Higher chance for Polytechnic students, graduates to enter financial sector with launch of new MAS grant scheme
The $8 million grant scheme will support Polytechnic students and graduates to pursue a career in Singapore's finance industry.
A $8 million grant scheme was launched on Monday (Apr 24) to encourage the hiring and training of polytechnic students and graduates in Singapore’s financial sector.
Named the Polytechnic Talent for Finance Scheme (PTFS), it is set up by the Monetary Authority of Singapore (MAS) and administered by the Institute of Banking & Finance (IBF) to provide support for polytechnic talents over the next three years.
Participating in this scheme would allow talents to expand their skill sets and opportunities of pursuing a career in the financial sector, which “offers good jobs and rewarding careers” for them.
The funding for the scheme will be used in three different stages of polytechnic students and graduates’ career journeys.
The first stage is dedicated towards polytechnic students, who will be provided with internship roles that provide relevant industry skills and experiences that are beneficial when entering the workforce after graduation. Any costs incurred during their internship will be defrayed by up to 80 per cent of the monthly internship stipend, and quality internships will be offered by financial institutions like banks and investment management firms.
The second stage focuses on polytechnic graduates, wherein apprenticeships in financial institutions will be given for those that wish to train and eventually land good jobs in the finance sector.
According to a joint press release by MAS and IBF, these apprenticeships should be “a meaningful pathway for (polytechnic graduates) to be trained and take on good job roles”, and will be further supported with salary support of up to $2,000 per month for graduates’ first year of training.
Graduates may also receive additional funding for up to 12 months if they eventually land a “university graduate-equivalent role” within three years from the start of their apprenticeship.
The last stage is for polytechnic graduates working in the financial sector that would like to further their studies and get a degree. The grant will try to encourage talents to stay in their jobs by offering sponsorships for relevant post-diploma and degree-equivalent programmes, which will fund up to 50 per cent of tuition fees, capped at $10,000 per talent.
These sponsorships will be done in partnership with financial institutions, and serve to let talents stay employed while pursuing their “academic aspirations”.
“The PTFS initiative builds upon our existing efforts to develop a sustainable pipeline of talent, as well as support upskilling and reskilling needs,” Mr William Lim, Director of Ngee Ann Polytechnic’s School of Business & Accountancy and appointed Sector Coordinator for the Accountancy & Financial Services sector, said.
He shared that the scheme will create “more opportunities for polytechnic students and graduates to pursue their professional development and careers with financial institutions”.