Understanding the FICS Framework and its Key Components
1. Job Family
Job Families used in the FICS framework refer to occupational groups or clusters of closely-related occupations or jobs that capture the essence of an underlying business function. For example, The Life / General Insurance industry segment will have Job Families such as ‘Claims Handling' and ‘Underwriting' while the Financial Market industry segment will have Job Families such as ‘Trading' and ‘Research'.
2. Job Roles
For the FICS framework, competencies and their related certifications will be based on job roles rather than on job titles. Job roles will capture the essence of what must be done and how it should be done to achieve the required level of performance, and more importantly, the use of roles allows for overlap in responsibilities. Job titles on the other hand, tend to be narrowly defined and vary widely across organisations.
The range and context in which the various job roles are performed can differ within a particular segment or job family. These can be classified into two broad work contexts:
• Job Role I / II / III – In an environment that comprises largely routine, procedural and non-complex work activities with limited personal autonomy, accountability and supervisory responsibilities.
• Job Role IV / V / VI – In an environment that comprises largely non-routine, unpredictable and complex work activities with personal autonomy, accountability and supervisory responsibilities.
It should be noted that not all six job roles will be used. Each job family or segment will apply only the range of job roles relevant to that job family or segment. Broad guidelines for the six job roles are set out in Appendix 1: Guidelines on Roles and Responsibilities . The progressive scale of the job roles under the FICS framework also takes into account the role of a Specialist with management responsibilities. Such a role will be categorized as Job Role V according to the guidelines.
3. Competency Type
The FICS framework adopts two broad categories or types of competencies, namely Technical (Occupational) and Technical (Industry) Competencies.
a. Technical (Occupational) Competency
Occupational competencies refer to competencies that are very specific to a particular job role. It includes primarily knowledge and skills required to perform a particular job or occupation.
However, it may also include unique intellectual competencies or personal attributes if they are considered core competencies required to perform that particular occupation or role. As an illustration, the occupational competencies required of a trader in the financial markets industry segment will be distinct from that required of a private banker in the wealth management industry segment.
b. Technical (Industry) Competency
Technical competencies refer to technical or job-related capabilities in performing a specific job. Industry competencies refer to the common competencies relevant across jobs within the industry. Some examples of this type of competencies are:
• Knowledge of legal and regulatory systems and requirements
• Industry Code of Ethics / Conduct
4. Competency Unit
A Competency Unit refers to a cluster of broadly-related job functions / processes or capabilities for technical competencies and related behaviours or traits demonstrated for generic competencies. Each unit has its corresponding degree of competency for a particular experience level.
5. Competency Element
Competency Elements are sub-divisions of a competency unit which describe a work activity or a behavioural demonstration that makes up a Competency Unit. A few Competency Elements is grouped together under one Competency Unit.
6. Degree of Competency
For common competency units across various job roles, the degree of competency provides some measure to distinguish the standards expected between a junior role and more senior roles. For instance, for a common unit of competency such as product knowledge, the depth and breadth of knowledge expected of a junior job role will be less than that of a senior job role.
The two broad work contexts that different degrees of competency are to be demonstrated as set out below:
• An environment that comprises only non-routine, unpredictable and complex work activities.
• An environment that comprises only routine, procedural and non-complex work activities.
Broad definitions of the six degrees of competency are set out in Appendix 2: Definitions on Degrees of Competency .
Note: The degrees of competency are not intended to be perfectly matched to a particular job role. For instance, while a Job Role VI Business Unit Head operates in a largely non-routine, unpredictable and complex work context, a core competency unit for that role may involve a routine activity. In this case, the appropriate degree of competency for that routine activity will be Degree 3.
7. Performance Criteria
Performance Criteria states what has to be achieved, in precise qualitative terminologies, in order to meet the requirements of the competency unit and its elements through a series of sub-tasks which is indicative of the performance.
8. Range and Context
Range and Context provides an overview of the type of contexts or circumstances in which the performance criteria applies. It gives further references to the specific areas or terms highlighted in the Performance Criteria, such as ‘type of customers', ‘range of products' and the ‘process' concerned.
9. Certification Reference Table
Certification Reference Table provides information to the candidate, training provider and/or assessment service provider on the:
• Types of job roles available within the particular job family
• Responsibilities of each job role
• Competency units applicable for each job role
• Certification requirements
• Recertification requirements
For Certification Requirements, in addition to obtaining all Statements of Attainment (passing all competency units), and having the minimum number of years of relevant working experience, we have also set the requirement for a minimum of one-year experience in a job-related role in order to be awarded an Industry Certification.
This one-year job role-related experience does not prevent candidates from passing their competency assessments. Rather, it is to ensure that candidates possess the appropriate professional work experience prior to using his professional designation.
10. Assessment Matrix
Assessment Matrix provides information to the candidate and/or assessment service provider on the:
This matrix shows the combination of assessment methodologies that could be used to address both the knowledge-dominant and skills-dominant competency units of a job role. The assessment is against a set of prescribed competency units or standards and implies that assessors judge candidates on what they know and actually do in absolute terms rather than relative to the performance of other candidates. A key outcome of this process is the collection and evaluation of the evidence of performance.
a. Recommended Assessment Methodology
The recommended assessment methodology is intended as reference for assessment service providers in developing their assessment programmes. Written Test or Examination is recommended for more knowledge-dominant competencies while Individual assessment is for more skills-dominant competencies.
b. Assessment Instruments
Assessment Instruments refer to the means of gathering valid, reliable and sufficient evidence to support the demonstration of a competency in accordance with the performance criteria.
c. Evidence Sources
Evidence Sources are supporting information to guide Assessors in identifying the types of documentary evidence or observable work activities / behaviours through which proof of “competent” against respective competency unit can be obtained. Examples of evidence sources applicable to the wealth management industry segment may include income tax or salary records, loan documents, title deeds, Memorandum & Articles and financial statements.
11. Curriculum and Learning Outcomes Table
The table identifies the scope of knowledge and skills required for a candidate to demonstrate competence in the specific work activity. Reference can also be made to the Range and Context developed for the competency unit where applicable Learning Outcomes are statements that specify what the candidate is expected to be able to do upon completion of the programme. Typically, each learning outcome statement begins with the phrase "The candidate should be able to…"
In developing the curriculum, financial training providers should refer to learning outcome statements to ascertain the depth and breadth of the training coverage expected of the programme. As for assessment service providers, they could also refer to the learning outcome statements as a guide, for example.