In this article, we will cover everything to know about IBP Programme like “TFIP IBF” and more. Upskilling and keeping up with job demands is a must in this day and age. It seems daunting to learn, especially when the skills in demand sound taxing; like artificial intelligence and cloud computing.
However, there are many avenues one can take to learn more and become job ready. For instance, choosing to join TFIP by IBF. Read on to find out about this programme and how you can learn and gain experience in key technology areas.
What is IBF?
The Institute of Banking and Finance Singapore (IBF) is an agency dedicated to developing the skills for those in the financial industry. It partners with various companies, government agencies and training providers to grow Singapore’s financial industry.
What is TFIP?
TFIP stands for ‘Technology in Finance Immersion Programme’, which is an industry Attach-and-Train Career Programme launched in 2019 by IBF. This programme aims to give mid-career individuals opportunities to attend industry training and an attachment with leading financial institutions. A combination of both then allows participants to learn new skills and gain job experience in the financial services sector.
The programme lasts 12 to 18 months and provides a training allowance ranging from $4,500 to $5,500. The list of participating financial institutions for TFIP 2023 include DBS, NTUC Income, UOB, and Goldman Sachs. Some technology areas that were offered under TFIP 2023 include artificial intelligence, business analysis, cybersecurity, Agile IT Project Management, Cloud Computing, Data Analytics, Software Engineering and any from Technology, Information and Cybersecurity Risk.
How is TFIP structured?
As previously mentioned, participants of TFIP will attend industry training and undergo an attachment.
The first portion – structured industry training – will take 1 to 6 months. The training will be done by industry-recognised training providers, equipping participants with basic skills needed for their technology area chosen.
Once the first portion is completed, participants will move to their hosting companies for their attachment, also known as on-the-job training (OJT). The attachment will be full-time, so participants will be expected to resign from their current job, if any. During the OJT, participants will be assigned a mentor that will provide guidance and advice.
To ensure that participants acquire meaningful experiences and knowledge through the OJT, a checklist will be provided. This checklist, for both participants and financial institutions, will help to track progress and ensure quality experience gained.
Do note that participants under TFIP are not considered employees of the host company nor IBF. This means there is no CPF contribution from the training allowance. Additionally, host companies are not obligated to provide participants with full-time positions after TFIP.
Why should I join TFIP 2024?
An article published by The Straits Times in 2021 emphasises the demand for tech talent in the financial sector in Singapore. It quotes the Manpower Minister Tan See Leng, stating: “The rise of the digital economy will drive up the demand for tech jobs – among others, we will need data analysts, software developers, infrastructure architects and cyber security engineers.”
On top of this demand for more individuals in the financial sector, TFIP also provides you with a training allowance. This allowance (ranging from $4,500 to $5,500) is comparable to salaries earned in jobs of similar positions. In addition, here’s the program journey from IBF:
What’s the difference between IBF TFIP and IBF-STS?
The IBF Standards Training Scheme (IBF-STS) is a scheme that provides funding for training courses accredited under the Skills Framework for Financial Services. With this scheme, eligible individuals can receive up to 70% funding for their direct training course.
In contrast, TFIP is a programme designed to provide individuals with on-the-job experience in tech in the financial services sector. View the table below for a rundown on the differences between the initiatives.
Am I eligible for TFIP?
Individuals interested in TFIP can apply, as long as they meet the following criteria:
- Is a Singapore citizen or Singapore Permanent Resident
- At least 21 years old
- Graduated/completed National Service for at least 2 years at the point of application
- Posses a tertiary qualification (a diploma or a degree)
- No prior work experience in the following sectors: Agile IT Project Management, Artificial Intelligence, Business Analysis, Cloud Computing, Cyber Security, Data Analytics, Software Engineering, and Technology, Information and Cybersecurity Risk
- No outstanding scholarship obligations
- Not a shareholder* of the hosting financial institution or its related companies (* does not apply to publicly traded shares in listed companies)
- Not be related to the owner(s) if the hosting financial institution
- Not be immediate ex-staff of the hosting financial institution or related entities
Do note that there are also prerequisites for the different technology training areas. For instance, those interested in the artificial intelligence training area must have a qualification/experience in science, technology, engineering, or maths (STEM); or STEM-related courses or certifications is not a requirements this year 2023.
Lack of time to join TFIP 2024? Here’s the Alternatives
The Technology in Finance Immersion Programme (TFIP) is a full-time programme that provides mid-career individuals with the opportunity to attend industry-curated structured training, followed by attachment with financial institutions to gain on-the-job experience. However, the programme is quite demanding and requires a significant time commitment.
If you are unable to commit to the full TFIP programme, we offer a number of short courses that can help you upskill this year. Here’s the list of in demand tech courses that you can take at Vertical Institute:
Blockchain and Cryptocurrency Course
Conclusion
Thanks for reading this article, and I hope you found it useful to learn more about the TFIP by IBF. If you can’t commit to the full programme, Vertical Institute is your best option for taking in-demand tech courses with IBF-accredited certification in Singapore.
Here’s why VI is the best choice for you:
- Our courses are IBF-accredited/ ATO accredited, which means you can be sure that you’re getting a quality education.
- Our courses are taught by experienced industry professionals who can help you develop the skills you need to succeed in your career.
- Our courses are flexible and can be completed online or in person, so you can fit them around your busy schedule.
Here’s what our students have to say about our courses:
According to Luck Chew,
“Never think that learning coding, data and design without prior knowledge can be that easy until I met Vertical Institute! Kudus to the VI’ instructors & teaching assistants! The course fees were very affordable too (thank you skillsfuture)”
About Vertical Institute
Vertical Institute prepares individuals for the jobs of tomorrow. We specialise in teaching in-demand skills, building the next generation of changemakers and inventors through our world-class tech courses and certifications.
Singaporeans and PRs can receive up to 70% IBF Funding off their course fees with Vertical Institute. The remaining fees can be claimable with SkillsFuture Credits or NTUC UTAP Funding.
Data Analytics
Cybersecurity
Digital Marketing
Data Science
UX Design
Blockchain & Crypto
Advanced Data Analytics
