Sector Spotlight: Banking and Finance

The pandemic may have put a dampener on the banking industry like every other sector, but it is quickly bouncing back. Randstad reported that companies in industries that are driven by growth and consumption, like banking and financial services, e-commerce, healthcare, logistics and infocomm are likely to remain robust, with some even looking to expand. The growth in these industries is largely driven by the increasing use of digital technology by both businesses and consumers.


Hiring in Banking and Finance

Both local and international banks have announced ambitious hiring plans with the positions to match. This is in line with Singapore’s position as a major wealth hub for Asia-focused firms like Citibank.

Movements include:

  • HSBC is investing $3.5 billion into wealth management and private banking.
  • Standard Chartered’s “strategic transformation” puts a similar focus on private banking.
  • Citibank’s Asian wealth unit added net new assets of $20bn last year, which puts it behind only the Swiss giants, UBS and Credit Suisse.
  • Barclays is considering expanding its private banking business to Singapore and plans to take on several relationship managers (RMs).
  • Nomura made multiple hires in Singapore in 2020 and wants to add 20 to 25 private bankers in ex-Japan Asia in each of the next two to three years.


What jobs are available in banking?


Relationship Manager

  • Diploma
  • No experience needed
  • $3000 to $3300/month
  • A relationship manager is a part of the sales team who builds and maintains relationships with clients and customers. Some relationship managers work only with clients, working to solve any business or technical challenges that they face. They will help them with sales opportunities and drawing in customers. They also observe the competition to see what strategies they are using and to stay ahead of the game. Some relationship managers focus on customer service, and develop sales plans based on customer needs. Some relationship managers build up relationships with both, working to meet everyone’s needs across the board.


Financial Planner

  • Diploma or degree holders
  • No experience needed
  • 2,500 – 3,000 SGD / Month
  • A financial planner’s regular responsibilities include providing financial planning, insurance, and investment services to clients, ensuring client records are maintained and kept current, cultivating and maintaining ongoing relationships with clients by tracking their successes and keeping them informed about any changes that may affect their finances, and acting as a liaison between the client and other financial professionals.


Wealth Management Specialist

  • A relevant basic degree
  • 3-4 years experience
  • 3,000 – 5,000 SGD / Month
  • A specialist within the Private Wealth Management department is responsible for the execution (pre- and post-trade included) of a range of financial products including equities, structured products and fixed income instruments. They work closely with advisors to suggest holistic investment solutions to meet client’s investment objectives.


Bank Associate

  • Diploma or degree
  • No experience needed
  • 2,700 SGD – 5,000 SGD / Month
  • Bank associates serve retail customers at banks, advising them on various personal banking and financial products and services offered. They need to possess sound financial knowledge and provide holistic financial planning advice to the customers, and identify financial solutions offered by the bank to meet their financial goals.


What qualifications are needed for a career in this sector?

Many entry-level jobs into the banking and finance sector did not require anything beyond a basic degree or diploma. The emphasis is training while working, with many companies offering to provide training to interested candidates.

However, higher-level positions required appropriate qualifications such as a Degree or Masters in a relevant field.


What career opportunities are there in the sector?

Banking and finance has long been known as a sector where you can go far as long as you are willing to work hard, and the same rings true now. Business-to-consumer companies in non-tech space such as retail, banking and food & beverage are pivoting their business models from offline to online, resulting in job openings and new positions available.

Apply for a career in banking and finance now!