gradsingapore 'Finance' Career Guide 2021

FINANCE CAREER GUIDE 2021

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

MCI (P) 064/10/2020

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INTRODUCTION

INTRODUCTION

INTRODUCTION Finance Career Guide 2021 A comprehensive guide featuring information about graduate jobs in the Banking and Investment, Financial Services and Accountancy, and Financial Management fields.

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SHOP

Career advice and emerging industry trends that help prepare students for their future careers are also featured here.

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CONTENTS

CONTENTS PAGE Sector Overview

Banking and Investment

Industries in the Finance Sector............................ 8

Sector Essentials

Is a Career in Finance for Me?............................. 10

At a Glance: Banking and Investment ................. 32

How to Pursue a Career in Finance 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

Choosing Your Role and Company in Banking and Investment...................................... 34 Unique Skills The Banking and Investment Industry Needs................................. 36 A Graduate’s Guide to Banking and Investment Job-Speak......................................... 38

Areas of Work Corporate Banking............................................... 41

Application Tips

Economist............................................................ 42

Crafting Your Resume.......................................... 20

Financial Markets................................................ 44

Preparing Your Cover Letter ............................... 22 Dealing with Live Video Interviews..................... 24 Acing Your Interview ........................................... 26 Tackling Assessment Centres .............................. 28 A Quick Checklist ................................................ 30

Finance IT............................................................ 43 Inter-Dealer Broking............................................ 45 Investment Analyst.............................................. 46 Investment Banking............................................. 47 Investment Management.................................... 48 Operations........................................................... 49 Private Wealth Management ............................. 50 Risk Management and Control............................ 51

Is a career in finance for you?

Specialist Markets ............................................... 52

P10

Stockbroking........................................................ 53 Structured Finance.............................................. 54

Financial Services Sector Essentials At a Glance: Financial Services ........................... 56 Choosing Your Role and Company in Financial Services............................................ 58 Different Ways to Get into the 6 | gradsingapore Finance Career Guide 2021

CONTENTS

Finance Industry.................................................. 60 The Financial Services Alphabet.......................... 62

Areas of Work Actuarial Science................................................. 65 Insurance............................................................. 66 Insurance Underwriting....................................... 68 Retail Banking ..................................................... 69 Statistics.............................................................. 70 Wealth Management .......................................... 71

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 2021 issue of gradsingapore’s Finance Career Guide!

Accountancy and Financial Management

Chief Editor Elliyani Mohamad Ali

Sector Essentials

Design & production Amirah Azlan, A’liah binti Abdul Rahim

At a Glance: Accountancy and Financial Management........................................ 73 Choosing Your Role and Company in Accountancy and Financial Management ........... 75 Getting a Graduate Job in Accounting................. 77 Why it is So Important to Qualify as a Professional Accountant...................................... 78 A Graduate’s Guide to Accountancy Jargon........ 79

Areas of Work Assurance............................................................ 82 Commercial Finance............................................ 83 Corporate Finance............................................... 84 Corporate Recovery............................................. 85 Corporate Treasury.............................................. 86 Financial Accounting........................................... 87 Forensic Accounting............................................ 88 Internal Audit...................................................... 89 Management Accounting.................................... 90 Risk Assessment.................................................. 91 Tax....................................................................... 92

Employers AIA Singapore Pte Ltd ......................................... 94 CapitaLand Limited ............................................ 94

Editor & Editorial Sarah Si

Advertising Ron Ong, Joey Ng, The GTI Media sales team Marketing & distribution Cheryl Tan, Charisse Su Publisher Isaac Hee International managing director and co-founders Adrian Wood, Mark Blythe GTI Asia Pte Ltd (Company number: 200301978M) 2 Sims Close #05-07 Gemini@Sims Singapore 387298 T+(65) 6294 6505 F +(65) 6294 1043 Printer Times Printer Pte Ltd 16 Tuas Ave 5 Singapore 639340 © GTI Asia Pte Ltd, October 2020 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 does 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.

NTUC Income ...................................................... 95 OCBC Bank .......................................................... 95

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SECTOR OVERVIEW

INDUSTRIES IN THE FINANCE SECTOR What are the major sectors supporting Singapore’s thriving financial arena? Who are their clienteles? Let’s introduce the main pillars supporting the nation’s financial hub and find out which industry resonates with you the most.

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SECTOR OVERVIEW

Financial Services

Accountancy and Financial Services

Banking and Investment

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.

Accounting and auditing goes far beyond bookkeeping or bean counting.

Instead, it involves high-level analysis to help enterprises manage their cash flow and financial position. In fact, accountants and auditors are also expected to identify patterns to assess business risks and analyse companies’ financial data to provide strategic insights.

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 Working in large multinational accounting bodies, like the Big Four, means specialising in a chosen area such as audit, assurance and taxation.

If you are looking for more varied exposure, however, 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).

Employers Banks and investment bodies are always on the lookout 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.

Clients The likes of the Big Four cater to large clients such as listed companies and multinational corporations (MNCs) by meeting their financial accounting needs and providing 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.

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

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

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

Perks Because Singapore is a regional and global financial hub, the everexpanding, dynamic and vibrant scene requires and welcomes individuals from different backgrounds, 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 work-life balance.

Perks The accounting profession is known to be almost recession-proof and promises good exposure for entrepreneurial pursuits. While long hours are a reality during the tax reporting period with the close of the financial year, lull months for accountants and auditors are predictable, given the seasonal nature of the industry.

Perks 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.

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SECTOR OVERVIEW

IS A CAREER IN FINANCE FOR ME? Wondering if you have what it takes to build a career in the world of finance? Here are some personality traits and skills that can give you the upper hand in the industry.

Financial Services Although different types of clients and their needs generally result for hours of financial services spent in either retail-based or flexible work, client-oriented talents tend to be highly valued due to having more opportunities to expand their knowledge in specific markets and industries.

Retail banking professionals serve people from all walks of life at bank branches and call centres, and will likely be working shifts including weekends.

Graduates can also be trained to manage a retail bank branch, even as they continue their professional development in other aspects of banking.

In the insurance industry, observation, communication and negotiation skills are needed alongside 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.

Actuarial careers in insurance companies, on the other hand, require numerical and problem-solving strengths, calling for degrees in maths, applied maths, or statistics. To provide expert advice to organisations and clients, actuarists gain specialist knowledge through training to build their credentials.

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SECTOR OVERVIEW

Accountancy and Financial Management Accountants help organisations manage finances to comply with legal regulations and 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, and be able to communicate effectively and have an interest 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 are intense as most work towards professional qualifications while holding a full-time job, though employers typically provide support by granting study leave.

Banking Investment Investment banking is a data-focused role for those with excellent analytical, technical and numerical skills. Client management and teamwork come in handy, as do 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.

As investment management firms generate returns for clients through investments across a wide range of businesses, countries and products, investment managers and advisors have to make intelligent investment decisions apart from succeeding in client service, dispensing valuable insights to clients and colleagues.

Thus, the environment is generally targetdriven, 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 implications that may arise from certain decisions made.

Confidence in client servicing is also needed, especially when investment decisions are made on their behalf.

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SECTOR OVERVIEW

HOW TO PURSUE A CAREER IN FINANCE WITHOUT A FINANCE DEGREE Having a finance-related degree does give an advantage when it comes to finding a job in the competitive financial sector. But just because you do not have a degree in that area does not mean that you have missed the boat – the finance industry is one of the most diverse industries requiring varied talents working together. Here are seven ways you can jump onto the bandwagon.

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Get a relevant internship and excel at it The best way to get a glimpse of the financial sector is to experience it.

An internship allows exactly that; it offers abundant exposure to different departments and provides a better understanding and clearer perspective of the various roles and skills required.

Besides providing valuable learning experiences and knowledge, internships also give you the chance to score an excellent reference from your mentor and have something tangible to highlight when you gun for a full-time role in the future.

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SECTOR OVERVIEW

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Find your advantage

Network and reach out

Get a foot in

Business and finance graduates may be fundamental in making up the bulk of any company in the financial sector, but graduates with non-related degrees are important too.

For example, if you have a degree in the humanities, you will likely have strong interpersonal and communication skills, be able to offer a more macro perspective and can derive different insights and approaches to problem-solving.

Given the global nature of the industry, competency in languages is also a highly-valued and desirable quality when it comes to client relations and financial market research. Identify the transferrable skills you possess and highlight them during your interviews.

Hop onto LinkedIn or other social media networks to find people who are not only already in the financial sector, but in careers you want to pursue; they can help you learn more and possibly open doors to opportunities that are not publicly advertised yet.

The more people you reach out to and speak with, the more well-informed you will be regarding your options. Be sure to do your own research beforehand and prepare intelligent questions while demonstrating your knowledge.

The bottom line is to take the initiative and reach out to as many as possible, so do not be afraid to approach, and connect with, alumni from your alma mater and even mentors from internships.

Aim for a position, even in generalist roles that do not require specialised financial and numerical skills – these include human resources, corporate communications and client servicing.

By doing so, you build your own network in the industry and gain training opportunities to equip yourself with the relevant qualifications along the way.

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Keep up to date with financial news

Learn the lingo

Adopt lifelong learning

An acute interest in financial news and macro trends in both local and global markets is vital to enter the financial arena.

One of the easiest ways to do this is to make reading financial news part of your regular routine in understanding what is happening in markets around the world.

Get to know what moves and shakes the field through top publications, such as the Financial Times, Business Insider, Wall Street Journal, The Economist and Forbes.

On top of that, build relevant industry knowledge by staying up to date with market developments.

If you do not know the difference between mutual funds and unit trusts, or what AML and KYC mean, it would be useful to browse through Investopedia, an encyclopaedia for all things financerelated.

More importantly, inculcate an eagerto-learn attitude, challenge yourself to read up and understand concepts fully, look up jargon and build a bank of finance vocabulary so you do not feel lost during networking sessions and interviews.

If you are still in school, consider doing a minor in economics, business, or accounting – or take up electives in these areas. This is your perfect introduction to the world of finance, and will allow you to practise your numerical competencies.

If you have 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-studying, taking up relevant courses and immersing yourself in financial publications is nothing short of essential.

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SECTOR OVERVIEW

POSTGRADUATE PATHWAYS IN THE FINANCIAL SECTOR If you want to specialise in an area of finance but do not have a related degree, consider taking up a postgraduate study.

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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, and where do you foresee yourself going after that?

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SECTOR OVERVIEW

1 Do it at the right time and for the right reasons Going back to school is typically for those who want to make a switch to finance after having pursued an unrelated first degree, or others who wish to specialise in a particular area.

For these reasons, a postgraduate degree is an investment in yourself.

But it does not come without risks and costs; for instance, you will have to spend time away from the workforce, especially if you choose to study full-time.

2 Speak to recruiters If you have already decided on a certain career path, your best option would be to speak to recruiters first as they can advise on recommended courses and where you should take them. At the end of the day, though, you will still need to show that you have both the hard and soft skills to get the job done.

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.

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Consider alternatives

Figure out what you want to learn

If you have just started out in a finance career, an MBA would be the traditional option for investment banking pathways. However, it is 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.

Enrolling into a MBA programme is still prestigious, feasible and offers a wide network of contacts into industries beyond finance. Make it a point to look into the syllabus before registering for a programme, though, to not only understand exactly what you will get out of it, but also to make sure that it offers the right balance of management and technical knowledge you are looking for.

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. You may even prefer an MSc in Finance over an MBA as it does not require much work experience in a related field – a vital criterion for entering an MBA programme.

In finance, a strong understanding of theory, business and industry practices; knowledge of markets, trade and investment; and skills in research, numeracy, statistics, analysis and communication are all needed.

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.

If you are 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 alongside your end goal(s), whether it is specialisation, advancement, or something else.

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SECTOR OVERVIEW

A SURVIVAL GUIDE TO APPLYING FOR A JOB IN FINANCE Taking your first step into the financial sector can be daunting, especially when surrounded by stiff competition.

Application procedures Because thousands apply for jobs in finance annually, it is important to stand out by preparing to face a rigorous recruitment process – like employers screening hopefuls with various psychometric tests.

Ability tests assess general, numerical and verbal reasoning skills while personality tests, on the other hand, 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 would likely have to participate in assessment centre exercises on top of that.

With so many aspects of the application to prepare for, here are five ways yours 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.

• Do not overthink for personality tests, as there are no right or wrong answers.

