Muhammad bin Ibrahim: Financial sector talent enrichment programme -
syllabus enhancement
Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of
Malaysia, at the launch of the "Financial Sector Talent Enrichment Programme (FSTEP) -
Syllabus Enhancement", Kuala Lumpur, 20 July 2010.
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I am delighted to be here this morning to officiate the launching of the Financial Sector Talent
Enrichment Programme - Syllabus Enhancement which will be implemented for the next
5 batches until batch 10. Today marks a milestone for FSTEP as the programme has
delivered more than 680 graduates to the industry and is now poised to deliver another
500 graduates under an enhanced syllabus.
The development of human capital in the financial services industry is core in promoting a
well-functioning and stable financial sector. Human capital development is critical in nation
building as a whole. At Bank Negara Malaysia, for many years, we have embarked on
strategies to strengthen human capital development in the financial services sector. Various
institutional platforms were established such as INCEIF, the International Centre for
Education in Islamic Finance; ICLIF, the International Centre for Leadership in Finance; AIF,
the Asian Institute of Finance; and of course, FSTEP, which is entrusted with equipping
talents with the right skills and knowledge for their smooth transition into the financial
services industry in Malaysia.
It is such initiatives that would put the necessary foundation to promote Malaysia as a centre
of learning for financial services this region. Attracting, retaining and nurturing talent of our
brightest mind would form the basis for our country's transition to being a high income growth
economy. It is also the groundwork that we need to built and strengthen so that our financial
services remain competitive and innovative.
With the support from the industry players, FSTEP can serve as a bridge that connects the
needs of the financial services industry with the talents produced by institutions of higher
learning. But the industry must be forward looking in its approach. FSTEPS was designed
and intended to develop the best graduates that we can recruit. Properly trained and
exposed, they could form the pool of future leaders and senior management for the financial
services industry. FSTEP was not envisaged to produce technicians and mechanics. Neither
was FSTEP created to duplicate the training programs of financial institution. FSTEPS
comprehensive one-year programme while emphasizing the important facets of technical
knowledge also exposed trainees to personal development and on the job internship. FSTEP
was intended to produce graduates that can be entrusted with positions of responsibility in
the industry over the long term. This was the idea behind the formation of FSTEP and we
need to bear this in mind when devising the syllabus and enhancement in the future.
The Quality Assurance Committee was created based on the thinking that a dynamic and
relevant programmes requires continuous and timely revision. The QAC that had developed
the new syllabus incorporated valuable inputs from the industry. The new syllabus was
approved, by the FSTEP Steering Committee on June 28, 2010. Under the revised syllabus,
the programme design and delivery will be more balanced between classroom-lectures and
experiential learning in the form of case studies, role plays and simulations. This
methodology is better suited for adult learning and shift somewhat the responsibility of
learning to the trainees.
With this in mind, the content and details of the programme will be regularly updated and
align with the progressive development of the financial industry. It will keep participants
abreast with market needs in this age of advance technology and knowledge. As the financial
services industry matures and the lines between businesses become even more blur, the
skills and talents needed to navigate the industry becomes even more diverse and
demanding. The change in syllabus and other enhancements will differentiate FSTEP from
other training programmes offered by the financial institutions and training institutes. So I
don't expect FSTEP syllabus to converge with the training programmes offered by individual
financial institution.
In order to ensure FSTEP secures a constant flow of quality graduates from both local and
foreign institutes of higher learning to its training programme, initiatives have been mooted by
FSTEP to sign a Memorandum of Understanding (MOU) with all public universities and a few
reputable private universities in Malaysia to instill the way for greater cooperation and
collaboration in matters of mutual interest and benefit. In particular, FSTEP will offer
scholarships to eligible top graduates from various universities to participate in its one-year
fast-track training programme.
I wish to congratulate FSTEP for the successful effort in designing a new syllabus and it
continuous effort to improve the FSTEP programmes remain contemporary and relevant
agreed to by all parties within the financial services industry. More importantly, it is my hope
that FSTEP will continue to produce the quality of graduates that will meet the needs of the
industry. I hope that all of you will have a fruitful discussion and dialogue. On this note, I
declare open the event "FSTEP: Syllabus Enhancement".