gradsingapore Finance Career Guide 2024 by GTI Media Asia

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The complete guide to graduate careers in Business, Finance and Accountancy

FINANCE CAREER GUIDE 2024

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Introduction

INTRODUCTION Finance Career Guide 2024

A comprehensive guide featuring descriptions of graduate jobs in the Banking and Investment, Financial Services and Accountancy and Financial Management fields. Career advice and emerging industry trends that help prepare students for their future careers are also featured here.

Finance Career Guide 2024

Contents

Banking and Investment

Sector Essentials At a Glance: Banking and Investment ................. 30 Choosing Your Role and Company in Banking and Investment........................................................ 32 Unique Skills the Banking and Investment Industry Needs................................................................ 34 A Graduate’s Guide to Banking and Investment Job-Speak.......................................................... 36

Areas of Work

CONTENTS Sector Overview

Corporate Banking .............................................. 39 Economist............................................................ 40 Finance IT............................................................ 41 Financial Markets................................................ 42 4

Industries in the Finance Sector............................ 8 Is a Career in Finance for Me?............................. 10 How to Pursue a Finance Career Without a Finance Degree .............................................................. 12 Postgraduate Pathways in the Financial Sector... 14 A Survival Guide to Applying for a Job in the Finance Sector................................................................ 16 Pros and Cons of Pursuing a Career in the Finance Industry............................................................. 18

Application Tips

Crafting Your Resume.......................................... 20 Preparing Your Cover Letter................................ 22 Acing Your Interview............................................ 24 Tackling Assessment Centres............................... 26 A Quick Checklist................................................. 28

Inter-Dealer Broking............................................ 43 Investment Analyst ............................................. 44 Investment Banking............................................. 45 Investment Management.................................... 46 Operations .......................................................... 47 Private Wealth Management ............................. 48 Risk Management and Control............................ 49 Specialist Markets............................................... 50 Stockbroking........................................................ 51 Structured Finance.............................................. 52

Financial Services

Sector Essentials At a Glance: Financial Services ........................... 54 Choosing Your Role and Company in Financial Services.............................................. 56 Different Ways to Get into the Finance Industry................................................ 58 The Financial Services Alphabet.......................... 60

Finance Career Guide 2024

Contents

Areas of Work 6

Actuarial Science................................................. 63 Insurance............................................................. 64 Insurance Underwriting....................................... 66 Retail Banking...................................................... 67 Statistics.............................................................. 68 Wealth Management.......................................... 69

Accountancy and Financial Management

70 GTI Asia Pte Ltd

Sector Essentials

(Company number: 200301978M)

2 Sims Close #05-07 Gemini@Sims Singapore 387298 T + (65) 6294 6505 F + (65) 6294 1043

At a Glance: Accountancy and Financial Management..................................... 72 Choosing Your Role and Company in Accountancy and Financial Management............................... 74 Getting a Graduate Job in Accounting................. 76 Why is it So Important to Qualify as a Professional Accountant?...................................................... 77 A Graduate’s Guide to Accountancy Jargon........ 78

Areas of Work Assurance............................................................ 81 Commercial Finance............................................ 82 Corporate Finance............................................... 83 Corporate Recovery............................................. 84 Corporate Treasury.............................................. 85 Financial Accounting........................................... 86 Forensic Accounting............................................ 87 Internal Audit...................................................... 88 Management Accounting.................................... 89 Risk Assessment.................................................. 90 Tax....................................................................... 91

Employee Spotlight: BDO

Employers

GTI Media is the world’s largest careers and graduate recruitment publisher. Founded in the UK in 1988, GTI publishes and distributes more than 100 careers and recruitment products around the globe. GTI Media Singapore would like to thank everyone who has contributed to the 2024 issue of gradsingapore’s Finance Career Guide! Chief Editor Elliyani Mohamad Ali Editor & Editorial Dawn Yip Design & Production Allysha Puteri Harfaz, A’liah Abdul Rahim Advertising Ron Ong, Shenna Mae, The GTI Media sales team Marketing & Distribution Kelly Chin, Jenna Lau, Lydia Ng Publisher Isaac Hee Printer Times Printer Pte Ltd 16 Tuas Ave 5 Singapore 639340

© GTI Asia Pte Ltd, January 2024 All rights reserved. No part of this publication may be reproduced by any means including, but not limited to, photocopying or storage in a retrieval system in any form without prior written consent of GTI. The views expressed in the articles are those of authors and their publication, and do not necessarily imply that such views are shared by GTI. Whilst every care has been taken in the compilation of this publication, the publishers cannot accept responsibility for any inaccuracies, or for consequential loss arising from such inaccuracies, or for any loss, direct or consequential, arising in connection with information in this publication. Finance Career Guide 2024

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Sectors Overview

Industries In

The Finance Sector What are the major sectors supporting Singapore’s thriving financial arena? Who are their clientele? Explore the main pillars supporting the nation’s financial hub and find out which industries best suit your interests.

Financial Services Spanning the provision of consumer and corporate financial products to retail banking and insurance, this field also encompasses compliance and regulatory work that ensure safe environments for fair transactions. Employers

Clients

Perks

Financial service providers range from large establishments, such as retail banks, insurance companies and financial media organisations, to smaller firms offering related services like actuarial consulting or underwriting.

The clientele of this sector includes both individual consumers and enterprises of various sizes. You may also provide specialist consulting and key business information to corporate clients.

Because Singapore is a regional and global financial hub, the everexpanding, dynamic and vibrant scene welcomes individuals from different backgrounds – thus making it a good entry point for even nonfinance graduates. Moreover, a focus on client service and opportunities to gain specialist knowledge has ensured that a career in financial services offers early managerial opportunities and a healthy worklife balance.

Finance Career Guide 2024

Sectors Overview

Accountancy and Financial Management Accounting and auditing go far beyond bookkeeping or bean counting. Rather, it involves high-level analysis to help enterprises manage their cash flow and financial position. Accountants and auditors are also expected to identify patterns to assess business risks and analyse companies’ financial data to provide strategic insights. Employers

Clients

Perks

Working in large multinational accounting bodies, like the Big Four, means specialising in areas such as audit, assurance and taxation. But if you’re looking for more varied exposure, you can consider working as an in-house accountant in small and mid-size firms, or in public service, such as the Inland Revenue Authority of Singapore (IRAS).

The Big Four cater to large clients like listed companies and multinational corporations (MNCs). They meet their financial accounting needs and provide important financial information publicly to investors, creditors, customers and regulatory bodies. Meanwhile, managerial accounting helps small businesses make sound financial decisions and comply with governmental regulations.

The accounting profession is known to be almost recessionproof and promises good exposure for entrepreneurial pursuits. Long hours can be common during the tax reporting period during the end of the financial year. But at the same time, due to the seasonal nature of the industry, lull months can be predicted ahead of time.

Banking and Investment This sector covers corporate banking, investment banking and wealth management, serving both corporates and high-net-worth individuals. Singapore’s banking industry also includes foreign and local banks, with career opportunities in the front office, sales and conversion, relationship management, corporate affairs and even positions in the back office. Employers

Clients

Perks

Banks and investment bodies are always looking out for diverse, dedicated and skilled talents to drive expansion. Positions are available in both generalist and specialist roles much like research analysis, data trading and financial communications in banks, brokerage firms, fund houses and private equity institutions.

Investment bankers typically raise capital for enterprises and handle listings and mergers, while asset managers help affluent individuals grow their financial portfolios.

The constant pressure to produce revenue promises fast-paced and challenging work, early responsibility and rewarding remuneration. The banking and investment field also denotes numerous opportunities to work alongside resourceful and motivated individuals.

Finance Career Guide 2024

Sectors Overview

Is a Career in

Finance for Me? Do you have what it takes to build a career in the world of finance? Here are the traits and skills that each sector looks out for.

Financial Services With a wide range of clients comes a variety of needs, which can dictate the amount of time spent providing financial services. As such, client-oriented individuals may find themselves at an advantage, as they have more opportunities to expand their knowledge in specific markets and industries. Retail banking professionals will serve people from all walks of life, whether at bank branches or call centres, and are likely to work in shifts, including on the weekends. In addition, graduates can also be trained to manage a retail bank branch while they continue their professional development in other aspects of banking.

The insurance industry, on the other hand, calls for observation, communication and negotiation skills, as well as emotional intelligence and fluency in product knowledge. Professionals in this area tend to be driven by performance, client satisfaction and a commitment to deliver innovative products and good customer service. As for actuarial careers in insurance companies, they require numerical and problem-solving strengths. Hence, they prefer graduates with degrees in maths, applied maths, or statistics. To provide expert advice to organisations and clients, actuaries gain specialist knowledge through training to build their credentials.

Finance Career Guide 2024

Sectors Overview

Accountancy and Financial Management

Banking and Investment

Accountants help organisations manage their finances in order to comply with legal regulations, as well as to plan for the future. An ability to fulfil business interests while maintaining strong moral principles is key in this area. On top of that, accountants should enjoy working with people, numbers and concepts, be able to communicate effectively and be interested in the business world. By understanding how companies function and make money, accountants handle new projects and clients by asking the right questions and following the right leads. Moreover, an ability to convey complex information in a professional and jargon-free manner to clients and work well with colleagues at all levels is crucial. The first few years in accountancy can be intense as most work towards professional qualifications while holding a full-time job, though employers typically provide support by granting study leave..

Investment banking is a data-focused role for those with excellent analytical, technical and numerical skills. Client management and teamwork come in handy here, as does resilience, the endurance to work round the clock and being on call to monitor changes in different markets. This also makes time management skills and accountability to shareholders essential. Investment management firms generate returns for clients through investments across a wide range of businesses, countries and products. As a result, investment managers and advisors must make intelligent investment decisions apart from succeeding in client service and dispensing valuable insights to clients and colleagues. Thus, the environment is generally target-driven, with pressure to make the right decisions at the right time for strategic earnings, particularly for the trading division. With specialist knowledge and extensive research in financial markets, professionals are always keenly aware of the implications that may arise from certain decisions made. Confidence in client servicing is also needed, especially since investment decisions are made on their behalf.

Finance Career Guide 2024

Sectors Overview

How to Pursue

A Career In Finance Without A Finance Degree Do you wish to work in the finance industry, but don’t have a finance degree? It’s not impossible – here are some alternative routes you can take to get you there.

Get a relevant internship and excel at it

The best way to get a glimpse of the financial sector is to experience it for yourself. An internship allows exactly that; not only does it offer abundant exposure to different departments, but it also provides a better understanding and clearer perspective of the various roles and skills required. Additionally, internships can give you the chance to score an excellent reference from your mentor, which you can put to good use when you’re ready to apply for jobs in the finance industry.

Finance Career Guide 2024

2 Find your advantage While business and finance graduates make up the bulk of any company in the financial sector, graduates with nonrelated degrees are just as important too. For example, if you have a degree in the humanities, you likely possess strong interpersonal and communication skills, are able to offer a more macro perspective and can derive different insights and approaches to problemsolving. M o re o ve r, g i ve n t h e global nature of the industry, competency in languages is a highly valued and desirable quality in client relations and financial market research. Identify the transferable skills you possess and highlight them during your interviews.

Keep up-to-date

3 with financial news An acute interest in financial news and macro trends in both local and global markets is vital to enter the financial arena. An easy way to do this is to incorporate reading the news as part of your regular routine, such as on your phone while on your daily commute. Publications like the Financial Times, Business Insider and the Wall Street Journal are good places to start. These, along with keeping up with market developments, will help you stay on top of what’s going on in global markets and build up industry knowledge. Having this information will help you during the interview process and accelerate your learning curve should you be given the opportunity to work in the industry.

Sectors Overview

Network and reach

4 out

Whether it’s on LinkedIn or any other social media platform, consider reaching out to people already working in the financial sector, ideally those in careers you plan to pursue. Not only can they provide their own insight about their field, but they may be able to help you open doors to opportunities that aren’t publicly advertised yet. The more people you reach out and speak to, the more wellinformed you’ll be regarding your options. So take the initiative and reach out to as many people as you can, be it alumni from your alma mater or your mentors from your internships. But before you start approaching anyone, remember to be polite and respectful about it. Do your own research beforehand and prepare intelligent questions to ask.

5 Learn the lingo If you don’t know the difference between mutual funds and unit trusts, or don’t get what AML and KYC stand for, it’s a good idea to browse through Investopedia, which is an online encyclopaedia for all things finance-related. All sectors have their own technical terms commonly used by professionals, and the finance sector is no exception. As such, approach learning with an eagerto-learn attitude by challenging yourself to study concepts and jargon alike, and build up a bank of finance vocabulary. That way, you won’t feel too lost during networking sessions or interviews!

Adopt lifelong

7 learning

If you’re still in school, consider doing a minor in economics, business, or accounting. Alternatively, you can take them up as electives as well. These can serve as your introduction to the world of finance, and allow you to practise your numerical competencies. Even if you’ve already graduated, you can still pursue part-time courses that lead to the relevant certifications. To reinforce your commitment towards a career in the industry, self-development by taking up relevant courses and immersing yourself in financial publications is essential.

6 Get a foot in Aim for a position, even in generalist roles that don’t require specialised financial and numerical skills – these include human resources (HR), corporate communications and client servicing. By doing so, you can build a network in the industry and gain training opportunities to equip yourself with the relevant qualifications along the way.

Finance Career Guide 2024

Sectors Overview

Postgraduate

Pathways In The Financial Sector If you want to specialise in an area of finance but don’t have a related degree, consider taking up postgraduate studies.

n top of helping to secure employment in the competitive finance sector, postgraduate studies can take you down your desired career path of specialisation. But before you make your move, conduct thorough research to consider your options:

• Do you have the commitment to complete the course? • Do you meet the prerequisites? • Where do you foresee your next step after school?

Do it at the right time, and for the right reasons

Going back to school is typically for those who want to switch to finance after initially pursuing an unrelated degree or those who wish to specialise in a particular area of finance. For these reasons, a postgraduate degree is an investment in yourself. However, it does come with its risks and costs; notably, you’ll have to spend time away from the workforce, especially if you choose to study full-time. Alternatively, juggling part-time studies with a job can be extremely taxing if you’re not adept at time management.

2 Speak to recruiters If you’ve already decided on a career path, your best option would be to speak to recruiters first. They can advise on the recommended courses you should do and where you should take them. At the end of the day, though, you’ll still need to show that you have both the hard and soft skills required for the job.

3 Know your options Postgraduate options in the financial sector range from a Master of Business Administration (MBA) to Finance, Accounting, Management and Economics (FAME) degrees, as well as professional qualifications for the technical aspects of accounting and financial management. Be sure to do extensive research and pick the one that best benefits you.

Finance Career Guide 2024

Sectors Overview

4 Consider alternatives If you’ve just started out in a finance career, an MBA would be the traditional option for investment banking pathways. However, keep in mind that it’s not focused on technical foundations, unlike the Chartered Financial Analyst (CFA) qualification, which costs less and suits early career investment bankers dealing with fund management. It is feasible to enrol in an MBA programme, which is prestigious and offers a wide network of contacts in industries beyond finance. However, before applying, make sure to examine the syllabus to ensure it aligns with your goals and provides the right balance of management and technical knowledge you’re seeking. Other short-term courses include the Certified Treasury Professional (CTP), Certified Professional Risk Manager (CPRM), Corporate Finance Qualification (CF), Certified Valuation Analyst (CVA) and the Certificate in Quantitative Finance (CQF).

A Master of Science in Finance (MSc) is another viable option. Popular choices include the MSc in Applied Finance offered by the Singapore Management University (SMU), the MSc in Financial Engineering awarded by the National University of Singapore (NUS) and the University College Dublin’s MSc in Finance found in Kaplan Singapore. Some prefer an MSc in Finance over an MBA because it doesn’t require much work experience in a related field – a vital criterion for entering an MBA programme.

Figure out what

5 you want to learn In finance, you’ll need a strong understanding of theory, business and industry practices, along with knowledge of markets, trade and investment. Additionally, research, numeracy, statistics, analysis and communication skills are also highly valued. On the other hand, degrees in FAME subjects usually include accountancy skill certifications. This is because accounting calls for quantitative skills, specialised accounting knowledge, an understanding of generally accepted accounting principles (GAAP) and regulation and industry knowledge. So, if you’re interested in entering the accounting sector but hold an unrelated degree, consider a Master of Accounting (MAcc), Master of Professional Accounting (MPAc), or other certifications, such as the Certified Public Accountant (CPA) and Chartered Accountant (CA). In short, choose the right course for yourself after looking carefully at the costs and possible returns. Don’t forget to consider your end goal(s), too, whether it’s specialisation, advancement, or something else entirely!

Finance Career Guide 2024

Sectors Overview

A Survival Guide

To Applying For A Job In Finance Taking your first step into the financial sector can be daunting, especially when you’re surrounded by stiff competition.

ecause thousands apply for jobs in finance every year, it’s important to stand out by preparing to face rigorous recruitment processes. One way employers screen hopefuls is through various kind of psychometric tests. Ability tests assess general, numerical and verbal reasoning skills, while personality tests help determine whether the candidate is suitable for the position and able to fit into the company culture. Shortlisted applicants will then have to impress recruiters and prospective bosses in interview sessions, and are likely required to participate in assessment centre exercises. With so many aspects of the application to prepare for, here are five ways you can be both efficient and effective. Tips for psychometric tests • Get sufficient rest the night before • Familiarise yourself with the types of questions in ability tests through online practices • Don’t overthink for personality tests, as there are no right or wrong answers

Finance Career Guide 2024

Focus on your job search

Admittedly, there are a lot of employers out there, but rather than sending out a generic, one-size-fits-all application to 50 companies, you’d probably find more success (and fulfilment) by focusing on a few preferred firms you’re personally interested in. Be as selective as possible. One way is to do some general research. First, prepare a list of potential employers, and from there, come up with a shortlist of about five to 10 “priority” companies, then conduct in-depth research on them. This way, you can make better sure your skills and expertise match what these companies are looking for, thus increasing your chances of landing your ideal job in the financial sector.

Don’t procrastinate

While most organisations accept applications all year round, it’s still necessary to check out the processes and closing dates for the companies and positions you’re interested in. Keep in mind that in the banking and investment industry, application deadlines also tend to be earlier. Some companies may tend to continue making offers even as applications come in, filling up all available spots even before the closing date. So be sure to apply early!

Sectors Overview

Attend career events

Regardless of whether they’re physical or held online, there’s no shortage of career events being held for banks and accounting firms all year around. Notable ones include the Accounting & Finance Show Asia and the Singapore Universities Recruitment Fair (SURF), which can provide exposure and networking opportunities with numerous participating firms, such as PwC and Deloitte. Be proactive in approaching people and make an effort to get to know them, while also asking smart questions. After all, recruitment fairs provide an excellent setting for you to speak to recent graduates and find out more about their working lives. Plus, it’s also a good opportunity to discuss any concerns you might have with recruiters, and access a wealth of information only insiders can give. Other than keeping up-to-date with the latest news and trends in the industry, be sure to find out which companies will be present at the event as well. Prepare specific questions for them, and bring a notepad to jot down useful information, such as contact details and application deadlines. As opportunities present themselves at unexpected times, always keep an open mind and welcome any professional exchanges. Last but not least, remember to show a genuine interest in the people you meet!

Embrace technology

In this digital era, information is widely available on the internet – from employee reviews of prospective employers to the common interview questions they might ask. While you should take the reviews with a pinch of salt, look out for tips and suggestions on how to tackle interviews with specific companies. Besides using the internet to understand ongoing developments and trends in the financial sector, compare various sources to learn about each prospective employer’s business structure and history. In addition, do some background research to get a good grasp of the environments different potential employers operate in. It’s imperative to understand how each big and small player in the industries of banking, investment, accountancy and financial services portray their positions compared to key competitors.

Get involved

If you’re an undergraduate, think about what competencies and skills are required for the roles you want in the financial sector. From there, take part in extracurricular activities to develop transferable skills like leadership and communication. Don’t feel pressured to only join clubs and societies related to finance, though. The fact that you’re actively in them can already indicate that you’re a well-rounded individual as well as a team player willing to work with a variety of people. This will make you a much more attractive candidate in the eyes of employers.

Finance Career Guide 2024

Sectors Overview

Pros and Cons

Of Pursuing A Career In The Finance Industry It can be tough to pave your way in this industry, but success in this business can lead to a fulfilling and rewarding career.

Financial services Globalisation has been behind much of this area’s growth, and as a result, there are now more options than ever before.

PROS

CONS

• Potential to bring in a high income • Good working conditions • Regular business hours

• Fast-paced and highly stressful • Competitive

Accounting and financial management What you think of a career in accountancy and financial management will depend not just on your working style, but your personality as well.

PROS

CONS

• A stable industry • Clear career path • Many opportunities to develop as a professional • Flexibility in choosing where to work – accountants can be found everywhere

• Work can feel as routine and dull • During peak season, expect long working hours and highlystressed situations

Banking and investment At the top of your game, you’ll find yourself showered with rewards many can only dream of. But in exchange, know that making your way in this sector won’t be easy.

PROS

CONS

• Opportunities for professional growth • A chance to build a large network • Good remuneration

• A highly stressful environment that comes with long working hours • Fierce competition

Finance Career Guide 2024

Application Tips

APPLICATION TIPS Before applying to positions and programmes you’re interested in, make sure to prepare your resume and cover letter in advance to stand out during the recruitment process.

Crafting Your Resume 20 Preparing Your Cover Letter

Acing Your Interview 24 Tackling Assessment Centres

Quick Checklist 28

Finance Career Guide 2024

Application Tips

Crafting

Your Resume Quickly grab recruiters’ attention by effectively communicating why you’re suitable for the job.

Customise each and every resume sent out First and foremost, tailor your resume to the firm and role you’re applying to. Make the effort to ensure that your listed skills, experiences and achievements reflect the requirements and responsibilities of the job description. Conduct your own thorough research and don’t forget to check the respective employers’ application procedures, as some may have specific requirements! For instance, HSBC’s website details the specific format, sections and details that applicants should include in their resume. If you’re indicating a career objective at the top, pay special attention to it. Remember to keep it simple and state your ambition with something simple like: “Valedictorian from Nanyang Business School with strong analytical skills seeking an internal audit position at a leading MNC.”

