The IBF Standards are a set of competency standards for financial skills. It is a comprehensive quality assurance framework with both an accreditation and a certification system.
Developed by the industry, for the industry, the IBF Standards are benchmarked against international standards. They currently cover 13 industry segments in the financial sector.
Financial institutions and training providers may apply for their programmes to be accredited under any of these IBF Standards.
Training programmes may be accredited under three levels: IBF Level 1, IBF Level 2, IBF Level 3.
Individuals who successfully complete an IBF accredited programme will be eligible for the relevant IBF Certification.
Today, the financial industry operates in a dynamic and global marketplace. Competition and change is a constant. Financial institutions and training providers need to ensure that their programmes are a step ahead. Adopting the IBF Standards can help both financial institutions and training providers enhance their training and talent development programmes.
The IBF Standards are developed by the industry, for the industry and built on international standards. Financial institutions and training providers who adopt the IBF Standards can use it to benchmark their training and development programmes against industry standards.
The IBF accreditation process comprises of independent reviews of an institution's ability to conduct programmes that meet industry standards. IBF accreditation therefore serves as an industry-endorsed mark of quality for training and assessment programmes in the financial industry.
The IBF Standards provides practice-oriented development roadmaps for financial practitioners that outline the competencies required for specific job roles. By having training programme accredited under the IBF Standards, training providers and financial institutions demonstrate that their programmes are aligned to the key skill sets that financial practitioners need to excel at their job roles.
The IBF Standards also offer industry-wide recognition to participants of IBF accredited programmes. Individuals who successfully complete an IBF accredited programme and meet the relevant criteria will be eligible for IBF Certification. Discover the benefits that IBF Certification can offer to the participants of IBF accredited training programmes.
Financial Institutions can also use the IBF Standards to identify the right skills and competencies that their talent need for better job efficiency. The IBF Standards provides a structured and objective framework to assess the adequacy of the skill sets of financial practitioners. Financial institutions can thus channel efforts more effectively to bridge the gaps in the skills of their staff.
At a strategic level, the IBF Standards can help financial institutions identify impending skills shortages so that staff can be upskilled and trained to meet future needs. The IBF Standards also provide career roadmaps which financial practitioners can use as a guide for career progression. Financial practitioners will know what is expected of them and which skills they need to advance in their career.
IBF Programmes accredited under the IBF Standards are also eligible for IBF Standards Training Scheme Funding, which provides 70% funding of direct training costs.