FSDF FUNDING FOR FINANCIAL INDUSTRY COMPETENCY STANDARDS (FICS) ACCREDITED TRAINING ASSESSMENT PROGRAMS

The FSDF provides grant support for FICS training and assessment programs under the FICS Training Scheme (FICS-TS) to enhance the skills and capabilities of Singapore 's financial sector workforce through FICS accredited programs.

With the recovery of the economy, the FICS grant support level is brought back to the original level of 70% for training and/or assessment programs accredited under the FICS framework.

With effect from 1 January 2011, MAS will provide 70% grant support for financial institutions that send their staff for external FICS accredited training and/or assessment programs as well as for individuals who are not sponsored by financial institutions and who pay for their own training and/or assessment. Funding support is also made available to financial institutions that develop in-house FICS accredited programs.

The funding support described above will apply to FICS accredited programs that commence on or after 1 January 2011.

For details, please click here to view the FICS Funding Brochure.

Institutions

The funding support is available to the following Singapore based entities sponsoring staff for FICS programs:

Entities who are significantly involved in supporting financial sector activities (including industry associations or other professional bodies) will be assessed for eligibility on a case-by-case basis.

Sponsored trainees must be physically based in Singapore, and involved in or supporting financial sector activities. They may be locals or foreigners, either permanent or contract staff, and engaged either on a full or part-time basis.

Individuals

For qualified individuals not sponsored by financial institutions and who pay for their own training, MAS will similarly provide 70% grant support when they attend and complete FICS accredited programmes. Individuals would have to be either Singaporeans or Singapore permanent residents.

Funding Amount

a) Training

Funding support is at 70%, capped at S$4,200 per participant per programme. This is regardless of how many competency units are covered in that programme.

b) Assessment

Funding support is at 70% capped at S$500 per participant per successful assessment. This is regardless of how many competency units are covered in that program.

c) Training and Assessment

Funding support is at 70%, capped at S$4,200 per participant per program. This is regardless of how many competency units are covered in that program.

Details on funding application procedures are available on the IBF website.