Robust demand posts challenges to talent development

THE development of talent for the financial sector continues to present considerable challenges for the industry as demand continues to exceed supply.

In the medium to longer term, this can increase pressures on wages, and undermine the ability of financial institutions to maintain competitive positions and effectively control risks.

Significant investments have been made by the Bank to support the development of high quality talent for the financial sector, across all levels, from entry to leadership positions.

Since its implementation in 2007, the Financial Sector Talent Enrichment Programme (FSTEP) developed by the bank in collaboration with the financial industry has prepared more than 1,000 new graduates for careers in the financial sector.

FSTEP has achieved a remarkable success rate with almost all of its participants rapidly absorbed into permanent employment by financial institutions.

The programme was further enhanced in February last year, to incorporate more diverse forms of experiential learning through the use of case studies, role-plays and simulations, in addition to practical attachments with financial institutions.

As a reflection of its success, more financial institutions are electing to be sponsors of FSTEP participants as a preferred strategy to recruit and train entry-level staff, affirming the value and quality of the programme in preparing graduates for employment in the financial sector.

For professionals already employed within the financial industry, the Asian Institute of Finance and its affiliate institutions, namely the Institute of Bankers Malaysia, the Malaysian Insurance Institute and Islamic Banking and Finance Institute Malaysia, have a key role in building and strengthening core competencies to meet the new demands of the fast-changing and more complex financial landscape.