To keep pace with financial sector transformations, IBF will be refining its existing competency framework for accreditation and certification, moving toward a skills-based approach. IBF will also look to incorporate cross-functional and digital capabilities, to complement the financial sector-specific expertise required in each industry segment. This will enable financial practitioners to identify and acquire additional skills required for career progression or transition.
In partnership with the Consumer Banking Workgroup, IBF has developed a set of future-oriented, skills-based competency standards for both sales and non-sales roles. These standards are intended to support the training of new staff, as well as career transitions/progressions within the consumer banking segment. Analytics and decision sciences, digital channel and design, and digital engagement and marketing will be introduced as new skills alongside existing functional skills in sales, customer interaction, product development and business assurance. IBF is also working closely with consumer banks to accredit their in-house training programmes under the IBF Standards, as well as engage external training providers to develop customised training programmes where needed. These programmes will be made available to new and existing staff within the respective consumer banks.
The Fund Management Standards have been expanded to incorporate alternative investments and hedge funds. In addition to core knowledge components, the Fund Management Workgroup has also decided to include a broad range of elective skills, such as environmental and social governance and data science that may become relevant in the near future.
The new Fund Management Standards will recognise programmes that equip individuals with practical skills for jobs in the fund management industry, and will complement programmes such as CFA and CAIA which require a longer duration of study. To the extent that there are overlaps, IBF will recognise individuals who have successfully completed the CFA or CAIA programmes under the new Fund Management Standards.
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