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.

Get Established in the Financial Sector

In the UK and many other larger economies across the globe, the financial services sector is a significant contributor to overall gross domestic product (GDP) and employment. According to a report by TheCityUK, which represents the financial services industry in the UK, banking and insurance contribute to more than 7% of employment and account for more than 10% of the United Kingdom’s GDP.

With the 2008 financial crisis firmly in the rear view mirror for many financial institutions, there’s a renewed need for hiring financial talent. According to a study performed by recruitment specialist Morgan McKinley, the market for available jobs in the financial services sector continues to increase at a monthly average of 14%. Procorre research has also shown that it is part of a long term upward trend. Individuals seeking new roles in the sector will not lack for opportunities, with many hiring managers seeking to plug a skills gap and nurture future talent.



While it is widely perceived that London is the financial capital, other cities like Leeds, Birmingham and Edinburgh are also burgeoning financial centres, so there’s no need for job seekers and graduates to restrict themselves to one location in their job hunt.

It is usual for financial companies to take applications from a variety of disciplines, although it’s crucial for applicants to have an above-average understanding of numbers and show desire to work in the financial sector. Additionally, individuals who demonstrate attention to detail, analytical skills, and the ability to work in high-pressure situations are desired by many employers.

Important Aspects to Think About Before Accepting a Project

Experienced finance professionals may have noticed that with emerging skills gaps in the financial sector, there seems to have been an upswing in opportunities for specialised positions. Even though time is always of the essence when an opportunity presents itself, there are a few things to consider first.

While it is simply common sense to evaluate an offer before accepting it, there are some specific considerations which consultants in the financial sector should take into account:

Money shouldn’t always be the deciding factor 

Many often make their decision to accept a project based simply on the pay or the promise of more work in the future. While money is obviously a big factor in the decision-making process, making the transition based on money alone can be shortsighted.

Start by being honest with yourself about potential negative aspects of a new project. This will ensure you are making the move for the right reasons. Conversely, evaluate the positives too. Additional benefits which offer more security are a good indication that the company is invested in its contractors. When looking to deploy its skilled and experienced financial consultants on projects, global professional services consultancy Procorre recognise that it is essential to consider more than just financial terms. Tangible benefits like private healthcare, life cover, and project income guarantees are some additional ways the consultancy supports its consultants. For clients that work with Procorre, having motivated experts on board assures them of good results.



The new company’s stability 

The financial industry is a dynamic one. It’s important to carefully gauge a financial institution’s stability through disclosure information, news and industry websites. Analysing financial performance over a number of years and comparing this to competitors and benchmark levels are some of the things a prospective contractor can do to help form an accurate overview of a company.

Small firm versus big firm 

Finance firms are not created equal. It’s important for an individual to understand what it means to work on a project for a small firm, compared to a big firm.

For example, big firms often have additional work resources and good compensation packages that make the project more attractive. However, decision making takes on a more structured approach at such companies. This means consultants may find they have less freedom when it comes to making decisions.

Smaller firms tend to offer leaner compensation packages and typically rely on a few, but critical, business deals/partnerships to keep operating. However, employees at smaller firms often have more autonomy over their roles.



Passion is key 

Finally, it’s important for individuals to look past the offer on the table and consider whether they really have enthusiasm for the role. Passion is what keeps people going, even when work hours go late into the night, or the results required go beyond what’s in the job description. Passion and motivation are what lead to long-term success.

In our next post, we look at why taking on projects abroad is something you should consider and what opportunities are emerging for recent graduates and those moving into the finance sector.

Rise in Financial Services Jobs Despite Shaky Start to 2016

Despite a concerning start to 2016 for the financial sector, thanks to falling share prices in Asia and Australia, job opportunities in London’s financial district are expected to rise. This implies that the stock market might be set to recover, if bosses are predicting that they will need more staff in the near future. This article will focus on examining what news on these fresh jobs means for the City and the economy. For more information on a range of subjects within financial recruitment, Procorre’s About.me page will prove invaluable in the coming months for anybody looking to get essential industry news.

Fears for Global Economy 

2016 has gotten off to a lacklustre start for many of the world’s biggest markets. Problems in China saw local stock markets fall rapidly, producing a knock on effect in Australia and ripples from the lack of confidence in Asian markets reached as far as Europe and the US. In fact, London took the biggest hit in February as the FTSE 100 Index fell by 135 points – the last time the index dropped by that much was just after the Lehman Brothers collapse in 2009.

Concern for European economies, if not the world’s finances was further compounded by a statement released by the International Monetary Fund. The organisation feared that if the markets continued in the current downtrend then this could have a serious impact on economic growth. Low share values in banks have historically been good indicators that an economy is stagnating. However, the markets seem to have taken a turn for the better, European exchanges finished up in the first couple of days in March and even the price of oil has rallied slightly.



Good News for Jobs in Finances Sector 

Even before the European rallies in March, Robert Half, specialist finances sector recruiter revealed research which highlighted the potential for economic growth in London based on the fact that 63% of financial executives in the capital expected to add new members to their teams in the first half of 2016. While this does not guarantee a return to last year’s stock market highs, it is certainly indicative that confidence is returning in the wake of tumbling stock values in January.

This trend for new vacancies, and for a greater number of financial professionals looking for jobs is expected to continue throughout the year, according to a statement from Morgan McKinley’s operations director. January also saw the release of promising salary figures for financial consultants in London over the course of 2016, once again pointing to a healthy industry despite its shaky start at the beginning of the year.

 

Attracting the Right People 

As part of the same survey of financial executives conducted by Robert Half, almost all of those interviewed were concerned about two things. The first, is the quality of the candidates that will apply for the newly opened vacancies of this year, and the second is that executives are concerned that their top performers might leave for new opportunities.

Most directors will spend at least some of their time worrying about their top performers, retaining accomplished employees is a key strategy in any business. However, with high salaries being posted by industry leaders, incentives and bonuses will only go so far. In the likely event that these employees move on to a better paid job, it makes sense that executives are also apprehensive about whether new recruits will be up to the task of replacing them.

Advice from top recruitment companies and consultants suggest that the best way forward is to act quickly if a firm spots a suitable replacement or exceptional candidate to fill a new vacancy. Remaining competitive is also an age-old proven strategy, but with companies like Emolument now publishing the latest salary and bonus details of the bigger firms in London, companies can see exactly where they stand compared to rival businesses.



Maintaining the Momentum 

A pertinent point that arises out of recruitment figures from 2015 is that last year saw a similar rise in jobseekers in the first six months, whereas towards the end, recruitment fell once again. The cause of this was both in part to a stock market that was starting to slow down, in addition to fewer jobseekers being on the market as bonus season approached.

For continued growth in 2016, especially towards the end of the year, businesses are urged by recruiters to not just remain competitive in their approach to hiring new employees from the UK but also to try and attract financial consultants from overseas. The UK financial sector is approaching full employment but there are still many consultants who are trying to break into one of the biggest financial markets in the world.