MAS introduces scheme to boost polytechnic grads in financial sector

The authority wants an increase of more than 80% in polytechnic graduates in the sector.

In April, the Monetary Authority of Singapore (MAS)  introduced the Polytechnic Talent for Finance Scheme to urge financial institutions to educate and employ more polytechnic students and graduates.

Under the project, three tracks are available: internship, apprenticeship and sponsorship track.

MAS aims to achieve an increase of over 80% in the number of polytechnic graduates who secure full-time permanent jobs in the financial sector, with the goal of raising the figure from approximately 160 in 2021 to a minimum of 300 by 2025.

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Despite internships being offered by financial institutions, it was noted by MAS that there are only a few apprenticeship programmes.

“MAS aims for the Apprenticeship Track to contribute the bulk of the target increase in the number of polytechnic graduates entering the sector. As financial institutions develop familiarity with the calibre of polytechnic talent and as polytechnic graduates gain a better appreciation of the opportunities in the sector, they can become a more significant source of talent for the sector over time,” said Minister of State for Trade and Industry Alvin Tan in parliament.