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SECTOR OVERVIEW

THE FIVE STEPS 1. Set a focus for your job search

3. Attend career events

4. Embrace technology

While there are countless employers you can apply to, the time used to send generic applications to 50 companies can be better spent focusing on a few preferred firms which you are interested to get into.

Be as selective as possible.

A good way is to do some general research – list down potential employers, compare them, come up with a shortlist containing about five to 10 “priority” companies and finally conduct in-depth research.

This way, you can better make 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.

Career fairs, industry events and open houses for banks and accountancy firms are usually held year round in Singapore. Attending seminars and trade shows, such as the Accounting & Finance Show Asia and the Singapore Universities Recruitment Fair, provides exposure and networking opportunities with numerous participating firms, such as PwC and Deloitte.

Be proactive in approaching people and making an effort to get to know them while asking intelligent questions. After all, recruitment fairs not only provide an excellent setting for you to speak to recent graduates and find out what their working lives are like, but also give you the opportunity to discuss any concerns you might have with recruiters and access a wealth of information only insiders can give.

Other than keeping yourself up to date with the latest news and trends in the industry, it is also important to find out which companies would be present at the event and prepare specific questions for them. 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!

In this digital era, information is widely available on the internet – even reviews of prospective employers and interview questions they have given applicants. Take the reviews with a pinch of salt, but look out for tips and suggestions on how to tackle interviews with specific companies.

Besides using the Internet to understand 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 is 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.

2. Do not procrastinate Although many organisations accept applications year round, it is still necessary to check out the processes and closing dates for the companies and positions you are most interested in. Keep in mind that in the banking and investment industry, application deadlines also tend to be earlier.

Apply early because some companies tend to continue making offers even as applications come in, possibly filling up all available spots even before the closing date.

5. Get involved

If you are an undergraduate, think about what competencies and skills are required in the financial sector based on your roles of interest. From there, take part in extra-curricular activities to develop transferrable skills such as leadership and communication.

While you do not necessarily have to join the Math Club or the Investment Club, having a strong record shows that you are a wellrounded individual and a team player, making yourself an attractive candidate that can be trusted to work with different groups of people in order to achieve desired targets.

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SECTOR 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.

Banking and Investment At the top of your game, you will find yourself showered with rewards many can only dream of, but making your way in this sector is definitely not easy.

Pros

Cons

• Opportunities for professional growth.

• The chance to build a large network.

• Remuneration.

• A highly stressful environment that comes with long working hours.

• Fierce competition.

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

Pros • Potential to bring in a high income.

• Good working conditions.

• Regular business hours.

Cons • Fast-paced and highly stressful.

• A cyclical industry.

Accountancy 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 • A stable industry.

• Clear career path.

• Many opportunities to develop professionally.

• Flexibility in choosing where to work – accountants can be found everywhere!

Cons • Work can come off as routine and dull.

• During peak season, large amounts of stress and long working hours are the norm.

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APPLICATION TIPS

INTRODUCTION

APPLICATION TIPS Before applying to positions and programmes you are interested in, hone your resume and cover letter in order to distinguish yourself in the recruitment process.

Crafting Your Resume.......................................... 20 Preparing Your Cover Letter ............................... 22 Dealing with Live Video Interviews..................... 24 Acing Your Interview . ......................................... 26 Tackling Assessment Centres . ............................ 28

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SHOP

A Quick Checklist ................................................ 30

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APPLICATION TIPS

CRAFTING YOUR RESUME Quickly grab recruiters’ attention by effectively communicating why you are suitable for the job.

Customise each and every resume sent out First and foremost, tailor your resume to the firm and role you are applying to.

Make it obvious that you have made a genuine effort to think about what the company is looking for, and what makes you their best candidate. Conduct your own thorough research and do not forget to check individual employers’ application procedures – some may have specific requirements. For instance, HSBC’s website details the specific format, sections and details applicants are to include in their resume.

If you are indicating a career objective at the top, pay special attention to it.

Remember to keep it simple and state your ambition like: “Valedictorian from Nanyang Business School with strong analytical skills seeking an internal audit position at a leading MNC.”

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APPLICATION TIPS

Specify your skills and areas of expertise Instead of a career objective, you can opt for a section on technical skills or your main areas of expertise. While recruiters do not always have the time to look through what you did in your previous internships or positions in detail, they keep an eye out for specific skill sets, which you can show through a skill set summary.

Alternatively, you can also describe your core skill set under each work experience you have. For example, if you listed working 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, if it was a business management position, point out the relevant areas of expertise such as executive-level communication, strategic planning, business analysis and client management.

Highlight relevant experiences Think through the experiences you have had and how they might be relevant; do not miss out on any related experiences, even if they are just short-term gigs or unpaid positions. You should also mention any work experiences with transferrable skills, especially if they resonate with the job requirements.

For instance, waitressing at a cafÊ can be relevant in showing recruiters that you are able to manage and cater to different customers’ needs. This, in turn, can be helpful if you are applying for a client-facing role, such as a fund manager, insurance broker, or bank teller.

Do not neglect unique experiences that can help you stand out from the crowd, even if they seem unrelated to finance. Did you spend a summer taking care of elephants in Thailand before the coronavirus outbreak? Put that in, and be prepared to talk about cross-cultural experiences compatible with investment and financial services careers.

Remember to highlight your job rank along with the job descriptions.

Recruiters tend to take note of such roles in hierarchical industries like investment banking. Likewise, state if your previous role was on a short contract term to prevent misunderstandings about your job-hopping tendencies – something usually frowned upon in the financial sector.

Quantify your achievements Numbers matter in your resume. How else can you measure your impact and the difference you made as an employee elsewhere, or even as an intern? If you were expanding the client pool in your previous position, express how many new clients you brought on board within a specific time period.

If it was a sales role, specify the growth in revenue under your purview.

If you led teams, show their sizes and

again, include details of growth and time period. This will give recruiters a good impression of what you have handled and attained before.

Show your strengths and interests As Singapore is a global financial hub, knowledge and competency of at least one foreign language would come in handy when servicing clients or dealing with partners from another part of the region or corner of the globe.

Do not shy away from briefly including your personal interests at the end of your resume. Particularly, participation and leadership in team sports indicate high potential for success in a corporate environment, while sharing that you can play a musical instrument demonstrates your ability to focus with discipline.

Play up other skills you have 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 IT and coding.

Do not delay your submissions Last but not least, try not to wait until the last minute to apply. On occasions, deadlines are brought forward due to overwhelming responses. First impressions are not everything, but they definitely make a difference. Likewise, presenting a strong resume will help immensely in the process of landing your dream job in the financial sector. Good luck!

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APPLICATION TIPS

PREPARING YOUR COVER LETTER With such fierce competition, having an impressive cover letter can do wonders in helping you stand out.

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ot all companies require a cover letter along with your application, but it is always advantageous to have one. Not only does it show your sincerity, it provides an additional platform for you to impress recruiters before moving on to the interview part of the recruitment process. Here are some tips to help you write a compelling cover letter that can become your golden ticket to an interview!

1. Show, do not tell Keep the standard structure: Start with a brief introduction of yourself and explain why you are dedicated to pursuing a career with the company. Be clear on the specific position you are applying for, explain why it is of interest to you, and convince the hiring manager that you are a good fit.

Be succinct and avoid falling into the trap of rambling too much on 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.

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APPLICATION TIPS

2. Prove your competence Read the job description and address the selection criteria to better highlight relevant experiences that could put you in the best position in the running for the job. For instance, if you are gunning for a management accountant job, 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 in 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.

3. Demonstrate your enthusiasm After doing some comprehensive research about your potential employer, make use of the information to include specific aspects of the business that appeal to you and show how you can add value to their culture.

One way to stand out from the crowd is to mention events organised by the firm that you have previously attended, or if you have visited its booth at a career fair. Name-dropping employees that you have met would 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 Last but not least, take a break from your cover letter and check it again later; you are more likely to spot any mistakes with fresh eyes. After that, print it out and pour over it. If this is the first time you are 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 reveal a lack of attention to detail, which is a big no-no for the financial sector. Having clear and appropriate points in your cover letter will, however, show the recruiters your effective communication skills and strong writing skills.

Sample Cover Letter

Dear Mr Lim, I am writing to apply for the Marketing Data Junior Analyst position with the Consumer Banking Group at OCBC Bank, as advertised on gradsingapore.com. My conversations with current employees at your networking session in June this year have reinforced my interest in the bank 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 OCBC Bank, I have developed a practical understanding of creating impactful marketing campaigns for financial institutions.

In addition, I participated in a 6-month internship with Standard Chartered Singapore where I gained valuable experience in not only analysing customer data for valuable insights to help internal stakeholders and management create segments, but also reviewing marketing communications plans to ensure optimal results.

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

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APPLICATION TIPS

DEALING WITH LIVE VIDEO INTERVIEWS Live video interviews over Zoom or other conferencing apps have become the new normal. Take note of the following points and learn how to put forward your best self during a video interview!

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t goes without saying that the coronavirus outbreak has changed many of the ways we interact with other people. And one of the major changes is an increase in interviews over live video conferencing as recruiters practise social distancing too.

A regular, in-person interview may already seem nerve-wracking enough to you as a graduate jobseeker, but now you need to figure out how to deal with one over a video call too? Do not fret – here are some handy tips on how to tackle these “new normal” interviews with ease.

Preparing for your live video interview Going into a live video interview is not just as easy as signing in, turning on your webcam and talking! You will want to do a bit of prep work beforehand to ensure you set the right tone. Here are a few pointers: • Spend some time before the interview familiarising yourself with the platform your interview will be conducted on – whether it is Zoom, Google Hangouts, Microsoft Teams, or any other video conferencing platform the recruiter prefers.

• Conduct research on the company you are interviewing with. Interviewers will know if you have not done your homework and are reading stuff online even over the call – it is very obvious. They can even hear you Googling questions!

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APPLICATION TIPS

• Get comfortable talking formally in front of the camera. Turn your webcam on and try rehearsing some of your possible responses to interview questions. Do not forget to pay attention to how you come across on camera as you speak to the screen too!

If you can, run through some practice video interviews with friends or career advisors.

• Dress like how you would if you are going for an in-person interview, and that includes the parts of you that are off-camera!

Dressing right will help get you into the right headspace, and you will also not be left embarrassed if you have to move around for an unexpected reason.

• Your interviewer would have agreed on a time slot with you for the interview. So block out a quiet spot in your house or room for that time slot in advance. You do not want roommates or family members walking in or messing around in the background while you are on the call!

• When picking a spot for your interview, try and find somewhere reasonably quiet and well-lit, with a tidy background free of clutter. You will want to project a professional image, so make sure you do not have anything too personal or inappropriate lurking around behind you!

How to nail your live video interview Once the big day comes, it is time for you to shine! Here are some tips on how to present yourself effectively over that live video call: • Before you even get down to your interview, check your WiFi, webcam and microphone. An easy way to check how strong or spotty your Wi-Fi connection is for a video call is to stream a HD YouTube video. Observe how the video loads – does it play smoothly, or does it keep buffering?

• Start off by greeting your interviewer as you would in real life. Just because you are talking online does not mean that you can drop social niceties!

• Try and get to know your interviewer before jumping into the interview proper. Make some small talk, or ask them a bit about themselves and how they have been doing. Video conference calls are always slightly awkward for everyone, so your interviewer may appreciate you trying to break the ice.

• When talking, try to speak slightly slower than usual and put extra effort into choosing the right words to get your points across.

The biggest difference in a live video interview and a real-life one is that non-verbal communication does not translate as easily. So remember that your words are all you have to rely on.

• If the call glitches, freezes, or lags, do not panic! Keep calm, wait for the call quality to be restored, explain that the call glitched up for a bit and check with your interviewer if they heard everything you said before.

• Try your best to look at the camera rather than the video feed on screen. Even though this feels rather awkward, one of the best things you can do in a video interview is to maintain eye contact!

• Most importantly, just like you would do with an in-person interview, do not forget to follow up with your interviewer afterwards, whether with a thank-you email or by connecting over LinkedIn.

Some tough questions to look out for Just because your interview is not physical does not mean that you are excused from tricky questions! In fact, you will be getting the exact same questions you will get in-person. Some more timely examples of these questions may include: • How do you think our business has been affected by the coronavirus pandemic this year?

• Which of your achievements or experiences best demonstrate your key strengths?

• What has this pandemic and ensuing recession taught you about yourself?

• What steps have you been taking to stay informed and relevant amidst all the uncertainty this year?

• How do you see your career developing over the next few years in a post-coronavirus world?

