Why we chose SMU… again

While the trend of lifelong learning experienced a recent uptick due to digital disruption and economic upheavals, education has long been a continuous investment in personal growth.

The current recipients of the inaugural SMU Wealth Management Talent Development (MWM) Scholarship not only personify the values of constant upskilling, but they also are alumni of the University: Toto Tanuwidjaja is a Master of Science in Applied Finance (MAF) alumnus and Wealth Planning Manager at Citibank; Keeve Tan is an MBA alumnus and Head of Futures, FX & CFD at OCBC Securities; while Jaclyn Kaur is a Bachelor of Social Science graduate and Private Banker with Indosuez Wealth Management.

The bond-free scholarship aims to build a pipeline of mid-career financial professionals for the wealth management industry. A first of its kind in Asia, the MWM programme is designed in close consultation with the wealth management industry, with a curriculum that is regularly reviewed to reflect industry developments to stay up-to-date with industry needs. We speak with the MWM Talent Development scholars on why they have chosen SMU again to further their capabilities and the opportunities they foresee in this fast-growing industry.

Opportunities in crisis

While some may further their studies to fuel a career change, others like the MWM scholars are already leaders in the industry who aim to improve their overall capability, strengthen their competitiveness in the job market and ensure that their skills are up-to-date to enhance their competencies in a post-Covid world.

Toto, for one, admits that an MWM degree has always been on his bucket list of professional goals but was unable to return to school due to frequent business travel. He also felt that continuing one’s studies amid a successful career entailed an opportunity cost — that of potentially missing out on specific deals or clocking much-needed face time with clients.

“Then the pandemic arrived, and in crisis, opportunities often appear,” says Toto, currently in charge of the Indonesian market. “Due to travel restrictions, my business travels were curtailed, and I found the time I previously did not have to commit to the MWM programme.”

Similarly, Keeve has spent 14 years in the finance industry without a break from his career, even during his MBA programme completed in 2018. A year into the pandemic, he realised that the situation would not change any time soon and decided to utilise the extra time he had to complete another postgraduate degree. As such, he regards the MWM programme as a welcome change in pace — although he admits that juggling work, family life and studies are still very much a challenge.

He also is not the only MWM student who is grappling with balancing career ambitions with parental responsibilities. Jaclyn is a mother of two young children who admits to having neglected her personal learning goals during a decade-long banking career in a bid to focus on work and family commitments. However, she wanted to equip herself with the right soft skills and domain knowledge to up her game in a fast-changing industry and to be able to handle the ever-changing needs of her Ultra- and Very-Ultra-High-Net-Worth (VUHNW) clients.

“As a woman in the usually male-dominated wealth management industry, attaining my Master’s would allow me to break into management roles,” remarks Jaclyn, whose favourite quote is by Steve Jobs — “Stay hungry. Stay foolish.”

“I want to be able to empower other full-time working mothers who are walking along the same path, especially since I’ve had to work my way up from the bottom in retail banking to my current role as a private banker.”

Back to SMU roots

The MWM programme is the second SMU Master’s degree for Toto and Keeve. They share how the unique interactive pedagogy and small seminar-style classes were memorable experiences that ignited their passion for learning. Furthermore, Toto recalls the opportunity to assist Professor Benedict Koh in his research on the investment patterns in Singapore’s CPF system during his time in the MAF programme: “This experience has changed my attitude towards education from learning for the sake of a paper certificate, to learning for the passion of acquiring knowledge and applying it.”

An engaging higher education experience should also constantly challenge students and ready them for a competitive future. Jaclyn remembers being pushed to think outside the box during her undergraduate studies, be confident in articulating her ideas and support her beliefs and passion. Thanks to supportive and inclusive campus culture, the three students note that an SMU education encourages diversity and opportunities to learn from one another openly.

“In addition, the professors have strong industry experiences to share,” says Jaclyn. At the same time, Keeve, who oversees 40 staff at OCBC, benefited from the melting pot of mid-career MBA students, all of whom had different paths that provided real-world lessons for the entire cohort.

Powering through a pandemic
A critical difference between the alumni’s previous SMU journeys and the current MWM programme is the experience of studying and managing their professional commitments during a pandemic.

Keeve was pleasantly surprised at how the exam process was conducted smoothly, while revealing that the professors took great pains to ensure students were genuinely engaged during this period. For example, MWM Academic Director and Assistant Professor Mandy Tham spent hours chatting with him about the private banking industry over coffee. She even offered to introduce to him some of her senior banker contacts in the industry. With travel restrictions easing, the students are also looking forward to the overseas study block visits to the University of St Gallen in Switzerland and Yale University in the US to learn about private banking and alternative investments and visit private banks and investment companies. 

The three scholars also reveal that the pandemic has created a lot of uncertainty in the banking industry and accelerated the adoption of technological tools. As Keeve adds: “With the proliferation of technology in finance, financial professionals should work on doing right by their clients and deepen their trust and bond — which will always be the cornerstones of wealth management.”

Moreover, the needs of the UNHW and VUHNW are changing at a fast pace, adds Jaclyn, and the role of a competent financial professional is all the more essential to navigate the economic volatility from global events. The newly affluent demographic is also getting younger and accumulates wealth at a seemingly breakneck speed. At the same time, the sudden rise in family offices based in Singapore has intensified the competition among wealth management specialists. Combining such factors has created a challenging environment, rife with disruption and room for dramatic growth.

“Despite the gloom we continue to read about in the media, the pandemic has further highlighted Singapore’s strong brand name,” observes Toto.

“I will not be surprised if the pandemic has accelerated Singapore’s drive to become the premier global centre of wealth management. In a crisis, opportunities will often appear, especially to those who are prepared. We should be ready to seize them.”