Believing human capital drives KSA Vision 2030, the Financial Academy strengthens the financial sector’s workforce. With an ambitious strategy and growth plan, it adapts to global changes, enhancing skills to meet demand in a dynamic financial industry.
KSA Vision 2030 places significant emphasis on leveraging human potential to achieve its ambitious objectives. Central to this vision is the development of human capabilities, a cornerstone for realizing these goals. In alignment with this mission, the Financial Academy (FA) was founded as part of the Financial Sector Development Program (FSDP), with a strategic focus on nurturing the human capital within the financial sector to keep pace with the global evolution of financial services.
The Financial Academy’s strategy focuses on creating a diverse range of training programs and professional certifications aligned with the objectives of the financial sector. This approach aims to enhance the readiness of human capital for various roles, strengthen organizational capabilities, promote a culture of excellence and lifelong learning, and ensure sustainable financial growth.
Since its establishment as an independent government entity in 2020, the Financial Academy has made significant strides, serving over 100,000 trainees, offering more than 5,500 training programs, facilitating exams for over 280,000 participants, and organizing over 250 in-person and virtual events. These efforts have reached more than 10 million beneficiaries, with over 1,000 organizations impacted.
A 2023 study on the financial sector’s future training needs projects the financial training market in Saudi Arabia to reach nearly SAR 1 billion by 2026, with the demand for training and professional certifications expected to grow to 132,000 individuals by the same year.
As the financial services industry rapidly evolves, the skillsets required by the labor market are also shifting. According to the World Economic Forum, automation could replace 40% of jobs globally, meaning that nearly half of the current workforce will need to upskill. Organizations must take proactive steps to invest in their workforce and reimagine job structures to adapt to these changes.
In response to these challenges, the Financial Academy is committed to supporting the Saudi financial sector by enhancing the capabilities of its human resources. This commitment is driven by a strategic plan grounded in four key pillars: leveraging extensive industry experience, assessing sector-specific needs, staying aligned with partners’ strategic priorities, and keeping abreast of the latest trends in human capital development.
To address industry-specific needs, the FA has established specialized centers covering various financial subsectors. Each center is responsible for analyzing sector-specific requirements and proposing targeted training solutions. For instance, centers dedicated to online training sessions and leadership development have been introduced. The Academy remains dedicated to offering specialized training programs and internationally recognized certifications at subsidized rates. Additionally, it plans to extend its support to the sector by providing expert studies and reports focused on human capability development.
The Financial Academy (FA) is a Saudi government entity with an independent, legal and administrative status. It is organizationally located under the Chairman of the Board of the Capital Market Authority (CMA). The Academy is mainly focused on qualifying the financial sector’s human capital, including senior managers and board members, by advancing their knowledge, capabilities, skills and culture. The FA also develops and promotes best professional financial practices, targeting all components of the financial services sector including banking, finance, insurance and capital market.
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