Some of these questions may seem like real head-scratchers, but it is not about getting the “right” answers!

Remember that recruiters just want to get a better sense of who you are and how you approach difficult situations that you may not fully understand.

Take time to do your research beforehand on how the recruiter’s industry may have been affected. Make sure you put in the extra effort during the interview to talk through your thought process to explain how you arrived at the conclusions you did.

And last but not least, remember to come prepared with questions of your own! This is the perfect time to hear recruiters’ insights on where they see things going during this time, and how their companies have responded to the pandemic. It might also give you some fresh talking points if you have other interviews lined up!

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APPLICATION TIPS

ACING YOUR INTERVIEW Interviews always seem scarier and tougher than they actually are! With sufficient preparation, you can breeze through interviews in the financial sector with no sweat.

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2

Revisit the job description and your application forms

Anticipate common interview questions

After being shortlisted based on your application materials, employers are now looking to get to know you better at the interview stage. This is the time to impress recruiters and let them know how you can contribute to the job and company.

First, make sure you have a clear idea of what they already know about you, and how your profile fits into what they are looking for in terms of how you stand out and where you lack. Do you, for instance, possess a specific language skill set which they hope to tap into for certain markets?

How much do you know about the financial arena if you do not have a financerelated degree? You can show how you are keen to make up for this by demonstrating knowledge of how financial markets work, as well as displaying an understanding of the firm’s business objectives.

Similarly, if you come from a related field of study, just how much do you know about 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 of roles in the financial scene, through hands-on experience?

Think through from the recruiters’ perspectives and expect questions tailored to the specific role and corporation you are applying for. For example, if you are applying to a local bank like OCBC Bank, be prepared to explain why you are choosing a homegrown bank over a non-local one, and vice versa in the converse situation.

Having an awareness of the organisation’s positioning will also help you understand what is at the top of recruiter’s minds. For instance, if you are applying to enter 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 in your personality and professional behaviour, 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.

APPLICATION TIPS

3

4

5

Stay informed about the industry

Prepare a list of targeted questions to ask

Follow up

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 movement in the markets.

In addition, make reading the financial news a habit, keeping in mind that knowledge from various publications could be useful during interviews.

Be prepared for questions like: “Tell me about a recent development you read about in the news and how do you think it will affect the financial sector.” Be careful not to get too carried away when answering as that might come across as arrogance.

At some point of time, you would likely be asked “Do you have any questions for me?” 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, you can ask about how a recent industry trend has affected the firm, or how the company has positioned itself against competitors for long-term prospects. Asking smart questions helps to end the interview on a high note and with a lasting impression. This is also the part which can help you make a decision if you are handed more than one offer, as it gives hiring managers a chance to impress you in turn. From these answers from across the table, you can also gain deeper knowledge about the enterprise’s plans for the years ahead.

Be careful when you cannot help but ask 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 nittygritty 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 for the position.

On the same day of the interview, send an email to thank the recruiters for their time and highlight how the conversation helped in affirming 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 follow-ups 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.

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TACKLING ASSESSMENT CENTRES Often the final stage of the recruitment process, an assessment centre can be both intimidating and gruelling.

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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. Even when social distancing measures are being eased, it is possible for these assessments to be carried out online.

Find out what to anticipate from the recruiter. And although the organisation may give you limited details beforehand, you can still browse online forums to better understand the activities planned and gather some useful information from past applicants. Be 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 they are potential questions and information you must know.

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 the position you choose to sit or stand in. 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.

Maintain your confidence and composure throughout the day, including during break times in between each segment. After all, with changes and challenges constantly rife in the finance and accounting world, having a stable temperament is crucial.

Group activity This segment usually splits hopefuls into small groups to tackle a problem-solving task – its main purpose being to 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 is 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 is not a competition; you will be assessed against the employer’s criteria and not against other applicants.

By knowing everybody’s names and asking for their input if they have not 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 is yet another chance to show why you are fit to join the financial sector.

Take everything in your stride If you are not offered a position after going through the tests in the assessment centre, there is no need to be disappointed. Instead, treat it as a learning experience – you have had the chance to experience a “day of work” in that organisation, and test out whether they are the right fit for you.

After all, it is not just about you impressing the employer, but the other way around too. In addition, you could 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 will have a higher chance of succeeding your next try.

Individual exercise You might be given psychometric tests similar to those you were given online in an earlier part of the recruitment process. This is so that the employer can verify the findings.

Otherwise, recruiters would likely give you a case study to solve and ask you to give a presentation on your recommendations. The questions in these exercises can run the gamut 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.

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APPLICATION TIPS

A QUICK CHECKLIST Do you have everything sorted out?

Your resume After you have gone through it several times, do not be afraid to get others to go over it.

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

Apply and impress!

There is no one right way to apply, so apply speculatively, online and directly. If you have been called up for an interview, dazzle them!

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BANKING AND INVESTMENT

INTRODUCTION

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

Sector Essentials At a Glance: Banking and Investment ................. 32 Choosing Your Role and Company in Banking and Investment...................................... 34 Unique Skills The Banking and Investment Industry Needs................................. 36 A Graduate’s Guide to Banking and Investment Job-Speak......................................... 38 Areas of Work Corporate Banking............................................... 41 Economist............................................................ 42 Finance IT............................................................ 43 Financial Markets................................................ 44 Inter-Dealer Broking............................................ 45 Investment Analyst.............................................. 46 Investment Banking............................................. 47 Investment Management.................................... 48 Operations........................................................... 49 Private Wealth Management ............................. 50 Risk Management and Control............................ 51 Specialist Markets ............................................... 52 Stockbroking........................................................ 53

NOW

SHOP

Structured Finance.............................................. 54

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BANKING AND INVESTMENT - Areas of Work

AT A GLANCE

BANKING AND INVESTMENT

About the industry Singapore is one of Asia’s premier financial centres due to its proximity to emerging markets in Southeast Asia and economic stability in the region.

This has continued even now, during the pandemic, as much of the stock market worldwide is fuelled by aggressive stimulus packages rolled out by central banks and governments to boost growth.

As a result, employees in the sector work long hours – 12-hour days are not uncommon, especially for front office roles. Jobs are also high-intensity and stressful as the field is both fast-paced and unpredictable.

However, hard work does not go unrewarded; graduates have excellent structured career progression, have the opportunity to earn some of the highest salaries and bonuses, and have plenty of chances to gain responsibilities early in their careers.

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Must-have skills Working in the banking and investment field does not only call for resilience and the ability to work under pressure, but also a wide range of skills.

Numeracy, and 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.

Getting in 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 in it 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, do not shy away from approaching recruiters directly during career fairs and other outreach events where they look out for outstanding candidates.

BANKING AND INVESTMENT -- Areas Areasof ofWork Work

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 and 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.

Risk management

Stockbroking

Technology

Trading in 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.

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 performance by maintaining the necessary systems in which business takes place. Without the IT department, millions of transactions carried out daily may not be successful, and can cause companies to incur huge losses.

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BANKING AND INVESTMENT - Areas of Work

CHOOSING YOUR ROLE AND COMPANY IN BANKING AND INVESTMENT Due to the region’s relatively secure and stable economy, the banking and investment sector in Singapore has established itself as a financial hub brimming with companies and cross-border deals. With multiple firms and roles to choose from, it is important that you conduct thorough research into this industry before aiming for it.

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.

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BANKING AND INVESTMENT - Areas of Work

Roles available The ideal candidate Positions in the field mainly fall into three categories – the back office, middle office, and front 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 human resource, technology and operations, are considered back office, and keep transactions and deals running effectively.

Some 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

Working in the industry Having a finance-related degree or professional qualifications, such as the Investment Management Certificate (IMC) or the Chartered Financial Analyst (CFA), may be advantageous, but they are not prerequisites. Instead, the main criteria for working in this sector are to have a good understanding of the financial markets, as well as excellent numeracy and analytical skills to think laterally and discern market trends.

A genuine interest in banking and investment is also essential, and you should be constantly kept up to date about the latest developments in the field.

Besides credibility, as well as having excellent communication and negotiation skills are important – especially in a client-facing role, such as that of an investment manager or interdealer broker. Last but not least, you have to be both hardworking and resilient in order to cope.

Early responsibilities and a fastpaced environment means that work is often challenging, unpredictable and stressful.

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.

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UNIQUE SKILLS THE BANKING AND INVESTMENT INDUSTRY NEEDS You will need to show more than boring old “teamwork” and “communication” skills if you want to nab a graduate scheme in this sector.

E

veryone thinks they have “good communication skills”, are “team players”, and are “effective problem-solvers”.

So do not expect to stand out in the eyes of recruiters if you just focus on these old clichés!

Companies in the banking and investment industry have demanding checklists of skills they look out 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 will need to know some unique skills they are keeping an eye out for, and how to prove you have them.

Intellect It goes without saying that employers place a lot of emphasis on hiring bright candidates. But what specific intellectual skills are recruiters actually looking for?

Jane Clark, former Group Head of Graduate Resourcing and Development at Barclays, said that banks seek applicants who can grasp new concepts quickly.

“People who are strong in learning agility are sharp and thrive in new and difficult situations. Grasping and learning new concepts quickly – whether it is 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 a 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 is 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 improve 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 are quick enough to catch the bigger picture in such situations.

For example, perhaps you worked on a project during a previous internship together with a team of other interns. An agileminded person would not just complete their assigned tasks – rather, they would be able to grasp how the project they are working on 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.

Innovation The ability to create or identify new opportunities for the business is yet another highly-valued skill in the eyes of employers.

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How to improve it “Tell us about a time when you were innovative.”

Many firms use processes that have existed for years. However, these processes are frequently tweaked for improvements in accuracy and efficiency. Have you done something similar?

For instance, perhaps your student society was going to run a food stand for fund-raising. If 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, then you have provided a basic innovation to help your organisation boost their profit margin!

Resilience Because this industry is well-known for its high-pressure working environments, in order to minimise attrition, recruiters need graduates who are resilient.

Barclays makes it no secret that they require applicants who have the capacity to work under pressure, such as 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 emphasises a need for those with the ability to adhere to the highest 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, employees at the bank will tell you to be prepared to be on call almost 24/7!

How to improve it “Tell us how you have shown resilience in your life so far.”

Feeling tempted to talk about “balancing ” the demands of your degree programme with extracurricular commitments and a part-time job? Congratulations are in the offing for pulling that off, but the truth is that many of your competitors will probably say the exact same thing.

Instead, talk about a time when you failed at something or received some constructive criticism over something you could have done better. Then, focus your story on how you worked towards i m p ro ve m e nt d e s p i te yo u r 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 functions across time zones and borders, applicants with the ability 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.

At Goldman Sachs, close to 50 per cent of the bank’s graduate roles require hopefuls to demonstrate strong linguistic skills.

On the other hand, 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 considered a strong plus. As a Japanese firm, knowledge of Japanese business culture would certainly help as well.

UBS’s recruiters once included “international experience” as a key competency. Though it has since been unlisted, the bank still places plenty of emphasis on the global nature of their graduate job roles.

How to improve it “Tell us about a recent development in an overseas market. How will it affect our business?”

Having an international outlook is not just about speaking to a foreign client or colleague in their language.

It is 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 socio-economic 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 is 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 instance, bemoan the fact that applicants who have strong academic qualifications or a good understanding of the markets end up letting themselves down by failing to show enthusiasm because they were far too fixated on the technical details instead.

Still, at the end of the day, do not forget that careers in this sector are – at their core – very much a clientfacing line of work. So do not neglect to showcase the finer points of your people skills, such as HSBC’s requirements for an “outgoing personality” and “good levels of diplomacy”! gradsingapore Finance Career Guide 2021 | 37

BANKING AND INVESTMENT - Areas of Work

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 from such a process.

Interdealer broker, ICAP, on the other hand, stipulates that hopefuls must be innovative, with the ability to not only produce new ideas or insights, but to 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.

BANKING AND INVESTMENT - Areas of Work

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 an entrylevel career position in many firms in the banking and investment industry.

B

Bear

An investor who sells with the belief that the prices of the financial product they are 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.

Brokerage

The payment a client makes to a broker.

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Bull

Credit crunch

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

The term 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.

C

Capital markets

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 acquisitions 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, and making sure the buyer has the cash and that the seller holds the securities.

Commodities

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

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.

Debt 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.

Derivatives

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 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 nonpublic – “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 are 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.

