Consider Applying for these 5 Finance Jobs in Singapore

In this post you will learn about the finance industry in Singapore…….

Policy – What is Singapore’s new policy on hiring foreign workers? 

Opportunities – What five finance positions are often filled by foreigners?

 

New policies affect foreign workers

Companies interested in hiring foreign workers in Singapore are soon going to face stricter criteria for obtaining Employment Passes. The Ministry of Manpower recently announced new guidelines which will require companies to make a concerted effort to find Singapore residents qualified to fill the position before hiring a foreigner. Government officials will also look at the ratio of foreigners to Singapore workers in the company’s existing payroll, as well as the company’s general contribution to the economy before approving a new EP or even renewing an existing agreement. The rules are aimed at reducing the number of foreigners who undercut qualified Singapore citizens for some of the country’s best jobs. Companies that comply will face economic benefits, including an easier time hiring foreigners for positions where it’s really necessary.  

Continued opportunities in finance

In spite of the new regulations, there are still many options for foreigners interested in working in Singapore. Procorre has expanded its international consultancy services in the past few years, and with a strong base in Singapore it can be instrumental in helping qualified consultants fill all the requirements for approval.

The new regulations haven’t changed Singapore’s status as a hub for many different types of financial services. Even with the growing number of talented Singaporean workers, there are many positions in the financial industry where local qualifications are lacking and companies will have trouble finding local talent that is qualified.

Foreign consultants interested in working in Singapore should consider one of these five jobs.

• Specialists in foreign regulation – any bank with a global basis needs personnel who are familiar with financial regulation around the world, especially recent acts like Dodd-Frank and EMIR. Specialists in US and European laws are rare in Singapore, so foreign applicants have a distinct advantage in this field.
• Commodities market risk – this is one of the highest paying finance jobs in Singapore and according to Nick Wells a director at Alicorn Chase bank in Singapore there is a shortage of local talent. Ex-traders with a considerable amount of career experience have a good shot at commanding a big salary.
• Quants – quantitative analysts need PHD level education so they can apply advanced mathematical statistics to the finance market. There still aren’t many Singaporean analysts qualified for the job.
• Portfolio management – managing international portfolios can be difficult for finance professionals who have not worked outside of Singapore. According to James Stokes from Anton Murray Consulting, foreign workers have a distinct advantage applying for this type of job.
• Regulatory risk – this is another area where big salaries and bonuses are still used to attract foreign talent. Nick Wells says this is because US and Europe based organisations operating in Singapore need individuals familiar with global markets.

Even with the new regulations, there are still many opportunities for global finance professionals in Singapore’s competitive market.

Don’t let Singapore’s Faltering Economy Fool You: Finance Remains Strong

In this post you will learn about how the Singapore’s finance economy……

Slump – How much has Singapore’s economy grown this year?

Opportunities – How has the economic downturn changed the way companies hire?

Sectors – How much can finance professionals earn in Singapore?

Growth – What is the future outlook for Singapore’s economy?

Embed This Graphic On Your Site: <img src="https://s-media-cache-ak0.pinimg.com/originals/a1/b8/f7/a1b8f73e30ed10a96682c244d9f83bc0.jpg" width='540'><br /><a href='http://procorre.blogspot.com/2016/08/dont-let-singapores-faltering-economy.html'><br /></a></p> <br /> <p> Hot finance jobs in Singapore in 2016 [Infographic]</a></p> <br /> <p> </a>

Economic slump in manufacturing 

Recent announcements show that the economic downturn in Singapore has continued into the first quarter of 2016, with year-on-year expansion measuring 1.8 percent. This growth was actually higher than economists had predicted. Many experts had forecast only a 1.6 percent growth rate for Singapore in 2016 after a global slowdown shrunk the manufacturing sector by 6.7 percent during the final months of 2015. The slump in manufactured commodities has had a widespread affect with Singapore also dropping places to be rated 20th in Monocle’s Quality of Life Listing.

More opportunities for foreign consultants

However, there are still areas where qualified professionals can expect to command a big salary. Industry experts believe that economic changes in the Singapore economy may offer more opportunities for workers interested in temporary contract work since this type of employment can help companies fill their personnel requirements at a lower cost. Procorre works internationally partnering with companies who want to hire experienced consultants for the length of a project. With operating capacity in more than 120 countries, including many parts of Asia, Procorre can help expatriate workers handle local immigration requirements and reduce the problems that come with living and working in a foreign country.

Finance Sector

With extensive government support, IT is expected to see the most growth, but the financial sector remains another ‘bright spot’ in Singapore’s economy with a triple-A rating and more than 700 institutions that employ a variety of finance professionals. Singapore is an important hub for many areas of the industry and finance employment is expected to remain strong despite minimal growth. The monthly salary for a vice-president in finance and risk runs between S$10,000 and S$17,000, while finance technology developers can expect to command an income of S$7,500-12,000.

