New OCBC initiative prepares poly grads for full-time banking and finance roles

SINGAPORE – Over the next three years, 500 polytechnic students will go through an accelerated banking and finance career programme, and transition to a full-time role in OCBC Bank after they graduate without a degree.

The bank launched the programme, known as OCBC Ignite, on June 12. It was designed in partnership with the five polytechnics in Singapore.

OCBC Ignite builds on the bank’s current 12-month tech internship programme with Ngee Ann Polytechnic and Temasek Polytechnic students. More than 70 students have completed this programme to date.

OCBC Ignite has two pathways.

For the tech pathway, the 18-month programme comprises a 12-month internship, which takes place during the polytechnic students’ final year of studies, and a six-month full-time apprenticeship after they graduate.

For the business pathway, the polytechnic students have a six-month internship during their final year of studies and a 12-month apprenticeship after graduation.

Upon successful completion of the programme, participants will be fast-tracked to become an assistant manager, which is the equivalent rank of a fresh university graduate starting out at the bank.

“Why do we choose a career in banking and finance? Working in this industry allows you to help people grow their hard-earned savings,” said Mr Alvin Tan, Minister of State for Culture, Community and Youth, and Trade and Industry.

Speaking at the programme’s launch, he added: “Your work will help students get an education, help people build a house or a family, and also help small and (medium-sized) enterprises sell their goods.”

Republic Polytechnic business student Toh Ci En, 18, said she became interested in financial literacy after she finished her O-level examinations.

“I realised how important it is to learn about investments and how to grow your money, which drew me to want to pursue a career in the finance industry,” said Ci En, who is in her second year in the polytechnic.

Ci En, who was present at the launch event and is interested in applying for OCBC Ignite, hopes the programme can build her industry knowledge and experience as her business diploma is more general.

Interested applicants will be given a problem statement to solve, said Ms Lee Hwee Boon, OCBC’s head of human resources. “We are looking out for creativity and innovation in the applicants – we are not really looking at grades.”

The application period for the banking and finance career acceleration programme is still being worked out with the respective polytechnics, according to OCBC.

The Government launched the Polytechnic Talent for Finance Scheme in 2023 to increase the number of polytechnic graduates in full-time permanent jobs in the financial sector by more than 80 per cent – from about 160 in 2021 to at least 300 by 2025. The scheme is administered by the Institute of Banking and Finance.

According to a survey jointly conducted by the polytechnics in 2021, only 3 per cent of graduates joined the financial sector in full-time permanent roles upon graduation.