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Securities & Investment Institute (SII), the leading examining and membership body for the securities & investment industry in the UK, announced the global launch of its International Introduction to Investment Award in Singapore today. This Award has been introduced to meet the rapidly growing demand for skilled professionals trained in a curriculum that is both relevant and practical to the global markets today.
“We recognise Singapore to be the strategic regional centre for skilled professionals in the booming financial sector. The launch of this Award is timely as it will equip aspiring entrants to the financial sector with a solid foundation in the knowledge and skills pertinent to the securities and investment industry. This Award is set to become the international benchmark entry-level qualification for the financial services industry,” said Simon Culhane, Chief Executive Officer of SII Global.
Mona Poomy, Executive Vice President, ASEAN, Securities & Investment Institute said, “SII’s mission is to support the development and maintenance of the knowledge and skills of the global financial services workforce. Over the last year SII in Singapore has formed close working relationships with the Monetary Association of Singapore (MAS), Institute of Banking & Finance (IBF), Singapore Workforce Development Agency (WDA) and financial institutions based locally; and we are very pleased that this enables us to support Singapore in building a strong pipeline of talent pool. As more foreign investment banks are relocating their regional operations to Singapore, this new Award is an important foundation in ensuring that the industry has people with the right skills, knowledge and competence. We expect at least 1,000 candidates from Singapore to sit for this Award next year.”
In Singapore, the financial sector attributes for 17 per cent of job vacancies available from the major industry sectors and this reflects the high demand for talent needed by the banks. With the introduction of this Award, the pool of job-ready and skilled financial talent will continue to grow and this will enhance Singapore’s attractiveness as a regional financial centre. Leading investment banks will put new hires through this Award as part of training and development efforts to enhance job-readiness.
The International Introduction to Investment Award was developed in close consultation with a panel consisting of global practitioners including Asia Pacific heads from top investment banks based in Singapore and the Investment Management Association in the UK.
Simon Culhane said, “It is highly appropriate that we are launching our International Introduction to Investment award in Singapore, because it was the Singapore practitioners who provided a significant amount of the content and encouraged us to develop the qualification. Designed to be based on the existing curriculum of the Introduction to Investment Award, this benchmark qualification is taken by over 4,500 candidates annually, across the world.”
Given that jobs in the financial services sector have grown from some 7,700 in 2005 to 11,300 jobs in 2006, SII is committed to working with industry partners and the local authorities to continue to help Singapore develop into a global financial centre with an educated and qualified workforce. According to Poomy, the next twelve months will see even more developments and initiatives by SII as part of its mandate to help the industry attain and maintain the competency of the workforce within the financial services sector in Singapore, through its series of Continuing Professional Development programmes.
In conjunction with the global launch of the Award, SII also held the first anniversary of its local office, which was established in Singapore in September last year. This event officiated by Shane Tregillis, Deputy Managing Director (Market Conduct Group) of the Monetary Authority of Singapore (MAS) who joined in the celebrations of the key milestones that SII Singapore achieved during its first year of operation.
Shane Tregillis said: "We are happy to have the involvement of an internationally recognised organisation such as SII join us in our effort to build a pipeline of financial talent for Singapore. Close collaboration between a standard-setting body, such as SII, training providers and industry players will continue to create better financial training programmes both for aspiring entrants and existing professionals within the financial sector."
The Award Syllabus
In fulfilling the talent needs arising from the rapid expansion of the banking sector, the banks are no longer recruiting only those with a background in the finance industry. Individuals who possess the right attributes are also increasingly sought after by the financial institutions. This open policy of hiring indicates the growing demand for talent in line with the sophistication of the industry.
The syllabus has been therefore developed to equip individuals looking for a career in the financial services industry. It will help them understand the breadth and workings of the industry, grasp the basics of the various financial instruments – shares, bonds, derivatives - and equip individuals with essential foundation in regulatory environments. The extensive range of topics covered makes this Award appropriate for entrants to the industry in a variety of roles, from investment administration to Human Resources. The Award can be taken as a stand-alone qualification or as part of the SII’s broader qualification for professionals in the operations functions – Investment Administration Qualification (IAQ>SUP>TM).
Through the Award, candidates will demonstrate practical as well as theoretical understanding of the global financial industry thereby increasing portability across international markets.
