It will offer skills upgrading, career advisory, and job matching services.
The Institute of Banking and Finance (IBF) launched Careers Connect as a centre for skills upgrading, career advisory, and job matching opportunities amongst financial industry professionals, an announcement revealed.
The programme will offer comprehensive support for finance professionals to accumulate new skills and grab new jobs amidst the transformation of businesses.
“Our aspiration is to empower finance professionals to be future-ready,” IBF CEO Ng Nam Sin noted. “With the launch of IBF Careers Connect, we want to work closely with industry partners and proactively help professionals plan and navigate changes through their careers.”
Tasked with administering licensing examinations and setting competency standards, IBF will be transformed into a one-stop integrated approach to skills upgrading and jobs for those engaged in the financial sector.
Ng thinks that automation and digital technology can impact individuals’ jobs many times in their career.
In June, a survey conducted by the agency found that 80% of financial industry professionals were optimistic that efficiency and work will be easier by new technologies. Meanwhile, over 70% believe that technology has changed or will change their scope of work whilst 90% placed importance on acquiring new skills to fare well with the changing landscape.
Despite this, 4 in 5 respondents were not fully aware of options where they could train to advance with new skills.
“Technology is transforming the financial industry,” IBF Chairman and MAS managing director Ravi Menon said. “Some new jobs are being created, some olds ones displaced, while most jobs are being transformed.”
Through Careers Connect, IBF career advisers will be available for consultation on hiring trends and the skills needed for specific jobs. They will also have access to training programme to enhance employability.
In addition, the agency will also be hosting networking and career-related events to aid individuals as they connect with other industry professionals.
The agency committed to work with partners to develop career roadmaps and training programmes for professional.
In the area of technology, IBF tapped the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) to aid individuals fit into areas of rising demand including artificial intelligence, cybersecurity, and data analytics.
Meanwhile, IBF will engage with financial institutions to intervene pre-emptively and facilitate professional conversion in sectors with job activities that may become redundant. Furthermore, the agency will facilitate professional conversion for those affected as they move into new or expanded jobs.
IBF Careers Connect is the fruit of a concerted and ongoing tripartite effort amongst employers, unions and government, including the Monetary Authority of Singapore (MAS), Employment and Employability Institute (e2i), National Trades Union Congress (NTUC), SkillsFuture Singapore (SSG) and Workforce Singapore (WSG).
The career centre is located at 10 Shenton Way, Level 13, MAS Building and is open to the public.
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