The Singapore Management University’s (SMU) Lee Kong Chian School of Business (LKCSB) Master of Science in Wealth Management (MWM) programme is the first in Singapore to be IBF-accredited under the new 2018 IBF Standards for Wealth Management - Relationship Management (Private Banking).
Said Professor Francis Koh, Director, MSc in Wealth Management, Senior Adviser, Office of the President and Professor of Finance (Practice): “We are very happy to receive this accreditation from IBF, which is highly regarded by the financial industry. It demonstrates the high calibre of our School’s faculty and programmes, in addition to the deep network we have established with the industry. Accreditation reaffirms the strong value proposition offered to our students.”
Launched in 2004, the MWM programme is Asia’s first and only full-time master’s programme in wealth management. Offered by SMU LKCSB in close collaboration with eminent universities in the US and Switzerland, the programme equips graduates with global exposure and exceptional access to specialised knowledge, skills and experience.
The programme offers opportunities for first-hand working experience with wealth management professionals. Participants, without wealth management experience, are encouraged to take part in the internship programme to gain relevant experience and enhance their employability.
Designed in close consultation with the wealth management industry, the curriculum is regularly reviewed to reflect developments in the industry, by a Professional Review Curriculum Review panel chaired by Mr Tee Fong Seng.
Wealth has been growing in Asia in tandem with high economic progress. A large number of family offices have been set up in line with a surge in private wealth and a growing interest by the ultra-rich to actively manage their wealth in Asia.
Recognising such developments, the MWM programme has introduced new modules into its MWM programme to encompass the requisite competencies to thrive in such a business environment. They include Digital Skills, aimed at nurturing a digital mindset through an increased awareness of digital developments in the wealth management sphere; Advanced Wealth Planning, which zooms in succession planning for family businesses and establishment of family offices; Market Specialisation, which equip students to appreciate cultural sensitivities, unique client needs as well as the regulatory environment of the specific markets; as well as Cross Banking which provides clients with holistic solutions for their businesses and their families.
The MWM programme attracts a very international student population. Case in point, the 14th batch of MWM graduates in 2018 comprises 43 individuals from 12 countries across the world. To date, more than 600 participants have graduated from the programme, each moving on to benefit the organisations where they are employed.
Sylvia Lim, Executive Director (Desk Head) at UBS Singapore said, “I’ll never forget the experience in Yale. It’s a great learning experience, offering us deep learning and understanding of wealth management from another perspective in a different culture. The greatest takeaway for me, is the variety, the interaction, the experiences, which have deepened my understanding of wealth management. The programme has enhanced my knowledge, in more ways than I bargained for.”
“Wealth management as a practice is both an art as well as a science. The MSc in Wealth Management programme manages to meld the two by providing candidates not only with a strong footing in its technical aspects, but also the softer client skills required to excel in the field. The programme’s true value though, lies in its opportunities to meet and exchange ideas with lecturers, practitioners and classmates from diverse backgrounds. Anyone with an interest in wealth management will find this programme highly rewarding,” said Gabriel Wu from the MWM Class of 2018, an investment advisor with DBS Bank.
About the IBF Standards
The IBF Standards are a set of competency standards for financial skills, developed by the industry, for the industry. They form a comprehensive quality assurance framework with both an accreditation and a certification system.
Developed by the industry, the IBF Standards are benchmarked against international standards. They currently cover 12 industry segments in the financial sector.
About the MWM Programme
The Master of Science in Wealth Management (MWM) is ranked first in Asia and third in the world by Financial Times’ 2018 Masters in Finance post-experience ranking. It is a Master’s degree recognised professionally by the industry. Hosted by leading financial institutions who support this global programme, it incorporates a unique overseas experience in Switzerland and United States to learn from top practitioners and academics.
MWM is a 12-month full-time programme designed to meet the needs of both aspiring and seasoned wealth managers who wish to deepen their skills, knowledge and expertise. The modular structure allows professionals to pursue a Master’s degree while working; those without wealth management experience can embark on an internship to enhance their employability. The curriculum also incorporates relevant examinations and certification for private banking under the 2018 IBF Standards for Wealth Management - Relationship Management (Private Banking).
Upon completion of the MWM, participants will receive a Master’s degree from SMU, and be certificated by eminent universities in the US and Switzerland. Within just 12 months and across three continents, they would have studied in Asia, Europe and America. They would also have covered the contents needed to prepare them to sit for the Institute of Banking and Finance (IBF)’s Client Advisor Competency Standards (CACS) assessment. Students are eligible for the IBF certification in Wealth Management – Relationship Management (Private Banking) at Level 1 after passing of CACS assessment and completion of the required MWM courses.
Featured photo: SMU MWM class of 2018 at the University of St Gallen during their 1-week overseas experience in Switzerland.
