FAQs

Frequently Asked Questions (FAQs) for Individual Learners, Companies and Enhanced IBF-STS and FTS Funding Schemes and IBF Credit for Individuals

Can I transfer my programme course to my friend?
  • For self-sponsored participants

We do not accept transfer of seat.

  • For employer-sponsored participants

Transfer can be requested if the new participant is also sponsored by the same employer. The request is subject to the employer’s and SIM PDEL’s approval.

Any request for transfer is to be put in writing to SIM PDEL.

How can I request for refund or cancel my programme course?

A place will be reserved for you upon receipt of your web registration. Please inform us in writing of any change (withdrawal or postponement) in your registration 14 days prior to commencement of programme, after which 25% of course fee will be chargeable. If no notification is received by commencement date, the full course fee will be charged. If notice of withdrawal or postponement is given in writing:

  • 100% refund for written notification 14 days before commencement
  • 75% refund for written notification within 14 days before commencement
  • After commencement / No show - No refund
Am I eligible for SkillsFuture Singapore Funding?
  • For self-sponsored participants

Must be Singapore Citizen or Singapore Permanent Resident. Aged 21 years and above

  • For employer-sponsored participants

Must be Singapore Citizen or Permanent Resident of Singapore and must be employed by companies in accordance to the Employment Act except for sole proprietors, partners, working directors, members of co-operatives or commission-based agents.

For full details on SkillsFuture Credit and funded programmes, please refer here

Can I sign up for SIM membership to enjoy the discounted rate?

Non-members are welcome to sign up for SIM membership to enjoy the discounted rate. To sign up for SIM Membership, please visit https://simsociety.sg/, email membership@sim.edu.sg or call 6248 9489.

I am a SUSS graduate, am I considered as SIM member?

SUSS graduates are welcome to join SIM Society as a member. As an SIM Society member, you will enjoy special rates at membership and interest groups activities plus membership benefits and privileges. Do visit https://simsociety.sg/ for more information.

Where can I obtain the course payment receipt?

The payee will receive an official receipt at no charge upon receipt of course fees payment; however, any subsequent request will be chargeable at $5.35 inclusive of GST.

Can I have the Executive Education Programmes conducted exclusively for my company?

We can organise the courses exclusively for your company based on your preferred timings and specific needs. Please contact us at exec@sim.edu.sg or call (65) 6248 6746 for a discussion.

Can I have training programmes designed specifically for my company?

Absolutely. We can partner with you every step of the way, from identifying your most critical employee skill gaps to designing the programme structures and format. This will ensure you get the maximum ROI from your Learning & Development Programmes. Please contact us at (65) 6248 5899 or email corporate@sim.edu.sg for a non-obligatory consultation.

What is the IBF Standards Training Scheme and Financial Training Scheme?

The IBF Standards Training Scheme ("IBF-STS") provides course fee subsidies to eligible company-sponsored individuals and self-sponsored individuals who complete training and assessment courses accredited under the Skills Framework for Financial Services.

The Financial Training Scheme ("FTS") provides course fee subsidies to eligible company-sponsored individuals who complete financial sector-specific training courses recognized under FTS.

Why are course fee subsidies being enhanced?

The enhanced course fee subsidies are part of MAS’ support package to sustain and strengthen capabilities in the financial services and FinTech sectors amid the current economic slump. This will help to position financial institutions (FIs) and FinTech firms for stronger growth when the threat of COVID-19 recedes and economic activity normalises.

How have the IBF Standards Training Scheme (“IBF-STS”) and Financial Training Scheme (“FTS”) been enhanced?

Course fee subsidies for courses recognised under the IBF-STS and FTS will be increased from 70% and 50% respectively to 90%, subject to the prevailing grant cap.

What is the IBF Credit?

The IBF Credit is a 5% course fee support that IBF will provide to eligible company-sponsored individuals and self-sponsored individuals on top of the enhanced course fee subsidies for courses recognised under the IBF Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS), subject to the prevailing grant cap.

