Developing a qualifications structure for the finance services industry in Malaysia and beyond

Oct 15, 2026

Uploaded by Jasmine

The paper examines how qualifications structure and national qualifications frameworks can support lifelong learning and work-based recognition within the finance services industry. It outlines the rationale for developing a Finance Qualifications Structure (FQS) to integrate professional finance qualifications into a single harmonised model across Malaysia and beyond. The study highlights the Finance Accreditation Agency’s stakeholder engagement, consultation, and the central role of prior learning recognition to enable talent mobility and workforce development across Asia, the Middle East, Africa, and Europe.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages25

Reading Time1 h 3 min

AccessFree to download

Introduction

Lifelong learning and national qualifications frameworks

Role of recognition of prior learning (RPL)

Malaysian Qualifications Framework (MQF) context

Australian Journal of Adult Learning Volume 54, Number 3, November 2014 Developing a qualifications structure for the finance services industry in Malaysia and beyond Amat Taap Manshor Siong Choy Chong Finance Accreditation Agency, Malaysia Roslyn Cameron Curtin University, Australia The development of qualifications systems and frameworks assists in promoting lifelong learning and work-based recognition systems. Several nations in the Asian Pacific region have established national qualifications frameworks across their respective educational sectors (e.g., Australia, New Zealand, Hong Kong, Malaysia and the Philippines), whilst others have frameworks for specific educational sectors (e.g., Singapore and Thailand). Work is also underway to develop anASEAN Qualifications Reference Framework which“will enhance each country’s national qualification framework or qualification system while providing a mechanism to facilitate comparison and transparency”(ASEAN 2013: p. 2). However, academic-and vocational-based qualifications remain the primary emphasis of these frameworks. This paper focuses on the development of a Finance Qualifications Structure (FQS) and the crucial role this 344 Amat Taap Manshor, Siong Choy Chong & Roslyn Cameron will play in the development of human capital in the financial services industry (FSI) not only in Malaysia, but across Asia and beyond into the Middle East, African and European regions. The FQS aims to integrate and harmonise all the professional qualifications in the FSI into a single structure on the basis of FAA Learning Standards and FAA Recognition of Learning (RPL). Talent management and mobility in the FSI is a key concern as is the need to recognise the competencies of those who have been working in the sector for many years but may possess only professional but not academic qualifications. The paper is centred on the role played by the Finance Accreditation Agency (FAA) in developing the FQS through high levels of stakeholder engagement and consultation, both nationally and internationally and the important role played by the recognition of prior learning. The level of industry and stakeholder engagement in the development of the FQSand the importance of the FAA Recognition of Learning (FRL) have been outstanding features ofFAA’s activities and have been identified as key enablers by the International Labour Organization (ILO) for fostering effective lifelong policy and practice (Singh and Duvekot 2013). Keywords: Finance Qualifications Structure, learning standards, recognition of prior learning, national qualification frameworks, finance services industry, Malaysia. Introduction The concept of lifelong learning is becoming increasingly important in the Australian, Asian and Pacific regions where ‘globalization and economic integration are making learning and training policies even more important. It is now widely recognized that a well-trained workforce is the key to provide firms with a competitive edge. There is a clear need to equip workers with higher and different skills to enable them to adapt to accelerating technical and market changes’(ILO, 2004, p. iii). Policies of lifelong learning and national qualifications frameworks (NQFs) and systems are inextricably linked. In a report commissioned for the Asia-Pacific Economic Cooperation (APEC) Human Resources Development Working Group (HRDWG) on the mapping of qualification Developing a qualifications structure for the finance services industry in Malaysia and beyond 345 frameworks across APEC economies, the authors explicitly make this link between NQFs and lifelong learning: If backed by a good system of quality assurance, they can support the development of workers’ skills, facilitate educational and labour market mobility, and help improve the access of individuals to higher and different levels of education and training over their lives. Education and training providers and authorities are able to desi

FAQs

What is the main purpose of the proposed Finance Qualifications Structure (FQS)?

To integrate and harmonise professional qualifications in the finance services industry into a single structure based on learning standards and recognition of learning.

Why is recognition of prior learning (RPL) important in the paper’s argument?

It supports lifelong learning and recognition for individuals who have sector experience but may hold professional qualifications without academic ones.

Which organization plays a central role in developing the FQS?

The Finance Accreditation Agency (FAA) drives the FQS development through extensive stakeholder engagement, consultation, and prior learning recognition.

Oct 15, 2026

Uploaded by Jasmine