Today, the Financial Academy (FA) launched its new strategy for the years 2024-2026, in an introductory meeting attended by a number of human capital, academies, and training and development leaders operating in the financial sector. This new strategy aims to develop human capabilities through providing training programs, certificates, and innovative solutions specifically designed to meet the changing needs of the financial sector.

In this introductory meeting, the strategy reviewed the most prominent results of the study of the reality of training in the financial sector, as the size of the training market in the financial sector is expected to grow to about one billion riyals by 2026, and the target audience for training and professional certificates in the sector is anticipated to grow to 132 thousand professisonals, while the strategy aims to qualify more than 37 thousand of the financial sector’s employees.

The CEO of the Financial Academy, Mr. Mana Al-Khamsan, explained that the new strategy aims to build a diverse portfolio of training programs and professional certificates that are compatible with the financial sector’s trends, enhance the readiness of human resources for job roles, and also work to improve internal capabilities and tools to support the strategic direction and spread a culture of excellence, continuous learning and ensuring financial sustainability.

Al-Khamsan stated that the FA has been keen in this project since its inception to activate the role of partnership with its financial institution partners in the financial sector, in order to strengthen relations with stakeholders, understand their needs, and encourage innovative solutions that contribute to developing human competencies and enhancing their skills.

The CEO pointed out that this strategy is consistent with the requirements of the financial sector and the growth witnessed by the Kingdom, and its formulation is based on four main pillars that constitute the general landscape of the field of training and specialized professional certificates. These pillars are the expertise of the Financial Academy, analysis of professional needs within the financial sector, consideration of renewable strategies of our stakeholders, and finally analysis of emerging trends in the field of human capital development.

He clarified that the Academy has taken important steps to support the progress of the financial sector in the Kingdom, by establishing special centers for each of the sub-sectors in the financial sector. Each center is concerned with analyzing the professional needs and providing appropriate training and development solutions for each sector. A specialized center for electronic training and a training center for leaders and board members have also been established.

Al-Khamsan stressed that the Academy was keen to further activate the role of financial institutions in the financial sector, as it formed an advisory committee from the banking sector, represented by a number of experts and specialists from bank employees, concerned with the assessment of the training and development solutions provided to professionals in the banking sector. As this year commenced, after gaining invaluable experience, the FA initiated formation of advisory committees for other sectors.

He emphasized that the Academy, with the support of the Saudi Central Bank and the Capital Market Authority (CMA), continues to provide support for the costs of specialized programs and international professional certificates, in addition to expanding the scope of support, including providing the financial sector with specialized studies and reports in the field of human capacity development.

It is noteworthy that the Financial Academy is an independent legal and administrative entity that is organizationally linked to the Chairman of the Board of the Capital Market Authority. The FA aims to qualifying, developing and enhancing human resources in the financial sector, by developing the knowledge, catpabilities, skills and culture of its employees, including managerial leaders and members of the Board of Directors in the sector’s establishments. It also contributes to the development and promotion of best professional practices related to the sector, targeting all sub-sectors in the financial sector, i.e. banking, finance, insurance, and the financial market.