Higher growth expected in the coming year 

Overall the long term outlook for Singapore is favourable. Global trade is expected to pick up over the next several years and once Singapore’s manufacturing sector gets back on track the rest of the economy is likely to follow. Projected growth for 2017-20 is 3.2 percent, so the opportunities in Singapore’s financial sector and elsewhere are only likely to increase. Stay tuned for the next post to learn about five jobs in the financial industry that are ideal for foreign consultants

Further Job Creation in Construction and Hotel Sectors

In the previous, post we looked at how business services is creating thousands of new UK jobs. Employment has also been rapidly rising in the hotel and construction sectors, a fact that has not gone unnoticed by Procorre. Forecasts for growth in 2016 have been slightly edged down by the Organisation for Economic Co-operation and Development (OECD), yet the outlook is still positive. The latest forecast, which predicts a GDP increase of 2.1% over the year, would still place the UK at the top of the 2016 G7 growth league. Retail sales in January were up by 5% year on year, and consumer purchasing power remains strong due to the very low level of inflation – despite relatively slow growth in wages. All in all, while employment growth may not continue to increase at the breakneck speed of 2015, expectations are that the year will still see growth.  



Growth in the Construction Industry

The construction industry in England alone contributed almost 100,000 jobs to the growth in the UK market in 2015, and demand for new housing and other building continues. In January of this year, the Construction Industry Training Board (CITB) called for more new apprentices as forecasts predicted a 2.5% annual average job growth rate for the coming five years. The Construction Skills Network report from CITB forecasts sustained industry growth until at least 2020, driven primarily by demand for private housing and infrastructure. This sustained growth is predicted to encompass all areas of the UK.  

Growth in the Hotel and Restaurant Industry

Back in March 2015, PricewaterhouseCoopers predicted impressive growth in the UK hotel and restaurant sector over the coming two years. By the end of 2015, almost 100,000 new jobs had been created within that sector. BigHospitality.com reports that more than half of hotels under development in the UK are budget hotels, responding to increased demand for cheaper accommodation. Serviced apartments are also expected to increase in popularity, especially with business travellers. In addition to these changes, more major hotel brand consolidations are expected on the back of the Marriott Starwood merger.

UK Employment Boom Driven by Business Services

The UK jobs market continues to burst with good news as we enter 2016. More than half a million new jobs were created in 2015, with 200,000 of those created in the last three months. On top of this, the rate of unemployment has dropped to just over 5%, and experts predict that it will hover around the 5% mark for some time to come. Three sectors were primarily responsible for the creation of new jobs: construction, the hotel and restaurant industry and business services. As shown in the short video that accompanies this post, business services accounted for around half of all extra jobs generated in the past year. Business services is seeing rapid growth for a number of reasons, with companies such as professional services consultancy firm Procorre experiencing increased demand as we enter a new age of business. Procorre and other business services companies, both in the UK and across the world, have seen this growth evolve rapidly since the late seventies due to three particular trends, which are discussed below.


Embed This Graphic On Your Site: <img src="https://s-media-cache-ak0.pinimg.com/originals/a4/91/4f/a4914f78e2de722b88838f1cb8191223.jpg" width='540'><br /><a href='http://procorre.blogspot.com/2016/08/uk-employment-boom-driven-by-business.html'><br /></a></p><br /> <p> The Good News about Jobs in the UK [Infographic]</a></p><br /> <p></a>
1. Outsourcing

The trend for outsourcing began in the 1980s and has since continued to expand. Outsourcing is the practice of reducing business costs by transferring certain portions of work or sectors of business to outside suppliers rather than employing people internally. By outsourcing specific tasks to external companies, a business can save on the cost of employing a full-time, in-house staff. Examples of areas that are often outsourced include IT, accounting, property management, security and a wide range of back-office functions. By outsourcing non-core activities, businesses can shift their primary focus onto their core activities, thus streamlining practices and increasing efficiency and productivity. Companies tend to see a reduction of costs of around 15% when outsourcing various non-core activities.

2. Technology and the Internet 

The advent of the internet forever changed the way we do business, and companies today need to manage their websites as well as keep track of large amounts of data. Many businesses, especially small to medium enterprises, simply did not or do not have the skills and resources to manage their websites and databases effectively, which created the increased need for business services professionals. For instance, companies might bring in business services experts to set up and manage their websites, to install and monitor software for digital transactions or to assist in creating and maintaining a strong online presence.

3. Overseas Market Growth

Influenced in part by the internet and in part by increased affordability of travel, the business services sector has also seen huge growth in overseas markets. In 2015 alone, more than £60 billion of foreign earnings in the UK came from the export of business services. Today, the value of exported business services from the UK exceeds the value of exported manufactured goods. These services are delivered by people using technology, with the knock-on effect of a higher demand for other business sectors – such as more airport capacity and faster, more reliable broadband connections.

In the post to follow, more information will be provided about the other industries creating thousands of new jobs in the UK.