In just over four decades, Singapore has established itself as a thriving financial centre of international repute, serving not only its domestic economy, but also the wider Asia Pacific region. The Wealth Management Institute (WMI) and Singapore Management University (SMU) first developed their Master of Science in Wealth Management (MWM) programme 12 years ago in order to contribute to building a stronger Singaporean core in wealth management. In November 2015, WMI and SMU announced significant enhancements to the MWM, which already covers the whole value chain of processes, products and services related to wealth management. Moving forward, the MWM will also include industry-defined competencies as spelt out by the Institute of Banking and Finance (IBF) Standards, such as client acquisition and servicing skills, investment and wealth planning advisory as well as risk controls and monitoring processes.
Additionally, the programme will incorporate the Client Advisor Competency Standards (CACS) assessment, which is required for entry into the private banking industry. Thus, for aspiring new entrants to this industry, MWM will ensure they are fully trained and job-ready. Furthermore, participants of MWM may also enjoy funding support under the Financial Sector Development Fund (FSDF) administered by the Monetary Authority of Singapore (MAS). Ms Foo Mee Har, CEO of WMI, said, "Supporting Singapore's SkillsFuture movement, the enhanced MWM is the epitome of lifelong learning in wealth management. The Master's programme 'twin' qualifications will enable wealth managers to build deep skills and expertise in Wealth Management, whilst helping aspiring managers to be fully job ready with the necessary industry qualifications." With strong support from MAS, IBF and the wealth management industry, WMI and SMU have enabled the MWM programme to become the most attractive choice for more Singaporeans and Permanent Residents.
The MWM programme incorporates a unique overseas experience at the Swiss Finance Institute (SFI) and at Yale School of Management (SOM). It is rated 1st in Asia and 3rd in the world by the Financial Times Masters in Finance post-experience ranking 2015. The MWM achieves yet another milestone by being the first and only Master's programme to offer training that is accredited against the IBF Standards advanced level for private banking. This will allow existing wealth managers attending MWM to obtain a deep mastery of both the academic and applied aspects of investment and wealth management. To read more about the MWM, please click here.
Recent research by the Economist Intelligence Unit showed the new wealth segment - with households of financial assets between US$100,000 (S$134,000) and US$2 million - has expanded faster than any other wealth sector since 2010, including the high net worth segment and mass market. And it is forecast to grow even faster in the next decade. Despite strong competition, overall, market observers said the number of Singapore wealth managers are set to grow especially given wealth management income for DBS, OCBC and UOB has almost tripled on average since 2010. (Source: Channel News Asia, 12 May 2015)