But if employers take this approach for all job roles, where does that leave mid-career jobseekers who may not yet have all the skills required for these roles but may nonetheless have some past experience that is useful? We need to make a concerted eﬀort to give mid-career jobseekers the opportunity to be trained into these new job roles. Employers must be willing to take a calculated chance to hire and train mid-career jobseekers who have good experience but may not have all the requisite skills, but can be trained. Likewise, jobseekers must be willing to step out of their comfort zone, and take a stab at trying new roles and picking up new skills. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  10/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  Next, let’s look at where financial institutions are oﬀering the 2,000 traineeships during July 2020 to June 2021. Technology again has the largest number of traineeships on oﬀer, albeit at a lower 23% share. The top traineeship roles are application developers and business analysts. These traineeship programmes oﬀer a good way to scale up capabilities in technology so that Singaporeans can take on such jobs in future. Beyond technology, financial institutions are oﬀering traineeships in insurance and banking, in areas such as compliance, risk management, and process excellence. The pilot employment outlook survey has provided a useful forward-looking view of hiring prospects in the financial sector.

They help shape and implement mission critical technology projects, provide technical oversight for technology planning across the business, and set the technical standards to be followed. It requires years of training and experience to attain mastery of these skills. The local supply of talent for such jobs is quite limited and financial institutions will need to rely on expertise from abroad while building a pipeline of locals for these advanced tech roles. Second, intermediate tech jobs, such as application developers, data analysts, UX/UI designers, and cyber security specialists. These are roles which Singaporeans with relevant background can potentially be trained into. MAS started a Technology in Finance Immersion Programme (TFIP) last year through which financial institutions recruited mid-career Singaporeans with STEM backgrounds from other sectors and put them through structured training and attachments in tech areas such as data analytics, cyber security, cloud computing, and full stack development. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  8/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  The programme was highly popular. TFIP is in its second run this year with 21 financial institutions oﬀering over 190 trainee places, more than double that of last year. That said, we need to scale up much more because the demand for these roles continues to outstrip our pace of building skills. Third, basic tech jobs, such as tech support executive, IT ops and support. These roles are typically less complex and more rules-based.