6,500 jobs in Singapore's financial sector: Randstad industry outlook
According to the recently released Banking and Financial Services 2021 2H candidate outlook report by Randstad Singapore, the financial services industry, despite the pandemic, is booming - in job openings at least. As per Randstad's figures, the industry is expected to create 6,500 new jobs this year, with the majority of the vacancies being in the technology and consumer banking segment.
Notably, 44 percent, or over 2,800 of these jobs are open to mid-career employees with or without relevant experience, and the report indicates that many companies are willing to invest in upskilling these employees for the roles. So where should candidates expect to find these jobs?
More candidates than jobs in branch banking and wealth management: In-person services have been cut back significantly due to health and safety measures, along with an increase in digital services which have replaced the need for manpower at bank branches. At the same time, investors' move towards digital assets, specifically cryptocurrency, has lowered the demand for traditional wealth management and investment services.
Relationship managers are still in demand - for high-end clients: According to Credit Suisse, the millionaire population in Singapore is anticipated to soar in coming years, with the number projected to jump by 60 percent to 437,000 in 2025. In addition to that, the financial institutions and commercial banks in Singapore are expanding their service pool across Asia and Greater China, meaning that they are potentially reaching out to even more high net worth clients. This means that the demand for relationship managers and wealth management professionals remains steady - but conversely, the need for relationship managers in local retail banking remains low.
Unsurprisingly, experienced employees in wealth and relationship management are keen on shifting careers to more challenging job profiles, if necessary improvising their portfolio and knowledge enhancement. The majority of the financial service jobs in Singapore are client-centric with a global remit, and a large proportion of such roles are usually taken up by Singaporeans. According to Randstad's report, these job profiles have been the most in demand from January to July 2021:
- Institutional relationship manager
- Consumer banking branch operations executive
- Global transaction banking relationship manager
- Venture capital investment analyst
- Global corporate banking associate
Treasury and capital markets professionals need to enhance their skills: With the cryptocurrency market gaining popularity globally, around 67 percent of Singaporeans have invested in digital currencies and the majority are planning to hold crypto as a part of their investment pool. Accessible investments and e-trading across banking and financial sectors is gaining momentum among fellow customers and clients, declining FX and equity investments altogether. What this means is that job profiles are changing rapidly, and professionals in these fields will need to upskill themselves to maintain their employability. The report recommends knowledge in data analytics and decentralised financial systems.