The FAA Learning Standards are a reference suite for training providers, financial institutions and individuals within the financial services industry to identify learning needs and develop learning programmes. The six sectors covered in the FAA Learning Standards are Islamic Banking, Islamic Capital Market, Takaful, Conventional Banking, Capital Market and Insurance. Within these six sectors, there are 56 disciplines that FAA has developed in-depth learning standards for.

The FAA Learning Standards were developed in response to a need for a benchmark in the design, development and delivery of professional learning programmes within the financial services industry.

One of the main issues with professional learning and development is the mismatch between the knowledge competencies the industry needs and what is being provided. The FAA Learning Standards provide a means to bridge this gap by incorporating input directly from industry and translating it into learning outcomes.

Who are the standards for?

  • Human Resource and Learning departments of financial institutions
  • Training providers that cater to financial institutions
  • Professional bodies that administer certifications

How can the standards be used?

  • A useful reference when developing learning programmes
  • A practical tool to determine learning needs required of employees
  • A clear guide to assess the portfolios of third-party training providers

How were the standards developed?

  • The FAA Learning Standards were developed in consultation with industry and subject matter experts from global financial centres. To ensure their rigour and relevance across borders and jurisdictions, the FAA Learning Standards were developed based on internationally benchmarked industry practices and moderated by industry professionals, technical experts and leading academics.
Sector FLS Level
Banking
Credit for Business Banking
L1, L2, L3, L4, L5
Credit for Retail Banking L1, L2, L3
Treasury L1, L2, L3, L4
Trade Finance L1, L2
Fundamentals of Risk Management L1, L2
Operational Risk Management L3
Market Risk Management L3, L4
Credit Risk Management L3, L4
Internal Audit L1, L2, L3, L4
Compliance L1, L2, L3, L4
Sector FLS Level
Islamic Banking
Shariah Principles and Practices (Generic)
L1
Shariah Principle and Practices L2
Credit for Business Banking L1, L2, L3, L4, L5
Credit for Retail Banking L1, L2, L3
Treasury L1, L2, L3, L4
Trade Finance L1, L2
Fundamental Risk Management L1, L2
Operational Risk Management L3, L4
Market Risk Management L1, L2, L3, L4
Credit Risk Management L1, L2, L3, L4
Internal Audit L1, L2, L3, L4
Compliance L1,L2,L3, L4
Sector FLS Level
Insurance
Claims (Life & General)
L1, L2, L3, L4, L5, L6
Underwriting (Life & General) L1, L2, L3, L4, L5, L6
Marketing and Sales L1, L2, L3, L4
Risk Management L1, L2, L3, L4
Internal Audit L1, L2, L3, L4
Compliance L1, L2, L3, L4
Sector FLS Level
Takaful
Shariah
L1, L2, L3
Claims (Life & General) L1, L2, L3, L4, L5, L6
Underwriting (Life & General) L1, L2, L3, L4, L5, L6
Marketing and Sales L1, L2, L3, L4
Risk Management L1, L2, L3, L4
Internal Audit L1, L2, L3, L4
Compliance L1, L2, L3, L4
Sector FLS Level
Capital Market
Investment Analysis: Listed Equity
L1, L2, L3, L4, L5, L6
Investment Analysis: Private Equity L1, L2, L3, L4, L5, L6
Investment Analysis: Derivatives L1, L2, L3, L4, L5, L6
Investment Analysis: Fixed Income L1, L2, L3, L4, L5, L6
Internal Audit L1, L2, L3, L4
Investment Dealing: Listed Equity L1, L2, L3, L4, L5, L6
Investment Dealing: Derivatives L1, L2, L3, L4, L5, L6
Investment Dealing: Fixed Income L1, L2, L3, L4, L5, L6
Portfolio Management: Listed Equity L1, L2, L3, L4, L5, L6
Portfolio Management: Private Equity L1, L2, L3, L4, L5, L6
Portfolio Management: Derivatives L1, L2, L3, L4, L5, L6
Portfolio Management: Fixed Income L1, L2, L3, L4, L5, L6
Financial Planning & Wealth Management L1, L2, L3, L4, L5, L6
Investment Banking: Treasury L1, L2, L3, L4, L5, L6
Investment Banking: Corporate Finance & Debt Capital Market L1, L2, L3, L4, L5, L6
Exchange-Related Activities L1, L2, L3, L4, L5, L6
Internal Audit L1, L2, L3, L4
Compliance L1, L2, L3, L4
Sector FLS Level
Islamic Capital Markets
Islamic Financial Planning and Wealth Management
L1, L2, L3, L4, L5
Islamic Capital Market L1, L2, L3, L4, L5
Internal Audit L1, L2, L3, L4
Compliance L1, L2, L3, L4

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