L

Hedge

Leveraged buyout (LBO)

A strategy where an investor acquires a collection of different financial instruments with contrary positions, in order to offset the possibility of loss.

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.

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. Libor will no longer be published after 2021.

Liquidity

The ability of an asset to be traded quickly and without changing its market price.

M Market maker

The bank or firm that is 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 maker

A marketplace for short-term funding, such as certificates of deposit and treasury bills.

Money market securities typically have a brief maturity period – less than one 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.

P Portfolio

A collection of securities, financial instruments and investment options held by an investor. It is also known as a “fund”.

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BANKING AND INVESTMENT - Areas of Work

D

BANKING AND INVESTMENT - Areas of Work

Principal (person)

Settlement

A term referring either to an investor who trades on his or her own account and risk, or the owner of a private company.

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.

Private equity

Equity that is not publically 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.

R 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.

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

A speculator who buys shares upon issue to sell them as soon as they begin trading on the market. They are 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.

Securitisation

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.

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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 the risk of having to pay the fluctuating Libor rate.

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 amount of units they hold.

This is in contrast to an investment trust, where profits must be re-invested 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.

Provide financial advice and offer a bank’s products and services to commercial clients to help them grow.

B

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 make sound financial decisions.

Other responsibilities include offering financial services such as treasury advice, loans and credit, trade finance and more.

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 about different areas of work, and allows candidates to develop an understanding of the industry as a whole.

Opportunities to shadow senior relationship managers to client meetings and observe how they sell the bank’s products and services may also be given.

During these sessions, graduates will get to familiarise themselves with key corporate banking products and pick up crucial client-facing skills.

After a year or two on the graduate scheme, new hires will likely progress to a junior or associate level, and will gradually manage clients on their own.

As associates, there will be an expectation to establish relationships with corporate clients, which may take a few years to build as it requires experience and skill to successfully gain their trust. But to rise up the ranks, hopefuls will need to build a strong network of clients to help the bank secure important accounts.

Required skills A finance-related degree is not necessary for this role, and recruiters usually keep an eye out for applicants with skills in numeracy, negotiation, interpersonal communications and analysis. The need to build relationships in corporate banking also calls for qualitative skills and high emotional intelligence.

Internship and training experience have become increasingly sought after, so it is advisable to attend apprenticeship programmes and pursue internships during university to acquire a repertoire of skills that can maintain an edge over other candidates.

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 highstress. Nevertheless, the prospect of upward mobility and impressive benefits for employees make this field a popular career choice.

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BANKING & INVESTMENT - Areas of Work

CORPORATE BANKING

BANKING & INVESTMENT - Areas of Work

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

B

y performing mathematical and data analyses to evaluate and predict economic trends, economists are often involved in every stage of research, from data collection and conducting surveys, analysing and interpreting data, to writing reports and presenting their findings.

An economist’s work is used to increase their client and organisation’s market performance, guide business decisions, and determine projected costs for budgeting purposes. In some sectors such as large corporations and governments, economic reports are vital in making budgetary decisions for the upcoming fiscal year.

General overview A degree in economics is usually required to work in this field, though most positions require either a master’s degree or PhD in economics. Graduates can find employment in the government, financial and investment institutions, as well as the research sector.

Successful applicants generally get their start as junior analysts and slowly build up a portfolio. As there are a great many things 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; their breadth of knowledge also includes specific industries such as imports and exports, petroleum, manufacturing and even politics and policies from around the world.

Required skills An eye for detail, commercial awareness and analytical and IT skills will all greatly aid potential candidates and stand them in good stead.

Excellent communication skills can also greatly help an economist in their work as they often have to present complex figures and data in various settings such as conferences, annual budget meetings and boardrooms, just to name a few. On occasion, they may even have to explain some data and economic concepts using simple language to people who may not share a background in either economics or finance.

Additionally, economists need to have good report writing skills to be able to effectively convey their analysis and other findings in written reports.

Pros and cons

Economists’ work has a significant impact on people as their reports often guide policy-making, budget planning, and key decisions in business.

Moreover, keeping abreast of current economic situations for work also means that economists have some foresight into the market and are at an advantage when it comes to making personal financial decisions and investments.

On the other hand, however, demands for economists tends to grow slower than other jobs on average, leading to stiff competition.

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BANKING & INVESTMENT - Areas of Work

FINANCE IT Thanks to information technology (IT), the banking industry can manage countless transactions everyday.

B

efore the buzz and change fintech brought upon its emergence, finance IT – which refers to technology applied in the back-end of established consumer and trade finance organisations – has long been in existence. To illustrate this point, internet banking had been around for quite some time even before mobile payment became a breeze.

Indeed, technological solutions constantly improve the quality of services banks provide their clients – from frontend sales and trading applications to backend maintenance of quantitative analytics engines, risk analysis systems and data storage solutions – and make finance IT professionals important enablers who facilitate business performance by increasing data quality and security.

As such, banks are heavily invested in creating efficient IT infrastructure and hiring talented specialists within strategic fields in technology, especially in this age and time when digital innovations are regularly revolutionising financial services.

General overview Beginning with an internship or graduate programme in a financial organisation’s IT department will stand hopefuls in good stead if they decide to pursue a career in this field. In particular, job rotations will facilitate exposure to various parts of the banking industry. Following that, graduates will get the choice to either specialise or be a generalist.

Because working in finance IT is usually project-based, professionals often find themselves navigating teams of various specialists across different departments.

Required skills Successful candidates who manage to stand out are not only kept up to date on the latest technological developments, but also knowledgeable about how they can help support and enable the market.

An IT-related degree may give a head start, but it does not apply to all positions in finance IT. For instance, knowledge of programming languages is not required for business analysts, though applicants have been known to take postgraduate courses to get into this field.

Banks want graduates with a keen interest in, and strong aptitude for, finance IT, and who are not only enthusiastic, but also energetic and hungry to learn.

Most importantly, candidates need to be innovative. Financial knowledge is a plus but not a must – IT specialists are often recruited for their IT knowledge, not their financial expertise, as that can be picked up on-the-job.

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

Most graduates working in finance IT gain interesting perspectives on how business and IT come together.

Opportunities include learning how to design, implement and manage a project abound in this fast-moving and high-pressure area of work.

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BANKING & INVESTMENT - Areas of Work

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

F

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, and finance or hedge an array of clients, including corporations, financial institutions and even governments.

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.

As businesses in markets primarily make money through trading margins and fees, as well as proprietary speculation, 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 picking up opportunities to obtain priceless information, but to gain insights on what clients are up to, a more accurate comprehension of the markets, and sometimes, even unreleased intelligence.

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

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General overview Traders start the day early – usually 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, by contrast, react to what happens once traders start exchanging products – which means they begin working even later than members of the trading and sales teams. Researchers usually spend their days making 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 With the exception of positions that deal with complicated financial products and calculations, employers do not necessarily require finance or mathematical degrees for this line of work. Basic numeracy skills will usually suffice, though applicants must be incredibly accurate.

Employers look out for talents with excellent communication skills who also have the ability to build strong relationships and connect easily with other people – most positions usually involve plenty of internal and external communication.

Because competition can be very fierce, an internship offers a head start and industry insights that can allow hopefuls to hit the ground running in this intense role.

Pros and cons

This field is dynamic, exciting and comes with long hours. Moreover, it is undeniably stressful, with the constant risk of making a mistake which can 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.

Intermediaries who help clients buy and sell financial instruments.

I

nter-dealer broking provides a gobetween where clients – usually corporate entities and financial institutions such as 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 a neutral go-between for clients who wish to trade under the condition of anonymity, maximising investments in an exchange where disclosure of identity could affect the quotation of prices negatively. 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 particular product, and communicating with clients – whether electronically or over the phone – 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 Most successful candidates start out as junior brokers in a team, and are usually mentored by a senior member before moving on to become a full-fledged broker. Managerial roles begin at the level of desk manager, and progress on to either director 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.

Required skills A keen interest in financial markets is fundamental, alongside good communication skills and a sociable disposition; meetings and rapport building activities with clients are essential. Interpersonal skills and credibility are also necessary to build a reputation among clients.

Patience is another important trait, along with the energy and durability to succeed in a fast-paced environment.

As a result, the best inter-dealer brokers are professional, composed, decisive, adaptable and able to perform well under pressure.

Pros and cons

Keeping up with instant market changes is exciting, and the working hours are relatively stable – they are dependent on the opening and closing hours of the market index an inter-dealer broker is in charge of.

But one of the toughest aspects about working in the area is the fast-paced and high-pressure environment. Moreover, it is an inter-dealer broker’s responsibility to guide difficult clients who insist on making unfeasible transactions towards a recommended deal as diplomatically as possible.

However, the accomplishment that comes with completing a large trade successfully, along with the excitement and social aspects of this profession, are the enjoyable aspects of this line of work.

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BANKING & INVESTMENT - Areas of Work

INTER-DEALER BROKING

BANKING & INVESTMENT - Areas of Work

INVESTMENT ANALYST Provide fund managers, stockbrokers and traders with the data they need to make good investment decisions.

T

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 investments.

In this respect, analysts regularly meet with various professionals in the investment sector to dispense advice and present findings.

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General overview Usually found in the finance, accounting, economics and business sectors, at their core, investment analysts conduct research into the general economy, financial markets and individual companies.

Their research into companies generally pertain to performance in relation to the market, and investment analysts typically examine company accounts to determine their profits, losses and cash flow, and also analyse financial statements and other information to thoroughly understand internal financial functions. However, some employers may require analysts to focus on only one particular sector, country, or product.

The growth of big data has enabled investment analysts to access a wide array of data, which has, in turn, greatly expanded their scope of analysis, while advancements in computers and analytical software allow for more complex analysis to be done rapidly. All of these factors has not only allowed for greater quality and depth, but also opened up the possibility of offering new products to clients in the near future.

Required skills A strong interest in both the global market and financial markets will help interested candidates as they work to enter this field. As big data is now an integral part of the profession, IT skills are essential. Solid analytical and research skills are a must as well.

Moreover, as investment analysts present findings in research summary reports and make recommendations to stockbrokers, fund managers and traders, excellent collaborative, communication, and interpersonal skills are 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, the job also provides generous remuneration and other benefits. For instance, being a good investment analyst requires having a wealth of knowledge about a particular market, so skills can be applied to any new market or geographical region.

Though high levels of commitment and responsibilities are part and parcel of this line of work, the payoffs are generous.

I

nvestment bankers act as corporate advisors for various entities regarding financial activities, and 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, or high-networth private clients.

Before a company acquires another, investment bankers also carry out financial and strategic analyses, assess the price and worth of the acquisition, offer directions on how to bid and pay, as well as communicate the news to the public markets.

Clients may even give a renowned investment banking team the autonomy to deliver and execute deals on their behalf.

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 a junior investment banker, liaising with clients as well as performing financial analyses, and condensing and collating data for them. Later on, 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 come together 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, placing greater emphasis on risk management and raising capital as opposed to mergers and acquisitions.

Required skills As applications from a range of disciplines are welcome, a finance-related degree is not a prerequisite. However, to be successful, a candidate will need to demonstrate an interest and 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 communicators with valuable financial expertise, excellent interpersonal skills are a must alongside energy and a readiness to deal with many different people while providing the best customer service possible.

Pros and cons

Be prepared to perform under immense stress and heavy pressure for extended periods of time.

Twelve-hour work days are common, as is working on weekends.

However, while investment banking is a demanding area, it is a rewarding career choice 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.

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BANKING & INVESTMENT - Areas of Work

INVESTMENT BANKING

BANKING & INVESTMENT - Areas of Work

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

A

lso known as fund or asset management, investment management is about handling clients’ finances with the aim to reach 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 profit-making securities and asset classes.

Investment managers work closely with investment analysts, and often depend on their plans, advice, information and data to deal with clients’ portfolios, carrying out transactions according to the 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 Possessing a finance-related degree is advantageous but not essential. Rather, enthusiasm and the ability to comprehend the workings of the financial market are more valued. To that end, internships with investment management companies can help hopefuls assess their suitability for the field.

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Most firms, especially international ones, encourage newcomers to sit for professional papers such as the Investment Management Certificate (IMC), the Chartered Financial Analyst (CFA), or even the Certified Public Accountant (CPA) paper. Local companies may also want successful applicants to take the Capital Markets and Financial Advisory Services (CMFAS) paper.

Cultivating an open mind and a tolerance for uncertainty will enable graduates to deal with ambiguity daily.

