If professionals in the fast-changing finance industry do not continually upgrade their skills, they will lose their edge in what is a ferociously competitive sector. That was the message from Mr Lawrence Wong, the Acting Minister for Culture, Community and Youth, who told an awards dinner on Tuesday that the changing financial landscape with more complex products meant a demand for more skilled professionals. In his speech, Mr Wong highlighted the plans which the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) are putting in place to raise standards in the financial industry. The initiatives involve three prongs - beefing up the Financial Industry Competency Standards (FICS) framework, developing structured training for information technology employees and improving the training landscape. Fresh graduates and mid-career hires with no prior experience in the financial sector will be able to get certified under the FICS once they have undergone training and assessments, noted Mr Wong. IBF will work with the Financial Training Institute@SMU, the International Compliance Training Academy, the Wealth Management Institute, and the Swiss Asia Banking School to provide this training.