Finance Associate Management Scheme (FAMS)
The Finance Associate Management Scheme (FAMS) is a talent development initiative supported by the Financial Sector Development Fund (FSDF). Its objective is to increase opportunities for Singaporeans to be groomed through structured programmes that can lead on to future specialist and management leadership roles in various segments of the industry.
The FAMS helps defray part of the costs incurred by Financial Institutions (FIs) in the hiring of Singapore citizen staff who would be trained under their structured management/functional programmes.
(i) Grant amount of S$1,000 per month for every Singapore citizen hired into the programme
As part of MAS’ support package for Financial Institutions announced on 8 April 2020, the grant amount is increased to S$2,000 per month per eligible Singaporean hire. This is applicable for cohorts hired in CY2020 and CY2021, and for applications submitted from 8 April 2020.
(ii) For programmes with elements of international exposure, S$5,000 per month or part thereof will be provided for the duration of the overseas attachment/posting (if applicable) for every Singapore citizen
(iii) Funding amount is capped at 2 years per programme
Over a 3-year period,
(i) FIs with headcount above 200:
- Should commit to hiring at least 3 times the FI’s annual Singapore citizens hiring baseline (as determined by the average annual Singapore citizens hiring under the same programme in the preceding 5 years).
(ii) FIs with headcount of 200 or below:
- Should commit to hiring a minimum of 3 Singapore citizens.
• Applicants should be Singapore-based FIs, or industry associations that may act as aggregators.
• Eligible programme participants include new entrants who are fresh graduates or cross-sector convertees. Only Singapore citizens will be supported.
Eligible programmes, new or existing, must contain the following components:
• Rotations within function or across functions
• Structured training (e.g. classroom training, leadership training, e-learning); and
• Mentorship programme.
IBF will take into consideration the employment size of the applicant in assessing the eligibility of programmes.
International exposure (e.g. short-term attachments, postings) is encouraged and eligible for funding support under FAMS.