Specify your skills and areas of expertise Instead of a career objective, you can also opt for a section on technical skills or your main areas of expertise. While recruiters don’t always have the time to look through what you did in your previous internships or positions in detail, they do keep an eye out for specific skills, which you can showcase through a skill set summary. Alternatively, you can describe your core skill set under each work experience you have. For example, if you have experience in marketing, take a line or two to highlight the key areas of expertise you have gained and honed, such as market research, market sizing, interviewing, public relations and business development. On the other hand, for a business management position, point out the relevant areas of expertise such as executive-level communication, strategic planning, business analysis and client management.

Finance Career Guide 2024

Application Tips

Highlight relevant experiences Think through the experiences you have had and how they might be relevant to the position; even if they’re just shortterm gigs or unpaid positions. You should also bring up any work experiences with transferable skills, especially if they resonate with the job requirements. For instance, waitressing at a café can show recruiters that you’re able to manage and cater to the needs of different customers. This, in turn, can be helpful if you’re applying for a client-facing role, such as a fund manager, insurance broker, or bank teller. Don’t neglect unique experiences and skills that can help you stand out from the crowd as well, even if they seem unrelated to finance! For example, if you’re fluent in several languages, or took part in a cultural exchange back in university, include that in. Be prepared to talk about how your cross-cultural experiences have contributed to your self-development. Remember to also highlight your job rank along with the job descriptions. Recruiters tend to take note of such roles in hierarchical industries such as investment banking. Likewise, bring it up if your previous role was on a short contract term to prevent any misunderstandings about your job-hopping tendencies – something that’s usually frowned upon in the financial sector.

Quantify your achievements Numbers matter in your resume – it’s the best way to showcase your abilities and the impact you’ve made, whether as a leader, an intern or an employee. For example, if you helped to expand the client pool in your previous position, express how many new clients you brought on board within a specific time period. For a sales role, specify the growth in revenue under your purview. If you’ve led team projects, provide information about their scale, and be sure to include details regarding their growth and the specific timeframes involved. This will give recruiters a good impression of your capabilities and achievements.

Show your strengths and interests As Singapore is a global financial hub, knowledge, as well as competency in at least one foreign language will come in handy when servicing clients or dealing with partners from other regions. In addition, don’t shy away from adding a brief summary of your personal interests if you have room for it. In fact, some of them can help you showcase skills and traits unique to you. For example, showing passion for basketball could indicate having a good sense of teamwork and coordination, while playing an instrument demonstrates your ability to focus with discipline. Look at other skills you can include as well. For example, if you won an app-building contest or were involved in the robotics club during your school days, you can emphasise your proficiency in information technology (IT) and coding.

Don’t delay your submissions Apply to the roles you’re interested in as soon as you can. On occasion, deadlines can be brought forward due to an overwhelming number of responses. So prepare your resume well in advance and don’t procrastinate in applying. Being among the first applicants can leave a positive impression on the employer. It shows that you are proactive, eager, and organised. Employers often remember candidates who express early interest in a position.

Finance Career Guide 2024

Application Tips

Preparing your

Cover Letter While not all applications will require one, an impressive cover letter can do wonders in helping you stand out from the crowd.

1. Show, don’t tell

2. Prove your competence

3. Demonstrate your enthusiasm

Keep to the standard structure. Start with a brief introduction of yourself and explain why you’re dedicated to pursuing a career with the company. Be clear on the specific position you’re applying for, explain why it’s of interest to you, and convince the hiring manager that you’re a good fit. Be succinct and avoid falling into the trap of rambling too much about your personality, skills and qualifications – recruiters can assess these for themselves when they go through your application and resume. Similarly, avoid describing yourself with words such as “passionate” and “ambitious”; these qualities are better exuded in person during the interview.

Read the job description and address the selection criteria to highlight relevant experiences that could put you in the best position in the running for the job. For instance, if you’re gunning for a management accountant role, you could mention a 35 per cent increase in returns for a specific project you previously worked on. In the same vein, explain how your skills can be put to good use in a specific role. For example, if you have extensive knowledge of international current affairs, show how it can benefit the investment banking analyst position on offer because markets and investors are affected by key events around the world.

After doing some comprehensive research about your potential employer, use it to your advantage by including specific aspects of the business that appeal to you and show how you can add value to their culture. One way to stand out is to mention any events organised by the firm that you’ve previously attended, or if you’ve visited the company’s booth at a career fair. Name-dropping employees that you’ve met will also add an earnest touch to the cover letter. By showing your enthusiasm through networking and initiative in building relations with the company, you can score an advantage over other candidates.

4. Do a thorough check After you’re done with your cover letter, don’t send it out immediately. Instead, give yourself a short break, then read through it again afterwards; you’re more likely to spot any mistakes with fresh eyes. You can also take it a step further and print it out. If this is the first time you’re writing a cover letter, get someone with a good command of English to help you proofread it. Use a spellchecker to catch any grammar mistakes as these errors can reveal a lack of attention to detail, which is a big no-no in the financial sector. Having a clear and comprehensive cover letter will show recruiters your effective communication skills and strong writing skills.

Finance Career Guide 2024

Application Tips

Dear Mr Lim, I am writing to express my strong interest in the Associate (Audit & Assurance) position with BDO LLP, as advertised on gradsingapore.com. My conversations with current employees at your networking session in June this year have reinforced my interest in the organisation and cemented my belief that I have the expertise and skills that you are looking for. Throughout my three years of study at Nanyang Business School in Nanyang Technological University, which included a 10-week professional attachment with PwC, I have developed a proficiency in accounting standards and regulatory requirements. In addition, I participated in a 6-month internship with Accenture where I gained valuable experience in conducting financial analysis to identify anomalies, risks, and opportunities in financial statements. My resume is enclosed for your consideration. I am keen to discuss any opportunity in person and am available for an interview at any time. I look forward to hearing from you soon. Yours sincerely, Jane Poh

Finance Career Guide 2024

Application Tips

Acing

Your Interview Interviews always seem scarier and tougher than they actually are! With sufficient preparation, you can breeze through interviews successfully and with confidence.

the job description and your 1 Revisit application forms First, make sure you have a clear idea of what the recruiters already know about you, and how your profile fits into what they’re looking for. Do you, for instance, possess a specific language skill set they can utilise when tapping into certain markets? In addition, joining the finance sector means requiring knowledge about the sector itself. While you may seemingly be at a disadvantage if you lack a background in finance, you can still make up for it by doing your research. During the interview, demonstrate your knowledge about how financial markets work, as well as display an understanding of the firm’s business objectives. Similarly, if you come from a related field of study, how much do you know about the real-world application of the technical knowledge you gained in school? Do you have internship experiences which taught you about client servicing – an important aspect in the financial scene – through hands-on experience?

common interview 2 Anticipate questions Think from the recruiters’ perspectives and expect questions tailored to the specific role and corporation you’re applying for. For example, if you’re applying to a local bank like OCBC, be prepared to explain why you’re choosing a homegrown bank over an overseas one. Conversely, you may be asked the reverse if you apply for an international bank. Being aware of the organisation’s positioning will also help you understand what’s at the top of the recruiter’s mind. For instance, if you’re applying to a small accounting firm as a fresh graduate, decipher if they want you for an area of specialisation or as a generalist, and tailor your answers accordingly. When asked about your strengths and weaknesses, be prepared to list examples of prior work and study experiences which demonstrate what you have been through and how you adapted to become a better person. Finance Career Guide 2024

Application Tips

informed about the 3 Stay industry Keeping abreast with the latest market trends and news is crucial for a career in the financial sphere. For example, a potential investment banker would be required to be well-acquainted with major stocks from around the world, and able to explain how historical milestones affect the markets. Additionally, make reading the financial news a habit. You could be quizzed on recent developments in the sector and may be asked for your opinions about it, so be sure to get your news from a variety of sources.

5 Follow up On the same day after the interview, send an email to thank the recruiters for their time and highlight how the conversation helped affirm your decision to join the organisation. You can include specific references to issues discussed in the session to show your commitment and attention. Take the initiative to keep in contact if there are no followups within the next week. Call or email again to reiterate your interest in the job, and find out if there are further steps in the hiring process, such as attending an assessment centre, or taking aptitude tests.

a list of targeted 4 Prepare questions to ask At some point, you’ll likely be asked if you have any questions of your own for the interviewer. This is an opportunity to engage and impress the recruiters with intelligent questions, demonstrating both insight into the field and your enthusiasm to work for the corporation. For example, ask about how a recent industry trend has affected the firm, or how the company positioned itself against competitors for long-term prospects. Asking smart questions helps to end the interview on a high note and create a lasting impression. This is also the part that can help you make a decision if you received multiple offers, as it gives hiring managers a chance to impress you. Plus, you can also gain a deeper knowledge of the enterprise’s plans for the years ahead. Avoid cliché or generic questions such as: “How is a typical workday like?” and “What are the working hours?” It might work against you by signalling a lack of research or being overly concerned with the nitty-gritty aspects of the job! However, if the employer takes the initiative to share the perks of the role with you, such as flexibility schemes and training opportunities, take it as a good sign as they are enticing you to accept the position.

Note Preparing for video interviews Occasionally, your interview might be held over a video call, such as on Zoom or Microsoft Teams. Apart from the usual points to take note of, there’s also some extra things you’ll need to look out for: • Dress up like how you would for a face-to-face interview! It’ll help you get into the right mindset, and you’ll avoid any potential wardrobe malfunctions if you have to move around unexpectedly. • Pick a quiet spot in your house where you won’t be disturbed, and let any housemates or family members know not to disturb you during the interview time. • Before the interview starts, be sure to check that your connection and equipment are in order. If anything goes wrong during it (glitching or freezing), stay calm and clear things up with the interviewer once the call quality is restored. • You’ll be relying more on your words than non-verbal communication, so try to speak slightly slower than usual, and pick your words more carefully!

Finance Career Guide 2024

Application Tips

Tackling

Assessment Centres Often the final stage of the recruitment process, an assessment centre can be both intimidating and gruelling.

Know what to expect While corporations have different components of their assessment centres, they usually consist of a group activity, an individual exercise and an additional interview. Find out what to anticipate from the recruiter. Additionally, do your research online and arm yourself with as much information as you can. Still, you should stay open-minded and mentally prepared to participate wholeheartedly and show the best version of yourself. At investment banking assessment centres, expect opportunities to present solutions related to products and client servicing. You can rehearse your answers to general interview questions and keep abreast of financial news and economic trends, as well as review other potential questions and information you must know.

Finance Career Guide 2024

Dress well and behave appropriately The test starts the second you step into the venue. Recruiters will observe and pay attention to everything, from your outfit to where you choose to sit or stand. Remember to be friendly and polite to everybody, including the receptionist and fellow candidates. This is especially important since roles in banking and financial services are people-centric. Even if you’re feeling nervous, do your best to stay calm and maintain your confidence as best you can, even during breaks. After all, with changes and challenges constantly rife in the finance and accounting world, having a stable temperament is crucial.

Group activity This part usually splits candidates into small groups to tackle a problem-solving task. Through this, recruiters will evaluate not just your ability to communicate, but your capacity for teamwork as well. As group dynamics and teamwork are crucial in most firms, it’s imperative you show recruiters that you are a confident team player who can voice opinions and support others at the same time. But keep in mind that it’s not a competition! You’ll be assessed against the employer’s criteria and not against other applicants. By knowing everybody’s names and asking for their input if they haven’t had a chance to speak yet, you can show your customer service and communication skills. Articulate your ideas clearly, but be careful to not dominate or interrupt the discussion. Most importantly, stay calm and considerate at all times, especially when dealing with difficult situations – it’s yet another chance to show why you’re fit to join the financial sector.

Application Tips

Individual exercise You might be given psychometric tests similar to those given online in an earlier part of the recruitment process. This is so that the employer can verify their findings. Otherwise, recruiters will likely give you a case study to solve and ask you to give a presentation on your recommendations. The questions in these exercises can range from choosing which potential company to acquire, how to respond to new technology in accounting, or even how to handle difficult customers. Besides testing your financial acumen, the purpose of this exercise is to test your analytical and reasoning proficiencies, as well as your communication and persuasion skills. Focus on key information and plan your time well.

Take everything in stride If you aren’t offered a position after going through the tests in the assessment centre, there’s no need to be disappointed. Instead, treat it as a learning experience – you had the chance to experience a “day of work” in the organisation and test out whether they’re the right fit for you. After all, it’s not just about you impressing the employer, but the other way around too. You could also try to reach out to recruiters and ask for some personal feedback on how you can improve in order to prepare for the next assessment centre. Competition is fierce in the financial world, so if you can take the learning points from one failed situation as valuable experience to help you gain momentum in entering the industry, you’ll have a higher chance of succeeding on your next try!

Finance Career Guide 2024

Application Tips

A Quick

Checklist Do you have everything sorted out?

Your resume Even after reviewing it yourself several times, ask others for help to go over it too.

Keep it clear and simple Make sure your resume and cover letter are easy to follow and free of mistakes.

Apply and impress! There’s no one right way to apply, so apply speculatively, online and directly. If you’re called up for an interview, dazzle them!

Finance Career Guide 2024

Banking and Investment

BANKING AND INVESTMENT Learn more about the banking and investment industry’s areas of work, and how you can prepare yourself for a career there.

Sector Essentials At a Glance: Banking and Investment 30 Choosing Your Role and Company in Banking and Investment 32 Unique Skills Investment Banks Want in Graduate Employees 34 A Graduate’s Guide to Investment Banking Job-Speak

Areas of Work Corporate Banking 39 Economist 40 Finance IT 41 Financial Markets 42 Inter-Dealer Broking 43 Investment Analyst 44 Investment Banking 45 Investment Management 46 Operations 47 Private Wealth Management 48 Risk Management and Control 49 Specialist Markets 50 Stockbroking 51 Structured Finance 52

Finance Career Guide 2024

Banking and Investment Sector Essentials

At a Glance:

Banking and Investment

About the industry

Must-have skills

Getting in

Singapore is one of Asia’s premier financial centres due to its proximity to emerging markets in Southeast Asia and economic stability. This remained true during the pandemic, with much of the global stock market fuelled by aggressive stimulus packages rolled out by central banks and governments to boost growth. Notably, employees in the sector may have to work long hours – 12-hour days aren’t uncommon, especially for front-office roles. Due to the fast-paced and unpredictable nature of the field, employees can find their jobs highly intensive and stressful at times as well. However, hard work doesn’t go unrewarded; graduates will enjoy excellent structured career progression, high salaries, as well as plenty of chances to gain responsibilities early in their careers.

Working in this field doesn’t just call for resilience and an ability to work under pressure, but also a wide range of skills. Numeracy, alongside excellent verbal and written communication skills, will come in handy when tasked with presenting complex concepts to colleagues and clients who may not have backgrounds in finance. A strong understanding of the financial markets, as well as the ability to think laterally and discern market trends, are also essential.

The sector is relatively hard to break into in Singapore. For starters, the market itself is small, and many investment banks fill the bulk of roles available through graduate schemes. However, scoring a relevant internship with an investment bank and performing well can give you an advantage in getting a place in a graduate scheme. Networking is also key to opening up potential employment opportunities. Fortune favours the bold, so be sure to conduct your own research on potential employers. More than that, don’t shy away from approaching recruiters directly during career fairs and other outreach events where they look out for outstanding candidates.

Finance Career Guide 2024

Banking and Investment Sector Essentials

Areas of Work In the banking and investment industry, employees usually render financial services to clients that range from corporations, institutions and governments to high-net-worth individuals, and assist them in meeting financial objectives and maximising returns. Here are some common areas of work:

Investment banking

Fund management

Private banking

Roles in investment banking deal with a variety of financial activities, such as performing financial analyses, overseeing mergers and acquisitions, as well as issuing bonds and securities.

This job entails analysing the stock market and predicting trends. With their knowledge of the markets, fund managers help clients manage their portfolios and achieve specific goals, usually by investing in a variety of securities.

Private banking services involve either advising clients on specific steps in order to maximise their returns, or discretionary services, which allows the bank to make decisions on a client’s behalf.

Stockbroking

Technology

Dealers working in stockbroking not only monitor and trade stocks, but also give financial advice to investors, thereby contributing to one of the most important functions that keep financial markets operational.

IT professionals facilitate and optimise p e r fo r m a n c e by maintaining the necessary systems in which business takes place. Without the IT department, millions of transactions carried out daily may fall through, causing companies to incur huge losses.

Risk management

Trading on the financial markets comes with varying degrees of risk. Because of that, risk managers are tasked to periodically assess, manage and mitigate these risks to ensure that banks and financial companies remain profitable and safe.

Finance Career Guide 2024

Banking and Investment Sector Essentials

Choosing Your Role and Company

In Banking and Investment Before jumping right into this sector, here are a few things you should know about the banking and investment sector and its job prospects.

Firms in the industry

Large global investment banks offer a broad range of banking and investment services, from trading on financial markets to overseeing mergers and acquisitions. Besides banks, financial services firms – such as private equity firms, asset management firms and fund houses – also hire for specialised roles in independent advisory services and sales of products like hedge funds or derivatives, among others. Inter-dealer broking firms like ICAP act as intermediaries, helping clients negotiate and trade anonymously.

Finance Career Guide 2024

The ideal candidate

Having a finance-related degree or professional qualifications, such as the Investment Management Certificate (IMC) or the Chartered Financial Analyst (CFA), isn’t necessarily required, though advantageous. Rather, the main criteria for working in this sector are to have a good understanding of the financial markets, as well as strong numeracy and analytical skills to think laterally and discern market trends. A genuine interest in banking and investment is also essential, and you should constantly be kept up-to-date about the latest developments in the field. Besides credibility, having excellent communication and negotiation skills is important – especially in clientfacing roles like investment managers or interdealer brokers.

Banking and Investment Sector Essentials

Working in the industry

Early responsibilities and a fast-paced environment often mean that work is often challenging, unpredictable and stressful. As such, having resilience and a hardworking nature will serve you well here. In most organisations, teams are often put together based on areas of specialisation – teammates frequently work closely together and keep each other motivated. Exposure to intelligent colleagues and top business leaders also provides many learning opportunities and valuable insights into the field. While high salaries, hefty bonuses and other financial rewards are undeniably the biggest perks of the job, keep in mind that working hours tend to be extremely long and professionals are often expected to work on weekends and, on occasion, even round-the-clock.

Roles available

Positions in the field mainly fall into three categories: the front office, middle office and back office. As their names suggest, employees in the front office usually interact with clients by trading and selling products. Middle office roles, such as risk analysts, on the other hand, are tasked to directly support the people in the front office. Finally, support services, like HR, technology and operations, are considered back office and keep transactions and deals running effectively. Common job roles in this industry include: • • • • • • • • • • •

Asset manager Inter-dealer broker Investment banking analyst Investment banking associate Investment management analyst Investment manager IT manager Operations manager Private banker Risk management analyst Trader

Finance Career Guide 2024

Banking and Investment Sector Essentials

Unique Skills

The Banking and Investment Industry Needs You’ll need to show more than boring old “teamwork” and “communication” skills if you want to nab a graduate scheme in this sector.

Intellect

veryone thinks they have “good communication skills”, are “team players”, or are “effective problem solvers”. A peek at another’s resume will tell you just that. So don’t expect to stand out in the eyes of recruiters if you just focus on those old clichés! Companies in the banking and investment industry have demanding checklists of skills they look for in candidates applying for their graduate or internship schemes. On top of that, each firm also seeks unique traits in applicants that match their corporate culture. If you have a specific employer in mind and want to catch their attention, you’ll need to know what they’re keeping an eye out for, and how to prove you have what they want.

Finance Career Guide 2024

It goes without saying that employers place a lot of emphasis on hiring bright, motivated candidates. But what specific intellectual skills are recruiters actually looking for? Jane Clark, former Group Head of Graduate Resourcing and Development at Barclays, notes that banks seek applicants who can grasp new concepts quickly. “People strong in learning agility are sharp and thrive in new and difficult situations. Grasping and learning new concepts quickly – whether it’s a task, assimilating new information or data, managing a project, or meeting a new client – is important when working in an industry such as investment banking,” she said. “New markets, products, deals and opportunities continually emerge and agile learners are needed to deliver results quickly – even in new situations. A commitment to learning and a hunger for dealing with challenging situations is key.” On the other hand, Deutsche Bank places greater emphasis on agilemindedness – particularly the ability to deduce the right questions to ask when in doubt, and to quickly identify the most appropriate leads to pursue while conducting research. It’s something like a Sherlock Holmes-esque approach to problems, where you need to arrive at the right conclusion based on a combination of elimination, deduction and extrapolation on the finer details.

How to prove it “Tell us about a time when you demonstrated your intellectual ability.” Recruiters typically judge intellectual ability by your capacity to apply your knowledge to practical situations. They also want to see whether you’re quick enough to catch the bigger picture in such situations. For example, you’ve worked on a project during a previous internship together with a team of other interns. An agile-minded person wouldn’t just complete their assigned tasks – rather, they’ll also be able to grasp how the project affects their employer as a whole, and discern how the other interns’ tasks might influence that outcome. Make sure you demonstrate your ability to act on your deductions too! In the above example, you would ideally take a broader interest in your teammates’ work, and do your best to help them see a better outcome for themselves and reach it. You would also clarify doubts with your supervisor, and make the necessary tweaks as the project moved along.

Banking and Investment Sector Essentials

Innovation The ability to create or identify new opportunities for the business is another highly-valued skill in the eyes of employers. For example, Morgan Stanley specifically cites entrepreneurial drive as a key requirement in candidates. This means that their recruiters look for an applicant’s ability to spot areas in need of development, and spy opportunities to profit. Interdealer broker, ICAP, on the other hand, stipulates that hopefuls must be innovative, being able to not only produce new ideas or insights, but also constantly seek chances to improve existing processes. Likewise, UBS also lists an appreciation of the need to “challenge accepted practices” under one of their seven core hiring competencies. How to prove it “Tell us about a time when you were innovative.” Many firms use processes that have existed for years, though they are also frequently tweaked for improvements in accuracy and efficiency. Have you done something similar? For example, your student society planned to run a food stand as a fundraiser. During this, you decided that you could attract more people to the stand by running a social media marketing campaign and introducing tiered discounts based on word-of-mouth referrals. By doing so, you’ve provided a basic innovation to help your society make more profits!

Resilience Because this industry is well-known for its high-pressure working environments, recruiters need graduates with high resilience in order to minimise attrition. For one, Barclays makes it clear that they require applicants who are able to work under pressure, from dealing with constant deadlines or catering to prominent – and often imposing – clients. This is especially true for graduate schemes that are meant to fast-track candidates to management or leadership roles.

