As of 31 January 2018, the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) announced that IBF will start to provide career advisory and job placement services for the financial sector.
IBF will set up a dedicated career centre providing advisory services for professionals in the financial industry. Targeted to be set up by July 2018, this will allow IBF to provide services ranging from setting competency standards and promoting skills development, to career advisory, job matching and placements.
As an immediate priority, IBF will focus on developing and implementing professional conversion programmes (PCPs) which will help reskill professionals who are affected by changes in their job roles. IBF will also provide job placement assistance, matching individuals with appropriate job opportunities elsewhere in the financial sector.
By working with partner agencies, e2i, NTUC and WSG, IBF can also help industry professionals to be placed in other sectors. Similarly, professionals from other sectors can be placed in the financial sector.
Given the need to strengthen IBF’s management bench in view of its expanded role, Ng Nam Sin, currently assistant managing director overseeing corporate services, HR and IT, at MAS, will take on a concurrent appointment as chief executive officer of IBF with effect from 1 February 2018. IBF’s current CEO, Lydia Wee, will assume the role of deputy chief executive of the expanded IBF.
IBF chairman and MAS MD, Ravi Menon, said, "IBF will take a more integrated approach to skills development, career planning, and job placement, to help the financial sector workforce remain versatile and resilient amidst change."
Incoming IBF CEO, Ng said, "IBF has been doing a very good job on the skills and training front. By expanding its mandate to jobs and careers, IBF can better support the growth and development of professionals in the industry."
The functions of the Financial Industry Career Advisory Centre (FiCAC) will be subsumed under the IBF Career Centre when the latter is fully set up. Till then, individuals seeking career advisory and job placement services should continue to approach FiCAC.
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