Mr. Mana bin Mohamed AlKhamsan, CEO of the Financial Academy (TFA), has said that the financial training market size is projected to expand to nearly SAR 1 billion by 2026, while demand for training and professional certifications is expected to grow to 132,000 individuals by the same year. He cited a 2023 study on training in the financial services sector to back up his statements.

In a short documentary that offers an insight into TFA’s role in developing the capabilities of human resources within the Saudi financial sector, AlKhamsan noted that labor market skill requirements are evolving rapidly, especially in the financial services industry, so a great effort is needed to qualify human capital and close the skill gap.

“As per the World Economic Forum estimates, automation could displace 40% of jobs globally, which suggests that nearly half of current employees will need to upskill,” stated the CEO, advising the organizations to make significant investments in their workforce and redesign jobs to be more resilient to the ongoing change.

Elaborating on The Financial Academy’s role in supporting the Saudi financial sector directions as well as developing the capabilities of human resources, AlKhamsan said that TFA endeavors are spearheaded by an ambitious strategy grounded in four key pillars: leveraging the Academy's vast expertise, assessing industry-specific needs, staying aligned with partners’ strategic priorities, and keeping up with the emerging trends in human capital development.

“The Academy's strategy aims to build a diverse portfolio of training programs and professional certificates that is aligned with the financial sector's targets. It’s designed to ramp up human capital’s readiness for job roles, upgrade the organizations' internal capabilities and tools to support their strategic objectives, promote the culture of excellence and continuous learning, and guarantee financial sustainability."

The Financial Academy’s CEO also emphasized that TFA is committed to advancing cooperation with key strategic partners - such as Capital Market Authority (CMA), Saudi Central Bank (SAMA), and Insurance Authority (AI) - in addition to other clients and partners in the financial services sector, with a view to strengthening ties with stakeholders, understanding their needs and coming up with innovative solutions that help refine human competencies and talents.

Putting this in numbers, AlKhamsan unveiled that the Academy experienced considerable growth at all levels from the time of its most recent relaunch.

"Since The Financial Academy was declared as a government entity with an independent, legal and administrative status in 2020, it made significant strides, serving over 100,000 trainees, offering more than 5,500 training programs, facilitating exams for over 280,000 examinees, and organizing beyond 250 in-person and virtual events.”

Over 10 million beneficiaries have availed these efforts, with over 1,000 organizations impacted, he said, explaining that these figures are just the first fruits yielded by a vision that aspires to make TFA the top choice for all financial sector’s organizations and players seeking to improve the capabilities of their human capital."

Meanwhile, AlKhamsan shed light on new initiatives by The Financial Academy aimed to to advance the development of financial sector's human resources. He stated that specialized centers covering all industry subsectors have been launched. "Each center is tasked with analyzing a specific sector's professional needs and pitching the proper training solutions accordingly. For example, a training center for online sessions, and another for leaders and board members have been initiated."

He concluded that TFA will continue to offer specialized programs and international professional certificates at subsidized costs.

“The Academy will even expand the scope of its support by providing the financial sector with expert studies and reports that focus on the development of human capabilities.”

The Financial Academy (TFA) is an 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. TFA also develops and promotes best professional financial practices, targeting all components of the financial services sector including banking, finance, insurance and capital market.