Standard Chartered Bank, likewise, emphasises a need for those who can adhere to the highest of standards even under intense pressure. This often comes in the form of changing deadlines and dealing with the next bit of new information that comes to light. In fact, bank employees will tell you to be prepared to be on call at almost all times of the day! How to prove it “Tell us how you have shown resilience in your life so far.” A common response to this question would be about balancing your studies with your other commitments. However, many of your competitors will likely say the exact same thing, so you’ll need to use a more unique example to focus on. Instead, talk about a time when you failed at something or received constructive criticism. From there, focus your story on how you worked towards improvement despite your initial disappointment. At the end of the day, a resilient person is one who sees a setback as a challenge for growth.

International outlook Given how banking and investment work can function across time zones and borders, applicants able to operate in an international context are often in high demand. Barclays Wealth and Investment Management’s competencies include a “willingness to work abroad”, alongside additional language skills. On the other hand, close to 50 per cent of Goldman Sachs’ graduate roles require candidates to have strong linguistic skills. The Bank of America Merrill Lynch looks for candidates who can demonstrate a “global outlook”. Proficiency in various Asian languages is also required for certain roles in the Asia Pacific. At Nomura, knowledge of a second language and its associated culture – though not essential – is also considered a strong plus. After all, as a Japanese firm, knowledge of Japanese business culture would be extremely beneficial to them. UBS’s recruiters once included

“international experience” as a key competency. While the company still finds candidates with international experience to be appealing, it’s no longer a necessary requirement, and the bank still places plenty of emphasis on the global nature of their graduate job roles.

How to prove it “Tell us about a recent development in an overseas market. How do you think it will affect our business?” Having an international outlook is more than just being able to speak to a foreign client or colleague in their language. It’s also about being able to relate to them and understand the market they operate in. Show recruiters that you can identify a key event or socioeconomic trend that will affect the markets in other parts of the world. And, more importantly, make sure you can explain why, and how, it will affect the organisation’s operations in Singapore.

Other skills Individual employers can also have more interesting requirements – some of which you might not even think of. Credit Suisse, for example, looks for the ability to “invoke loyalty in others”. And then there’s Rothschild, which lists “presence” – much like a sense of gravitas and authority – as one of their fundamental skills. On the opposite end of the spectrum, sometimes otherwise great candidates end up letting the air out of their application bids all too easily by trying too hard to showcase their worth at the expense of forgetting the basics. Recruiters at Citi, for example, note that despite having strong academic qualifications or a good understanding of the market, some applicants fail to show enthusiasm for the role due to being overly fixated on the technical details instead. Still, at the end of the day, don’t forget that careers in this sector are – at their core – a client-facing line of work. So don’t neglect to showcase the finer points of your people skills, such as HSBC’s requirements for an “outgoing personality” and “good levels of diplomacy”. Finance Career Guide 2024

Banking and Investment Sector Essentials

A Graduate’s Guide to

Banking and Investment Job-speak Bulls, hedging, stagflation...did you just wander into a farmers’ convention? Here are some common key banking and investment terms that you can use to sound informed at job interviews.

A Analyst A person who studies a market or industry sector and makes recommendations to either “buy”, “hold”, or “sell”. Less glamorously, it also refers to entry-level career positions in many firms in the banking and investment industry.

Brokerage

Commodities

The payment a client makes to a broker.

Physical goods that are traded on a global scale, such as oil, petrol, rare metals, or grain.

Bull The opposite of a bear. A bull is an investor who buys believing the prices of the financial product they’re acquiring will rise.

Bear An investor who sells with the belief that the prices of the financial product they’re selling will fall. Bid price The price which a buyer is willing to pay for a financial product. Bonds Governments or companies can raise capital by issuing and selling bonds. Bondholders' investments will be repaid with interest, also known as a “coupon”, once the bond reaches maturity. The difference between bonds and loans is that bonds can be further traded between investors, while loans cannot.. Broker An intermediary between a buyer and a seller. Brokers will receive a commission if the trade closes successfully.

Finance Career Guide 2024

Capital market A financial marketplace for buying and selling medium- or long-term funding instruments such as bonds, debt and equity. Chinese walls A term referring to information barriers within investment banks. Such barriers exist to minimise potential compliance or conflict of interest issues. For instance, merger and acquisition teams and analysts are forbidden from communicating to ensure that potential takeovers will not be affected by analysts advising their clients to buy or sell shares in the acquired company. Clearing The process for making transactions happen – matching the buyer with the seller, ensuring that the buyer has the cash for it, and that the seller actually holds the securities.

Credit crunch The term is commonly used to refer to a severe shortage of money or credit within a market. The start of the “Global Credit Crunch” can be dated to August 2007, when default rates on sub-prime loans in the United States’ housing market rose to record levels. Credit default swap An insurance-like contract for transferring credit risk. The buyer of the swap makes payment to the seller in exchange for protection in the event of a default. Banks and other financial institutions typically use credit default swaps to cover the risk of mortgage holders defaulting.

D Debit capital markets (DCM) An investment bank division responsible for refinancing or restructuring a client’s existing debt, or raising a client’s debt for acquisitions. The benefit of debt is that it grants a company a greater diversity of funding options, as opposed to relying solely on equity.

Banking and Investment Sector Essentials

Deriatives The general term for financial contracts between buyers and sellers of commodities or securities including futures, options, forwards and swaps. The value of a derivative is determined by fluctuations in the value of an underlying asset like a commodity or security. Since they allow profit from the asset despite its rise or fall, derivatives are typically used as instruments for hedging risk.

E Equity Otherwise referred to as shares. Shareholders own a percentage of the company, and have a share in its profits. They also have control of company management decisions via voting rights. Equity capital markets (ECM) An investment bank division responsible for structuring and pricing the issuance of companies’ equities, such as at an IPO.

F Futures A contract between two parties to trade a commodity or a security at a fixed price, on a fixed future date.

H Hard market A situation where a product or service is scarce for purchase within a market. The opposite is a soft market, in which the product or service is readily available. Hedge A strategy where an investor acquires a collection of different financial instruments with contrary positions, in order to offset the possibility of loss. Hedge fund A private investment fund that uses a range of strategies to maximise returns while minimising the risk of loss.

I Initial Public Offering (IPO) The date when a company’s shares are released – or “floated” – for trading on the stock exchange. Insider dealing and trading The act of trading using knowledge of non-public – “insider” – information in order to gain an advantage over other traders or investors. This is a criminal offence. Interest rates Lenders’ demand interest on loans, and the rate hinges on future inflation projections as well as the “real interest rate”, derived by removing the cost of inflation from the interest rate in order to discern its actual value. Borrowers might pay an additional percentage in order to compensate lenders for the credit risk. Investment bank A bank providing financial services for governments, companies, or very wealthy individuals. They’re usually more exclusive than commercial banks, which provide loans and savings accounts to the general public. Investment trust A collective investment structure where investors pool their money and then commission a fund manager to invest in a variety of stocks and shares on their behalf. A trust can also trade shares on the stock market, though the share price may not always equal the price of its underlying assets. An investment trust’s value will fluctuate with demand for shares on the stock market.

Leveraging The act of using debt to supplement investments. An institution that has borrowed heavily in addition to putting forward its own funds or equity to finance growth is called “highly leveraged”. Libor Short for the “London Inter-Bank Offered Rate”, Libor is the rate at which banks may offer money to other banks. As of 2021, Libor is no longer published. Liquidity The ability of an asset to be traded quickly and without changing its market price.

M Market maker The bank or firm that’s obliged to quote “buy” and “sell” prices for a financial instrument, and stands ready to trade in said instrument on a regular and continuous basis throughout the trading day. Money market A marketplace for short-term funding, such as certificates of deposit and treasury bills. Money market securities typically have a brief maturity period, usually less than a year.

O Options These are similar to futures, but provide the buyer with the right to choose whether or not to complete the contract before the fixed date, as opposed to a binding obligation. The buyer must pay a premium on the seller’s futures for this ability.

Leveraged buyout (LBO) A corporate takeover funded mostly by high-risk bonds or loans. Though risky, this move allows the acquiring company to purchase a significant amount of assets in a short time while contributing only a small amount of real capital.

Finance Career Guide 2024

Banking and Investment Sector Essentials

Securitisation

Portfolio A collection of securities, financial instruments and investment options held by an investor. Also known as a “fund”. Principal (person) A term referring either to an investor who trades on their own account and risk, or the owner of a private company. Private equity Equity that’s not publicly listed on a stock exchange. Trading in private equity is considered a high-risk yet potentially high-return investment – the investor can hold large stakes in an organisation, but the investment will be largely in liquid. Proprietary trading Trading carried out on a firm’s own behalf, using its own capital. Pure risk A class of risk where the only outcome is the possibility of loss. Speculative risk, by contrast, offers the possibility of either loss or gain.

The act of turning something into a security, such as combining the collective debt from a number of mortgages to create a financial product that can be traded. Banks that own securities, which include mortgage debt, earn income when homeowners make mortgage payments. Settlement The stage once a deal has been made and clearing has taken place, and where stock and cash are transferred between the seller and the buyer. Short selling The investment strategy of borrowing an asset, much like shares, from another investor and proceeding to sell it on the relevant market, hoping the price will fall. The aim is to buy back the asset at a lower price and then return it to its owner, allowing the borrower to pocket the difference. Spread The difference between the bid and offer price of a security. Pocketing this difference after a sale is one way in which banks make profits. Stag

Risk management The act of managing the pure risks a company might be exposed to. This involves analysing all possible risks and determining how best to handle them, either through trading them out, or hedging risk with derivatives.

A speculator who buys shares upon issue to sell them as soon as they begin trading on the market. They’re also called “flippers”. Stagflation A combination of stagnation and inflation, where economic growth slows even as prices continue to rise. Sub-prime loans

S Secondary market The trading of a company’s bonds and equities among investors. The “primary market” refers to the initial launching – issuing – and direct sale of the company’s securities. Securities A generic term for bonds and equities.

Finance Career Guide 2024

High-risk loans to clients with poor or no credit histories. Swap rates Borrowing rates between financial institutions. The “lender” bank charges this to the “borrower” bank in order to offset risk.

T Toxic debt Shorthand for debt that will very likely incur losses on an investor. This is typically debt that has a very low chance of being repaid with interest, has a phenomenally high default rate, or has grown too large to even be repaid.

U Unit trust Also known as a “mutual fund”, the trust issues units which represent holdings of the underlying shares. The fund can then pass profits directly to the individual shareholders, proportionate to the number of units they hold. This is in contrast to an investment trust, where profits must be reinvested back into the fund. Universal bank An all-in-one bank that offers both investment and commercial banking services to consumers and small businesses, as well as corporate clients.

Y Yield The total return on investment for a security. This is usually expressed as a percentage of the security’s price.

Banking and Investment Areas of Work

Corporate Banking

Provide financial advice and offer banking products and services to commercial clients to help them grow.

Required skills

ecause clients from this segment typically range from small-and medium-enterprises (SMEs) to large corporations, corporate bankers not only discuss financial needs and provide financial advice, but also offer advice on mergers, acquisitions and capital markets to help decision-makers come to sound financial decisions. Other responsibilities include offering financial services such as treasury advice, loans and credit, trade finance and more.

While finance-related degrees aren’t necessary for this role, recruiters still keep an eye out for applicants with skills in numeracy, negotiation, interpersonal communication and analysis. The need to build relationships in corporate banking also calls for qualitative skills and high emotional intelligence. Those with internship and training experience have also become increasingly sought-after. As such, it’s advisable to acquire a repertoire of skills by attending apprenticeship programmes and pursuing internships during university in order to maintain a competitive edge over other candidates.

General overview Most corporate bankers enter this field through graduate schemes and start out as analysts. Training usually involves rotations across various teams to give insights into different areas of work, allowing candidates to develop an understanding of the industry as a whole. They may also be given opportunities to shadow senior relationship managers at client meetings and observe how they sell the bank’s products. During these sessions, graduates will familiarise themselves with key corporate banking products and pick up crucial client-facing skills. After a year or two, new hires will likely progress to a junior or associate level, and will gradually manage clients on their own. At this point, they’ll be expected to establish relations with corporate clients, which are required to help secure important accounts. However, keep in mind that this process will take a few years, as it requires experience and a seasoned skill set to successfully gain their trust.

Pros and cons Corporate bankers usually work with a variety of products as opposed to focusing on just one. As such, professionals often get the chance to flex their intellectual and creative muscles as they look to successfully match the right products to different clients. However, this client-facing role also entails demanding and difficult cases, and the working environment is fast-paced and highly stressful. Nevertheless, the prospect of upward mobility and impressive benefits for employees make this field a popular career choice.

Finance Career Guide 2024

Banking and Investment Areas of Work

Economist

Study and analyse economic trends to advise on decision-making and managerial planning.

Required skills An eye for detail, commercial awareness, and skills in analysis and IT will all greatly aid potential candidates and stand them in good stead. Economists will likely find themselves needing to present complex data in simpler terms, whether it is at a meeting with stakeholders or an entire conference. As such, communication skills are vital for them when explaining their reports and findings to people from a variety of business and educational backgrounds. In addition, because their written reports will be heavily utilised, economists will also need to have good writing skills to effectively convey their analysis and findings.

y studying market activity through collecting and analysing data, economists are able to evaluate and predict economic trends. Responsibilities can include conducting surveys, using software to parse through data, as well as writing reports and presenting their findings. The work of economists is used to increase their client and organisation’s market performance, guide business decisions and determine projected costs for budgeting purposes. In large corporations and governments, economic reports are vital in making budgetary decisions for the upcoming fiscal year.

Finance Career Guide 2024

General overview A degree in economics is usually required to work in this field, though most positions require either a master’s degree or a PhD. Graduates can find employment in the government, financial and investment institutions, as well as the research sector. Successful applicants start off as junior analysts and will slowly build up their portfolios. Due to the large number of factors that can affect the economy, economists tend to have a broad understanding across various disciplines and sectors. Their know-how is not only limited to business and finance. In fact, their breadth of knowledge also includes specific industries such as imports and exports, petroleum, manufacturing and even politics and policies from around the world.

Pros and cons The work of economists has a significant impact on people as their reports often guide policy-making, budget planning and key decisions in business. Moreover, keeping abreast of the current economic situations in this line of work also means that economists have some foresight into the market, and are at an advantage when it comes to making financial decisions and investments. On the other hand, because the demand for economists tends to grow at a slower rate than other jobs on average, this can lead to stiff competition for positions.

Banking and Investment Areas of Work

Finance IT

With the adoption of technology in banking, the industry oversees countless transactions every day.

nitially, finance IT referred to the technology utilised in back-end systems of financial institutions, such as banks. Now, introduced in the 21st century, financial technology (fintech) is now used to describe technological solutions that seek to improve and automate the delivery and use of financial services. This can range from front-end sales to the back-end maintenance of risk analysis systems and data storage solutions. In this sector, IT professionals are vital enablers who facilitate business performance by increasing data quality and security. With this in mind, banks are invested in not just creating efficient IT infrastructure, but also hiring talented specialists within strategic fields in technology, especially in this age and time when digital innovations regularly revolutionise financial services.

General overview Being in an internship or graduate programme in a financial organisation’s IT department is a good start for those looking to pursue a career in this field, with job rotations facilitating exposure to various parts of the banking industry. Following that, graduates can choose to either specialise or be a generalist. Due to the project-based nature of finance IT, professionals will likely find themselves navigating teams of various specialists across different departments.

Required skills Successful candidates typically keep themselves updated on the latest technological developments, and are also knowledgeable about how they can help support and enable the market. While an IT-related degree may provide a head start, it doesn’t apply to all positions in finance IT. For one, you aren’t required to know programming languages as a business analyst, though applicants have been known to take postgraduate courses to get into this field.

Banks look out for graduates with a keen interest in, and a strong aptitude for, finance IT, as well as those who are enthusiastic, energetic and hungry to learn. While having financial knowledge is good to have, it’s not a dealbreaker – IT specialists are often recruited for their IT knowledge, not their financial expertise, since that can be picked up on the job. Rather, what’s most valued here is their innovation. Last but not least, an ability to work in a team is crucial for liaising internally and externally, as well as strong interpersonal skills for working across departments. Accordingly, demand for IT specialists with excellent communication skills and outgoing personalities is high.

Pros and cons Due to its constant evolution to meet the needs of consumers and businesses alike, graduates in this sector should be prepared to work in an environment that will challenge them at every term. Not only will they gain interesting perspectives on how business and IT come together, but they’ll also be given opportunities to design, implement and manage projects in this fastmoving, dynamic area of work.

Finance Career Guide 2024

Banking and Investment Areas of Work

Financial Markets

Develop and maintain relationships with clients in a fast-paced and exciting environment.

observations and recommendations based on ongoing trends in the markets, and pass this data on to co-workers in trading and sales to help them make more informed decisions.

Required skills

inancial markets are where financial assets and instruments – such as stocks, bonds, shares, equities, foreign exchange and commodities – are created, traded and distributed. As such, working there is mostly about finding solutions that generate revenue. Financing or hedging an array of clients, including corporations, financial institutions and even governments, is also part of the job. Experts achieve this by offering analyses and fixes to financial problems, including resources for clients to trade various securities and assets for greater liquidity, much like instant cash. Businesses in markets primarily make money through trading margins and fees, as well as proprietary speculation. As such, trading, sales and conducting thorough research are the three essential components in this field. Networking and relationship management are also especially important in this line of work, not just for opportunities to obtain valuable information, but to also gain insights on what clients are up to, a more accurate comprehension of the markets, and sometimes, even unreleased intelligence. Finance Career Guide 2024

These can lead to additional income or clue experts in on profitable transactions.

General overview Traders start the day early – usually around 7am – to keep up with the opening of the markets, and subsequently spend their time connecting with clients and other traders, exchanging information and making deals. They also spend a lot of time booking trades and advising salespeople and interested investors. Sales staff start the day slightly later, and focus on establishing and managing relationships between the firm and its investors, interacting mainly with external financiers. On top of suggesting and making financially profitable deals and persuading clients to invest, salespeople also liaise with traders on clients’ behalf to ensure that the agreed transactions are successfully carried out. Research staff, on the other hand, react to what happens once traders start exchanging products – which means they begin work much later than those in the trading and sales teams. Researchers usually spend their days making

With the exception of positions that deal with complicated financial products and calculations, employers don’t necessarily require finance or mathematical degrees. Basic numeracy skills will usually suffice, though applicants must be accurate. Employers look out for talents with strong communication skills, and those who are able to build strong relationships and connect with people easily – most positions usually involve plenty of internal and external communication. Competition in this sector can be fierce, so candidates who have undertaken related internships will find themselves at an advantage. In addition, being up-todate with industry insights and trends will also help them hit the ground running in this job role.

Pros and cons This field is both dynamic and exciting, but it also comes with long hours. Moreover, it’s undeniably stressful and risky, with even a single mistake having a chance to incur high losses. But other than the heady excitement and energy on the trading floor, graduates are drawn to the opportunities to network widely and travel as seasoned professionals.

Banking and Investment Areas of Work

Inter-dealer Broking Intermediaries who help clients buy and sell financial instruments.

Required skills Apart from a keen interest in financial markets, having a sociable disposition and good communication skills are vital to build rapport with clients. In addition, brokers will need to build up their credibility over time, as well as maintain patience and a drive to succeed in a fastpaced environment. As a result, the best inter-dealer brokers are professional, composed, decisive, adaptable and able to perform well under pressure.

nter-dealer broking provides a gobetween where clients – usually corporate entities and financial institutions like banks – can trade with one another using financial instruments like bonds, stocks, loans, equities and foreign exchanges. Those who work in this field serve as neutral intermediaries for clients who wish to trade under anonymity, maximising investments in an exchange where disclosure of identity could negatively affect the quotation of prices. As such, inter-dealer brokers advise on the best prices in the market and can help customise negotiations for a client’s benefit. Most inter-dealer brokers typically specialise in a specific product, and communicating with clients is at the heart of their work. While those specialising in telephone work usually deal with more complicated products where detailed explanations are crucial, electronic dealers typically handle simpler products, using specialised terminals to identify clients’ needs and make quick deals.

General overview New hires typically start out as junior brokers in a team, and are usually mentored by a senior member before becoming a full-fledged broker. Managerial roles begin at the level of desk manager, progressing to either a director position or head of a division. A benefit of inter-dealer broking is that the volatility of the financial marketplace is unlikely to affect earnings as they come from a percentage of the deal between two parties, regardless of whether prices rise or fall. In fact, inter-dealer brokers may earn even more during unstable periods in the market, as people tend to trade in greater volumes then.

Pros and cons It can be exciting to always be on the ball with instant market changes, and depending on the operating hours of the market indexes they oversee, working hours are relatively stable. On the flip side, working in this field means having to deal with a fast-paced and high-pressure environment. Plus, brokers will be responsible for guiding difficult clients out of making unfeasible transactions as diplomatically as possible. Still, the accomplishment that comes with completing a successful large trade, along with the excitement and social aspects of this profession, are often the enjoyable aspects of this line of work.

Finance Career Guide 2024

Banking and Investment Areas of Work

Investment Analyst

Provide fund managers, stockbrokers and traders with the data needed to make good investment decisions.

Required skills

ypically, investment analysts produce strategic game plans by following the markets closely, analysing stocks and predicting trends. To that end, many find themselves conducting research on oil rig providers, trends in organic food prices and acquisitions by large IT companies – all within the same day. These plans, advice, information and data are then passed on to stockbrokers and other investment professionals, such as investment managers, in order for them to make good trading decisions. In this respect, analysts regularly meet with various professionals in the investment sector to dispense advice and present findings.

Finance Career Guide 2024

General overview Usually found in the finance, accounting, economics and business sectors, investment analysts conduct research into the general economy, financial markets and individual companies. The research generally pertains to performance in relation to the market, and the investment analysts examine company accounts to determine their profits, losses and cash flow. They also analyse financial statements and other information to thoroughly understand internal financial functions. However, some employers may require analysts to focus on just one particular sector, country, or product. The growth of big data has since enabled investment analysts to access a wide array of data, which in turn increases their scope of analysis. On the other hand, advancements in computers and analytical software have allowed for more complex analysis to be done more quickly. All these factors have resulted in greater quality and depth of the information acquired, making it easier to develop and offer new products to clients.

Those interested in this field will benefit from a strong interest in both the global market and financial markets, as well as having IT skills due to the importance of big data. Employers will also seek out those with solid analytical and research skills as well. Moreover, as investment analysts present findings in research summary reports and make recommendations to stockbrokers, fund managers and traders alike, excellent collaborative, communication and interpersonal skills will be needed.