Staying a step ahead of competition through thorough research is also imperative. In addition, there will be times new hires will need to be able to take a firm stance despite differing opinions among senior colleagues or clients. Good communication skills, tact and confidence will aid in getting points across diplomatically.

Pros and cons

Opportunities to learn from experienced investors and to be exposed to the inner workings of various sectors for graduates looking to join this line of work. Be it as it may, late hours are common due to the sheer amount of research necessary, especially at the start.

In financially uncertain times, career prospects for investment managers can remain largely positive, since expert advice are valued by concerned investors. However, market volatility will call for managers to weigh the situation and come up with contingency plans.

BANKING & INVESTMENT - Areas of Work

OPERATIONS Support the running of banking, and investment organisations and process transactions, all while ensuring greater efficiency.

T

he operations department, also informally known as the “back office”, supports a firm’s revenuegenerating departments by ensuring business activities are performed smoothly, successfully and efficiently.

It oversees the entire life cycle of a transaction, from initial preparations such as booking trades for traders, to posttrade processes in settlements.

While it does not actively generate revenue, this area of work is key for business profitability through managing risk and minimising loss.

Securities operations, for example, 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.

General overview Most graduates start in a training programme before being assigned to an experienced analyst for mentoring and more on-the-job training. Work in the early stages can include introducing a new product or improving a control.

Advancements in technology do not just enable companies to trade across multiple product areas and regions, and increase the volume and speed of processes; it has also allowed them to transact instantly.

However, the sheer volume and extreme time sensitivity of transactions means that work can be challenging.

Required skills 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 foresight to spot potential problems before they happen, along with exemplar communication and listening skills for interacting with numerous internal and external parties, are also valued.

Keeping up with the latest developments in the financial services industry, such as regulatory changes and technological innovations, is vital.

Because this line of work relies heavily on emerging technologies, learning quickly on-the-job and staying flexible in decisionmaking and scheduling are also crucial.

Pros and cons

Tr o u b l e s h o o t i n g problems even before they happen keeps 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, on the other hand, there is the chance these ideas may not be actively implemented.

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BANKING & INVESTMENT - Areas of Work

PRIVATE WEALTH MANAGEMENT Take charge and manage high-net-worth clients’ finances.

P

rivate wealth management, also commonly known as private banking, deal with high-net-worth individuals, along with the occasional small-business owners, who are looking for specialised services that cater to their distinctive needs as clients with a largerthan-usual amount of wealth.

These services not only include planning and investment management, but also advising on matters such as tax, retirement funds, and family trusts. As clients tend to possess diverse portfolios across a number of industries, servicing them requires customising and tailoring exclusive solutions for specific individuals, something which 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 which the bank will execute, through effective day-to-day decisions, to achieve that aim.

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General overview There are three types of roles in private banking – relationship management, investment, and support.

Relationship managers have to identify clients’ needs and problems to offer 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, human resources and accounting.

Required skills For those looking to work in relationship management, a degree with strengths in marketing, sales, or public relations is a plus. Some knowledge about the financial market is essential, along with patience for handling difficult clients, and communication and interpersonal skills.

Language skills are also highly valued in such roles, with multilingualism seen as a huge asset.

A finance-related degree is not needed for other aspects of private wealth management as well, though some firms may want newcomers to obtain specialised certifications – such as a master’s in wealth management – before allowing them to climb past a certain point on the ladder.

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.

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 co-workers jostling for a small, select group of elite high-net-worth clients, be prepared to work incredibly hard if you want to advance.

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

A

lthough risk management and control have similar scopes, both are rather different. While a risk professional identifies risks and evaluates impacts before proposing ways to minimise risks, a risk and control manager assesses risks and consults with clients.

Both, though, have to ensure that any potential risks associated with trade or investments are understood by clients and matches their risk appetite, and 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 lucrative and challenging sector, recruiters generally prefer applicants with industry-relevant degrees – such as in business, law, economics, or management. Mathematics- and science-based backgrounds are wellliked too. 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-thejob as they assist their colleagues with their tasks. Mentors are also assigned to graduate hires to guide them along in their work and oversee their progress within the organisation.

There is a range of external training courses available for career advancement purposes, and professional qualifications are needed if there is an intention to specialise in particular areas, including technology and fraud.

Although postgraduate studies are not 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, good negotiation skills, great foresight, knowledge about markets, commercial awareness and an ability to be forward-thinking are immensely important.

Pros and cons

Professionals must be prepared to work under great pressure and stress, especially in times of crisis or big acquisitions, trades and investments. Work can also be extremely fast-paced, and hopefuls need to be highly adaptable to succeed in this sector’s rapidly changing environment.

A lot of work is also dependent on systems, so it can be time-consuming at times if the required technology is inaccessible and evaluations have to be done manually. Additionally, staying up to date on new products, such as market-linked investments to ensure risk management and control remains pre-emptive and not reactive, is imperative.

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BANKING & INVESTMENT - Areas of Work

RISK MANAGEMENT AND CONTROL

BANKING & INVESTMENT - Areas of Work

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

S

pecialist market teams are usually experts in their fields, and they typically cover a broad range of tasks 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, depending on the size of the organisation.

After all, a bigger firm may cater to a whole range of sectors, dominating several niches at one time, while, on the other hand, smaller boutique consultancies 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, and using that knowledge to look for a way to bridge the two. As a result, it is necessary to start by recognising a client’s needs and wants in terms of the assets that they possess, their goals, and the steps they are willing to take before advising them.

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General overview Newcomers usually begin with some training in the firm’s products and general investment banking services, though specialist knowledge will be picked up through accumulated on-thejob experience, as well as learning from more experienced seniors.

Depending on the size of the organisation and the number of sectors they cover, rotations to service multiple sectors to get a broad-based understanding may be included. Following that, new hires generally move on to conducting research and preparation of 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, may even be assigned as the person in-charge during 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.

Required skills Sector-specific knowledge is the most important thing for hopefuls, and having a holistic, comprehensive and up-todate understanding of a sector’s inner workings will determine success in this line of work.

Flexibility, enthusiasm and levelheadedness usually get successful applicants through, along with good communication skills, as messages need to be conveyed clearly to clients.

As organisations want graduates who demonstrate the ability to absorb information quickly, be prepared to face a steep learning curve, especially at the beginning, due to the sheer amount of highly-specialised knowledge that will need to be picked up relatively quickly.

Pros and cons

Demanding clients with unrealistic expectations are uncommon, though still present, and professionals need patience and tact to deal with them diplomatically. Moreover, working hours can be unpredictable with each project bringing different deadlines and peak periods.

H o weve r, i n d i v i d u a l s i n specialist markets teams have the leeway to build a wealth of contacts and knowledge, useful for a future consultancy career.

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

S

tockbrokers typically have various clients ranging from individuals to large corporations, and it is their responsibility to manage and monitor the investments made for them.

There are generally three types of stockbroking services: Advisory, where a stockbroker only offers advice on investments; execution-only, which means 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 Although employment is readily available in financial institutions and brokerage firms, under local regulations, hopefuls have to 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 sometimes prefer numerate, business, financial, or management degrees. Graduates normally 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 fullservice financial planning services.

Required skills Besides an ability to manage 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, being persuasive during negotiations, and having good people skills will give hopefuls an advantage. This will also stand them in good stead when they begin fostering good relationships with clients and assuaging any concerns about investments.

Pros and cons

Fourteen-hour days are not uncommon and stakes can be incredibly high – but financial rewards earned in commissions on each transaction made can be impressive. Moreover, ambitious individuals will be able to take on a lot of responsibilities, and still find plenty of room to advance upwards.

On the flip side, income is largely dependent on the movement of the markets, as profitable trades can be hard to come by in a downturn or recession.

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BANKING & INVESTMENT - Areas of Work

STOCKBROKING

BANKING & INVESTMENT - Areas of Work

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

A

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.

The risk is transferred to different parties involved in the transaction through amounts that are acceptable to them, and with returns proportionate 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 which 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 personalise a suitable combination of debt and other products to help finance the client’s business successfully.

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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 do sometimes run recruitment drives to hire graduates directly.

It is 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 the case of a telecommunications team, the team leader will want – among many others – specialists who understand the consumer market, experts on financing the building of communication infrastructure and professionals well-versed in engineering development within the sector and how they affect the industry.

Required skills As recruiters look for a hunger to win, innovate and find interesting solutions to complex problems, graduates are regularly brought on for their attitude.

Training for aptitude is provided, and sector expertise and financial structuring knowledge can be picked up.

Good analytical skills are crucial, as situations have to be dissected quickly and small details caught in order to bring about a creative solution – or jeopardise risk analyses. As there is much clientfacing time, good communication skills are also essential.

Pros and cons In structured finance, hopefuls can become recognised experts in specific fields or sub-sectors. It is 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, and, as graduates will be working in a team, there is a need to contribute in all aspects, including managing individual processes and finding experts from various areas to help close the project successfully.

Moreover, working hours can be uncertain as this area of work is project-based.

FINANCIAL SERVICES

INTRODUCTION

FINANCIAL SERVICES Discover the financial services sector, its areas of work and how you can get yourself ready if you wish to pursue a career here.

Sector Essentials At a Glance: Financial Services............................ 56 Choosing Your Role and Company in Financial Services................................................ 58 Different Ways to Get into Finance Industry....... 60 The Financial Services Alphabet.......................... 62 Area of Work Actuarial Science................................................. 65 Insurance............................................................. 66 Insurance Underwriting....................................... 68 Retail Banking...................................................... 69 Statistics.............................................................. 70

NOW

SHOP

Wealth Management.......................................... 71

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FINANCIAL SERVICES - Areas of Work

AT A GLANCE

FINANCIAL SERVICES

About the industry 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 for financial services are typically not as high as those in the investment banking industry, they are still attractive and comfortable.

Working hours are also less intensive, and a healthier work-life balance can be achieved.

Moreover, according to the financial services industry transformation map (ITM) unveiled in 2018, plans to develop Singapore into a leading international wealth management hub and full-service Asian infrastructure financing hub will create an estimated 3,000 jobs a year. The financial services sector also grew by five per cent in the first six months of 2020 despite the ongoing impacts of the pandemic.

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Must-have skills Numerical abilities, critical thinking and analytical skills do not automatically translate into success in financial services.

As it stands, a finance-related degree is not even a prerequisite for most positions in the sector; a genuine interest in client service and a willingness to work with numbers are all you really need to make a good start.

Once you have entered the field, you will quickly find that it allows you to build a broad range of transferrable skills, preparing you for managerial roles across different areas of work in the future. Many aspects and roles in this expanding industry are service-oriented and client-facing, though, so skills in communication, customer service and negotiation are vital. In addition, problem-solving, leadership, teamwork and time management skills are essential as well, along with an eye for detail.

Getting in Due to the vast spectrum of job roles in the arena, it is generally open to graduates from different backgrounds, so there is no need to worry if you lack relevant work experience or a degree related to finance. Most employers offer structured training too, ensuring you are up to speed in any technical areas on top of working up your soft skills.

New hires can look forward to orientation and onboarding programmes which seek to 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.

FINANCIAL SERVICES - Areas of Work

Areas of Work The numerous different jobs available guarantee that there is 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 in order 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 before communicating key findings to clients and stakeholders.

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FINANCIAL SERVICES - Areas of Work

CHOOSING YOUR ROLE AND COMPANY IN FINANCIAL SERVICES Regardless of your field of study, jobs in the financial services scene are plenty and within reach.

It simply takes some research into the different organisations and positions available before you decide one which is most suitable for you.

Firms in the industry

Employers include institutes that provide specialised financial services much like actuarial consultancies and underwriting, retail banks such as OCBC Bank and insurance establishments much like NTUC Income.

In larger corporations, new hires tend to be placed on rotational schemes where they gain a broad understanding of the company business by experiencing a variety of work in different departments.

On the other hand, joining a smaller enterprise offers more flexibility and ownership over your work, a potentially friendlier environment and exposure to senior management that could accelerate your learning.

The Monetary Authority of Singapore (MAS) and Ministry of Finance (MOF) are regulatory bodies, ensuring compliance is observed in financial transactions and activities.

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FINANCIAL SERVICES - Areas of Work

The ideal candidate

As retail banks in Singapore continue to adopt sophisticated methods such as data mining and predictive data analytics, data-savvy applicants who also boast strong IT skills are in demand. And with the digital transformation creating an increasing impact on the financial services industry, banks and financial institutions are reinventing their client services strategies.

