SINGAPORE - Aspiring fund managers will have a better chance to gain a foothold in the competitive industry, thanks to a new programme offering scholarships and internships.
The scheme launched yesterday is a collaboration between Nanyang Polytechnic (NYP) and financial institution State Street Corporation.
It will offer four fully-funded scholarships and eight internships a year to students in a bid to boost the fund management sector.
Students require O-level qualifications and have to be enrolled in the diploma in fund management and administration course at NYP's School of Business Management.
The scholarships, worth $8,000 each, will cover their three-year course at NYP.
NYP and the United States-based State Street, which provides financial services to institutional investors, will each contribute half the funding.
Eight students will have the chance to undertake internships at State Street for six months during their third and final year of studies.
Ms Lim Yin Kai and Mr Zhang Ke Ran, both Year Two students in the NYP course, are among the first group of students who will start internships at State Street's Singapore office in March.
Mr Zhang, 20, said: "We were quite shocked when we found out we were selected. This will be an eye-opening experience for us as they are one of the giants in the industry. What we will get from this experience is something that we will never get from the regular type of internship."
Ms Lim, 18, added that the typical internship for students in the course would be at a local bank.
She hopes to get an in-depth look into the fund management industry during her six months at State Street.
Mr Henry Heng, senior director of NYP's School of Business Management, said at the launch: "During the internship, our students will gain high-quality real- life work experience in fund accounting and custody operations, as they will be mentored by practitioners who are the subject matter experts."
He also noted that there are more than 260 fund management companies in Singapore.
Data from a new Monetary Authority of Singapore survey showed that the demand for investment professionals and fund administrators is growing at an annual rate of 6 per cent on average, he added.
"The future of our graduates from the diploma in fund management and administration continues to be very bright."
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