Pros and cons As with other jobs in the investment industry, investment analysts may find themselves working long hours in a high-pressure environment with little room for error. However, in exchange, the job also provides generous remuneration and other benefits. Notably, due to the nature of their job, the skills they obtain in this job allow them to easily move around in the finance industry, and some even enjoy a more flexible working schedule.

Banking and Investment Areas of Work

Investment Banking

The high levels of commitment and responsibilities also come with generous payoffs.

Required skills

investment bankers act as corporate advisors for various entities when it comes to their financial activities. Their responsibilities include the issuance of securities, overseeing mergers and acquisitions, providing financial analysis, managing initial public offerings and handling investments for corporate pension funds, charities, and high-networth private clients. Before a company’s acquisition, investment bankers will also carry out financial and strategic analyses, assess the price and worth of the acquisition, as well as offer directions on how to bid, pay and communicate the news to the public markets. Clients may even give their investment banking teams the autonomy to deliver and execute deals on their behalf.

Here, a finance-related degree isn’t required, so applicants of all disciplines are welcome. However, to be successful, graduates need to demonstrate an interest and a good understanding of business and financial markets. Another chief requirement for working in this field is the ability to think laterally and discern trends and patterns. Because investment bankers are client-focused, not only is it necessary to be well-versed in financial expertise, but you’ll also need strong interpersonal skills and a readiness to deal with a variety of people from all walks of life.

General overview Employers typically offer newcomers structured training programmes that last a month or so to provide them with the necessary key skills. Most successful applicants start out as analysts, and will be assigned a senior mentor as they begin navigating a steep learning curve. With experience, graduates can move up the ranks to become junior investment bankers, liaising with clients as well as performing financial analyses, and condensing and collating data for them. Over time, seniority will allow opportunities such as managing and overseeing the execution of projects and deals. In most companies, investment bankers are grouped into teams based on specialisations, but can collaborate with members from other teams while executing a deal. To that end, hopefuls can look forward to expecting plenty of interaction across teams and departments. However, trends are changing with the landscape, and investors are now moving away from high-risk ventures. Instead, they’re now placing greater emphasis on risk management and raising capital as opposed to mergers and acquisitions.

Pros and cons Be prepared to perform under immense stress and heavy pressure for extended periods of time. Twelve-hour workdays are common, as well as working on weekends. Still, while demanding, investment banking is a rewarding career choice that comes with early responsibility, financial rewards and exciting work. After all, not many other industries offer chances to work on deals that fill the pages of the Wall Street Journal, or put professionals in touch with chief executive officers (CEOs) of large corporations at a relatively early stage of their career! Finance Career Guide 2024

Banking and Investment Areas of Work

Investment Management

Investment, fund and asset managers build clients’ portfolios through a combination of strategy, research and insight.

lso known as fund or asset m a n a ge m e nt , i nve st m e nt management is about handling a client’s finances with the aim of reaching specific goals. Those who work in this field monitor the financial markets to make the most out of their clients’ portfolios by investing in a variety of potential profitmaking securities and asset classes. Investment managers work closely with investment analysts, and often depend on their plans, advice, and data to deal with clients’ portfolios, carrying out transactions according to their findings. Successful investment managers typically combine initiative, research and foresight to make the right choices with their clients’ monies.

General overview Most graduates enter through graduate programmes and start off as investment analysts. Entry-level duties include analysing data from the market, preparing reports, contributing to portfolio decisions and presenting findings to company management. Investment managers typically have more client-facing responsibilities, and travel to gain a better comprehension of sectors and products. As earning potential is typically proportional to the success of investment options, managers tend to remain hands-on to avoid becoming too distant, and keep abreast of the latest market trends.

Required skills While having a finance-related degree is advantageous, it isn’t compulsory in order to join this sector. Rather, having enthusiasm and a strong understanding of the financial market are more valued in comparison. As such, undertaking internships with investment management companies can help hopefuls assess their suitability for the field. Finance Career Guide 2024

Most firms, especially international ones, encourage newcomers to sit for professional exams such as the IMC, the CFA, or even the CPA paper. Local companies may also want successful applicants to take the Capital Markets and Financial Advisory Services (CMFAS) exams. Having an open mind and a tolerance for uncertainty will help graduates deal with ambiguity, a common occurrence in the investment management scene. Staying a step ahead of the competition through thorough research is also imperative. There may also be times when you will need to be firm on your stance despite objections from both clients and senior colleagues. As such, strong communication skills, tact and confidence will help you successfully make your case.

Pros and cons Apart from its high-earning potential, the job of an investment manager opens opportunities to learn from experienced investors, while also being exposed to a variety of sectors. Plus, as their advice is highly valued among concerned investors, career prospects for investment managers are still mostly positive as a result. However, having a good work-life balance may be tricky, as not only will they need to market economic conditions and trends closely, but may have to deal with queries from clients even off the clock.

Banking and Investment Areas of Work

Operations

Support the running of banking, and investment organisations and process transactions smoothly and efficiently.

Required skills

lso known as the “back office”, the operations department provides support for the firm by ensuring its activities are performed accurately and efficiently. It oversees a transaction’s entire life cycle, from initial preparations to post-trade processes in settlements. While it doesn’t actively generate revenue, this area of work is key for business profitability through managing risk and minimising loss. Notably, the better it runs, the more effective the firm can be. For example, securities operations are responsible for ensuring that desks in linked markets have enough capability to communicate with each other. On the other hand, the risk function is in charge of ensuring that the company’s internal processes comply with regulatory guidelines.

Excellent numeracy and analytical skills are needed for assessing and analysing transaction cycles, as well as generating contingency plans. A keen eye for detail and the foresight to spot potential problems before they occur, along with exemplary communication and listening skills for interacting with numerous internal and external parties, are also valued. In addition, because this line of work is tied closely with emerging technologies, you’ll need to keep up with the latest developments in the sector if you want to excel here. Flexibility and the willingness to learn on the job will also be crucial here.

General overview Most graduates start out in training programmes before being assigned to an experienced analyst for mentoring and on-the-job training. Work in the early stages can include introducing a new product or improving control. With further advancements in technology, companies are now able to trade across multiple product areas and regions, increasing the volume and speed of processes and transact instantly. Because of this, however, the sheer volume and extreme time sensitivity of transactions means that work can be challenging.

Pros and cons Troubleshooting problems even before they happen will keep professionals on their toes. Many firms also encourage selfimprovement among operations staff, with plenty of opportunities to forward their ideas for the enhancement of certain controls of the company and department. However, there’s also the chance these ideas may not be actively implemented or even left on the back burner. In addition, because operations are a support role, it may not be suited for those who prefer to deal with clients. Finance Career Guide 2024

Banking and Investment Areas of Work

Private Wealth Management

Take charge and manage the finances of high-net-worth clients.

is a plus. Knowledge about the financial market is essential, along with patience and interpersonal skills for handling difficult clients. Language skills are also highly valued in such roles, with multilingualism seen as a huge asset. While a finance-related degree isn’t needed for other aspects of private wealth management, some firms may prefer newcomers to obtain specialised certifications – such as a Master’s in wealth management – before allowing them to progress further in their career. Strong numerical and analytical skills are important too, along with self-motivation and a willingness and capacity to work in a team. Most importantly, hopefuls need to encompass trustworthiness and discretion when handling clients’ investments.

rivate wealth management, also known as private banking, refers to investment and financial planning for individual investors, especially high-net-worth individuals seeking specialised services. These services include planning and investment management, along with advising on matters such as tax, retirement funds and family trusts. Clients tend to possess diverse portfolios across a number of industries, requiring customised and tailored exclusive solutions for respective individuals. This is something that can only be achieved with in-depth, specialist knowledge of each client’s investment options and the industries within. Private wealth management can be split into two main areas – advisory and discretionary. For advisory services, managers advise their clients on decisions to maximise returns, so that the individuals can act accordingly while maintaining direct control over their portfolio. Discretionary services, on the other hand, involve a meeting between a client and manager to discuss an overall strategy that the bank will execute, through effective day-to-day decisions, to achieve that aim.

Finance Career Guide 2024

General overview There are three types of roles in private banking – relationship management, investment and support. Relationship managers identify their clients’ needs and problems before offering them solutions from the bank. Developing and maintaining a good rapport with clients is vital, and promoting the bank’s services is at the heart of what relationship managers do. Investment specialists, on the other hand, analyse the market and provide investment recommendations to clients that relationship managers bring in. In discretionary capacities, they can make investment decisions for the clients. Investment staff also liaise with other product specialists in the bank to get expert advice on certain assets or investment options. Support functions help investment professionals manage client portfolios and research new commercial ideas. It also includes compliance, operations, HR and accounting.

Required skills For those looking to work in relationship management, a degree with strengths in marketing, sales, or public relations

Pros and cons Private bankers enjoy certain insights other roles in the industry may not have access to. As high-networth clients use such services to cross-invest their assets, many get to observe, and occasionally even participate in, various investment strategies to derive the most returns. Most client-advisor relationships tend to last for a long time in this industry, which often translates to good networking resources. However, accruing a significant amount of experience in this industry is still needed before the responsibility of handling another party’s financial goals is entrusted. As this is a highly competitive field with numerous firms and coworkers jostling for a small, select group of elite, high-net-worth clients, be prepared to work incredibly hard if you want to advance.

Banking and Investment Areas of Work

Risk Management and Control Assess trade and investment risks while ensuring traders fully understand them before making an investment.

Although postgraduate studies aren’t a requirement, some firms may take them into consideration when promoting candidates.

Required skills In terms of soft skills, excellent interpersonal and communication skills are vital as working with people from diverse backgrounds is part of the job. At the same time, good problem-solving and analytical skills are essential, as well as having a good eye for detail. On top of that, having good negotiation skills, great foresight, knowledge about markets, commercial awareness and the ability to be forward-thinking are immensely important.

hile risk management and control have similar scopes, they do have their differences. While a risk manager identifies risks and evaluates impacts before proposing ways to minimise them, a risk and control manager instead assesses risks and consults with clients. Still, both share the same responsibility of ensuring that any potential risks associated with trade or investments are understood by clients and match their risk appetite. A typical day for both can involve a diverse mix of surveying sites, conducting risk analyses, helping to flesh out preventive recommendations, creating reports and interacting with clients.

General overview In this sector, recruiters prefer applicants with industry-relevant degrees, such as in business, law, economics, or management, though mathematics and science-based backgrounds are also welcome. Many employers are also giving increasing importance to relevant work experience, so obtaining an internship can afford an advantage. New hires usually enter through risk management training programmes before striking out as part of a small team, picking up essential skills on the job as they assist their colleagues. Mentors are also assigned to graduate hires to guide them along in their work and oversee their progress within the organisation. There’s also a range of external training courses available for career advancement purposes, and professional qualifications are needed if there’s an intention to specialise in particular areas, including technology and fraud.

Pros and cons Professionals in this sector should be prepared to work in a competitive and high-stress environment, especially in times of crisis or during large acquisitions, trades and investments. Work can also be fast-paced, so graduates need to be adaptable if they want to succeed in this rapidly changing environment. On the other hand, a job in risk management can help you boost crucial skills for any finance job, such as in decision-making and analysis. Having to manage risks also always means having to assume responsibilities, which can also be good training for an executive position. Finance Career Guide 2024

Banking and Investment Areas of Work

Specialist Markets

Choose a particular sector or client base to develop your expertise and knowledge in.

Required skills Unsurprisingly, having sector-specific knowledge is vital in this area of work. A holistic, comprehensive and up-todate understanding of a sector’s inner workings will also play a big part in shaping your success here. In addition, employers tend to seek out applicants who can demonstrate flexibility, enthusiasm and level-headedness as well. As they’ll be speaking with stakeholders and clients, good communication skills will be needed to effectively convey information to them. The learning curve here can be steep, so newcomers must also be prepared to absorb a lot of information in a short period of time.

pecialist market teams are experts in their fields and cover a broad range of tasks. This can range from assisting clients in specialised sectors with investment and financing strategies, to mergers and acquisitions between companies within a certain sector. Graduates will be required to deal with different volumes of financial products, determined by the organisation’s size. A bigger firm may cater to a wider range of sectors, dominating several niches at one time, while smaller boutique consultancies may focus on servicing several sectors in an area of specialisation. A big part of this job lies in understanding clients’ businesses and the sectors they operate in, while also looking for a way to bridge the two. As a result, it’s important to recognise a client’s needs and wants in terms of the assets they possess, their goals and the steps they are willing to take before advising them.

Finance Career Guide 2024

General overview Newcomers usually start with being trained in the firm’s products and general investment banking services, though specialist knowledge will be accumulated both on-the-job and while learning from more experienced seniors. Depending on the size of the organisation and the number of sectors covered, rotations to serve several sectors to understand how things work may be included as well. Following that, new hires move on to conducting research and preparing presentations and models for client meetings, as well as analysing clients’ companies. Joining discussions to generate ideas and solutions for clients will become the norm after more experience is gained, and once established, they may even be assigned as the person-in-charge of mergers and acquisitions. Upon becoming a senior member of a specialist market team, graduates will be called upon for expert consultation by CEOs or board members at client companies.

Pros and cons You may have to deal with demanding and difficult clients at times, so patience and tact will be needed to deal with them diplomatically. In addition, the length and intensity of a project can vary, so having to deal with differing deadlines and peak periods will result in unpredictable work hours. On the upside, apart from good remuneration, professionals in specialist market teams have the leeway to build a wealth of contacts and knowledge from a variety of sectors, which can open up a potential path in consultancy as an alternative career path.

Banking and Investment Areas of Work

Stockbroking

Deal and be involved in the trade of securities, such as stocks and shares, on behalf of clients.

Required skills

tockbrokers cater to a variety of clients, from individuals to large corporations, all with the same objective: to manage and monitor investments made for them. There are generally three types of stockbroking services: advisory, where a stockbroker only offers advice on investments; execution-only, meaning they only buy and sell securities at a client’s instruction; and discretionary, where full control is given to a stockbroker to trade and make decisions on a client’s behalf.

General overview Employment is generally available in financial institutions and brokerage firms. However, under local regulations, hopefuls still must obtain licences from the Institute of Banking and Finance (IBF) before entering the industry. While anyone with a graduate degree and the right experience can be a stockbroker, employers may prefer numerate, business, financial, or management degrees. Once hired, graduates typically start out by shadowing a mentor to gain experience. Around the world, stockbrokers are diversifying their range of services to include financial consultation and planning. Where stockbroking in the past only dealt with the trade of high-risk and high-return securities, brokers are now akin to financial advisors who offer full-service financial planning services.

Besides an ability to handle stress well, recruiters keep an eagle eye out for strong mathematical, analytical and decision-making skills as stockbrokers not only have to keep a close eye on the stock market, but make good trading decisions as well. The changing industry has also brought about a shift towards an advisory consultant role, so having great etiquette with client interaction, persuasiveness during negotiations and good people skills will give candidates an advantage. This will also stand them in good stead when fostering good relationships with clients and assuaging any concerns about investments.

Pros and cons Fourteen-hour days aren’t uncommon here, and the stakes can be incredibly high – but financial rewards earned in commissions on each transaction made can be impressive. Additionally, ambitious individuals will be able to take on a lot of responsibilities to advance upward. On the flip side, income is largely dependent on the movement of the markets, so profitable trades can be hard to come by in a downturn or recession.

Finance Career Guide 2024

Banking and Investment Areas of Work

Structured Finance

This line of work gives graduates the chance to become recognised experts early in their careers.

financing the building of communication infrastructure and professionals wellversed in engineering development within the sector and how they affect the industry.

Required skills Training for aptitude is provided, and knowledge about sectors and financial structuring can be picked up on the job. Rather, recruiters tend to hire graduates based on their attitude, such as a drive to innovate and a strong sense of ambition. Apart from these, it also helps to have good analytical skills, as situations need to be dissected and resolved quickly and creatively, less you jeopardise risk analyses. Since much of your time will be spent facing clients, good communication skills are also essential.

branch of the banking and investment field that specialises in customising financing solutions for companies with unique financial needs, structured finance looks at requirements that fall outside the category of conventional business loans or financial market instruments. To that end, it can cover a comparatively extensive range of instruments such as debt and equity capital, and even mezzanine financing. Structured finance works by creating liquidity and “safe” assets from risky instruments for a business organisation. This risk is transferred to different parties involved in the transaction through amounts that are acceptable to them, and with returns proportional to the extent of risk a stakeholder is willing to stomach. Financiers start by sussing out specific requirements of a client’s transactions, assets, or projects – all while gaining a good understanding of their risk appetite through rigorous risk analysis. This involves a thorough examination of all the issues that might affect a transaction, as well as complex modelling of forecasted performance to see how external factors such as commodity prices can influence profitability. Only then can they Finance Career Guide 2024

personalise a suitable combination of debt and other products to help finance the client’s business successfully.

General overview Hiring managers looking to fill structured finance roles typically draft selected members who demonstrate an aptitude for this area from the organisation’s graduate trainee programmes. However, they may occasionally run recruitment drives to hire graduates directly. It’s commonly expected for individuals to specialise in a particular area after some time, so some opt to pursue a specialised postgraduate degree before entering the field in order to gain a more solid understanding of their chosen business sector in advance. Work is usually done in teams of five to 20 people, assembled ad hoc under the leadership of an experienced deal leader for a specific transaction. Most of the time, the deal leader will bring in an eclectic combination of specialists from different sub-sectors so as to get a variety of viewpoints on the issue at hand. For instance, in a telecommunications team, the team leader will want – among many others – specialists who understand the consumer market, experts on

Pros and cons In structured finance, graduate hopefuls can become recognised experts in specific fields or subsectors. It’s an area of work for those who enjoy thinking out of the box, having to tailor debt packages and other financing instruments to fit clients’ specific needs. Overseeing deals from start to finish promises satisfaction. In addition, as graduates normally work in teams, there’s a need to contribute in all aspects, including managing individual processes and finding experts from various areas to help close the project successfully. However, because this area of work is project-based, employees may not have fixed working hours.

Financial Services

FINANCIAL SERVICES Get acquainted with the financial services sector, its various areas of work, and what you can do to prepare if you want to pursue a career in this field.

Sector Essentials At a Glance: Financial Services

Choosing Your Role and Company in Financial Services

Different Ways to Get into the Finance Industry

The Financial Services Alphabet

Areas of Work Actuarial Science 63 Insurance 64 Insurance Underwriting 66 Retail Banking 67 Statistics 68 Wealth Management 69

Finance Career Guide 2024

Financial Services Sector Essentials

At a Glance:

Financial Services

About the industry

Must-have skills

Getting in

In this guide, “financial services” encompasses a wide variety of roles in the financial sector, all of which have a direct effect on daily life. While monetary remuneration may not be as high as in the investment banking industry, this sector is still considered attractive and comfortable. Notably, working hours tend to be less intense, making it easier to have a healthier work-life balance. Moreover, the recent Financial Services Industry Transformation Map (ITM) 2025 has laid out the growth strategies to further develop Singapore as a leading international financial centre in Asia – to connect global markets, support Asia’s development, and serve Singapore’s economy. MAS projected the financial sector to grow by an average of four to five per cent per annum during 2021 – 2025 and create 3,000 – 4,000 net jobs on average each year.

While numerical ability, critical thinking and analytical skills are welcome, they don’t automatically translate into success in financial services. In fact, a finance-related degree isn’t a necessary prerequisite for most positions in the sector; rather, a genuine interest in client service and a willingness to work with numbers are more important to make a good start. Once you’ve entered the field, you’ll quickly find that it allows you to build a broad range of transferable skills, preparing you for managerial roles across different areas of work in the future. However, keep in mind that many aspects and roles in this expanding industry are service-oriented and clientfacing, so proficiency in communication, customer service and negotiation is vital. Other important skills include problemsolving, leadership, teamwork and time management skills.

Due to the variety of jobs, this sector welcomes graduates from different backgrounds, even if they lack relevant work experience or a degree related to finance. In addition, a majority of employers do offer structured training, allowing you to get up to speed in any technical areas while also working on your soft skills. New hires can look forward to orientation and onboarding programmes, which will provide broad-based knowledge and a good understanding of the key functions, core values and ethics of the company, and what drives their operations. Many firms will also match you to a mentor to help you make the most of your opportunities, as well as a buddy to provide support.

Finance Career Guide 2024

Financial Services Sector Essentials

Areas of Work The numerous different jobs available guarantees that there’s always something to suit everyone. Here are some key paths:

Retail banking

Insurance

Retail banking, or consumer banking, is mass-market banking that aims to serve individuals in local branches with savings and checking accounts, credit cards, mortgages and personal loans.

Professionals seek to protect both individuals and companies against potential financial risks by helping to safeguard clients’ financial assets in the case of an unexpected event.

Regulatory work

Actuarial work

Financial regulators not only oversee financial markets to create safe and fair services for all, but also ensure trust in the economy. The Monetary Authority of Singapore (MAS) supervises all financial institutions in the country and acts as a watchdog.

Actuaries predict and assess the likelihood of an event and evaluate its financial risk through the use of data and statistical techniques. After processing these results, they communicate key findings to clients and stakeholders.

Finance Career Guide 2024

Financial Services Sector Essentials

Choosing Your Role and Company

In Financial Services Discover which role and company in the financial services industry are the best fit for you!

Firms in the industry

The ideal candidate

Employers include institutes that provide specialised financial services such as actuarial consultancies and underwriting, retail banks like OCBC and insurance establishments like NTUC Income. In larger corporations, new hires tend to be placed on rotational schemes, where they get to work in different departments to gain a broader understanding of the company. On the other hand, smaller enterprises offer more flexibility and independence, a potentially friendlier environment and exposure to senior management that could accelerate your learning. Regulatory bodies, such as the MAS and the Ministry of Finance, are options as well, and they act to ensure compliance is observed in financial transactions and activities.

With the digital transformation of the financial services industry, both banks and financial institutions alike are now adopting new strategies and methods to reinvent their client services strategies. Notably, instead of utilising banks or ATMs to withdraw cash, cashless methods such as mobile banking and peer-to-peer payment services have become more popular. However, firms will also have to ensure that these new methods of utilising banking and financial services remain accessible, ensuring that no one is left behind. As such, applicants who are datasavvy and possess strong IT skills will be in demand.