For instance, instead of queuing up at banks or ATMs to withdraw cash, more people are opting for cashless payment methods such as mobile banking. Other than catering to the younger generation who have new expectations of accessibility to banking and financial services, firms see themselves as bearing the partial responsibility of making sure no one is left behind in the digital transformation journey.

On top of skills like analytical thinking, teamwork and communication, the ability to innovate and provide fresh perspectives are valued by these organisations who wish to stay relevant in today’s society. Customer service remains one of the most important aspects – besides kindness and empathy, market intelligence and analytical skills are required to offer value-added services to ensure customer satisfaction.

For example, having exemplary persuasion and negotiation skills are not enough for a financial services consultant; he or she would also need to be able to see things from the client’s perspective, identify their individual needs, devise corresponding financial planning strategies, and help clients make informed decisions.

Working in the industry

The arena is a dynamic and competitive one where you have the opportunity to take ownership of your work, gain management responsibilities early on and still be paid handsomely. Compared to investment banking, the financial services sector guarantees a much healthier work-life balance and is very suitable for those who like to work hard and play hard!

However, a 2018 survey reported by the Business Times found that retail investors in Singapore have a low level of trust in the financial services industry, highlighting that a lot of work needs to be done to build 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 full-time work and challenging studies when attaining professional qualifications in order to progress in 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

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FINANCIAL SERVICES - Areas of Work

DIFFERENT WAYS TO GET INTO THE FINANCE INDUSTRY Financial services extend numerous opportunities to think out of the box – but not many know that just getting into the sector itself is a chance for graduates to flex their creativity and create their own moments and prospects.

W

hether you are looking for a graduate job or an internship, the financial services industry is a competitive field – and something outstanding on your resume may go a long way in helping you gain some prominence amid a sea of other applicants even as you cultivate some experience and knowledge.

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Apply speculatively Smaller financial institutions, which usually specialise in actuarial works or insurance loss adjustments, generally do not have structured graduate or internship programmes, so 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 are 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 include the reason, or reasons, why you chose that particular company, ensure your resume and cover letter are concise and to the point as recruiters may not have the luxury of time to go through a protracted application.

Moreover, remember to call the company ahead of 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, such as potentially expanding your network, showing a prospective employer your genuine interest and giving you the opportunity to develop your acumen in a specific area of the industry.

Getting an overseas internship

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.

With the pandemic, educational institutes are moving onto virtual platforms to continue hosting fairs for prospective students.

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.

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 transferrable skills. Be warned though, there may be limited overseas internship opportunities as the world continues to grapple with the aftereffects of the coronavirus pandemic.

Be a treasurer All university clubs and societies need a treasurer, and if you have stepped into the role, potential employers will be able to infer that you are 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 budgets and money.

Other skills being a treasurer will instil in you is communication, time management, problem-solving and commercial awareness – skills employers in accounting and financial management look out for.

All in all, this position will not only grant you experience relevant to the industry that can be added to your resume, but also give you something to talk about in interviews.

Entrepreneurship Firms always keep an eye out for students with skills in entrepreneurship, and students who set up small businesses while in university usually end up impressing them.

Although these ventures are typically not very big, they show prospective employers commercial awareness, problem-solving and planning skills, business intellect and an ability to budget.

Not only will running a small enterprise give you something interesting to talk about in interviews when you are looking for a graduate job, but you will also be able to make some extra cash for yourself!

Joining or starting a network If the opportunity to join a group with an interest in financial services presents itself while you are in school, take it and begin building your network. But if you do not want to restrict your membership to your location or campus, keep an eye out for groups on social media platforms, such as LinkedIn and Facebook.

If you can find no such group, consider starting one of your own. This will not only showcase your initiative to future employers, but may also extend the chance for you 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.

Mentoring Look for a mentor with experience in the area you wish to enter, and who is able to 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 are looking for, you do not have to restrict yourself to just one mentor – if you have a few mentors, you will 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 and family friends. You can even consider social media platforms, such as LinkedIn as well as networking events – though if you want to follow this route, express your desire for a mentor and intention to keep in touch.

One of the advantages of having either a mentor or a few mentors is getting the guidance you need from working professionals in the area you want to join first-hand. Furthermore, you will also get the opportunity to leverage on their network and pick up some pointers on how to make yourself more attractive to employers.

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FINANCIAL SERVICES - Areas of Work

Attending a (virtual) career fair

FINANCIAL SERVICES - Areas of Work

THE FINANCIAL SERVICES ALPHABET Impress employers and colleagues alike with your familiarity of financial services terminology from A to Z.

Arbitrage

The practice of making a profit from trading on two markets simultaneously.

Such trades profit by exploiting price differences of similar financial instruments in 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 in 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.

Bear market

If you have 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. Since bears attack by clawing down, this term is associated with a falling market.

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.

Coupon

No, it is not the coupon you redeem.

Instead, this coupon refers to the annual interest rate due on a debt product, such as a bond or a loan. You would not be quite as happy to receive this kind of coupon!

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.

Deductible

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

Example: Imagine your deductible is $500, but you incur medical expenses for $2,000.

In this case, you will pay the $500, and your insurer will pick up the remaining $1,500. However, if your entire medical bill is $500 or less, you will pay the entire amount and your insurer will pay nothing.

Elevator pitch

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

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

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FINANCIAL SERVICES - Areas of Work Fixed term

An investment vehicle, usually in the form of a debt instrument, which has a fixed time period of investment. A fixed term investment has the investor parting with his or her money for a specific period of time. The principal investment is later repaid to the investor at the end of the investment period.

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. They are not allowed to withdraw their funds until the end of that duration.

Ghosting

An illegal practice wherein market makers collectively attempt to influence the price of a stock. Corrupt companies engage in this 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.

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 cybercriminals trying to hack into their information systems using honeypot software.

Indemnity

A principle whereby the insurer seeks to place the insured in the position he or she was in prior to a loss.

Example: The insurance company agrees to indemnify the policyholder against any claim arising from a breach of professional duty.

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.

Middle office

This is the area or function of a bank that does not generate profit, but instead supports the front office in financial and legal matters. In essence, the middle office is responsible for managing risk and ensuring all transactions are executed correctly.

Example: The treasury is part of the middle office, alongside the legal and risk management departments.

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 is also more efficient and reduces running costs.

Keep and pay

An allowance that lets a bankrupt individual keep an asset under the condition that he or she continues 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.

Lapse

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

Example: An insurance policy will lapse if the holder does not pay the premiums.

Opportunity cost

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

Example: When making big decisions much 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.

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FINANCIAL SERVICES - Areas of Work

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.

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.

Quid pro quo

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

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.

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.

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

Seed capital

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

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

Turnkey business

A term to describe a business that is ready for immediate operation.

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

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.

Example: Underwriting helps insurance 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.

Vulture capitalist

Not to be confused with venture capitalists, this kind 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.

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 fixedincome investments.

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, and tradable assets owned by a business, including herded animals and crops.

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

A

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 be invited to 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

General overview While hopefuls are generally required to possess sufficiently high grades in an actuarial science degree, some employers do accept graduates with a background in other numerate degrees, such as statistics, economics, finance, or mathematics – provided that a strong understanding of the financial industry is showcased.

Graduates typically start their careers as trainees, assisting senior colleagues in their duties as they pick up the necessary skills required to advance. Hence, 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 often translates to a challenging time balancing work and study.

However, most organisations are very supportive, offering financial assistance and ample study leave to lighten this struggle.

A degree in actuarial science may exempt graduates from some of the professional qualification exams that need to be taken in order to become a certified actuary.

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.

Required skills Actuarial careers are well-suited for those who have excellent numeracy skills, possess an analytical mind and have a keen eye on the future. Skills in problem-solving, research and analysis are vital as well.

As the job scope includes presenting data and solutions to clients, most of whom possess a minimal understanding of actuarial science, good interpersonal, communication and presentation skills are important. 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 adhoc 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 it comes to pursuing a fellowship.

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ACTUARIAL SCIENCE

FINANCIAL SERVICES - Areas of Work

INSURANCE A highly diverse field with a constantly changing work environment.

C

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.

• 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 – both check the validity of a claim and establish the causes of a loss, among others – except they typically work as an independent third party, and are attached to specialist practices instead of insurance companies.

Insurers generally seek the services of loss adjusters, instead of claims managers, for more complex claims.

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• Business development, business finance and sales graduate roles While responsibilities for this position vary according to 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 on top of 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.

• 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 save one – life insurance.

• Commercial and corporate insurance Crafted specifically for business organisations, it protects them against unforeseen events such as theft, property damage, liability, or other disruptions to their dayto-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 a misfortune. Common examples of this type of insurance include policies for personal automobiles, properties and illnesses.

• Reinsurance Usually purchased for insurers, it acts as a risk management strategy. For example, if an insurer foresees itself encountering a financial strain due to unexpectedly large pay-outs, they may opt for reinsurance as a method to mitigate that risk.

Keep in mind, though, that the insurance industry is always expanding, and that these are only basic products.

To score at job interviews with insurers, it is important to read up on other unique offerings the company has as well.

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 welcome to try for other roles.

Employer 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

Support functions Insurance institutions typically require a wealth of expertise to support their core business, such as technology specialists, marketing and human resources personnel.

Although the majority of employers are made up of insurance companies, insurance brokers, retail banks and supermarkets welcome graduates interested in this field as well. Specialist consultancies, where specific roles in life insurance or loss adjustment are carried out, are 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. Others, on the other hand, rely on on-the-job training, as well as formal or informal mentorship programmes with senior team members.

If interested candidates find new people and working in a stimulating environment as something greatly enjoyed, this could be an industry worth exploring.

However, be aware that certain positions can be deskbound with relatively little variety, such as that of the underwriter. On the other hand, an insurance sales representative can look forward to a lot of travelling opportunities when the coronavirus pandemic passes and the world re-opens.

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

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ssential to the insurance industry, underwriters analyse insurance proposals for risks, write policy terms and calculate the amount of premium to be paid by a client using actuarial, statistical and other relevant information.

Evaluating the amount of risks associated with any insurance policy is complex as it requires good judgment from an underwriter with a keen eye for detail. Moreover, it is an underwriter’s responsibility to ensure that the customer will receive a competitive quote worth considering, yet still maintain the company’s profit margins.

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General overview While underwriting is open to graduates of any discipline, those of a certain background are at an advantage, as employers prefer underwriters with numerate degrees such as finance, accounting, mathematics, or economics, though law or business degrees.

Some recruiters even require specific backgrounds for some vacancies – for instance, a science-based degree, such as biology, may be required in order to write life insurance policies.

Although graduates usually start out as junior underwriters or assistants in insurance agencies such as AIG, Manulife, AXA, Allianz and Etiqa, certification through coursework is a must for career progression to senior underwriting positions, 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 is also vital.

Required skills Detail-oriented graduates will find their talents being put to good use in this role, though numeracy, analytical, writing and IT skills are needed as well.

Because an underwriter is also responsible for the preparation of the terms and conditions of the insurance policies and may occasionally liaise with insurance brokers and clients, strong interpersonal skills are essential too.

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.

The position is not suitable for candidates who dislike routine and structure, though. Moreover, due to rapid advancements in technology, demand for underwriters are slowly declining. Extensive knowledge, experience and skill are also necessary for the job.

Serve customers and help them meet their daily financial needs.

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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 hopefuls to pick up graveyard or weekend shifts.

However, with the finance industry rapidly adopting financial technology (fintech) innovations and solutions, it has become necessary for retail banks to continuously adapt their services and facilities in order to better serve their customers, including 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 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 to their function of choice, and management associate programmes are especially popular.

Many graduate programmes are rotational in nature and span a total of two years, giving new hires the opportunity to experience different areas of work within the department to gain an understanding of the organisation’s business as a whole.

Besides learning on-the-job and through formal training programmes, graduates may also be attached to a mentor to guide them along their various responsibilities as they move from one department to another.

Assignment to a role most suitable to an individual is usually done upon graduation 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 – where hopefuls climb up the corporate ladder to take on managerial positions – or horizontally, where transitions from managing products such as mortgages and personal loans to a different division, such as private banking, are typical.

Graduates can also consider obtaining professional diplomas or other qualifications to boost their career progression.

Otherwise, mentors can be consulted for ideas on how career development can take place.

Required skills Employers generally welcome graduates from any academic background unless the position requires specific technical skills. So, to be a standout applicant in this highly competitive sector, focus on developing soft skills, in particular project management, teamworking, communication and interpersonal skills.

