapore and accounts more than 10% of the country's Gross Domestic Product (as at end 2015). It covers mainly Banking, Capital Markets, Wealth Management and Insurance. Some of the jobs include Compliance Specialist, Investment Analyst, Underwriter and Claims Adjustor*.
Monetary Authority of Singapore (MAS) is the central bank and regulator of Singapore’s Financial Industry.
The Banking sector has been critical to Singapore’s role in financing local and regional growth, for example, in facilitating trade, corporate finance and the building of infrastructure. Over 200 banks have presence in Singapore and a growing number have chosen to base their operational headquarters here to service their regional group activities.
The other financial services in Singapore include globally and locally owned asset management centres for financial instruments such as hedge fund, private equity and real estate as well as insurance firms such as Direct Insurers, Reinsurers, Insurance Intermediaries and Ancillary Services.
*For more job opportunities, please go to Jobs Bank.
The Institute of Banking & Finance (IBF) Standards
The Institute of Banking & Finance (IBF) is the national accreditation and certification agency for financial industry competency in Singapore. The IBF Standards (formerly known as the Financial Industry Competency Standards or FICS) represents a set of competency standards developed by the industry, for the industry. It provides a practice-oriented development roadmap for financial sector practitioners to attain the necessary training to excel in their respective job roles.
Covering 13 industry segments spanning more than 50 specialisations, the IBF Standards offers a comprehensive suite of accredited training and assessment programmes to guide a financial sector practitioner from licensing examinations through to professional certification across 3-levels: IBF Qualified (for new entrants); IBF Advanced (for senior practitioners and specialists); and IBF Fellows (for industry veterans). In addition to a strong commitment to industry development, IBF-certified practitioners must uphold the values of professional excellence and integrity.
There are courses that cater to various specialisations and levels, which enables finance professionals to pursue courses that best fit their goals for developing their competencies and advancing their careers.
Visit the IBF Standards website www.ibf.org.sg for more information.