The Institute of Banking and Finance has given official blessing to a wealth management qualification offered by institutions in Singapore.

A wealth management qualification available in Singapore’s market for the past 11 years has won the seal of approval from the Institute of Banking and Finance, widening the value of these credentials, and adding to efforts to boost the talent pool in Asian wealth management.

The Wealth Management Institute and Singapore Management University said yesterday that the Master of Science in Wealth Management now fits with IBF standards. 

Because of the IBF’s recognition of the qualification, it now also covers industry-defined competencies such as client acquisition and servicing skills, investment and wealth planning advisory, as well as risk controls and monitoring processes. 

The development comes at a time of continued movement in talent management within private banking and related sectors. As this publication has been told in the past, there remains a perceived shortage of talent to meet needs of a rising number of high net worth individuals. Credit Suisse, for example, said earlier this year at a conference hosted by WealthBriefingAsia that there are an estimated 7 million millionaires in the Asia region. On the assumption that a banker can on average handle 35 clients, that would translate into a need to have 200,000 private bankers. 

Explaining the original MWM programme, the Wealth Management Institute and Singapore Management University developed the qualification in 2004 to meet the perceived needs of a rapidly expanding wealth management sector in the jurisdiction. The organisations say the qualification programme now ranks as number one in Asia, and third in the world, behind London Business School and University of Cambridge’s Judge Business School, in the Financial Times Masters in Finance post-experience ranking 2015.

The qualification will also incorporate the Client Advisor Competency Standards (CACS) assessment, which is required for entry into the private banking industry. MWM is on the approved list of programmes supported and eligible for the MAS Financial Scholarship Programme. Singaporeans who pursue an MWM may also apply for the FSP. Candidates will undergo a selection process and those who are awarded the FSP scholarship will receive 70 per cent funding on the full MWM fees of S$60,000 ($42,606).

Participants of MWM may be funded under the Financial Sector Development Fund that is run by the Monetary Authority of Singapore. Singaporeans and permanent residents of Singapore will be eligible for subsidy. 

The MWM programme is offered by WMI and SMU in collaboration with the Swiss Finance Institute in Switzerland and the Yale School of Management in the US. It was launched in 2004 as Asia’s first and only full-time master’s degree programme in wealth management.

For a list of postgraduate wealth management training programmes and business school courses aimed at the sector, click here.