Who is eligible for the enhanced course fee subsidy and the IBF Credit?

Singapore Citizens and Singapore Permanent Residents who are physically based in Singapore are eligible for the enhanced course fee subsidies and IBF Credit.

Self-sponsored individuals are only eligible for the enhanced course fee subsidies and the IBF Credit for courses under the IBF Standards Training Scheme (“IBF-STS”). Self-sponsored individuals are not eligible for course fee subsidies and the IBF Credit for courses under the Financial Training Scheme (“FTS”).

Company-sponsored individuals are eligible for the enhanced course fee subsidies and the IBF Credit for courses under the IBF-STS or FTS.

To qualify for IBF-STS or FTS funding, participants must successfully complete the IBF recognised courses1 (including passing the relevant assessments, where applicable).

Where can I find training courses that have been recognised under the IBF Standards Training Scheme (“IBF-STS”) and Financial Training Scheme (“FTS”)?

Please refer to the IBF Programme Finder for the list of courses that have been recognised under IBF-STS and FTS.

When will the enhanced course fee subsidy take effect and for how long will the enhanced course fee subsidy be made available?

The enhanced course fee subsidies will apply to IBF recognised courses that commence on or after 8 April 2020, up to 31 December 2021, and are completed no later than 31 March 2022.

When will the IBF Credit take effect and for how long will it be made available?

The IBF Credit will apply to IBF recognised courses that commence on or after 8 April 2020, up to 31 December 2020, and are completed no later than 31 March 2021.

IBF Standards Training Scheme (“IBF-STS”)

  Current Funding Support 

Enhanced Funding Support
(NEW)

Effective Date
  • Course commencing before 8 April 2020
  • Course commencing from 8 April 2020 to 31 December 2020 (Advanced Disbursement Period)
  • Course commencing from 1 January 2021 to 31 December 2021
Funding Quantum 
  • 70% of direct training costs for Singapore Citizen below 40 years old and all Permanent Residents
  • 90% of direct training costs for Singapore Citizen aged 40 years old and above
  • Raised funding support to 90% of direct training cost for all Singapore Citizen and Permanent Residents
IBF Credit
  • Not applicable 
  • 5% course fee support
  • Not applicable
Grant Cap S$7,000 per participant per course
Eligible Participants  All Singapore Citizens and Permanent Residents

 

Financial Training Scheme (“FTS”)

  Current Funding Support 

Enhanced Funding Support

(NEW)

Effective Date
  • Course commencing before 8 April 2020
  • Course commencing from 8 April 2020 to 31 December 2020 (Advanced Disbursement Period)
  • Course commencing from 1 January 2021 to 31 December 2021
Funding Quantum 
  • 50% of direct training costs for Singapore Citizen below 40 years old and all Permanent Residents
  • 90% of direct training costs for Singapore Citizen aged 40 years old and above
  • Raised funding support to 90% of direct training cost for all Singapore Citizen and Permanent Residents
IBF Credit
  • Not applicable 
  • 5% course fee support
  • Not applicable
Grant Cap S$2,000 per participant per course
Eligible Participants  All Singapore Citizens and Permanent Residents sponsored by financial institutions and eligible FinTech firms

 

How will the enhanced IBF-STS and FTS funding schemes and IBF Credit be administered?

Eligible company-sponsored and self-sponsored individuals will be required to pay course fees net of enhanced course fee subsidies and the IBF Credit, subject to the prevailing grant cap.

Illustration 1 (Funding support within grant cap)
IBF STS Course Fee  $ 2,500
Enhanced course fee subsidy (90%), subject to prevailing $7,000 grant cap $ 2,250
IBF Credit (5%) $ 125
Course Fee Payable $ 125

 

Illustration 2 (Funding support exceed grant cap)
IBF STS Course Fee  $ 10,000
Enhanced course fee subsidy (90%), subject to prevailing $7,000 grant cap $ 7,000
IBF Credit (5%) $   -
Course Fee Payable $ 3,000
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