However, they pay less than intermediate and advanced tech roles and have not appealed to Singaporeans as much. The recent increase in minimum qualifying salary to $ for entry-level employment pass holders in the financial sector means that it would be harder for financial institutions to hire cheaper foreigners for these roles. We hope more locals will take up these job roles, even if they are less paid, which also provide a pathway to the intermediate tech jobs, which are in demand. Beyond the technology function, there is healthy demand for jobs across diﬀerent business lines, including consumer banking, corporate banking, private banking and wealth management. These jobs are in three broad categories:  business roles, for example, relationship managers, product advisory, and portfolio management; control roles, for example, customer due diligence, compliance, and risk management; and https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  9/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  transformation roles, for example, digital transformation, innovation and process excellence. In our survey, we also asked financial institutions about the profile of candidates that they hope to hire. We found that for over 60% of the jobs, financial institutions are looking for experienced hires or specialists to fill these roles. I can understand that for many roles, there is indeed a business need to hire people with direct experience and deep expertise.

First, the job functions and roles in MAS’ annual manpower survey and the new Employment Outlook Survey are mapped to those in the skills framework, so that we not only know what jobs are in demand, but also what skills to build to help move people into these jobs. Second, IBF’s accreditation of training programmes and certification of professionals are based on the skills framework, and so are its training pathways for reskilling and upskilling. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  16/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  Third, employers in the financial sector have started to adopt the skills framework in their training roadmaps. This is important. As an industry, we must move towards skills-based rather than qualification-based hiring and career development. Fast forward to 2020, and the restrictions imposed by the COVID-19 pandemic have accelerated upskilling eﬀorts. Training participation has increased 65% to reach close to 31,000 during the April to September 2020 period, compared to the same period last year. Besides training to deepen your skills, I encourage you to seek IBF Certification, an industry endorsed mark of quality for finance professionals in Singapore. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  17/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  MAS will extend our enhanced training support measures for another 6 months to June 2021.