ITE students stand to gain from tie-up with financial institutions

Over 50 students on internship scheme; more partnerships set to be explored

- Prisca Ang

It is notoriously difficult to secure a job in the highly competitive financial sector, or so Mr Aziz Ong thought until an opening at a bank changed his perspective.

Mr Aziz, 19, said: "When people think of finance, they usually think of investment banking and hedge funds, which are quite competitive to break into.

"During my time so far at HSBC, I've discovered that there are also many back-office and middle-office roles that are not as saturated."

He is one of 54 Institute of Technical Education (ITE) students who began a five-month internship with various financial institutions in October under the recently launched IBF Golden Jubilee ITE Scholarship.

The scholarship, which is being offered by the Institute of Banking and Finance (IBF) to mark its 50th anniversary, is a collaboration between IBF, ITE and 13 financial institutions. It includes a study award of $3,000 and an internship allowance of $800 a month.

IBF chief executive Carolyn Neo said ITE students are a relatively untapped talent pool for the financial sector.

The institute hopes the internships will equip students with relevant skills, and enable them to work with industry practitioners who can help them navigate various career pathways.

Ms Neo said: "Through this scholarship, we hope to promote diversity and skills-based hiring in the financial sector, where employers look beyond academic qualifications and place a candidate's skills and competencies at the forefront of their hiring practices."

IBF is working with ITE and financial institutions to explore further partnerships, including internships, if the initiative is well received. Other plans in the pipeline include a work-study diploma in financial services that could create alternative career pathways for ITE graduates.

About a third of the IBF Golden Jubilee ITE Scholarship recipients are completing internships in areas such as security operations and data management.