The Conference of Major Superannuation Funds (CMSF) will run a cadet program to fast track the development of future leaders in the not-for-profit super industry.
The program is backed by the Australian Council of Trade Unions (ACTU) and the Australian Institute of Superannuation Trustees and has the support of the Australian Industry Group.
David Whiteley, general manager at ACTU Member Connect, says the move is a proactive strategy to continue to build the quality of talent in the superannuation industry and to create another source of talent.
Advertising for candidates will start in late November or early December in major newspapers. The selection process and training will be run centrally through CMSF to ensure the program is cost effective.
Whiteley expects between 15 and 20 cadets to be offered one year positions at the participating funds, which will include corporate funds and public sector funds from across Australia.
“This will not be a graduate program. While we will also pick up graduates, we will not exclude people already working who didn’t have the opportunity to go to university,” he says.
The program will also include four weeks of formal classroom training, two weeks of distance training and a six week placement with a sponsoring organisation. Candidates will have to complete the PS146 and will walk away with a formal qualification from the program.
CMSF’s Mavis Robertson says the program will include mentoring from someone at a different super fund. “Quite a lot of experienced trustees have volunteered their services,’ she says. “We also hope that the cadets will become a group that helps each other and supports each other.”
CMSF manager Fiona Reynolds adds: “This is a pilot program, but we hope that it will become a regular thing. We will see how it goes, sort out any problems and see what can be improved. We will not necessarily run it every year but we may do it again in a couple of years time.
“This is about finding another group that is committed to building Australians’ retirement incomes and which does not see super as a cash cow to make their fortunes.”
The program is expected to start in February next year.
