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Finance Is Calling: 5 Reasons You Should Jump Into This Industry
If you’ve been looking for a sign to get into a finance career, then the 6,500 jobs generated by the finance sector in Singapore in 2021 alone should be a good indication.
Despite the pandemic, the finance sector continues to be strong, with 2,500 to 3,500 jobs created each year, said Ravi Menon, managing director of the Money Authority of Singapore (MAS). Half of these jobs will be in technology and consumer banking, as tech continues to lead the hiring demand in Singapore.
New fintech companies continue to be on the rise in Singapore as well: JPMorgan Chase & Co. just announced a partnership with Temasek Holdings Pte. and DBS Group Holdings Ltd. to launch Partior, a blockchain-based platform for payments, foreign exchange, and trade. This introduction of innovative and disruptive processes opens promising opportunities for Singaporeans in the fintech space.
As more roles are being created, local talent is in short supply. Although the number of domestic tech workers grew in the past years, only one-third of Singaporeans make up the workforce within the field.
Tech firms, according to the Straits Times, have a pressing need for more talent as people adjust to a world mostly conducted online. Meanwhile, the field of finance is expanding its workforce to include experts in operational risk management and data analytics skills to help it navigate the new normal. Ng Chee Meng, National Trades Union Congress (NTUC) secretary-general, even described the industry as the “bright spark” in the pandemic economy.
This year provides a tremendous opportunity for jobseekers to join a robust sector that assures career growth and stability. JobStreet has compiled a list of reasons you should get into finance this 2021.
5 Reasons You Should Get Into A Finance Career This 2021
You’re passionate about the field
While last year’s job situation may have left you in uncertainty, a job in finance can develop into a stable and long-term career. According to Menon, as much as 90% of new jobs created in this sector will be permanent roles.
A niche market means high labour demand
With positions such as UX/UI designers, cybersecurity engineers, and data analysts, tech jobs in finance continue to be niche. This also means that the right people for these heavily specialised roles are few and far in between. When you have the right skill set for the job, looking for roles should not be a problem – it also gives you leverage in terms of seeking jobs with competitive pay and benefits.
You enjoy a dynamic and fast-paced working environment
Even if you may land a non-tech role such as a relationship manager, tech is an important aspect of the current financial landscape. Digital platforms and systems continue to advance, constantly shaping services and user behaviour. Hence, workers in finance must continue to be agile to stay on top of industry and consumer needs.
It’s suited to your personality
Fancy yourself an analytical person? Certain personalities are drawn to finance because it speaks to their character. Someone with business acumen may do well in projecting trends and seeing potential opportunities. Other traits that are well-suited for finance include having a sharp, detail-oriented mind, as well as an aptitude for math.
There are several opportunities for growth
With new tech institutions and companies setting up in Singapore, opportunities in finance, particularly in fintech, are ripe for the picking. According to Menon, jobs in finance grew over the last five years – generating over 2,000 jobs even during the pandemic.
Digitising transactions and other innovative services open the field for several new and emerging roles that will further shape the fintech industry – and you could be one of its earliest adopters.
What degree do I need to get into a finance career?
Degrees in finance, such as Business Administration, Accounting, and Economics, are an obvious boon. Certain roles require finance-related degrees as a bare minimum. Having an MBA or a CFA is also a great way to level the playing field and give you a competitive edge among other talents.
However, the doors of the finance world can be pushed open, even if you graduated with a non-finance degree., especially with the emergence of fintech firms. Tech roles in finance are in high demand, and graduates with tech-related degrees such as Information Systems and Software Engineering are widely sought.
What skills are required in finance?
In the competitive world of finance, qualities such as sharp analytical skills and business acumen can help you stay ahead. But as finance and tech domains continue to merge, specialised tech skills are becoming more in demand: fintech companies need talents with strong programming skills, as well as an in-depth business domain and system knowledge, according to Menon.
The future looks bright for those in finance – get started on these in-demand roles and search for the #JobsThatMatter. For more expert tips on job seeking and opportunities in the workplace, visit the Career Resources page.
At JobStreet, we believe in bringing you #JobsThatMatter. As a Career Partner, we are committed to helping all jobseekers find passion and purpose in every career choice. And as the number 1 Talent Partner in Asia, we connect employers with the right candidates who truly make a positive and lasting impact on the organisation.
Discover Jobs That Matter. Visit JobStreet today.
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