IBF, MAS launch new skills maps for family office professionals

The new skills maps serve as a resource for training providers and financial institutions to design family office-related training.

The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) launched two skills maps for family office professionals under the Skills Framework for Financial Services on 29 November.

The skills maps are the Family Office Executive Skills Map, geared towards entry-level professionals, and the Family Office Management Professional Skills Map, targeted at management-level professionals. The skills maps contain the new Family Governance and Philanthropy Advisory technical skills and competencies, which aim to teach family office professionals to support the governance needs and philanthropic aspirations of family offices.

IBF CEO Ng Nam Sin said, "With more family offices setting up in Singapore, the development of the skills maps ensure that family office professionals in Singapore are familiar with the skills and competencies needed to excel in their job roles and possible career pathways. Training providers can also be part of the ecosystem and use the skills maps to design quality training curriculum. The launch of the new Family Office skills will provide a clear roadmap for both professionals and financial institutions to plan their skills journey."

Training programmes accredited by IBF under the skills maps will be able to benefit from the IBF-Standards Training Scheme grant, which offsets training expenses.