Internships for polytechnic students are already prevalent in the sector
Liang Eng Hwa, MP for Bukit Panjang SMC, has raised concerns about the job prospects for polytechnic graduates in the banking and finance sector, specifically inquiring about available programmes for internships and apprenticeships, as well as skills upgrading opportunities for career progression. In response, Alvin Tan, Minister of State for the Ministry of Trade and Industry and the Ministry of Culture, Community and Youth, and Board member of the Monetary Authority of Singapore (MAS), provided a comprehensive answer on behalf of Senior Minister Tharman Shanmugaratnam, who is in charge of MAS.
MAS recently introduced the Polytechnic Talent for Finance Scheme, aimed at encouraging financial institutions to train and hire more polytechnic students and graduates. The scheme comprises three tracks to support talent development in the banking and finance sector. Firstly, the Internship Track promotes training polytechnic students as interns with the goal of offering them permanent positions upon graduation. Secondly, the Apprenticeship Track provides an alternative pathway for polytechnic graduates to acquire additional skills for career advancement. Lastly, the Sponsorship Track encourages polytechnic graduates to continue working in the financial sector while pursuing further studies.
The government has set an ambitious target to increase the number of polytechnic graduates entering full-time permanent roles in the financial sector by more than 80 per cent, from around 160 in 2021 to at least 300 by 2025. While internships for polytechnic students are already prevalent in the sector, apprenticeship programs are relatively limited. Thus, the Apprenticeship Track under the Polytechnic Talent for Finance Scheme is expected to play a crucial role in achieving the target. As financial institutions become familiar with the capabilities of polytechnic talent and graduates gain better insights into the sector’s opportunities, they are poised to become a significant source of talent for the banking and finance industry over time.
Once employed in the financial sector, polytechnic graduates can leverage the upskilling opportunities provided through MAS’ Talent and Leaders in Finance Programme. This program offers a diverse range of training courses subsidized under the Financial Training Scheme and IBF Standards Training Scheme. It also facilitates job rotations, providing valuable training, mentorship, and even overseas postings to support career advancement for finance professionals, including polytechnic graduates.
Furthermore, the government is committed to assisting Institute of Technical Education (ITE) students in kick-starting their careers. Initiatives such as ITE’s Work-Study Diplomas place students in jobs aligned with their areas of study while pursuing their diplomas. Additionally, the Infocomm Media Development Authority’s industry led TechSkills Accelerator for ITE and Polytechnic Alliance equips ITE and polytechnic students and graduates with the necessary skills to seize opportunities in the tech industry upon graduation.
MAS will continue to review talent development schemes in collaboration with the financial sector and higher education institutions to ensure they meet the industry’s manpower requirements while creating favorable job opportunities for Singaporeans.
These initiatives reflect the government’s commitment to supporting polytechnic graduates and equipping them with the skills needed to thrive in the competitive banking and finance sector, thus enhancing their job prospects and contributing to Singapore’s economic growth.
