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.