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MAS Sets Aside S$8 Million to Help Polytechnic Students Get a Career in Finance

The Monetary Authority of Singapore (MAS) will set aside S$8 million over the next three years for the Polytechnic Talent for Finance scheme to expand the talent pipeline in the financial sector.

The scheme, which will be administered by the Institute of Banking & Finance (IBF), comprises three tracks.

The first is an internship for polytechnic students to equip them with skillsets to be job-ready, and hired upon graduation. The scheme will fund 80% of monthly internship stipends, capped at S$1,000 per month, for up to 12 months for qualifying interns.

Additionally, the scheme will also provide apprenticeships for polytechnic graduates. This will provide them with an alternative pathway to secure good jobs immediately after obtaining their polytechnic diplomas, receive training and eventually take on university graduate-equivalent roles.

The scheme will provide salary support of up to S$2,000 per month, for up to 12 months for these graduates. For apprentices that are placed into university graduate-equivalent roles within three years from the start of the apprenticeship programme, the scheme will provide salary support for an additional period of up to 12 months.

Lastly, there will be sponsorships for finance professionals who are diploma holders to help them pursue relevant post-diploma and degree-equivalent programmes whilst continuing to be employed. The scheme will fund 50% of tuition fees, capped at S$10,000.

Speaking at a Growing Timber event, Alvin Tan, Minister of State, Ministry of Culture, Community and Youth, and Ministry of Trade and Industry, and Board Member of MAS, shared that the financial sector offers good jobs and rewarding careers for polytechnic graduates.

Gillian Tan

Gillian Tan, Assistant Managing Director (Development and International) at MAS added,

“Polytechnic graduates are a valuable talent pool for the financial sector. The PTFS, which was co-created by MAS, the polytechnics and financial institutions, will enable our polytechnic talent to take up meaningful jobs and position them for success in financial sector careers.”