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 programmes that can lead on to future specialist and management leadership roles in various segments of the industry.

The FAMS helps defray part of the costs incurred by Financial Institutions (FIs) in the hiring of Singapore citizen staff who would be trained under their structured management/functional programmes.


Resources

FAMS FAQ for FIs
(Last Updated: 24 Aug 2020)

Eligibility


  • Applicants should be Singapore-based FIs[1] , or industry associations that may act as aggregators.
  • Eligible programme participants include new entrants who are fresh graduates[2] or cross-sector convertees. Only Singapore citizens will be supported.
  • Eligible programmes, new or existing, must contain the following components:
    1. Rotations within function or across functions[3]
    2. Structured training (e.g. classroom training, leadership training, e-learning); and
    3. Mentorship programme.

IBF will take into consideration the employment size of the applicant in assessing the eligibility of programmes.

International exposure (e.g. short-term attachments, postings) is encouraged and eligible for funding support under FAMS.


Hiring Commitment and Funding Support


The details of the hiring commitment and funding support are as follows:

Hiring Commitment



Over a 3-year period

(i) FIs with headcount above 200:
  • Should commit to hiring at least 3 times the FI’s annual Singapore citizens hiring baseline (as determined by the average annual Singapore citizens hiring under the same programme in the preceding 5 years).

(ii) FIs with headcount of 200 or below:
  • Should commit to hiring a minimum of 3 Singapore citizens.
Funding Support[4]


​(i) Grant amount of S$1,000 per month for every Singapore citizen hired into the programme

(ii) For programmes with elements of international exposure, S$5,000 per month or part thereof will be provided for the duration of the overseas attachment/posting (if applicable) for every Singapore citizen

(iii) Funding amount is capped at 2 years per programme


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. 

How to Apply


  1. Applications should be submitted at least two months before the commencement of the programmes.
  2. Applicants must declare their Singapore citizen hiring numbers of the same programme over the past 5 years in the application.
  3. Applicants are also required to submit the detailed training schedule (including plans for rotation, mentorship and structured training) under their structured programmes for the Singapore citizens.

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

Contact us at fams@ibf.org.sg


Footnotes:

[1]Entities regulated by the Monetary Authority of Singapore (either licensed or exempted from licensing). 
[2]Fresh graduates are defined as individuals who are hired within 12 months after their graduation. 
[3]Generally, MA programmes for specialist will have rotations within function; while those for generalist will have rotations across functions. 
[4]Subject to MAS internal benchmarks.