Finance Career Guide 2024

Other wanted skills include analytical thinking, teamwork and communication, as well as the ability to innovate and provide fresh perspectives. Customer service is also a major part of this sector, so traits such as kindness and empathy as well as market intelligence are required to offer value-added services to ensure customer satisfaction. For example, having exemplary persuasion and negotiation skills isn’t enough for a financial services consultant. Applicants should have the skills to see things from the client’s perspective, identify their individual needs, devise corresponding financial planning strategies, and help clients make informed decisions.

Financial Services Sector Essentials

Working in the industry

The arena is dynamic and competitive, and you’ll have the opportunity to take ownership of your work, gain management responsibilities early and receive high remuneration. Compared to investment banking, the financial services sector guarantees a much healthier work-life balance and is suitable for those who like to work hard and play hard! That being said, a 2020 survey found that there has been a decrease in trust towards Singapore’s financial services between 2010 and 2020, highlighting that more must be done to build transparency and credibility in client relationships, and for the overall industry. Last but not least, if you decide to pursue a career as an actuary, bear in mind that employees are often required to balance their full-time jobs with their studies if they want to obtain professional qualifications to advance their careers.

Roles available

There are many career possibilities, including but not limited to: • • • • • • • •

Actuary Bank teller Branch manager Insurance broker Loss adjuster Product manager Risk manager Underwriter

Finance Career Guide 2024

Financial Services Sector Essentials

Different Ways to Get into

The Finance Industry

This sector offers numerous opportunities for thinking outside the box, making it a favourable workplace for graduates who wish to unleash their creativity and carve out their own moments and prospects.

hether you’re looking for a graduate job or an internship, the financial services industry is a competitive field. To that end, an outstanding resume, along with experience and knowledge, can go a long way in helping you gain some prominence amid a sea of applicants.

Attending career fairs Apply speculatively Smaller financial institutions, which typically specialise in actuarial works or insurance loss adjustments, generally don’t have structured graduate or internship programmes. As such, one way to ask about available positions is to speculatively send in your resume along with a cover letter. State who you are and what you’re looking for – such as shadowing or work experience – as well as your relevant experience and what skills you can lend the company. While you should mention your reasons for choosing that particular company, keep your resume and cover letter concise and to the point, as recruiters may not have the time to go through a protracted application. In addition, remember to call the company before submitting your application to ask who you should send and address it to – applications sent to a specific person tend to have a higher chance of being reviewed. There are numerous benefits to applying speculatively, from potentially expanding your network to an opportunity to show your genuine interest to your prospective employer.

Finance Career Guide 2024

Career fairs give students and employers a platform to mingle and network, while also allowing students and graduates to take a good look at the diverse opportunities and positions available. While most events take place in person, there are also some that are hosted virtually. Attending a career fair will get you acquainted with recruiters and help you build your network – and will also show prospective employers your commitment to joining the industry.

Entrepreneurship Firms are always keeping an eye out for students with skills in entrepreneurship, and those who set up small businesses while in university usually end up impressing them. These ventures don’t have to be big or overly successful either; they can still show prospective employers’ commercial awareness, problem-solving and planning skills, business intellect and an ability to budget. Plus, not only will running a small enterprise give you something interesting to talk about in interviews when you’re looking for a graduate job, but you’ll also be able to make some extra cash for yourself!

Financial Services Sector Essentials

Joining or starting a network

Getting an overseas internship

If there’s a student group focused on financial services in school, consider joining it and start working on your network. Alternatively, keep an eye out for similar groups on social media platforms, such as LinkedIn and Facebook. If you can’t find any, you can start one of your own. This will not only showcase your initiative to future employers, but also grant you the opportunity to meet other professionals and students you may not have crossed paths with. Getting the chance to meet and talk with others who share similar interests is just one benefit – the chance to network and show your genuine commitment to a career in the financial services field is another.

Nabbing an internship out of the country can give you a head start over other graduate hopefuls. And for the duration of the application process, the skills and experiences you picked up from your time abroad can definitely set you apart. In addition, employers will be able to perceive your adaptability, confidence and commercial awareness, as well as global and communication skills. Other benefits of getting an internship overseas are, among other things, expanding your network to include international contacts and employers, and the chance to develop a variety of transferable skills. Be warned though, with the aftereffects of the coronavirus pandemic still being felt worldwide, the opportunities for overseas internships are currently limited.

Be a treasurer All university clubs and societies will need treasurers. If you’ve stepped into the role, potential employers will be able to infer that you’re not just a team player, but also capable and skilled enough to take the needs of an organisation into consideration, while also managing and handling their budgets and money. Other skills the role of a treasurer will instil in you are communication, time management, problem-solving and commercial awareness – skills employers in accounting and financial management look out for. All in all, this position will grant you experience relevant to the industry that can be added to your resume, and also serve as a talking point in interviews.

Mentoring Look for a mentor with experience in the area you wish to enter, and who can help you form your network even as they counsel and encourage you. They can be a seasoned professional or a graduate trainee, either clueing you in on what skills recruiters and employers want, or guiding you through the application process with different employers. Whatever it is you’re looking for, you don’t have to restrict yourself to just one mentor – if you have a few mentors, you’ll be able to glean more from their different experiences. However, as professionals in the industry usually keep hectic schedules, you may want to start with alumni or family (or even their friends). You can also consider social media platforms such as LinkedIn, and even networking events – though if you want to follow this route, you should express your desire for a mentor and intention to keep in touch. One of the advantages of having either a mentor (or several mentors) is getting the guidance you need from working professionals in the area you want to join firsthand. Furthermore, you’ll also get the opportunity to leverage their network and pick up some pointers on how to make yourself more attractive to employers.

Finance Career Guide 2024

Financial Services Sector Essentials

The Financial

Services Alphabet Impress employers and colleagues alike with your familiarity of financial services terminology from A to Z.

A Arbitrage The practice of making a profit from trading on two markets simultaneously. Such trades profit by exploiting price differences of similar financial instruments on different markets or in different forms. Example If the price of wheat in Indonesia is lower than in Singapore, buying in Indonesia and simultaneously selling in Singapore will allow you to earn the difference. In a financial context, if the stock of company X is traded at $10 on the Singapore Stock Exchange (SGE) while it is simultaneously trading on the Indonesian Stock Exchange (IDX) for $10.50, a trader could exploit this arbitrage by buying the stock on the SGE and immediately selling the same shares on the IDX.

Example

The recession following the great Wall Street stock market crash in 1929 can be referred to as a bearish market. With investors struggling to get out of the market by selling their stocks, the market incurred huge losses which led to a sustained decline in the economy, known as the Great Depression.

Imagine your deductible is $500, but you incur medical expenses for $2,000. In this case, you’ll pay the $500, and your insurer will pick up the remaining $1,500. However, if your entire medical bill is $500 or less, you’ll pay the entire amount and your insurer will pay nothing.

Elevator pitch Coupon Rather than an item to be redeemed, a coupon in this context coupon refers to the annual interest rate due on a debt product, such as a bond or a loan.

If you’ve heard of the banking term “bear”, you can most likely guess what a bear market is. A bear market is any market where securities prices exhibit a declining trend for a prolonged period of time. Using the imagery of bears clawing downwards, this term is associated with a falling market.

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A brief speech or presentation that outlines an idea for a product, service or project, it’s delivered in a short period of time – as short as an elevator ride, which is usually about 20 to 60 seconds.

Example

A $1,000 bond with a coupon of five per cent pays $50 a year. Quite often, these interest payments are semi-annual, whereby the investor receives $25 twice a year.

If you’re looking to market your product and present it as something worth investing in, you’ll want to use an elevator pitch to get straight to the point in order to capture the client’s attention.

Bear market

Deductible The amount of money an insured individual pays before insurance kicks in.

F Fixed term An investment vehicle, usually in the form of a debt instrument, that has a fixed time period of investment. A fixed-term investment has the investor parting with their money for a specific period of time. The principal investment is later repaid at the end of the investment period.

Financial Services Sector Essentials

Example

A term deposit is an example of a fixed-term investment, where investors deposit their funds with a financial institution for a specified duration. Until that period of time has elapsed, they’re forbidden from withdrawing their funds from it.

The insurance company agrees to indemnify – used as a verb – the policyholder against any claim arising from a breach of professional duty.

G Ghosting An illegal practice where market makers collectively attempt to influence the price of a stock in order to profit from the price movement. Example When a firm buys or sells a large amount of a certain stock with a second firm doing the same and causing a buy or sell frenzy, the two firms ghosting – who are supposedly competitors – can then profit as the market is unaware of their collusion.

H Honeypot A security measure used in banking security to detect, prevent and dismantle cyberattacks by luring the perpetrators to a specific area of a computer system. The term is taken from the idea of a bear stealing honey from a honeypot, which serves as a temptation for the bear. Example Banks lay traps for cyber criminals trying to hack into their information systems using honeypot software.

I Indemnity A principle whereby the insurer seeks to place the insured in the position they were in prior to a loss.

J Jointly and severally A legal term that describes the liability of a group of people bound together by an agreement, often in the context of a loan. In short, all parties are obligated to perform as required under contract, under any proportionality. Example If a bank loans $500,000 to three people jointly and severally, then all three individuals are responsible for repaying the total amount of the loan to the bank.

K Keep and pay An allowance that lets a bankrupt individual keep an asset under the condition that they continue to make payments. Example Keep and pay allows you to not have your home repossessed, although the bank could still liquidate that asset if necessary.

Middle office While this part of the bank doesn’t generate profit, it instead supports the front office in financial and legal matters. It’s responsible for managing risk and ensuring all transactions are executed correctly. Example Departments in the middle office include the treasury, as well as the legal and risk management departments.

N Nearshoring The practice of outsourcing work to companies in another country, but with the benefits of a closer offshore location. Example In Singapore, nearshoring to Indonesia is better than offshoring to China because of the country’s proximity. This not only makes contact easier, but it’s also more efficient and reduces running costs.

O Opportunity cost A benefit that a person could have received, but gave it up to take another course of action. In other words, it’s an alternative given up when a decision is made.

Lapse

Example

The non-renewal or cessation of a privilege, right or policy as a result of inaction.

When making big decisions like investing in treasury bonds, clients will likely diligently research the pros and cons prior to making a choice in order to outline the potential opportunity costs.

Example An insurance policy will lapse if the holder doesn’t pay the premiums.

Finance Career Guide 2024

Financial Services Sector Essentials

Example

Parallel loan This is a useful term for graduates looking to join the international banking segment. A parallel loan usually involves two parent companies taking loans from their respective national financial institutions before lending the resulting funds to the other company’s subsidiary.

Recourse lending provides protection to financial institutions, as they’re assured to have some sort of repayment, either in cash or liquid assets.

S Seed capital

Example In a parallel loan, ABC, a Singaporean company, would borrow Singaporean dollars from a Singaporean bank. On the other hand, XYZ, a Malaysian company, would borrow Malaysian Ringgits from a Malaysian bank. ABC would then lend the Singaporean funds to XYZ’s Singaporean subsidiary and XYZ would lend the Malaysian Ringgits to ABC’s Malaysian subsidiary.

The initial capital used to start a business. This usually comes from the founders’ personal assets, or from their close ones with the aim of covering initial operating expenses and attracting venture capitalists.

A Latin phrase typically used in financial circles to describe a mutual agreement to exchange goods or services of roughly equivalent value.

Vulture capitalist Not to be confused with venture capitalists, these kinds of capitalists invest to exploit and profit from unsuccessful individuals or organisations that lack the resources to achieve success. Example Vulture capitalists typically purchase a controlling interest in a troubled company and use its own assets as collateral for the loan used to purchase it. The vulture capitalists will then sell the company at a profit.

Example Seed capital is needed to support the preliminary activities for the launch of XYZ company, such as market research, product research and development and business plan development.

Quid pro quo

Turnkey business A term to describe a business that’s ready for immediate operation.

Y Yield burning The illegal practice of underwriters marking up the prices on bonds for the purpose of reducing the yield on the bond. Example Yield burning was attempted to reduce the amount of tax that was incurred on fixed-income investments.

Example Example A soft dollar agreement is a quid pro quo agreement whereby Firm A uses Firm B for research. In return, Firm B executes all of Firm A’s trades as an exchange of services.

ABC is considered a turnkey business as it has a proven, successful business model that merely requires capital and labour.

U Underwriting

The process of determining whether to accept a risk or not, and, if so, what amount of insurance the company is willing to take on as acceptable risk, and at what rate.

Recourse The legal right for the lender to collect the pledged collateral in the event that the borrower is unable to satisfy the debt obligation.

Finance Career Guide 2024

Example Companies manage risks and accurately price risk in order to adequately cover the true cost of insuring policyholders. If an applicant’s risk is deemed to be too high, underwriters may refuse to cover it.

Z Zakat A term used in Islamic finance to refer to the mandatory process for Muslims to donate a certain proportion of wealth each year to charitable causes Example Instances of wealth liable for Zakat include gold and silver, paper currency held in cash or in the bank, tradable assets owned by a business, herded animals and crops.

Financial Services Areas of Work

Actuarial Science

Use mathematical and statistical models to conduct various types of analyses and assessments to predict and manage risks.

n actuary’s work revolves heavily around the prediction, evaluation and management of risks using a combination of commercial awareness and statistical and mathematical models. They may also advise clients about findings, as well as help them develop potential solutions. As such, the job scope can be very diverse, encompassing a good mix of client-facing and calculation tasks. Some key day-to-day responsibilities for actuaries include analysing statistical data, preparing reports and presentations, and working with IT professionals to develop and update systems that incorporate solutions to the risks. In some cases, they may even be assigned to develop entirely new financial products. Actuaries are greatly needed in a variety of sectors, including banks and financial services organisations, insurance companies, specialist consultancies and even accounting firms and investment banks.

General overview

Required skills

While candidates are generally required to possess sufficiently high grades with an actuarial science degree, some employers accept graduates with a background in other numerate degrees, such as statistics, economics, finance, or mathematics – so long as they showcase a strong understanding of the financial industry. Graduates typically start their careers as trainees, assisting senior colleagues in their duties as they pick up the necessary skills required to advance. A big portion of time will likely be spent handling calculations and using pre-constructed models to generate financial forecasts. As more experience is gained, greater responsibilities such as leading projects, constructing, updating and analysing financial and forecasting models will be given, as well as handling client relationships. Many employers encourage new hires to begin studying for a professional qualification or fellowship as soon as they get on board, which means they’ll need to balance work and study. Fortunately, some may offer financial assistance and ample study leave to lighten this struggle. A degree in actuarial science may also exempt graduates from some qualification exams as well. Upon gaining their qualifications, many actuaries tend to specialise in a specific area of interest, gaining in-depth knowledge, experience and reputations as experts in their fields of choice. Many professionals have also found opportunities in other seemingly unrelated areas of management as well. For instance, actuaries have been known to venture into infrastructure and climate change projects, along with the healthcare and data science industries.

Actuarial careers are well-suited for those with excellent numeracy skills, possess an analytical mind and have a keen eye on the future. Skills in problem-solving, research and analysis are also vital as well. Part of the job includes having to present data and solutions to clients, who may have limited knowledge of actuarial science. As such, having good interpersonal and presentation skills will be vital. Accountability is also crucial as actuaries need to diligently follow up on clients throughout the process of implementing solutions. Actuaries should also be flexible, adaptable and able to handle ambiguity as the job scope can be very diverse, with ad hoc tasks and projects regularly coming up.

Pros and cons Actuaries are involved in a variety of tasks and industries, making the job an extremely interesting and challenging one. This is made even more exciting by the rapid development of IT and technology, leading to new risks and need for creative solutions. Many also enjoy steady career advancement and attractive remuneration, especially upon obtaining a fellowship from a recognised actuarial association. However, the workload can get stressful and may lead to longer working hours – especially when the pursuit of a fellowship is concerned. Finance Career Guide 2024

Financial Services Areas of Work

Insurance

A highly diverse field with a constantly changing work environment.

•

Business development, business finance and sales graduate roles While responsibilities for this position vary depending on the employer’s area of specialisation and expertise, working in the business division usually involves a mix of duties such as promoting services to potential clients, and identifying and following up on new opportunities.

• Graduate insurance broker Insurance brokers help clients match their needs with the most suitable insurance products for the best premiums.

areers in the insurance industry may be immensely wide-ranging, but they ultimately revolve around the safeguarding of an individual or entity’s financial assets in the event of an unexpected occurrence.

General overview There are a number of positions that graduates can look forward to in this sector. Here are some of the more popular ones: • Graduate underwriter Underwriters are responsible for determining a client’s eligibility for a policy, additional terms and conditions that are part of the plan and the premium the client has to pay.

Finance Career Guide 2024

•

Claims management trainee As part of the insurance claims department, trainees are involved in assessing the validity of submitted claims, as well as liaising with policyholders to ensure that the repayment process is completed as safely and efficiently as possible.

• Trainee loss adjuster The job scope of a loss adjuster is relatively similar to that of an insurance claims handler. With both checking the validity of a claim and establishing the causes of a loss, among others. However, loss adjusters typically work as an independent third party and are attached to specialist practices rather than insurance companies. Insurers generally seek the services of loss adjusters, instead of claims managers, for more complex claims.

•

Trainee actuary Actuaries advise their clients and help them forecast and manage financial risks through the application of financial and statistical theories.

•

Graduate product manager Product managers at insurance companies are responsible for creating, testing and launching new insurance products for potential customers. Their responsibilities may include market research, sales forecasting and regulatory compliance.

• Operations management This role is primarily responsible for managing and encouraging the customer service department.

Financial Services Areas of Work

Variety of products The type of work involved greatly depends on the employer’s area of speciality in terms of products offered. The following are the main types of insurance products: • General insurance This encompasses the different types of insurance policies except for life insurance. •

Commercial and corporate insurance Crafted specifically for business organisations, it protects entities against unforeseen events such as theft, property damage, liability, or other disruptions to their day-to-day operations.

• Life insurance Life insurance is purchased as a form of financial protection and aid for named beneficiaries in the case of a premature death. •

Personal insurance Consisting of a range of insurance contracts that protect an individual financially in the event of misfortune. Common examples include policies for personal automobiles, properties and illnesses.

• Reinsurance Usually purchased for insurers, this acts as a risk management strategy. For example, if an insurer foresees itself encountering a financial strain due to unexpectedly large payouts, they may opt for reinsurance as a method to mitigate that risk. Keep in mind that the insurance industry is always expanding, and that these are just the basic products. As such, be sure to read up on other products offered by the company as well.

Support functions Insurance institutions typically require a wealth of expertise to support their core business, such as technology specialists, marketing and HR personnel. Although insurance companies make up the majority of employers, insurance brokers, retail banks and even supermarkets welcome graduates interested in this field as well. Specialist consultancies, where specific roles in life insurance or loss adjustment are carried out, are also other options. Many large employers offer training or graduate schemes to facilitate adaptation to the new working environment. These schemes tend to be rotational in order to provide diverse experiences to help graduate hires understand the company better. On the other hand, others rely on on-the-job training, as well as formal or informal mentorship programmes with senior team members.

Required skills Recruiters value candidates who have skills in customer service and numeracy, the ability to react promptly and an eye for detail. Generally, most employers state a preference for numerate, business or management-related degrees. While this is especially true for actuary positions, graduates from all degree disciplines are still welcome to try for other roles. Employers may also urge new hires to sit for examinations conducted by professional bodies as the certifications obtained are vital for career progression.

Pros and cons If you enjoy meeting new people and working in a stimulating environment, this could be an industry worth exploring. However, be aware that certain positions can be deskbound with little variety, such as for underwriters. On the other hand, insurance sales representatives can look forward to travelling opportunities when the world reopens post-pandemic.

Finance Career Guide 2024

Financial Services Areas of Work

Insurance Underwriting

Determine a client’s eligibility for an insurance policy and the amount of premium to be paid.

Required skills

ssential to the insurance industry, underwriters analyse and evaluate the risks involved in insurance, whether for people or assets. They are the ones who also calculate the pricing (known as a premium) for an insurance policy, done through specialised software, actuarial data and other relevant information. Evaluating the amount of risk associated with any insurance policy is complex as it requires good judgment from an underwriter with a keen eye for detail. Moreover, it’s an underwriter’s responsibility to ensure that customers receive competitive quotes worth considering, all while maintaining the company’s profit margins.

Finance Career Guide 2024

General overview While underwriting is generally open to all disciplines, those with numerate degrees such as finance and accounting will find themselves at an advantage. In some cases, some employers may call for more specific backgrounds for certain roles; for example, those with certifications related to the health industry may be considered for a role in medical insurance underwriting. Graduates typically start out as junior underwriters or assistants in insurance agencies such as AIG, Manulife, AXA, Allianz and Etiqa. However, certification through coursework is a must in order to progress into a senior underwriting position, more specialised areas of underwriting, or management. Career progression also hinges on an underwriter’s capability to evaluate risk and build relationships with other departments, such as the actuarial division. Keeping abreast of new insurance policies and products, regulations and technology will be vital here.

Detail-oriented graduates will find their talents being put to good use here, though numeracy, analytical, writing and IT skills are needed as well. In addition, because underwriters are responsible for preparing insurance policy terms and conditions, they may need to liaise with insurance brokers and clients. As such, strong negotiation and interpersonal skills are essential, as well as being well-versed in verbal and written communication.

Pros and cons On top of offering a friendly environment, there are many opportunities to build relationships between both colleagues and clients. On top of that, remuneration is also fairly high. However, individuals who dislike routine and structure may not find this role to be a good fit. Moreover, due to rapid advancements in technology, the demand for underwriters is slowly declining. So, if you want to truly stand out for that spot, having extensive knowledge, experience and skills will be necessary.

Financial Services Areas of Work

Retail Banking

Serve customers and help them meet their daily financial needs.

managing products such as mortgages and personal loans to a different division, such as private banking, are typical. Interested applicants can also consider obtaining professional diplomas or other qualifications to boost their career progression. Otherwise, mentors can be consulted for ideas.

Required skills

etail banks provide consumers with a variety of financial products and services that range from bank and savings accounts, mortgages, loans, personal credit products and remittance services. Some retail banks even offer services such as stock brokerage, insurance, wealth management and private banking – although these are usually delivered through another division or an affiliate of the bank. As such, while most cases follow a regular 9-to-5 shift, certain roles may require graduates to pick up graveyard or weekend shifts. However, with the finance industry rapidly adopting fintech innovations and solutions, it has become necessary for retail banks to adapt their services and facilities to better serve their customers. That includes rethinking features such as mobile banking services, online security measures, new products and collaborations, as well as customer service. Like many sectors of the finance industry, the retail banking field is regulated by the Monetary Authority of Singapore (MAS).

