DBS and Nanyang Technological University (NTU) are partnering to equip the next generation of private bankers with digital skill sets to serve the emerging affluent market.
The duo are set to launch a wealth management programme called Applied Wealth Management, primarily focused on regulatory certifications and digital skills training.
Scheduled to begin this August, the partnership, in collaboration with NTU’s Wealth Management Institute (WMI), will see 50 students selected for a 10-week and 20-week internship at DBS Bank.
The internship is designed to enable the graduates to start work immediately instead of undergoing a six-month training and certification period. Some students will also be offered a job in DBS Treasures before graduation.
Graduates will be certified with WMI’s Institute of Banking and Finance (IBF) Level 1 priority banking curriculum, and Capital Markets and Financial Advisory Services (CMFAS) papers, among other regulatory accreditations.
‘Fresh graduates joining the wealth management industry typically undergo a lengthy period of training and certification of about six months before they are deemed ready to serve clients,’ said Foo Mee Har, CEO of WMI.
‘This new formula will help undergraduates to be fully job-ready on day one of their new jobs, and accelerate development of a strong pipeline of talent for the fast-growing wealth management industry.’
At SGD 2.11 billion ($1.6 billion), DBS’ wealth management accounts for 17% of its income, with SGD 206 billion ($155.6 billion) in assets under management.
Private financial wealth in Asia is estimated to hit $61.6 trillion by 2021, according to Boston Consulting Group.
Singapore and Hong Kong, for instance, are facing a shortfall of suitable private banking talent to serve this rapidly growing wealthy population, especially as private banks go digital.
Last December, the Monetary Authority of Singapore said it wants to make relationship managers ‘future-ready’ through better training and appointed Wealth Management Institute as its lead training provider.
The Hong Kong Monetary Authority, meanwhile, launched an apprenticeship programme last year along with the Private Wealth Management Association to provide private banking training to university students.