Thursday, October 24

FSTEP: The talent development programme for banks and insurance companies


KUCHING: Bank Negara Malaysia has initiated in 2007 a talent development programme for all Malaysian graduates for the banking and insurance sectors.

The one-year Financial Sector Talent Enrichment Programme, FSTEP in short, is a brainchild of Bank Negara Governor Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz.

The FSTEP programme, aims to address the shortage of skilled talents in the financial services industry, is designed by the industry players and Bank Negara Malaysia to develop comprehensive talent at the entry level for the industry.

The FSTEP programme is financed by the Staff Training Fund of Institute of Bankers Malaysia (Institut Bank-Bank Malaysia) and is expected to produce high calibre human capital, to meet the industry’s growing demand for robust talents.

To ensure the relevance and effectiveness of FSTEP, the programme is set to incorporate the core and technical competencies required of financial service practitioners.

FSTEP’s objective is to attract graduates from diverse academic backgrounds to pursue an exciting and successful career in the financial industry.

All high calibre graduates with age less than 30 from both local and foreign universities of different disciplines, with CGPA exceeding 3.25 will be recruited and sponsored by either banks or insurance/Takaful companies.

However, graduates who are active in extra-curricular activities with CGPA above 3.00 may also be considered. In addition, fresh graduates and those with not more than 3 years working experience and are keen to pursue a career in the financial industry are encouraged to apply.

“FSTEP is another employment option for new graduates with the financial services industry which include commercial banks, Islamic banks, investment banks as well as insurance/Takaful companies. The graduates, if selected will be sponsored by either banks or insurance/Takaful companies to undergo the unique and intensive one year training programme. In addition, they will be paid a monthly allowance of RM2,200,” head of FSTEP Lee Khee Joo said.

The comprehensive FSTEP training module encompasses a 6-month technical classroom training and 6-month pragmatic on-the-job internship with the sponsored institutions.

The orientation of the training will focus on practical and operational aspects of the industry including simulations, case studies and role play.

In addition, FSTEP is also in strategic partnerships with the Malaysian Insurance Institute, the Islamic Banking and Finance Institute Malaysia Sdn.Bhd, Association of Bank Malaysia, Association of Islamic Banking Institutions Malaysia, Malaysian Investment Banking Association, Life Insurance Association Malaysia, Persatuan Insurans Am Malaysia and Malaysian Takaful Association.

In 2011, FSTEP had signed a milestone MoU with all public universities and 12 private universities to provide quality graduates in its training programme for the financial services industry.

The training programme is an industry-driven initiative wholly supported by all institutions within the financial institutions in Malaysia.

It is managed by Institut Bank-Bank Malaysia under the chairmanship of Tan Sri Azman Hashim.

Besides sponsoring the participants’ monthly allowance of RM2200, the facilitators/trainers are also sourced from the industry practitioners from the financial services industry.

The syllabus is well-structured in consultation with the players of the financial services industry.

The content of 6-month technical training includes the overview on the Malaysian financial services industry inclusive of the functions of Bank Negara Malaysia.

In the midst of technical training, all participants will be given a 2-week practical attachment with their sponsored institutions to observe various operations.

In addition, various topics on common functional areas on banks and insurance will also be taught before the specialisation phase which will zoom in on one of the four streams i.e. commercial banking, Islamic banking, investment banking as well as insurance/takaful.

Upon the completion of the technical training of 6-month, the participants also have a 6-month on-the-job internship under mentor/mentee structure with all the sponsored institutions.

In order to make the participants more job-relevant, they will also undergo personal development programmes, Intensive English Course by the British Council, soft skill training, outward bound activities and be involved in CSR and community projects aimed at developing them into well-rounded individuals.

To date, FSTEP has successfully conducted 6 batches of training programme of more than 800 graduates. It is currently recruiting the batch seven intake which is expected to commence on Sept 20.

Eligible graduates are encouraged to apply to have a headstart in the financial sector.

More importantly, joining FSTEP can be an exciting, educational, fun and even life-changing experience.

For more details, call 03-2031 4954 or email to [email protected] or apply online at Closing date of application is on Sept 15.