Eight years after it was launched, the Financial Industry Competency Standards (FICS) framework will be revamped following a year-long review conducted by the Institute of Banking and Finance (IBF). The move will see FICS certification streamlined to just four levels, down from the current six. Also, fresh graduates and career switchers with no prior experience in the financial sector can be certified under FICS so long as they undergo foundation training and assessments. Announcing these and other plans on Tuesday night, Monetary Authority of Singapore (MAS) board member Lawrence Wong spoke of the importance of growing a "strong core" of homegrown financial specialists and leaders. Mr Wong also shared that SMU, in partnership with MAS and the Infocomm Development Authority of Singapore, will develop a new Financial IT Academy@SMU. This academy will develop structured training for IT professionals that will equip them with technology, software and systems skills.