General overview There are diverse opportunities for graduates, ranging from risk management and compliance to marketing and IT. Many major banks run specialised graduate programmes to recruit potential candidates for their function of choice, and management associate programmes are especially popular. Most graduate programmes are rotational and span a total of two years, giving new hires the opportunity to experience different areas of work within the department. Besides learning on the job and through formal training programmes, a mentor may be assigned to guide them along their various responsibilities. Assignment to a role best suited to an individual is usually done upon graduating from the programme. Depending on the company’s programme, graduates may be put in charge of managing small-scale projects, be involved in creating new products and services, provide technical support to colleagues or other divisions, or even handle customers on the ground. Due to the sheer variety of products offered by each bank, career paths can be very diverse. For instance, career advancement can take place vertically or horizontally, where transitions from

Employers generally welcome candidates from all disciplines, save for roles requiring specific technical skills. As such, the way to stand out in this highly competitive sector is to focus on developing soft skills, particularly in project management, teamwork, communication and interpersonal skills. As most job scopes in this industry revolve around assisting customers, good customer-facing skills are crucial. Aside from that, having excellent organisational and management skills will also stand graduates in good stead, alongside retail awareness.

Pros and cons Retail banking is fast-paced, exciting and offers a relatively good worklife balance. In addition, excellent benefits such as lucrative year-end and additional bonuses on top of varied growth opportunities make working in this sector extremely attractive. However, be aware that this field can also be relatively stressful during crunch time, such as when launching a new product. The working environment is quite structured and rigid as well, with plenty of red tape in place. Finance Career Guide 2024

Financial Services Areas of Work

Statistics

Serve customers and help them meet their daily financial needs.

Required skills

discipline that encompasses the collection, analysis and interpretation of quantitative data by using scientific methods to design data collection methods, statisticians determine the best way to process collected information and how to best interpret it. Using this data, they’re able to make forecasts and provide projected figures about projects, investment prospects, or business. This is a research-based role that has broad applications and can be found in many industries, such as market research, government departments, hospitals, newspapers, development and finance, among others.

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General overview This is an immensely difficult area to get into. Candidates need to be highly qualified to become statisticians, with doctoral studies being required for career progression in some cases. On the other hand, depending on the sector you join, a Master’s degree in either computer science, statistics or maths may not necessarily be required. Successful applicants will likely undergo graduate rotation programmes to understand the company’s business, before settling into the position with a mentor to provide guidance. On-the-job training generally lasts between six months to a year. With work mostly revolving around analysing and interpreting data, as well as supervising and managing others in the collection of data, career progression is likely to hinge on performance.

Employers tend to look out for candidates with strong mathematical abilities and computer literacy, as well as a good eye for detail. In addition, as you’ll need to relay your data and findings at board meetings or even conferences, having good written and verbal communication skills will also be required. For example, a statistician may have to decide how best to present their findings to each stakeholder; from presenting a simple presentation to the client to submitting a detailed report within their organisation.

Pros and cons On top of high remuneration, your work as a statistician is valuable to a variety of important, life-changing industries, such as collecting and analysing crucial data for government agencies to improve public services. Just about every industry also requires statistics and data of some kind, so this translates to high flexibility in switching to a different sector, and having plenty of room for growth. However, on the other hand, due to its high requirements, entering this industry is very challenging.

Financial Services Areas of Work

Wealth Management Trusted advisers who manage a range of financial responsibilities for high-net-worth clients.

Required skills While recruiters accept applications from all disciplines, having a degree in economics, accounting or finance is advantageous. Business and law degrees, as well as taking courses in risk management, investment and taxation will be appealing. Other than mathematical abilities, interpersonal and communication skills are important for wealth managers, as they need to explain complicated matters in a simple and clear manner to clients. Analytical skills are also essential in order to give clients suitable advice in response to problems and situations.

side from providing professional services in investment advice, wealth management also includes other services such as in financial advice, banking, and legal or estate planning for high-net-worth clients. Because this area of work involves a holistic approach to all parts of an individual’s financial life, high-net-worth individuals usually only require one single wealth manager to coordinate and manage their assets, as well as meet their current and future financial needs.

General overview While a common place to find them, not all wealth managers work in banks. In fact, some positions can be found in SMEs, while others may be selfemployed, which gives them the freedom to recommend financial products on the entire market rather than being limited to one bank. Graduates generally start off with a role in the back office as an administrator or paraplanner, either supporting the company’s business or conducting research on the best products to recommend to clients. Gradually, hires will rise up the ranks and progress into a wealth management role. Alternatively, hopefuls may enrol on a graduate scheme. While it’s possible for individuals to switch from other professions such as in accountancy, law and other financial services, recognised professional qualifications such as the CFA designation may be needed to boost progression and move into a chosen area of speciality, such as in client relationship management or investment. In cases like these, you may have to balance studying with work.

Pros and cons Compared to some other financial positions, wealth managers tend to enjoy more flexible working hours, as can enjoy nurturing long-lasting relationships with their clients. Plus, the skills used to manage the wealth of clients can be used on yourself in some cases. However, the job does have its drawbacks. Notably, to a certain degree, being a wealth manager is a sales position, and the early days of your career can be bumpy and stressful as you work to establish your client pool and reputation. In addition, you may have to deal with difficult clients along with volatile domestic and global markets. Still, the job can be highly rewarding should you choose to commit to it. Finance Career Guide 2024

Accountancy and Financial Management

ACCOUNTANCY AND FINANCIAL MANAGEMENT Take an in-depth look at the accountancy and financial management field, understand its areas of work and find out how you can pursue a career in it. Sector Essentials At a Glance: Accountancy and Financial Management

Choosing Your Role and Company in Accountancy and Financial Management 74 Getting a Graduate Job in Accounting 76 Why is it So Important to Qualify as a Professional Accountant? 77 A Graduate’s Guide to Accountancy Jargon Areas of Work

Assurance 81 Commercial Finance 82 Corporate Finance 83 Corporate Recovery 84 Corporate Treasury 85 Financial Accounting 86 Forensic Accounting 87 Internal Audit 88 Management Accounting 89 Risk Assessment 90 Tax 91

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Accountancy and Financial Management Sector Essentials

At a Glance:

Accountancy and Financial Management

About the industry

Must-have skills

Getting in

With qualifications in accountancy and financial management, work opportunities can be found in a range of establishments, from the “Big Four” – Deloitte, EY, KPMG and PwC – to employers in both the private and public sector. In recent years, there has been an increasing usage of digital technology, such as cloud accounting, in order to boost efficiency in the sector, making upskilling vital in order to stay relevant. In addition, while there has been a decrease in demand for consulting services, accounting firms continue to profit from auditing solutions. Working in this field also gives you a good perspective of how companies are run, which is a useful insight to have if you’re considering starting your own enterprise in the future.

Besides excellent numeracy skills, employers look for candidates with strong communication and analytical skills, the ability to work in a team and commercial awareness. Hires are also expected to cope with the intensity of working and studying at the same time, so having both effective time management skills and resilience are paramount. With new technological developments infiltrating the sector, there’s also a need to keep up-to-date with advancements and develop strategic views on potential risks and opportunities on your own.

In Singapore, there are two routes to entering the accountancy and financial sectors. The first option is to complete a diploma or degree in accountancy and work in a junior position while continuing to pursue professional accountancy qualifications. Alternatively, if your degree or diploma is unrelated, you can join an accountancy firm when you have completed, or intend to complete, certification programmes. There are numerous certification programmes offered by professional bodies, such as the Institute of Singapore Chartered Accountants (ISCA) and the Association of Chartered Certified Accountants (ACCA) to choose from. However, completion of the “Singapore CA Qualification”, developed by the Singapore Accountancy Commission (SAC), is a must if you’re an aspiring chartered accountant who wishes to practise locally

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Accountancy and Financial Management Sector Essentials

Areas of Work The numerous different jobs available guarantees that there’s always something to suit everyone. Here are some key paths:

Assurance

Tax advisory

Internal audit

The main role of the assurance department is to review financial data and working procedures of an enterprise in order to accurately update investors on how their money is being used.

Tax consultants are engaged to advise management on tax-related problems and offer solutions. They also help clients understand complex tax laws and assist them with the filing of returns, especially during the annual tax-filing season that runs from 1 March to 18 April.

Responsible for monitoring key business areas to assess financial risks and operational inefficiencies, internal auditors devise and present solutions to management.

Risk assessment

Corporate recovery

Risk assessors are tasked to methodically identify and evaluate potential risks before recommending appropriate measures. This area of work allows enterprises to capitalise on opportunities while considering all factors in making major decisions.

When companies fail, corporate recovery specialists decide if it’s possible to keep it running through certain measures. Otherwise, they help creditors, suppliers and employees salvage the remaining capital.

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Accountancy and Financial Management Sector Essentials

Choosing Your Role and Company

In Accountancy and Financial Management

Global demand for accountancy and financial management skills means that you can find a job in this field almost anywhere in the world. As such, roles and companies are on a very diverse scale.

Firms in the industry

Besides the Big Four, corporations such as Grant Thornton Singapore, RSM Singapore and BDO LLP are popular choices among accounting graduates and jobseekers looking to pursue a career in this sector. While a bigger institute could translate to specialisation early on and allow exposure to highprofile clients, experiences gained in smaller enterprises will largely depend on the scope of offerings and clientele. In addition, smaller companies tend to expect employees to be more generalist, though there are opportunities to get involved in business development as well as securing and maintaining client relationships. On the other hand, large MNCs have the resources to invest in employee education, and can provide more attractive training packages, including overseas travel. However, many large institutes will require employees to be bonded for a period of time.

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Accountancy and Financial Management Sector Essentials

The ideal candidate

Working in the industry

Since you’ll be dealing with clients and colleagues alike, enthusiasm and good interpersonal skills will come in handy. Being commercially aware of the current trends and issues within the industry is also important, as well as knowing how to condense complex information into simpler terms when speaking to people unfamiliar with accounting and finance. Other skills required include numeracy and analytical skills, as well as problem-solving, multitasking and time-management skills in order to tackle challenging and tight deadlines. However, skills alone aren’t enough for a career in this sector. You’ll need to secure certifications from professional bodies such as ISCA and ACCA Singapore early on. As such, be prepared to juggle both work and studies if you intend on getting them.

Professionals have the opportunity to gain a unique insider ’s perspective on how businesses are run, which can help when advancing your career or if you want to start your own enterprise. Another perk is having the chance to attain an internationally recognised professional qualification, which can be funded by the company. In recent years, digital technology has also started to revolutionise the financial sector, with firms and organisations now using cloud accounting, software and applications to streamline processes and increase productivity. Although career paths in this area are widely known to be recession-proof, continuous training is still necessary to keep up with change and enhance job prospects. Hours may be long at times, especially for auditors and tax advisors during peak periods. Otherwise, most in this field generally enjoy a healthy work-life balance.

Roles available

The accountancy and financial management field is constantly growing, and offers a wide range of career paths. Here are some main roles you can consider: • • • • • • • • • • • • •

Assurance consultant Auditor Commercial finance manager Corporate finance advisor Corporate recovery specialist Corporate treasurer Finance director Finance controller Forensic accountant Internal auditor Management accountant Risk assessment officer Tax adviser

Finance Career Guide 2024

Accountancy and Financial Management Sector Essentials

Getting a Graduate

Job in Accounting If you think you’re fluent in the “language of businesses”, or accounting, and are looking for a graduate job in the industry, here are some tips to get you started.

o matter the company’s size, accountants play a vital role, whether by working in firms that service external clients or by being part of the organisation’s finance department. If you’re keen on helping businesses make sound economic decisions by monitoring and reporting their finances, a career in accountancy may be suitable for you. However, you’ll need to be adept at accumulating the necessary information for enterprises to decide on how to effectively manage finances and plan for the future. On the other hand, a career in financial management involves the strategic planning and management of a venture’s funds to facilitate efficient operations. Here, you’ll be assisting the company in directing the flow of its finances to achieve its objectives.

Skills you’ll need Besides numeracy and analytical skills, accountants need excellent communication and interpersonal skills to effectively convey reports and act in the capacity of a business advisor. Good time management and organisational skills will also help you through busy peak periods as well. In addition, commercial awareness will also give you a good point of reference when dealing with your clients. As in all other industries, individuals who are capable of working in teams, showing initiative and demonstrating selfmotivation are coveted among recruiters.

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How do I get the job? The most common route to becoming a qualified accountant is to apply for a graduate programme with an accountancy firm. Public and private institutions also recruit graduates for accountancy roles in their finance departments. Several factors will affect your decision on where you should apply, but an important criterion when choosing a programme or organisation is whether or not it offers you the opportunity to undertake courses that will help you qualify as a chartered accountant (CA) in Singapore.

The application process Depending on the company, recruiters will either provide online application forms or request personalised resumes with cover letters during the preliminary selection process. An invitation for an interview will follow if you are successfully shortlisted. During this process, you may be asked to complete a variety of tests, which can range from testing your numeric and verbal reasoning to evaluating your personality. Further interviews might follow as employers continue sifting through potential candidates.

Generally, most organisations hire all year round, though some may close positions early or prefer early applicants. As such, be sure to check in with individual employers just in case. To better your odds of being selected, you may want to take up some relevant internships too. Not only will it help you gain experience, but it’s one of the best ways to figure out whether a career in this sector is for you.

What’s working life like? In an accountancy firm, expect to spend a substantial amount of time out of the office visiting and auditing clients on-site. In addition, working in finance departments in commercial or public establishments also involves playing an integral role in the company. In both cases, peak periods are likely, such as during financial quarterlies and the closing of accounts at the end of each year. Such periods aside, however, accountants generally enjoy a reasonable work-life balance.

Accountancy and Financial Management Sector Essentials

Why is it so Important to

Qualify as a Professional Accountant? Getting those letters after your name represents more than just your achievements; it represents the skills you have at your disposal.

he high level of difficulty and lofty standards of accountancy qualifications mean that you’ll have to study hard to earn a qualification from a recognised professional body in the sector. It can be tough, but if successful, your dedication will pay off and you’ll be one step closer to your dreams. Not only will these qualifications give you a degree of prestige on your resume, they can be the vital difference between a successful career and stagnation. For instance, this proves to prospective employers and clients that you not only have the necessary skills and training needed to do your job well, but that you also have the discipline to persevere through such a rigorous course. Moreover, you don’t necessarily need a degree to become an accountant in Singapore. Instead, you can opt to pursue professional qualifications.

In the sector Singapore’s accountancy scene boasts several professional bodies, with some that specialise in certain areas while others focus on more generalised ones. It takes approximately three years to earn a qualification, with the course involving a number of examinations and practical work experience. While it’s possible to study full-time at an academic institution without working, membership with professional bodies usually cannot be gained without some work experience. Because of this, most choose to study and work concurrently, with most employers willing to give time for employees to study.

Making a choice Sometimes, your choice of qualification may be influenced by your employer, or vice versa. No one qualification is easier than the other; rather, their differences lie in what they offer. As such, it’s up to you to decide which suits you best by taking your future career plans into account. Regardless of your choice, these qualifications will go a long way in proving your competency and ability as an accountant.

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Accountancy and Financial Management Sector Essentials

A Graduate’s Guide to

Accountancy Jargon Bulls, hedging, stagflation...did you just wander into a farmers’ convention? Here are some common key banking and investment terms that you can use to sound informed at job interviews.

very industry has its own version of jargon, and the accountancy sector is no exception. In fact, some terms might only be found within a certain company, making it all the more confusing for those out of the loop. For this reason, graduates are usually discouraged from using jargon during their interviews at the risk of misusing them in a bid to sound impressive. In most cases, this only exposes them to the risk of sounding like someone who’s trying too hard. That doesn’t mean that you should completely shun all traces of job-speak during your interview! Instead, feel free to sprinkle your replies with some industry-specific terms so that you come across as educated and updated, but not trying to butter up your interviewer. Here’s a list of common accounting and financial management lingo that may help boost your level of confidence as you walk into the interview room:

A ACCA Association of Chartered Certified Accountants. ATTA Association of Taxation Technicians Singapore.

Accounting

Angel investor

Accountancy revolves around the process of determining, evaluating and conveying important economic findings to relevant parties so as to help them make informed decisions. It examines the interaction between various financial elements and produces a summary of an organisation’s commercial health. The three main processes of accountancy are:

An individual who contributes capital to the start-up of a company in exchange for non-cash returns, such as ownership equity and convertible bonds.

• Determining information: The accounting procedure begins with the collecting and recording of data. Economic transactions are documented in a set of “accounts” that operate on a system known as “double-entry bookkeeping”. • Evaluating information: The accountant then assigns economic values to the data gathered, such as assessing available assets and calculating the company’s profit or loss as made over a specific period of time, usually referred to as a fiscal or financial year. • Conveying information: Information is useless if not disseminated. Once the relevant data has been properly evaluated and documented, the accounting information obtained will be broadcasted and circulated amongst users in a variety of ways, such as in management accounts and financial statements.

ATA

Acquisitions

Accredited Tax Advisor. A professional certification awarded by the Singapore Institute of Accredited Tax Professionals (SIATP).

A component of a business specialisation called mergers and acquisitions (M&A), acquisitions usually include the counselling of clients on the purchase and sales of other firms. It usually involves a wide variety of deals, like the buyouts of smalland medium-sized enterprises (SMEs) to multinational takeovers.

ATP Accredited Tax Practitioner. Another professional certification awarded by the SIATP. Finance Career Guide 2024

Audit An audit is the examination and validation of the accuracy of a business’s financial statements, done primarily for tax purposes. Its primary purpose is to confirm that the financial statements of the corporation are a true and fair reflection of its financial health. Usually performed by external accountancy firms in order to guarantee impartiality, audits are categorised under assurance and advisory, and are typically performed at a client’s premises. Audit manager The person in charge of organising and managing audit teams, each ranging from two to 20 people per team. Audit managers ensure all audits are properly completed, and also build and maintain good relationships with clients on the side. They’re also responsible for guiding audit teams to meet their full potential. Audit principal The senior member or partner of an audit firm who gives the final confirmation during an audit process in order to certify the accuracy of the client’s financial statements.

B Business recovery and insolvency Business recovery experts are usually brought in when a troubled venture can still be steered through difficulties towards a revival and/or improvements. Insolvency experts, on the other hand, are only

Accountancy and Financial Management Sector Essentials

consulted when an enterprise is caught in a bad enough state that it has to wind up. It then falls upon the insolvency experts to help the proprietors through the liquidation process by selling off marketable assets in order to pay creditors. Business services A mixed package of accounting and auditing services is generally offered to major establishments as they tend to need additional services for development. It may also entail advisory or consultancy services where financial recommendations are customised to suit the growth, goals and improvement of a company’s management systems.

C Capital gains tax Tax that’s charged when a fixed asset is sold at a higher price than its acquisition price. While this specific form of tax isn’t applicable in Singapore, any gains a local company makes by selling off assets will still be taxed as incoming revenue. CA Singapore Chartered Accountant of Singapore. This qualification is managed by ISCA. CIMA The Chartered Institute of Management Accountants. CIOT The Chartered Institute of Taxation. While accreditation from this body isn’t mandatory for tax practitioners in Singapore, its CTA certification is still recognised locally, and may be useful for those who intend to work in tax outside of Singapore. CIPFA Chartered Institute of Public Finance and Accountancy. Although this organisation is based in the United Kingdom (U.K.), it cooperates with global accounting bodies to advance the field of public sector accountancy worldwide. CPA Australia

Computational work The process of preparing and compiling sets of financial statements. Corporate finance The field of finance that companies turn to when they want to acquire other businesses. An accountancy firm – usually the purchaser’s auditors – will be appointed by the purchaser to evaluate the financial health of the target organisation prior to the actual acquisition. These auditors will also be responsible for communicating the takeover details and negotiating a decent purchase price with the target organisation. Corporate recovery Corporate recovery teams are usually roped in to assist ventures in financial difficulties and get them back on track. They’re usually engaged during the early stages of a crisis as chances of recovery are typically higher at that point. On the other hand, should a company be left with no option but to close up, the recovery team will assist with the selling of assets, the laying off of staff and the winding up of the enterprise in general. Corporate tax A levy that’s charged to a firm’s profits. Managed by the Inland Revenue Authority of Singapore (IRAS), different rates of tax are charged for different types of businesses, and for different levels of profit. CTA Chartered Tax Advisor. A CTA’s an expert in taxation matters who has obtained certification from the Chartered Institution of Taxation (CIOT), in Singapore, tax specialists are governed by SIAPT.

D Debtors ledger Used to document the details of an organisation’s debtors. Disposals

An Australia-headquartered accounting body that offers the CPA qualification.

When a business trades off its asset(s), or when a corporation liquidates part of its outfit.

Completion work

Due diligence

The last step during an audit process where auditors carry out a final check to ensure that the audit is satisfactorily completed and sufficient audit evidence has been compiled for a sound audit opinion to be formed.

The process of enquiries performed when a potential investor or buyer wants to invest in, or acquire, an enterprise. They check the previous records and financial statements of the target company so as

to ascertain its exact value, or to unearth underhanded business deals. This usually entails professional reports by accountants and solicitors, and the whole process must be treated with the utmost confidentiality.

F Financial accounting Financial accounting is a catch-all term for the recording of economic transactions performed by an organisation, such as bookkeeping, and the subsequent preparation of financial statements from those accounts. The financial information obtained is usually targeted towards other user groups like business owners, company shareholders, or IRAS, instead of executive management. Fiscal year Also referred to as a financial year, it consists of a period of 12 consecutive months which a business selects as its accounting period. Notably, it doesn’t necessarily have to follow the calendar year. Fixed asset Physical assets that are used in a company’s operations, usually lasting for more than a year. Forensic accounting A field of accountancy that caters to solving civil, criminal and insurance issues. Professionals in this field employ their knowledge of accountancy and IT alongside investigative skills to aid in the examination of evidence in regard to any allegations made in court. Their clients are mostly lawyers and insurance establishments, although they may sometimes be approached by individuals seeking such services for personal disputes.

I ICAEW The Institute of Chartered Accountants in England & Wales.

