Finance Associate Management Scheme (FAMS)

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Finance Associate Management Scheme (FAMS)

Overview

What is the Finance Associate Management Scheme?

The Finance Associate Management Scheme (FAMS) is a talent development initiative supported by the Financial Sector Development Fund (FSDF). Its objective is to increase opportunities for Singaporeans to be groomed through structured talent development programmes for future specialist and management leadership roles in various segments of the financial services industry.

The FAMS helps defray part of the costs incurred by Financial Institutions (FIs) in the hiring of Singapore citizens (SCs) for the programmes.

Eligibility

Applicants should be Singapore-based FIs^[1]
Eligible programme participants include new entrants who are recent graduates^[2] or cross-sector convertees^[3]. Only SCs will be supported.
Eligible programmes, new or existing^[4], must contain the following components:
- Rotations, making up a least half of total programme duration;
- Structured training (e.g. classroom training, leadership training, e-learning); and
- Mentorship programme

To ensure quality of the programme delivery, IBF will take into consideration the employment size of the applicant in assessing the proposed intake of the programmes.

Programmes that offer international exposure will be assessed more favourably (e.g. rotations to international-facing functions based in Singapore, rotations to overseas offices for job shadowing. Overseas attachments/postings will be eligible for additional funding support under FAMS.

Funding Support

Cohorts hired from 2022 - 2024

i. S$1,000 per eligible SC hire per month of programme (capped at 24 months)

S$2,000 per eligible SC hire per month of programme (capped at 24 months) for programmes in the following priority areas^[5]:

Portfolio management
Private banking and wealth management (including family office advisory)^[6]
Research, trading and investment strategy
Actuarial
Reinsurance and specialty insurance
Green finance
Technology, digital and data analytics

ii. Additional S$5,000 per month for overseas exposure (capped at 6 months)

Approval and Claims Process

Approval for funding under FAMS is on a case-by-case basis, subject to the applicant fulfilling all eligibility criteria.
Funding for approved applications will be disbursed on an annual basis. More details will be outlined in the Letter of Offer provided to successful applicants.
Claims submission for approved applications should be made as per claims schedule outlined in the Letter of Offer provided to successful applicants.

How to Apply

Applications should be submitted at least two months before the commencement of the programmes. For late submissions, or if the programme commences prior to approval, the applicant bears the risk of no funding.
Applicants are also required to submit the detailed training schedule (including plans for rotation, mentorship and structured training) under their structured programmes for the SCs.

Keen to find out how your FI can leverage on this scheme?

Resources

Download resources here:

FAMS FAQ for FIs

Footnotes:

^[1] Entities regulated by the Monetary Authority of Singapore (either licensed, approved, registered or recognised; or exempted from being licensed, approved, registered or recognised).

^[2]Recent graduates refer to SCs who have graduated within 24 months from the date of hire, from tertiary institutions (e.g. polytechnics, local or overseas universities).

^[3]Cross-sector convertees refer to SCs whose last formal employment (excluding internships and traineeships) was outside of the financial sector.

^[4] Refers to FI’s existing Management Associate programme which has not received funding under FAMS before.

^[5]Two-thirds of the programme duration must be spent on job rotations in the priority area.

^[6]Relating to sales, after sales, distribution, and relationship management.