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Ministry of Finance

[MOF Summer Internship] Intern, Reserves & Investment

Ministry of Finance

Internship

Closing in 5 day(s)

What the role is

Applications for the Ministry of Finance (MOF) Summer Internship Programme are now open. As an MOF intern, you will gain valuable insights and contribute to projects that support national policy-making and shape the everyday lives of Singaporeans. Interns are required to commit at least 10 weeks between May to Aug 2025. MOF's Reserves & Investment Directorate is looking for undergraduates to undertake the following project(s). Note: You are welcome to apply for internships/projects with different MOF Directorates if the topics suit your interest and experience. If you are shortlisted, you will be invited to indicate your preferred project(s) prior to the selection interview. Applications close 21 Feb. Kindly note that only shortlisted candidates will be notified.

What you will be working on

Project #1: Review of sovereign asset and liability matching strategies • To conduct a literature review of how countries conduct sovereign asset and liability matching (SALM) The review can: a) Cover sovereign assets held for different purposes, such as those accumulated to meet pension obligations, official foreign reserves needs, as well as national savings; b) Highlight how other countries improve their asset/liability mismatches, such as those relating to cashflow, currency, interest rate composition; c) Identify practical challenges governments face, and d) Distil guiding principles and good practices. • To identify SALM strategies that could be useful in Singapore’s context. Project #2: Comparative analysis of Sovereign Wealth Funds (SWFs) and Pension Funds • To conduct a comparative analysis of the global sovereign wealth funds and pension funds. As part of this, to build a database that can be easily maintained, e.g., with an in-built webcrawler that will scan for and compile news articles or reports from reputable sources regarding SWFs and pension funds. • A successful candidate should have a desire to learn about the local and global financial landscape, the relationship between Government and SWFs/pension funds. A background in or willingness to learn any relevant coding language (e.g. Python or Java) to build the webcrawler will be advantageous. Project #3: Research on Credit Rating Agencies (CRAs) requirements and implications on companies • The main deliverable is a report that deep dives into the following: a) Credit Rating Agency requirements: - How do CRAs (i.e., S&P, Moody’s, Fitch) evaluate the credit risks of institutions in terms of methodology and metrics? - What are some key factors that are in the various CRAs rating framework? - What are the credit ratings scales used by major CRAs? What are some of the key differences? b) Implications of Credit Ratings: - How do different ratings impact institutions access to debt capital markets and cost of borrowings? - How do credit ratings influence market perception / investor confidence? - What are some trade-offs that institutions may face in maintaining credit ratings? c) Recommendations: - Propose a strategic framework for investment holding companies on managing and making decisions on their credit ratings. • A successful candidate should ideally have an interest to learn about the global Credit Rating landscape and its implications on companies.

What we are looking for

• Strong critical thinking and analytical skills. • Strong interpersonal, writing and communication skills. • Self-starter with the ability to work independently. • Ability to work in a dynamic and fast-paced environment. • Integrity and strong sense of national interest.

About Ministry of Finance

The Ministry of Finance (MOF) is responsible for managing Singapore’s fiscal policies and the structure of its economy. We work to maintain international standards and best practices in areas such as company law, accounting standards, and corporate governance principles. We aim to advance the well-being and development of Singapore by: • achieving a balanced budget through prudent and sustainable fiscal policies; • ensuring the prudent investment of the government's reserves and other public funds; • setting out policies for government procurement, customs regulation, accounting standards and business regulation; • fostering a regulatory environment conducive to business and enterprise; and • ensuring that businesses operating within Singapore's jurisdiction are compatible with international standards and practices, in areas such as company law, accounting standards and corporate governance principles.