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Accountancy and Financial Management Sector Essentials

Income tax 80

Tax charged on the properties that a person receives through inheritance or legal succession, usually determined by the current value of the possessions. Singapore used to refer to this as estate tax, but abolished it in 2008 Insolvency Highly related to a company’s liquidity, insolvency occurs when an institution or individual is unable to meet its debts and financial commitments when they’re due. Debts are paid through cash, so even if an enterprise’s total assets surpasses its liability, the organisation will still be considered insolvent if the assets cannot be converted into immediate cash to pay off its liabilities. IRAS

Not-for-profit

Seed investment

Organisations include clubs, societies and associations that are created for the purpose of assisting social growth and improvement. They usually champion social welfare and charity issues, and rarely gain profit. Even if they do make revenue from the activities they run, any money made cannot be used for the personal benefit of the proprietor. Rather, the money should be channelled back to the body to be used for the benefit of society.

The initial funds used for the establishment of a company. It usually comes from the founder’s – or cofounder’s – personal assets, but can also be made by banks, venture capitalists, or angel investors.

SQP Singapore Qualification Programme, a compulsory programme to take if one wants to practise as a chartered accountant in Singapore.

Inland Revenue Authority of Singapore.

OMB

Taxation (Tax)

ISACA

Owner-managed business.

Tax work is usually divided into two major disciplines:

Institute of Singapore Chartered Accountants.

P PAYE

Management accounting Management accounting is about providing financial information to the executive management of a firm. Accountants are required to generate both regular and specially-requested reports to assist management as they monitor the company’s performance and plan future business pursuits. Management consultancy From an accounting standpoint, management consultancy refers to the activity of engaging qualified accountants for their advice on other matters regarding the management of a company. This can range from financial strategy planning to HR issues, as well as matters relating to marketing and IT. As these accountants are usually expected to possess quite a bit of business experience in order to give more in-depth advice to their customers, this is a role that only senior accountants with years of exposure to various businesses will be able to take on. Middle markets Medium-tier establishments that are too big be considered an SME, but not big enough to be publicly-listed.

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Pay-As-You-Earn, an income tax payment system where an employee’s tax and other national insurance contributions are deducted from his or her wages before it’s paid out to the employee. Private client services A service that caters to high-net-worth individuals where the accountants engaged will manage the customers’ accounts and investments for them, as well as construct long-term financial planning that’s personalised to their needs and goals. Public practice Loosely termed “freelancing” accountants, such practices provide accountancy services to clients as independent professional consultants instead of as employees of a firm. Public sector accountancy The practice of accountancy in the government, local authorities and public corporations.

• Tax compliance: This area of work entails filling in and submitting tax returns on clients’ behalf. Duties include compiling the necessary documents required for filings, ensuring compliance with tax agency requirements and informing clients if there are any tax changes which affect them. • Tax advisory and planning: A consultancy-oriented area of work where tax professionals analyse an organisation’s financial accounts, and recommend changes as to how finances can be structured for minimum taxation within the boundaries of local legislation. These two tax disciplines aren’t isolated from each other. In fact, if the best service is to be provided to clients, cooperation from both sides is necessary. Tax professionals working in tax compliance will sometimes need to refer to tax advisors for updated information during the course of their work, and vice versa. Workload-wise, tax professionals tend to spend more time working in the office, and keep regular hours better than auditors do. There are also numerous sub-specialisations within the area, and each has its own specific set of jargon. Tax liability A person’s tax commitments, which are derived mainly from owned properties and earned income.

Accountancy and Financial Management Areas of Work

Assurance

Perform investigative duties during internal and external audits for companies.

Required skills

ocusing primarily on the review of financial data and documents of a firm to test the soundness of its accounts, auditing serves to assure the owners and the clients of the legitimacy of the establishment’s records. It also guides the organisation’s subsequent financial planning and investments. Assurance services generally encompass two types of audits, annual and internal. During annual audits, which are mandatory for most enterprises in Singapore, businesses engage external auditors to inspect accounts. The resulting audit reports will then be presented during Annual General Meetings (AGMs) for decision-making purposes, or used for the company’s yearly filings. On the other hand, internal audits are domestic versions of annual audits performed by the respective institutes’ accountants. This form of audit isn’t compulsory, but firms are encouraged to do it as it helps them align Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs) with their missions and goals. It also keeps accounts systematic and clear throughout the year, translating to a more ordered and stress-free annual audit for both the venture and its auditors. Aside from auditing duties, assurance services also carry out various “investigative” duties. These include due diligence on potential mergers and

acquisitions, or assessing a venture’s sustainability and its standards of social and corporate responsibility.

General overview Successful candidates are usually expected to juggle on-the-job training and pursue professional qualifications at the same time. Although it can get hectic, this arrangement allows graduates to apply and test their theoretical knowledge in reallife scenarios and provides great working experience from the get-go. Travelling and meeting new people is part and parcel of the job, whether that means locally or abroad. This translates to exposure, and graduates will often come face-to-face with various interesting opportunities early on in their careers, not only broadening their professional perspectives, but also equipping themselves for future responsibilities as they continue to grow into the position. Auditors work in teams most of the time, so good teamwork and communication skills are a must. Moreover, building a good rapport with the team will enhance work experience and ensure moral and professional support during the more demanding periods.

The good news is that a finance-related degree isn’t a hard requirement to become a chartered accountant. Rather, a keen mind is needed to obtain professional qualifications, as the courses can be fairly challenging. Work experience is vital here, so taking up internships and prior working arrangements will give applicants an advantage. As mentioned earlier, good communication and team-building skills will also help in the long run, especially given the team-based nature of the work. As this job involves dealing with a variety of situations, auditors must be able to portray themselves as both competent and able to think on their feet. On top of that, there may be times when they have to read between the lines and dig up information that is not readily offered. As a result, traits like self-confidence and critical thinking are deemed important to those working in assurance.

Pros and cons One of the biggest grouses about working in assurance is its long working hours, particularly during the tax season between February and April – auditors are even occasionally required to work on weekends during this period. Moreover, work may sometimes become both repetitive and the deadlines can be gruelling, with auditors expected to rush deliverables to meet deadlines. These, however, may only be minor shortcomings in the face of benefits such as the opportunity to travel, build connections and gain an in-depth understanding of the inner workings of various corporations and business sectors. Finance Career Guide 2024

Accountancy and Financial Management Areas of Work

Commercial Finance

Manage and guide a firm’s cash flow and revenue generation for maximum profit.

Analytical skills will need to be harnessed, as well as being able to think on your feet will be required when coming up with solutions for last-minute emergencies. Time management and organisational skills are also useful for the urgent completion of analysis and provision of recommendations before a large product rollout.

he key driving force behind a company’s sales operations and performance, those who work in commercial finance are responsible for managing cash flow, generating revenue, and giving advice on business strategies for maximum profit.

General overview Commercial finance managers are required to evaluate the performance and worth of an organisation’s products and services. Following that, they’ll make the necessary policy arrangements or build essential commercial strategies to advance the profitability of the product or business. Their advice then becomes the guiding factor for other departments — such as sales and marketing — to make their own business resolutions and targets. In short, they need to strike a balance between making a profit for all stakeholders, while continuing to attract customers. Other duties include product research, tracking sales performances, as well as calculating and projecting possible Finance Career Guide 2024

upcoming yields and trends. Based on these predictions, graduates may sometimes be involved in developing new products and campaigns. Many institutions place new recruits in training programmes, giving them a fair amount of responsibility to hone their skills in management, communication and persuasion. Moreover, even as new hires work towards professional qualifications, they may be tasked with advising on financial controls and analysing financial information to help colleagues make key business decisions.

Required skills In this field, constant awareness of a firm’s business direction, along with broader trends in the marketplace, is vital. Commercial finance managers may also find themselves working with non-finance colleagues to strategise and make plans during projects. As such, they will need to be well-equipped with good communication and presentation skills as well.

Pros and cons Work in this sector often comes with plenty of pressure as multitasking is a reality most of the time. Decisions can and will directly influence the productivity and output of an enterprise, which means that there’s high pressure on successful applicants to perform. One such instance is the generation of daily sales and finance reports for management decisions. On the other hand, this position is a great opportunity for those seeking to venture into a management career, as professionals in this line can expect to gain a deep understanding of the business world.

Accountancy and Financial Management Areas of Work

Corporate Finance

Comprising of lead advisory, transaction support and compliance roles, corporate finance helps businesses increase capital and shareholder value.

Required skills

he main purpose of corporate finance is to monitor an organisation’s capital structure, as well as to increase its shareholder value through the sales of its investments and securities. The selling of bonds, debentures and common stocks also fall under the scope of this field.

General overview Populated by various professionals including lead advisors, accountants, auditors and even lawyers, a quick glance shows that all work towards the common goal of raising capital. Each role serves a different function, contributing to different parts of the process. Lead advisors analyse the financial landscape to recommend the best and safest ways for a firm to raise capital, given its risk appetite. On the other hand, accountants and auditors perform transaction support work by verifying the financial security of potential merger companies.

Here, they perform “undercover” work, looking into the accounts of organisations interested in merging or getting acquired. Checks are done to ensure that their accounts are “clean” – free of fraud allegations and thus safe for acquisition. Meanwhile, lawyers attend to the legal aspects of these transactions, ensuring that firms comply with the legal aspects of mergers, acquisitions and transactions. They’ll need to be aware of red tape and loopholes to guide establishments successfully through a particular transaction. Interested applicants will need to acquire sector-specific expertise if they intend to pursue a career in corporate finance, most of which will be obtained when the professional qualifications needed for the posts in question are taken up.

Aside from sector-specific qualifications, working in corporate finance calls for excellent communication skills to deal with various parties of interest. Graduates need to be both assertive and persuasive, whether they’re meeting brokers or striking deals, and be able to clearly communicate information to both colleagues and stakeholders alike. Professionalism when meeting clients is important, though graduates will gain more confidence with experience and familiarity. Apart from this, a strong understanding of the areas of business of a firm is crucial as well. Career progression in this role is dependent on your capability to network and generate deal flow, so keep this in mind if you intend to climb the career ladder.

Pros and cons Long hours and prolonged pressure are some expected working conditions in corporate finance, and the push to do well is amplified with constant monitoring of performance. However, opportunities to work in talented teams are everywhere, and often translate to less rankoriented team dynamics and friendlier superior-subordinate relationships. Finance Career Guide 2024

Accountancy and Financial Management Areas of Work

Corporate Recovery

Bring afflicted businesses back to health.

Required skills While academic backgrounds related to business and economics are advantageous, applicants from nonrelated fields may be welcomed so long as they possess strong skills in negotiation. This is because people and persuasion skills are of the utmost importance for managing stakeholders, creditors and laid-off employees alike. Other skills such as analysing complex financial information and working in flexible settings are valued, and graduates will be expected to have empathy for others while remaining resolute in their directives, as interaction with staff is frequent before they are laid off.

orporate Corporate recovery is usually appointed on the recommendations of banks, lawyers and accountants, and entails providing assistance to ailing ventures. Hence, specialists in this field are responsible for analysing the state of the company and advising on their next steps. If corporate recovery professionals believe it’s possible to rescue a firm, they’ll suggest a range of corporate, debt and equity restructuring strategies to aid in business objectives. However, if recovery isn’t feasible, their task is to instead help wind up the business and salvage as much as possible by selling remaining assets to repay outstanding debts. In Singapore, the Insolvency Practitioners Association of Singapore (IPAS) provides guidelines and training for both existing and aspiring corporate recovery specialists.

Finance Career Guide 2024

General overview Working in corporate recovery, you’ll be dealing with a variety of cases, ranging from small chain stores to MNCs. Responsibilities can include securing and realisation of assets, preparing investigative reports, as well as generating and implementing plans. Depending on the scale of the case, the size of the team involved can vary. Graduates will be involved in the entire process of recovery and rescue, from corporate reorganisation, debt restructuring and informal discussions to formal insolvency procedures. As they progress, however, they’ll be expected to specialise over time.

Pros and cons Recovery specialists will likely have to work on several cases at any one time, and it can be difficult to deal with stakeholders involved in the process, especially when working with laid-off staff and having to pitch difficult decisions to reluctant business managers. Still, this job also offers the opportunity to build up your network, and allows you to meet people from a variety of backgrounds. In addition, if you are interested in taking up consultancy, corporate recovery gives you the chance to learn more about trending markets in real-time, which will come in handy.

Accountancy and Financial Management Areas of Work

Corporate Treasury

Ensure that there’s always immediate cash on hand for priorities, necessities and emergencies alike.

Required skills Corporate treasurers must not only be well-informed of the company’s goals, but also the state of both the economic climate and the banking sector. Having the right knowledge and foresight will play a role in decision-making and avoiding pitfalls in the market, especially during forecasting sessions and pooling arrangements. Although basic accounting knowledge is appreciated, it’s usually not a prerequisite. Rather, the ability to work according to procedures as well as simplify complex matters for the benefit and comprehension of senior management are much more important.

orporate treasurers are part of a company’s internal division, where they ensure that there’s sufficient immediate cash to fund priorities and demands. Their duties involve constant monitoring of the liquidity of finances, as well as cautiously managing various monetary risks. In addition, corporate treasurers often advise on, and prepare, financial policies and controls that aid in funding the organisation, on top of considering how financial service providers can help reinforce financial security. Because of this, professionals have to be attentive to the releases of new loan schemes, foreign exchange rates and banking and credit facilities in order to keep an establishment’s financial plans updated.

General overview Most graduates begin as treasury analysts or treasury accountants, where on-thejob training is received. Newcomers are also expected to take professional qualifications on the side with the Association of Corporate Treasurers (ACT) in Singapore, or other equivalent professional bodies, in order to advance or specialise further. On most occasions, graduates will work closely with senior management and manage large sums of money. Duties can be diversified, however, depending on the projects and cases handled at a particular time. As a corporate treasurer’s work is largely tied to the enterprise they work for, working hours are fairly stable except during periods with urgent deadlines.

Pros and cons Corporate treasury entails close working relationships with senior management, which means that — depending on company culture — graduates may be pressured to perform. Anxiety can also come due to the responsibility of handling large sums of money during transactions. Working in the field, however, offers a broad overview of the inner workings of organisations, especially through the allocations of funds. This is a line of work that has remained largely unchanged – yet necessary – across various industries, so it can offer plenty of flexibility for potential employers over the course of a career.

Finance Career Guide 2024

Accountancy and Financial Management Areas of Work

Financial Accounting

Assess and evaluate the performance of an organisation.

Required skills

inancial accountants are primarily concerned with the regular analysis and reporting of a company’s financial state, as well as providing information on its performance. This practice ensures the transparency of an enterprise’s accounts, and keeps it accountable to both its partners and customers. For instance, internal management uses these reports to keep up-to-date on cash flow, a vital cog in decisionmaking; and external investors, such as shareholders and banks, refer to them to assess if it’s worth investing further. Other organisations, like suppliers, rely on these documents to decide whether to continue providing their products and services, or if it’ll be safe to extend any form of credit. For Singapore, the practice of financial accounting is governed by the Accounting Standards Committee (ASC). They are responsible for formulating Singapore’s Finance Reporting Standards (FRS), a standard that should be adhered to by all practising financial accountants here.

Finance Career Guide 2024

General overview Financial accountants usually find employment in departments such as auditing, treasury management and cash flow, as well as reporting new or potential acquisitions. Graduate hires generally start with a training programme to acquire an overall understanding of the institution’s business and how finances are associated with other departments. As with most finance positions, pursuing the necessary professional qualifications while undergoing on-the-job training is required. The first few years as a financial accountant are generally quite hectic as graduates deal with a steep learning curve. Other responsibilities include forecasting account balances, statutory reporting and controlling direct and indirect taxes. After graduates have started specialising in a specific area, work will be determined by the projects taken.

An eye for detail and an ability to communicate complex findings in layman’s terms are valued, together with having an analytical mind, good numeracy skills and a willingness to develop interdepartmental relationships. This is because financial accountants draw relevant conclusions based on minute details found in their analysis of the company’s accounts, and will need to report these findings comprehensively to senior management. Working in Singapore also requires familiarity with the nation’s FRS, accounting systems, such as enterprise resource planning (ERP), and other relevant government policies.

Pros and cons The job can be hectic, and starting financial accountants will likely feel the pressure to perform well right off the bat. However, it does help graduates acquire a wide range of relevant knowledge and skills, particularly in technical accounting and leadership. More than that, the comprehensive nature of this line of work also prepares many for the future if they decide to branch out and specialise in other areas of accountancy.

Accountancy and Financial Management Areas of Work

Forensic Accounting

Performing investigative processes to expose frauds and illegitimate financial practices is part of a day’s work.

discrepancies. In addition, any given case should be approached with both caution and creative thinking, knowing where and how to look for evidence of financial crime, which can be hidden in the depths of seemingly trivial data. Moreover, portraying a professional image at all times reflects an identity of independence, integrity and credibility – traits that cannot be stressed enough in this field. As a representative of a firm, graduates will need to convince clients that they stand for objectivity and unbiased judgement, especially if they are required to stand in court as expert witnesses.

orensic accounting is a niche within the field of accountancy that combines accounting, auditing and investigation skills to uncover financial crimes, such as fraud, embezzlement and tax evasion. Part of the job includes analysing financial records and transactions, tracing assets and due diligence review. Alternatively, some professionals in the field choose to specialise in fraud risk management to focus on reducing the possibility of financial fraud. Forensic accountants will find themselves employed by a variety of organisations, including public accounting firms, compliance departments and financial institutions. They may even work with law enforcement authorities and lawyers, and serve as expert witnesses in court.

General overview While a finance-related degree and training in criminal justice or law enforcement are significant advantages, applicants are still required to obtain

a recognised professional qualification first. Most firms in Singapore accept qualifications such as Certified Fraud Examiner (CFE), CPA and the CA in Singapore. Upon employment, many graduates will spend time training and gaining experience in an audit or forensic department before going into forensic accounting. On the other hand, some may be hired directly into the role instead. Starting out, new recruits will have to persist through low-level data analysis like creating spreadsheets and checking financial and written records for relevant information. As time passes and more experience is gained, however, heavier responsibilities such as conducting individual investigations will be assigned.

Required skills In forensic accounting, success can hinge on the detection of tiny details, along with an ability to analyse and parse through large amounts of data for any

Pros and cons Some obstacles include uncooperative clients or emotional employees, who either feel wronged or that their loyalty to the company is being judged and questioned. Work can also get tedious and laborious at times, with routine record analysis. However, the sense of satisfaction is immense when cases are solved with the discovery of crucial pieces of information. There are opportunities to travel and meet professionals from diverse and interesting backgrounds, though, and a graduate’s network can swell with contacts such as law enforcement officers, forensic technicians, lawyers and even private investigators.

Finance Career Guide 2024

Accountancy and Financial Management Areas of Work

Internal Audit

Conduct housekeeping of a company and ensure accounts remain accurate and organised.

Most of the information in an internal auditor’s report will come from a variety of accounts and interviews, so a keen eye for detail and a knack for analysis will be useful when parsing through the provided information. At the same time, it’s also important to employ critical thinking and a level of professional scepticism. Due to the project-based nature of the work, internal auditors should be independent and willing to take initiative, such as to conduct their own research on the organisations they will be auditing.

s opposed to external audits, internal audits are catered to domestic checks within a firm. Typically, a team of auditors are brought in to inspect the accounts for the organisation’s own in-house use. The business administration then uses these findings to improve operations and strategies. Along with generating reports, internal auditors may also advise the administrative department on the company’s performance, as well as the financial risks incurred. It’s their responsibility to test the adequacy of the risk controls currently in place, and advise on any necessary adjustments. While internal audits aren’t compulsory, they are still highly recommended. In Singapore, internal auditors are governed by the Institute of Internal Auditors Singapore (IIA Singapore).

Finance Career Guide 2024

General overview New recruits in this area start off as audit assistants, spending the majority of their time reviewing accounts on-site, interacting with staff and management for more information and taking samples from the records for testing purposes. As graduates progress, heavier roles during audit jobs will be assigned, particularly strategic ones. For example, information security and risk exposures may have to be evaluated, and company management advised on the necessary finetunes needed accordingly.

Required skills Having extensive knowledge of accounting software products, ERP systems and processes and the local accounting systems of a firm will be a benefit. Effective communication skills and good language proficiency – particularly multiple dialects – is another added bonus, as these may help graduates liaise better with company staff and management during assignments.

Pros and cons This job provides the opportunity to dabble in a wide variety of sectors, though this also means that new hires will have a lot to learn right at the start of their career. On the other hand, this knowledge will allow a broader and more objective perspective about the commercial world. Patience and motivation will also be essential, as difficult employees may be encountered during interviews at establishments. On occasion, these employees may not see the point of an internal auditor’s work and make things difficult. Overlapping deadlines is also a bane in this line, but the satisfaction derived from contributing to a venture’s achievement of its business goals can be tremendous.

Accountancy and Financial Management Areas of Work

Management Accounting Use financial expertise to make informed business decisions and drive change within organisations on a strategic level.

Required skills

anagement accounting is a sector that brings together accountancy, finance and management to aid company leaders in decision-making and the implementation of financial strategies. The responsibilities of management accountants are twofold – they create statements, reports and documents about the state of an enterprise to management, or they may also be business partners who take active roles in planning and strategising a firm’s policies. Professionals draw conclusions from the financial information obtained, and generate business-specific insights to present strategies for organisations to navigate the ever-changing commercial environment. As such, the advice they offer can range from product design economics and the cost of running production lines to IT solutions planning and HR management. Management accountants also need to be able to see the venture from a complex, international perspective. In this respect, good management accountants are as aware of global trends as they are of specific, local issues to each process of the establishment, and are able to see

how both factors interact and affect the company as a whole.

General overview Newcomers usually start with a position in general accounting to pick up various skills that’ll be useful for management accounting. But if a graduate intends to specialise in management accounting, they’ll be encouraged to study for the specialist professional qualifications offered by various professional bodies, like the Chartered Institute of Management Accountants (CIMA). Early responsibilities include crunching numbers for internal reviews and preparing management budgets. Once established, they may be asked to assist with risk management, identifying trends and opportunities for future investments and overseeing junior accountants. Most duties, however, will have management accountants working closely with senior management, which includes advising them in decision-making and strategy planning.

Like most accounting positions, having a business- or finance-related degree, or a relevant professional qualification such as those offered by CIMA, will be beneficial. In addition, aspiring management accountants should gain a good foundation in System Applications and Products in Data Processing (SAP) management software, GAAP, financial analysis and reporting skills. For soft skills, good communication and persuasion skills are highly essential for translating complicated concepts and data to those unfamiliar with accounting intellect, as well as promoting ideas and opinions. Additionally, management accountants ought to be equipped with leadership and decision-making skills. As new hires progress, the ability to observe local trends with international perspectives in order to decide on the value of potential investments should also be developed.