Good customer-facing skills are also tremendously important as most job scopes revolve around assisting customers with their queries. Aside from that, having excellent organisational and management skills will also stand hopefuls in good stead, as well as 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 the launch of a new product. The working environment is quite structured as well, with plenty of red tape in place.

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RETAIL BANKING

FINANCIAL SERVICES - Areas of Work

STATISTICS Collect, analyse and interpret quantitative data.

A

discipline that encompasses the collection, analysis and interpretation of quantitative data by using scientific methods to design data collection methods, statisticians can determine the best way to process the information collected and decide how to best interpret it.

Statisticians are also able to use data to make forecasts and provide projected figures about any given project, investment prospect, or business. It is a research-based role that has broad applications in various industries such as market research, government departments, hospitals, newspapers, development, and finance, among others.

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General overview As this is an immensely difficult area to get into, and candidates need to be highly-qualified to become statisticians; doctoral studies may be needed for career progression.

On the other hand, keep in mind that while master degrees in computer science, statistics and maths are typically needed to enter, depending on the sector, they may not be a requirement.

Successful applicants will likely have to go through graduate rotation programmes in order to understand the company’s business before settling into the position with a mentor to provide guidance. Onthe-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 will more likely than not solely hinge on performance.

Required skills On top of good IT, numerical and analytical skills as well as an eye for detail, great written and verbal communication skills are needed; the task of explaining complex data in easy-to-understand language in board meetings or even conferences often falls to statisticians.

They also need to understand how the data they have generated is used by clients or organisations, and then present the information in the most appropriate way for each application.

For instance, a statistician may choose to present a simple infographic to a client, and submit a detailed report within their organisation.

Pros and cons On top of high remuneration, work done has valuable contributions to 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, and there are plenty of employment opportunities in both the private and government sector. This translates to flexibility in switching to a different sector, and having plenty of room for growth.

On the other hand, though, it can be incredibly hard to enter this field due to the high level of skill and knowledge needed.

Trusted advisers to manage a range of financial responsibilities for high-net-worth clients.

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side from providing professional services in investment advice, wealth management also comprises of services in financial advice, banking, accounting and tax services, retirement planning, as well as 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 persons do not require more than a single wealth manager to coordinate all financial services vital to managing their assets and meeting current and future financial needs.

General overview Not all wealth managers work in banks – positions can be commonly found in SMEs and some may even be selfemployed.

However, in banks, professionals typically only recommend financial products provided by the bank they work for, instead of products available on the whole market.

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 on the market to recommend to clients. Gradually, hires will rise up the ranks and progress into a wealth management role. Alternatively, hopefuls may enrol into a graduate scheme.

While it is possible for individuals to switch from professions in accountancy, law and other financial services to wealth management, it is worth noting that recognised professional qualifications, much like the Chartered Financial Analyst (CFA) designation, may be needed to boost progression and move into a chosen area of specialty, such as client relationship management or investment.

Studies will have to be balanced alongside work.

Required skills Although recruiters accept applications from all disciplines, numerate degrees in economics, accounting and finance will put candidates at an advantage. Business and law degrees, as well as courses in risk management, investment and taxation will also catch recruiters’ eyes. Solid mathematical abilities are a must.

Excellent interpersonal and communication skills are key as wealth managers need to be able 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.

Pros and cons

Although wealth managers relish helping clients make sound decisions to ensure success in their financial well-being, they can sometimes experience considerably high levels of stress, especially at the start of their careers, due to a number of factors.

For example, the financial services industry is highly dependent on domestic and global markets – which can be volatile at times – and clients can have emotional reactions to market changes.

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WEALTH MANAGEMENT

ACCOUNTANCY AND FINANCIAL MANAGEMENT

ACCOUNTANCY AND FINANCIAL MANAGEMENT Take an in-depth look at the accountancy and financial management field, get to know its areas of work and find out how you can prepare yourself for a career in it.

Sector Essentials At a Glance: Accountancy and Financial Management........................................ 73 Choosing Your Role and Company in Accountancy and Financial Management........... 75 Getting a Graduate Job in Accounting................. 77 Why it is So Important to Qualify as a Professional Accountant...................................... 78 A Graduate’s Guide to Accountancy Jargon........ 79 Area of Work Assurance............................................................ 82 Commercial Finance............................................ 83 Corporate Finance............................................... 84 Corporate Recovery............................................. 85 Corporate Treasury.............................................. 86 Financial Accounting........................................... 87 Forensic Accounting............................................ 88 Internal Audit...................................................... 89 Management Accounting.................................... 90 Risk Assessment.................................................. 91

NOW

SHOP

Tax....................................................................... 92

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About the industry With accountancy and financial management qualifications, you can find work opportunities with all kinds of establishments, ranging from the “Big Four” – Deloitte, EY, KPMG and PwC – and large organisations, to smaller accountancy firms, as well as public and private sector employers.

In recent years, businesses have started to use digital technology such as cloud accounting software and applications to increase efficiency for accounting and financial management, so you will have to constantly upskill in order to stay relevant in the industry. Additionally, in this current volatile climate, accounting firms continue to profit due to their auditing solutions, although demand for consulting services are weakening.

Moreover, being in the accountancy field will give you a good perspective of how companies are run, thus opening doors to start your own enterprise in the future.

Must-have skills Besides excellent numeracy skills, employers look for candidates with strong communication and analytical skills, the ability to work in a team and commercial awareness. You will also be expected to cope with the intensity of working and studying at the same time with effective time management skills and resilience.

With new technological developments infiltrating the sector, there is also a need to keep up to date with advancements and develop strategic views on potential risks and opportunities of your own.

Getting in In Singapore, if you want to enter the accountancy and financial management scene, you can do so through two routes: Completing a diploma or degree in accountancy and going on to work in a junior position while continuing the pursuit of professional accountancy qualifications, or, if your degree or diploma is unrelated, 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 are an aspiring chartered accountant who wishes to practise locally.

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AT A GLANCE

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Areas of Work

Areas of Work In the accountancy and financial management field, you will be expected to identify an area of expertise. Some areas of specialisation include:

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.

Re s p o n s i b l e fo r m o n i to r i n g 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 is possible to keep it running through certain measures. Otherwise, they help creditors, suppliers and employees salvage remaining capital.

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Global demand for accountancy and financial management skills means that you can find a job in this field almost anywhere in the world.

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 accountancy and financial management.

While joining a bigger institute generally translates to specialisation at an earlier stage and exposure to highprofile clients, experiences gained in smaller enterprises largely depend on the scope of offerings and clientele.

Smaller companies also expect employees to be more generalist, though there are more opportunities to be involved in business development and securing and maintaining client relationships. On the other hand, large multinational corporations have the resources to invest in employee education, and can provide more attractive training packages – including overseas travel.

However, many large institutes require employees to be bonded for a period of time.

If you choose to pursue a position in the public sector, you will come across a vastly different scope of duties, work environment and exposure.

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CHOOSING YOUR ROLE AND COMPANY IN ACCOUNTANCY AND FINANCIAL MANAGEMENT

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Areas of Work

Working in the industry

The ideal candidate

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

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E nt h u s i a s m a n d exc e l l e nt interpersonal skills are necessary, and will come in handy when communicating with clients and liaising with colleagues. It is also important to have acute commercial awareness of current issues in the industry, as well as the ability to simplify and explain complex information to people unfamiliar with accountancy and finance.

Good numeracy and analytical skills are also undoubtedly essential, as are problem-solving, multitasking and time management skills to face challenges and meet tight deadlines.

Certifications from professional bodies such as ISCA and ACCA Singapore are important for a career in accountancy, and it is vital to secure these qualifications early in your career. If you are looking to enter the arena, it is imperative that you are not only self-motivated, but also committed to working and studying concurrently when required.

Professionals have the opportunity to gain a unique insider ’s perspective on how different businesses are run, which will later help you move up the corporate ladder or start your own enterprise.

Another perk is having the chance to attain an internationally recognised professional qualification – often funded by the company.

In recent years, digital technology has started to revolutionise the financial sector, and the accountancy and financial management scene has not been spared; firms and organisations are now using cloud accounting, software and applications to streamline processes and increase productivity.

Although the career paths in this area are widely known to be recessionproof, continuous training is necessary to keep up with change and enhance job prospects. Hours may occasionally be long, especially for auditors and tax advisors as their peak period generally falls in between January and April.

Otherwise, those in this field generally enjoy a healthy work-life balance. Be aware though, that overseas travel may be involved, depending on where clients are based.

If you think you are 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.

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egardless of the size of the company, accountants play a vital role, whether by working in firms that service external clients, or by being part of the finance department of either a commercial or public sector organisation.

A career in accountancy will suit you well if you are keen on helping businesses make sound economic decisions through the monitoring and reporting of their finances. To that end, you will 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 will involve the strategic planning and management of a venture’s funds to facilitate efficient operations. Essentially, you will be assisting the company direct the flow of its finances to achieving their objectives.

Skills you will need Besides numeracy and analytical skills, accountants need to have 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 help you through busy peak periods as well.

Commercial awareness will also give you a good point of reference when dealing with your clients. And, as in all other industries, individuals who are capable of working in teams, showing initiative and demonstrating selfmotivation are coveted.

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 one of the most important criteria 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 and cover letters for the preliminary selection process. An invitation for an interview will follow if you successfully stand out.

At some stage in the process, you may be asked to complete various tests ranging from those that evaluate your general ability and numeric and verbal reasoning assessments to aptitude quizzes, or even personality tests. Further interviews might follow as employers continue sifting through potential candidates.

Many organisations accept applications year round, but it is always worth checking with individual employers – a few specify early closing dates or advise early applications.

Moreover, before applying for a position, remember that completing an internship will help you get a better idea of whether a career in accounting or financial management will play to your strengths.

What is working life like?

In an accountancy firm, you can expect to spend a substantial amount of time visiting and auditing clients off-site. Working in finance departments in commercial or public establishments also involve playing an integral role in the company.

In both instances, there may be off-peak and peak periods – the latter would mean a heightened level of pressure during busier times such as financial quarterlies and closing of accounts at the end of each year. Such periods aside, however, accountants generally enjoy a reasonable work-life balance.

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GETTING A GRADUATE JOB IN ACCOUNTING

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Areas of Work

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 at your disposal.

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he high level of difficulty and lofty standards of accountancy qualifications mean that you have to study very hard to earn a qualification from a recognised professional body in the sector. Rest assured though, your dedication will earn you one step closer to your dreams. Not only will the designated letters added behind your name give you a degree of prestige, they can be the vital difference between a successful career and stagnation. For instance, you can prove 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 vigorous course.

Moreover, in Singapore, there is no need to earn a degree before becoming an accountant – instead, you can opt to pursue professional qualifications.

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In the sector

Making a choice

Singapore’s accountancy scene boasts several professional bodies, from those that specialise in certain areas to others that cover all aspects.

It takes approximately three years to earn a qualification from a professional body, and the course typically involves a number of examinations and practical work experience. While it is 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 in Singapore choose to study and work concurrently, with most employers willing to give time for employees to study.

While your employer may influence the professional qualification you choose, if a choice is given or you are deciding which company to work for because different qualifications are offered, future career plans should be taken into account.

There is no one qualification easier than another – every pathway adheres to high standards. Rather, the dissimilarities actually lie in your chosen area of employment, syllabus and training.

No matter the qualification you choose, membership of a professional body will show potential employers your drive and ambition, and also equip you with the skills needed for a successful career in accountancy.

While employers will not expect you to sound like an industry veteran in job interviews, it will help if you know some accounting and financial management buzzwords.

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he accountancy sector possesses, like all other industries, an exclusive pool of jargon and acronyms accessible only to those who have spent some time working in the field. Some terms may even be company-specific, which means that only staff are privy to their meaning, and outsiders and newbies are excluded.

For this reason, graduates are usually discouraged from using jargon during their interviews due to the risk of misusing them; applicants sometimes get ensnared by the false perception that they will sound more educated when they riddle their speech with corporate jargon. Unfortunately, this only exposes them to the risk of sounding like someone who is trying too hard or appear ingenuine.

But this does not mean that you should completely shun all traces of job-speak during your interview! Instead, feel free to sprinkle your replies with some industryspecific terms so that you come across as educated and updated.

Here is 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.

ATTS

Association of Taxation Technicians Singapore.

ATA

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

ATP

Accredited Tax Practitioner. Another professional certification awarded by the SIATP. Accounting

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: • 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. This is 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.

Acquisitions

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 SMEs to multinational takeovers.