Pros and cons This is a challenging field that comes with enjoyable mental stimulation. However, duties can be both diverse and taxing at times as well, and can be demanding in terms of time. On the other hand, it can be satisfying to help guide companies and firms alike and help them succeed by helping them prosper in the long run. Finance Career Guide 2024

Accountancy and Financial Management Areas of Work

Risk Assessment

Troubleshoot and catch commercial risks early to ensure maximum turnover.

Required skills

isk assessment involves identifying and evaluating potential risks from performing any business decision that may impact a company’s goals. This area of work includes utilising analysis skills to calculate risks before providing suggestions on how to reduce them. This can be combined with governance advisory services, which provides insight on running an organisation to meet expectations of the management, stakeholders and staff. On occasion, risk assessment services are also provided alongside compliance advisory services so businesses can stay informed about new laws and rulings issued by the government. Investors and business managers also require risk assessments to make informed decisions and pursue gains while avoiding losses from undertaking investments.

Finance Career Guide 2024

General overview Graduate hires generally start out in broader areas, such as assurance, for training before specialising in risk assessment. However, some companies, particularly larger organisations, may choose to absorb them directly into their risk assessment department and train them in-house. Trainees are expected to monitor daily business functions, evaluate the efficiency of existing risk controls and assist with preparing recommendation reports for clients. From there, recruits will move on to planning, designing and supervising the implementation of a risk management process and continuity plans for a firm. In addition, it’ll be their duty to establish and determine the risk appetite of a venture. Risk assessors usually work closely with executive boards and senior management, and provide them with insights on a range of issues, from security, fraud protection and management of technology departments, to ecological and social performance.

In-depth knowledge of enterprise risk management (ERM) programmes and Risk Control Self Assessments (RSCA) is needed, along with a comprehensive understanding of the various types of risks that a firm may face, both locally and internationally. Excellent communication skills are vital for reporting to and advising stakeholders, including directors, business heads and department managers. Not only will risk assessors need to ensure that they understand Besides conveying messages in a way that’s relevant to each of them, good interpersonal skills and confidence will be a bonus for client interactions. Keeping abreast of the latest changes in laws and regulations so as to offer clients up-to-date assistance is crucial as well.

Pros and cons The work is intellectually stimulating, particularly with international institutions and government ministries, as risk assessors help decision-makers avoid risks and capitalise on opportunities. On the downside, the role is also primarily consultative and supervisory, which means that graduates will hold little decisionmaking power. Frustration with clients who are difficult to convince, or are unwilling to take advice, is a reality in this line of work as well.

Accountancy and Financial Management Areas of Work

Tax

Helping clients and companies adhere to taxation demands and laws.

30 hours of Continuing Professional Education (CPE) each year in order to maintain the quality of their work. The course is offered by ISCA, the Tax Academy of Singapore, as well as selected tax and accounting organisations. SIAPT is an information institute about the tax profession. Graduates will also need to arm themselves with knowledge about the latest laws and regulations in regard to taxation matters to ensure advice is timely and accurate. More than that, familiarity with the international business scene and tax laws in other countries is essential for dealing with international investments on behalf of clients. Moreover, coping with pressure and practising discretion when handling clients’ tax affairs is also important in this line of work.

ax advisors play the role of consultants, supervising tax problems for clients and advising them on tax laws. Advice is dispensed in three broad areas: tax implications of business dealings, cost-effective decisions to taxation demands and the implications of changes in tax laws and the tax system. Aside from major corporate tax issues, like compliance – tax returns – and transactions like M&A, there are other specialist areas in tax advisory, including employee issues such as stock options and CPF contributions, indirect tax services like advising on VAT, GST and import duties, as well as personal or business taxation services for high-networth clients.

General overview Many new hires start off as trainees in a tax department of a professional services firm as they study part-time for the professional qualifications needed to become a chartered tax accountant. From there, graduates may choose to move to a company that focuses exclusively on taxation issues, or specialise further in certain fields of taxation. A full-fledged tax advisor prepares taxes for clients in such a way that it decreases the amount of tax that needs to be paid while still complying with government tax regulations. This includes research into previous tax filings, attending strategy meetings with clients and preparing presentations on their tax liabilities to keep them updated.

Required skills A finance degree is helpful but not essential, though the Chartered Accountant certification is a must. Moreover, all practising tax accountants in Singapore are required to undertake

Pros and cons Life as a tax accountant is exciting as the role may constitute working in a proposal meeting one day, and on large tenders the next. Tax advisory is also intellectually challenging as its purview includes helping clients resolve difficult taxation issues. As tax professionals work in teams with varied backgrounds and specialisations, there is exposure to different aspects of advisory work as well. Stress levels, however, are considerable from juggling multiple projects while pursuing specialised qualifications – all on tight deadlines. Occasionally, professionals can still encounter difficult clients who can be frustratingly secretive about their business accounts. Finance Career Guide 2024

Employee Spotlight: BDO

Growing with a Dynamic, Changing Industry

hrough providing valuable financial services such as audit, assurance, tax and advisory services, BDO Singapore has become a trusted partner for many local and international clients since its establishment in Singapore in 1972. With a combined staff of over 110,000 in 164 countries worldwide, BDO’s fast-growing entrepreneurial environment has made it a popular choice for graduates, having been voted as one of Singapore’s 100 Leading Graduate Employers for the past three years. Beyond its successes, however, BDO also fosters a culture that is not only results-driven, but also dedicated towards passion and its people. As the industry continues to evolve over time, BDO ensures that their employees can grow and develop as professionals. Partner-Designate Kuang Jern-yang shares his thoughts on his career journey in the financial services industry, and the importance of continuous learning as a professional.

Name: Kuang Jern-yang Designation: Partner-Designate Company: BDO Singapore Career highlights: 2003: Started auditing career with a public accounting sole proprietorship firm 2005 - 2016: Joined KPMG’s financial services audit business unit as an audit associate and progressing to Senior Manager 2016: Senior Inspector with the Accounting and Corporate Regulatory Authority’s (“ACRA”) Practice Monitoring Department 2022: Internal Audit Deputy Director of Enterprise Singapore 2023: Audit Partner-Designate at BDO LLP

“

Getting started

About my role

I got into auditing about 20 years ago, and I’ve always been involved in audit or audit-related work. Initially, I started off in a sole proprietorship in 2003 before moving on to KPMG, where I was with the financial services audit business unit. There, I focused on the auditing of banks, fund managers and related entities in the regulated space. After 12 years, I left and joined the Accounting and Corporate Regulatory Authority (ACRA) for an additional six years and spent some time working at another statutory board. Eventually, there was a good opportunity to join BDO, which attracted me as a fast-growing audit practice as a partner-designate.

I’m with BDO’s Financial Services Group (FSG) in the Audit & Assurance Department. I perform statutory audits and audit-related services for our clients, who are mainly entities regulated by the MAS, such as banks, capital markets services license holders, payment service providers, and fund managers. Not only do I handle the audits of their annual financial statements, but I also perform regulatory compliance audits and other audit-related engagements as well. As an Audit Partner, I oversee all aspects of the client’s engagements, from the initial planning all the way to the final reporting. In addition, I also take on other responsibilities like business development and engaging new clients.

Finance Career Guide 2024

Besides our engagement-level responsibilities, I also have firm-level responsibilities, such as developing and implementing the firm’s audit strategies. Outside of auditing, I also take on other roles such as training, conducting staff interviews and appraisals and participate in outreach activities.

“Because we have so many different clients, we have to continuously learn about their industries, which can impact how we approach and handle audits.”

Employee Spotlight: BDO

My advice to graduates

For me, auditing isn’t a boring job. There’s a lot of variety and spontaneity, and it’s not a job where you just sit at your desk and do the same thing every day. Because we have so many different clients, we have to continuously learn about their industries, which can impact how we approach and handle audits. So, there are a lot of challenges, along with a lot of problem-solving to do on a daily basis. Another thing I enjoy about my job is how rewarding it is to train and work with my staff. I always want them to learn as much as they can so that they can move up in their careers. In addition, seeing my clients grow and growing with them is also especially rewarding to me.

One key change I’ve seen is the effect of digitisation and the use of digital tools in auditing. Back then, we were still using paper files and had to write everything down by hand. But now we have electronic audit software, where all audit workpapers are captured electronically and stored in electronic files. At BDO, we also deploy digital tools, automation and enablers to help auditors to manage their engagements better. From project management dashboards to data analytics and automation/IT productivity tools, we have a suite of tools and will continue to roll these out. These tools are able to help staff spend less time on more mundane tasks, allowing them to focus their attention on higher-value audit activities, resulting in more efficient audits.

Then and now

Essential skills

I’ve only been with BDO since January, so company-wise, I’m still a newbie. However, from an audit perspective, I have been in the audit and audit related field for more than 15 years. That being said, financial services is an industry that is mainly regulated, and the regulations and the landscape of the industry changes a lot. That’s why there’s a need to continuously update yourself about what’s going on.

As an auditor, you’re expected to at least have the basic technical knowledge in auditing, accounting and finance. Plus, because we’ve been using data analytics and IT more often in our audits, we also look for candidates with skills in these areas. Besides technical skills, I believe that the ideal candidate should be a team player, be willing to collaborate, be curious, sociable, have good communication skills as well as be clientdriven.

“

What I enjoy most about my job

For new graduates looking to start their career here, whether in the auditing or accounting industry, my advice is to continuously be hungry and constantly willing to learn. I think it’s especially important in auditing; self-learning is a key component of working in this field. Be open and eager to listen to new ideas, learn from your audit experiences, and treat every engagement or assignment as an opportunity to learn. In addition, a good foundation is important, too. I always tell the staff to treat their initial years, where they may have to invest time in picking up the necessary skills and knowledge, as an investment in their careers; to take note of the pointers from senior, more experienced team members and leaders while learning as much as they can. Even if it might be difficult, it’ll definitely serve them well in the future.

Finance Career Guide 2024

LISTING

LEARN MORE ABOUT LEADING EMPLOYERS IN THE INDUSTRY, AS WELL AS THE VACANCIES AND INTERNSHIPS THEY OFFER.

Employers Learn more about leading employers in the industry, as well as the vacancies and internships they offer. OCBC.............................................................................................................. [1] 94 BDO LLP...............................................................................................[IFC, OBC]96 NTUC Income.............................................................................................[2, 3]98 Standard Chartered Bank..........................................................................[99]98

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Contact OCBC Centre, 65 Chulia Street, Singapore 049513 Tel: 1800 363 3333 Web: www.ocbc.com/group/careers Email: careers@ocbc.com Social Media @OCBCCareers @OCBC Number of employees 10,000 – 50,000 employees Minimum requirement Degree

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Finance Career Guide 2024

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PROFILE

A Day In The Life 8:00 AM As a product owner working with overseas developers, work continues even after the end of the day in Singapore. This means that when I start the next day, I’ll have to review all overnight communications from the international teams. 9:00 AM

Ko Chi Kin Kelvin JOB

Assistant Vice President, Global Consumer Financial Services

EMPLOYER

OCBC Bank Ltd Kelvin obtained his Bachelor’s Degree in Aerospace Engineering from Nanyang Technological University (NTU) in 2019.

No two days are the same. This is when I typically do some deep work for my projects. I could be working on a deck to communicate the updates on a financing application project, or I could be preparing user stories and reviewing quality assurance documents for a project that aims to extend the functionalities of our sales platform. I’m really grateful for the opportunity to work on such a vast scope of work. 11:00 AM The daily stand-up is when I catch up with my team, clear up any blockers for the team, and to identify the next tasks for the team. Every other week, we prioritise user stories as part of sprint review, or to refine user stories and address any concern. We have to consider the overall project’s progress, any last-minute changes requested by stakeholders, as well as the team’s current workload. While this can be stressful sometimes, it is always satisfying when the features or projects that we roll-out garner positive feedback, making all the work put in by the team worth it. 12:00 PM Breaking for lunch, this is a time to reset and recharge from the morning. I have informal discussions with team members and get to know my colleagues better. 2:00 PM With another cup of coffee to avoid a food coma from lunch, I dive right in to all the stakeholders’ meetings. We review the roadmap, collect feedback from stakeholders and prioritise any necessary adjustments or new features through product demos. I see my role akin to a film director – collaborating with different subject matter experts within the bank to come up with quality products for the end user. 6:00 PM Once the last meeting for the day has ended, this is when I work on my documentations – sending out meeting notes and updating the project documents. 7:00 PM

“I see my role akin to a film director – collaborating with different subject matter experts within the bank to come up with quality products for the end user.“

I do a stocktake of the activities that happened during the day and start planning out the activities that will require my attention for the day or week ahead. To end off the day, depending on which day it is, an hour with the bag at a Muay Thai class or a drink with the team would be my go-to to wind down and decompress after a high tempo day.

Finance Career Guide 2024

LISTING

Contact 600 North Bridge Road, #23-01, Parkview Square, Singapore 188778 Tel: (+65) 6828 9118 Web: www.bdo.com.sg/en-gb/careers Email: career@bdo.com.sg Social Media @BDOSingapore @bdosg @bdo-singapore @BDO_Singapore Number of employees 50,000 – 100,000 employees Minimum requirement Degree

Diploma

More about us

Degree Discipline(s):

Established in 1972 and a member ﬁrm of BDO International since 1979, we offer a full range of services including audit, tax, business advisory and cybersecurity.

• Accounting

Our clients are from most ﬁelds of business in Singapore and include subsidiaries of multinational corporations, and public and private companies operating in diverse industries, including transportation and publishing.

Sector(s)

Some of our clients are well-known, while many are medium-sized emerging businesses. Our size is at its optimum, it is large enough to enable us to provide the full range of world-class services, and at the same time, allows clients to beneﬁt from our breadth and depth of expertise as the world’s ﬁfth largest accounting network. Simply, our services begin with your needs. Whether you are a start-up or an established enterprise looking to take the next step up, we are well-equipped to assist you from ground level to the highest stratosphere of success.

Find out more at

Finance Career Guide 2024

• Business Administration • Finance • Accountancy and Financial Management • Consulting Application Procedure(s): If you believe you have the right values and attitude in wanting to be part of our big BDO family, send in your detailed resume and a recent photograph to career@bdo.com.sg Application Period(s): • Graduate jobs: Associate Position - (Audit & Assurance), (TaxAdvisory), (Accounting & Payroll), (Management Consulting), (Corporate Advisory), (Restructuring & Forensics), (Risk Advisory ServicesInternal Audit) - All year round • Internships: Internship Positions (Audit & Assurance), (Tax Advisory), (Accounting), (Management Consulting), (Corporate Advisory), (Restructuring & Forensics) - All year round

PROFILE

A Day In The Life 8:15 AM

Tan Lei Ni JOB

Audit Senior II

EMPLOYER

BDO LLP

Lei Ni obtained her Bachelor’s Degree in Accountancy from the National Technological University in 2021.

I joined BDO Singapore during the COVID-19 pandemic, and since then, the firm has continued these flexible working arrangements. Whether work-from-home or work-fromoffice, I aim to turn on my laptop 30 minutes before official working hours start. During this period, I will read through emails and spend some time on the accounting standards update. We regularly receive emails from the Knowledge and Professional Development team on the accounting standards update. As an auditor, we are responsible for keeping updated with the new or revised accounting standards. After checking the emails, I will review my to-do list that I updated the day before. Organising my tasks allows me to prioritise the critical ones. We often have multiple tasks on hand, so it is essential to learn to plan them accordingly to complete them before the deadline. 9:00 AM I will arrange a status call in the morning or a quick check-up with the team members on the status of their assigne tasks and enquire if they have any difficulties with the audit working papers or any significant audit findings that need further discussion. Besides the status call, I will also prepare a work allocation status file with the sections allocated to the person in charge, allowing me to monitor the status of each allocated section. As a senior in charge, it is essential to be updated about the audit’s progress and any issues discovered so that we can keep our managers or partners informed. If there are queries that need further discussion with the client, we will schedule a call or approach them if we are on fieldwork. When approached by team members for the difficulties encountered during the audit, I will try to understand the issues from their perspective to provide guidance or explain the audit concepts to help them solve the difficulties faced. There are also times when I encounter problems at work, and I will perform my research to understand ‘what went wrong’ before approaching my seniors or managers for enlightenment. I am delighted that my seniors and managers are approachable and willing to set aside work to listen to my queries and provide guidance. Their guidance helps shorten the time spent on the solutions to address the issues faced. 12:00 PM

“We are privileged to be exposed to different industries, which broadens my knowledge of the operation of various industries.“

Our official working hours end at 5:45 pm, but there is no fixed ending time as an auditor. We sometimes need to work beyond the regular hours, especially during the audit peak when we rush to meet deadlines. However, an auditor’s life is about more than just work; we will also spend quality time with our team members. During lunchtime, we would head out for lunch in a group, and take the chance to update each other on our life or discuss non-work-related topics. This lunch break from work allows us to understand each other better and form a closer relationship which will help build stronger teamwork to work towards completing the audit engagement together. Besides that, we also plan short trips with our team members during the off-peak period. While the workload may be hectic during the peak period, we aim to achieve work-life balance whenever possible. 5:45 PM I have learned many skills for being an auditor, such as time management, communication skills and multi-tasking skills. We are privileged to be exposed to different industries, which broadens my knowledge of the operation of various industries. The knowledge, skill sets and experience I have gained thus far are invaluable and useful.

Finance Career Guide 2024

LISTING

More about us

Contact Web: https://www.income.com.sg/careers Social Media @incomeinsurance @incomeinsurance @incomeinsurance Number of employees 1,000 – 10,000 employees

Income Insurance Limited (Income Insurance) is one of the leading composite insurers in Singapore, offering life, health and general insurance. Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today. Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empowers the people it serves with better financial well-being.

Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting ﬁnancial inclusion, education for youths-inneed and seniors’ well-being. For more information, please visit our website at www.income.com.sg. Sector(s) • Insurance and Risk Management

Minimum requirement Degree

Diploma

Find out more at

More about us Responsible banking has the power to change the world for the better. At Standard Chartered, so will you. Contact Marina Bay Financial Centre Tower 1, 8 Marina Blvd, #01-01, Singapore 018981 Web: http://www.sc.com/en/global-careers/ early-careers

We are an international bank, nimble enough to act, big enough for impact. For over 160 years, we have worked hard to make a difference for our colleagues, clients and communities on our journey to be the world’s most sustainable and responsible bank.

Social Media @Standard Chartered Early Careers @standardchartered_earlycareers @Standard Chartered Early Careers

We question the status quo, love a challenge and enjoy ﬁnding new opportunities to grow and do better. If you are looking for a career with purpose, we want to hear from you and the talents you can bring us.

Number of employees 50,000 – 100,000 employees

From supporting global trade and investment to helping people, companies and communities grow and prosper, life at Standard Chartered is rooted in doing the right thing.

Minimum requirement Degree

Diploma

Find out more at

Finance Career Guide 2024

Help us make real, lasting change that goes beyond wealth creation alone. You will be part of an inclusive community driven by integrity and transparency that balances how we do business with our promise to be here for good.

We need a diverse range of bright minds to help drive our bank forward, so you can be conﬁdent that we will help you pursue your ambitions, develop your skills and grow your career. Sector(s) • Banking and Financial Services • Investment Banking and Investment Management

Be the change, make a difference Responsible banking has the power to change the world for the better. And at Standard Chartered, so will you. You don’t have to be a ‘numbers person’ to do well here. In fact, your background isn’t that important to us - it’s what you do with it that counts. We are highly invested in the growth of our people, the diversity of our workforce, and the variety of career paths that we offer to fresh graduates. Join the Bank that’s here for good, and grow a job you love into a rewarding career with purpose. https://www.sc.com/careers

PROFILE

A Day In The Life

100

7:30 AM My day kicks off when I wake up and prepare for my day at work. Standard Chartered Bank supports a hybrid working model, so I go into the office twice a week. 9:00 AM

Bao Yanling JOB

Operational Excellence – Associate

EMPLOYER

Standard Chartered Bank Yanling obtained her Bachelor of Business Administration from the National University of Singapore (NUS) in 2022.

I arrive at the office. The first order of business is often a pleasant one – sharing a cup of coffee with my colleagues to kick start the day. These casual moments offer the perfect opportunity for me to connect and catch up with my coworkers, fostering camaraderie that’s sometimes difficult to replicate when working from home in the virtual workspace. 9:30 AM I delve into my work routine, in which I will look at my calendar to review the week’s outstanding tasks and responsibilities. After I have prioritised the work that needs to be done for the week, I look at the meetings lined up for the day and start to prepare for them accordingly (which includes following up with the relevant stakeholders on outstanding action items and drafting agendas to ensure that our time in the office is used efficiently). 12:00 PM Lunch time! I usually have lunch with my colleagues at a nearby mall. We spend lunch time having casual conversations about our weekends, as well as sharing what we are up to at work for the week. 1:00 PM As the morning transitions into midday, it’s time to shift into full work mode. Meetings become the focal point of this part of the day. Working on a variety of projects across different functions and business units often necessitates cross-functional collaboration. With numerous stakeholders involved, preparation is key. I make it a point to ensure that my team is well-prepared before each meeting to maximize our productivity. The ability to meet in-person on office days enhances discussions and facilitates instant responses, which is a significant advantage compared to remote work. 5:00 PM

“Working on a variety of projects across different functions and business units often necessitates cross-functional collaboration. With numerous stakeholders involved, preparation is key.“

Finance Career Guide 2024

I set aside some time in the office for my weekly check-in with my manager. This is a crucial component of Standard Chartered Bank’s goal to build a feedback culture, which emphasizes holistic feedback, career guidance, addressing any roadblocks, and offering support when needed. These meetings serve as a platform for casual conversations, enabling me to provide insights into the projects I’m working on and gain valuable guidance from my manager. 6:00 PM It marks the end of my workday. I hop on the shuttle for a relaxing journey home, reflecting on a day filled with meaningful interactions and productive contributions to my team.

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www.bdo.com.sg

We understand that being the leader in exceptional client service begins – and ends – with exceptional regard for our people. We offer a unique and supportive culture that puts people first – whether that’s professional development, personal fulfilment, or a work-life balance.

BDO LLP (UEN: T10LL0001F) is an accounting Limited Liability Partnership registered in Singapore under Limited Liability Partnerships Act (2005). BDO LLP is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.