Angel investor

An individual who contributes capital to the start-up of a company in exchange for noncash returns, much like ownership equity and convertible bonds.

Audit

Audit is the examination and validation of the accuracy of a business’ 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 usually 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 are 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.

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A GRADUATE’S GUIDE TO ACCOUNTANCY JARGON

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Areas of Work

Insolvency experts, on the other hand, are only 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.

Completion work

Business services

The process of preparing and compiling sets of financial statements.

A mixed package of accounting and auditing services 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 is charged when a fixed asset is sold at a higher price than its acquisition price. While this specific form of tax is not 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 the Institute of Certified Public Accountants of Singapore (ISCA).

CIMA

The Chartered Institute of Management Accountants.

CIOT

The Chartered Institute of Taxation.

While accreditation from this body is not 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, it cooperates with global accounting bodies to advance the field of public sector accountancy worldwide.

CPA Australia

An Australia-headquartered accounting body that offers the Certified Public Accountant (CPA) qualification.

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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.

Computational work

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 are 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 is 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. CTA is an expert in taxation matters who has obtained certification from the Chartered Institution of Taxation (CIOT). In Singapore, tax specialists are governed by the Singapore Institute of Accredited Tax Professionals (SIAPT).

D Debtors ledger

Used to document the details of an organisation’s debtors.

Disposals

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

Due diligence

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, like bookkeeping and the subsequent preparation of financial statements from those accounts.

The financial information obtained is usually targeted towards other user groups like the 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, and does not 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 information technology alongside investigative skills to aid in the examination of evidence in regards 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.

A percentage of levies charged on net personal and business revenue.

Inheritance tax

Tax charged on the properties that a person receives througth 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 are 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.

Inland Revenue Authority of Singapore.

Institute of Accountants.

Medium-tier establishments that are too big be considered an SME, but not big enough to be publicly-listed.

N Not-for-profit

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 must not 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.

O OMB

Owner-managed business.

IRAS ISCA

Middle markets

P

Chartered

M 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 accountancy 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 human resource issues, as well as marketing and IT-related matters.

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 play.

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

T Taxation (Tax)

Tax work is usually divided into two major disciplines: • 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 consultancyoriented 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.

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 is personalised to their needs and goals.

These two tax disciplines are not isolated from each other. In fact, if they are to provide the best service for their 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 their own specific set of jargons.

Public practice

Tax liability

PAYE

Singapore

SQP

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 is paid out to the employee.

Private client services

Loosely termed “freelancing” accountants, such practices provide accountancy services to clients as independent professional consultants instead of as employees of a firm.

A person’s tax commitments, derived mainly from owned properties and earned income.

Public sector accountancy

The practice of accountancy in the government, local authorities and public corporations.

S Seed investment

The initial funds used for the establishment of a company. It usually comes from the founder’s – or cofounder’s – personal assets. This can also be made by banks, venture capitalists, or angel investors. gradsingapore Finance Career Guide 2021| 81

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Areas of Work

Income tax

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Area of Work

ASSURANCE Perform “investigative” duties during internal and external audits for companies.

F

ocusing primarily on the review of financial data and documents of a firm to test the soundness of its accounts, this process, called 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 is not 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 Interested candidates starting out are usually expected to juggle on-the-job training and the pursuit of professional qualifications at the same time. Though possibly hectic, this arrangement allows graduates to apply and test their theoretical knowledge in the actual working world, and gives great working experience from the get-go.

Travelling and meeting new people are part and parcel of the role; auditors have to travel often – and when the global pandemic is over, possibly abroad as well. This translates to exposure, and graduates often come face-to-face with various interesting opportunities early 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 teamworking 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.

Required skills A keen mind is needed to get through the professional courses, as they can be fairly challenging. The good news, however, is that degrees do not necessarily have to be finance-related – graduates can become chartered accountants as long as they possess the necessary professional qualifications.

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Work experience is a vital factor in this profession, so internships and prior working arrangements will stand applicants in good stead when entering the field. 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.

Other important traits include selfconfidence and critical thinking. As this job involves facing a variety of situations, auditors need to 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 not readily offered.

Pros and cons

One of the 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.

Moreover, work may sometimes become both repetitive and deadlines gruelling, with auditors expected to rush the deliverables in order 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.

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

T

he key driving force behind a company’s sales operations and performance, those who work in commercial finance are responsible for managing cash flow and revenue generation. On top of that, they also advise the enterprise on business strategies that should be employed 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 will have to 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 essence, this means that professionals will be responsible for striking a balance when it comes to making a profit for the establishment, sponsors and investors — all while attracting customers.

Other duties that fall under the scope of commercial finance include specific product research, tracking sales performances and the calculation and projection of possible 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, putting them in positions with fair amounts 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 Constant awareness of a firm’s business direction, along with broader trends in the marketplace, is vital. Excellent communication, teamwork and presentation skills are also necessary for extensive correspondence with nonfinance colleagues as commercial finance managers work in teams to process information given, and come up with plans and strategies based on a collective analysis of the situation.

Aside from people skills, analytical skills need to be harnessed as well. A graduate’s ability to think on their feet and an eye for detail will help them in the long run, as commercial finance managers are required to come up with quick, effective 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.

Pros and cons Work in this sector often comes with plenty of pressure as multitasking is a reality most of the time.

Decisions will directly influence the productivity and output of an enterprise as well, which means that there will be high pressure on graduates 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 high understanding of the business world.

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COMMERCIAL FINANCE

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Area of Work

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

T

he principal purpose of corporate finance is to monitor the capital structure of an organisation, 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.

There is a broad spectrum of positions in this sector, and roles such as advisories to company shareholders or owners on the issue of management buy-outs and mergers and acquisitions, in order to increase the venture’s worth and sustainability, are common.

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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.

While lead advisors analyse the financial landscape to recommend the best and safest ways for a firm to raise capital, given its risk appetite, accountants and auditors perform transaction support work by verifying the financial security of potential merger companies instead.

They perform “undercover” labour, where they look into the accounts of organisations that have expressed interest in merging or getting acquired, checking to make sure that their accounts are “clean” – free of fraud allegations – and are safe for acquisition.

Lawyers, on the other hand, attend to the legal aspects of these transactions.

A lawyer in the field ensures that firms comply with legal aspects in mergers, acquisitions and all transactions. Thus, they 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.

Required skills Aside from the necessary sector-specific qualifications needed, working in corporate finance calls for excellent communication skills to deal with various parties of interest.

Graduates need to be both influential and persuasive when meeting brokers or striking deals with parties concerned, and an ability to get messages across to colleagues and decision-makers with no financial field experience is vital as well.

Confidence is an important trait for exuding professionalism when meeting clients – something graduates can gain with familiarity and experience. Teamwork and adaptability, apart from numeracy and analytical skills, are also valued.

A solid understanding of the areas of business that a firm or potential merger companies are involved in is also crucial.

Keep in mind that career progression is dependent on capability to network and generate deal flow.

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 abound, often translating to less rank-oriented team dynamics and friendlier superiorsubordinate relationships.

Bring afflicted businesses back to health.

U

sually appointed on the recommendations of banks, lawyers and accountants, corporate recovery entails providing assistance to ailing ventures. Hence, specialists in this field are responsible for analysing the state of the company and advising on subsequent steps.

If corporate recovery professionals believe it is possible to rescue a firm, they will suggest a range of corporate, debt and equity restructuring strategies to aid in business objectives. However, in the case that recovery is not feasible, it falls upon them to help the enterprise salvage as much monetary worth as possible from 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.

General overview Working in corporate recovery is exciting and challenging with cases ranging from multinational corporations to small chain stores. Team sizes vary according to the scale of the case.

While graduates will be involved in the entire process of recovery and rescue, from corporate re-organisation, debt restructuring and informal discussions to formal insolvency procedures, they will also be expected to specialise over time.

Required skills Although hopefuls with academic backgrounds related to business and economics will have an edge over others, applicants from non-related fields bearing exceptional negotiation skills are also welcomed. People and persuasion skills are of the utmost importance for managing stakeholders, creditors and laid-off employees as well.

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.

Pros and cons Prioritising work is a key strategy as professionals often work on several cases at the same time. Other than handling employees affected by lay-offs, graduates will need to pitch difficult decisions to reluctant managers.

On a more positive note, building networks is one of the many opportunities present, as is the chance to learn about trending markets in real-time – good preparation is needed if going into consultancy is a future ambition.

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CORPORATE RECOVERY

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Area of Work

CORPORATE TREASURY The “treasurer” that looks to keep immediate cash for priorities and necessities.

A

company’s internal division that ensures sufficient immediate cash to fund priorities and demands, corporate treasury involves constant monitoring of the liquidity of finances, as well as cautious managing of various monetary risks.

Corporate treasurers are also often required to advise on, and prepare, financial policies and controls that can 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 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.

Required skills Those who wish to succeed in this field need to be well-informed of their firm’s goals, the business and economic climate and the condition of the international banking sector. Such knowledge will indirectly strengthen decisionmaking skills and help avoid pitfalls and potholes in the market, especially during forecasting sessions and pooling arrangements.

Though it would be an advantage if basic accounting knowledge is possessed, it is usually not a prerequisite. Rather, the abilities to work according to procedures as well as simplify complex matters for the benefit and comprehension of senior management are much more important.

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.

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Assess and evaluate the performance of an organisation.

P

rimarily concerned with the regular analysis and reporting of a company’s financial state, financial accountants measure the “health” of the firm and offer crucial information of 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 use these reports to keep up to date on the cash flow, a vital cog in decisionmaking; and external investors, such as shareholders and banks, refer to them to assess if it is worth investing further. Other organisations, like suppliers, can also be found relying on these documents to decide if they want to continue providing their products and services, or if it would 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 practicing financial accountants here.

General overview Financial accountants usually find employment in departments such as auditing, treasury management and cash flow, as well as the reporting of new or potential acquisitions.

Graduate hires generally start with a training programme that not only allows them to acquire an overall understanding of the institution’s business, but also enables observation of the ways 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 plenty of hard work – of which number-crunching duties form a significant portion – is needed. 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.

Required skills 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 report these findings in a comprehensive manner to senior management.

Working in Singapore also requires familiarity with the nation’s financial reporting standards (FRS), accounting systems such as enterprise resource planning (ERP) and other relevant government policies.

Pros and cons Starting off in financial accounting entails a certain pressure to perform and hectic beginnings in work life.

However, it does help graduates acquire a wide range of relevant knowledge and skills, particularly in technical accounting and leadership.

M o re than t h at , 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.

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FINANCIAL ACCOUNTING

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Area of Work

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

F

orensic accounting is a niche within the field of accountancy that employs accounting and financial skills during investigations of fraud, disputes and suspected transgressions.

It is a forensic accountant’s responsibility to identify and uncover illegitimate financial practices to identify suspects and recover illicit funds, making the nature of the job sensitive. Some professionals choose to specialise in fraud risk management, with the objective of working to reduce the possibilities of financial fraud.

Depending on their job scope, forensic accountants may also work with law enforcement authorities and lawyers, and may even be requested to act as expert witnesses in court.

General overview Although having a finance-related degree as well additional training in criminal justice or law enforcement are significant advantages, applicants are required to obtain a recognised professional qualification first. Most firms in Singapore accept qualifications such as Certified Fraud Examiner (CFE), Certified Public Accountant (CPA) and Chartered Accountant of Singapore.

Upon entering a company, many graduates spend some time training and gaining experience in an audit or forensic department before going into forensic accounting. Some, however, are hired directly.

At the beginning, new recruits will have to persist through much low-level data analysis like creating spreadsheets and checking financial records and written records for relevant information.

As experience is gained, heavier responsibilities such as conducting individual investigations, will be assigned.

Required skills Other than identifying the source of fraud to pin down the culprit with good numerical skills as well as an inquisitive and analytical mind, caution needs to be exercised and all information must be questioned.

Remaining focused at all times, bearing in mind the key issues of the case and being aware of the significance of the information being analysed are important too.

Moreover, all information has to be handled with care and attention to detail as evidence might be hiding in the depths of seemingly trivial data.

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.

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. Work can also get tedious and labourious 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.

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

A

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 on operations and strategies.

Along with generating a report, internal auditors may also advise the administrative department on the performance of the company, as well as the financial risks incurred. It is their responsibility to test the adequacy of the risk controls that have been put into place and advise on necessary adjustments as well.

Internal audits are not compulsory, but are highly recommended. In Singapore, internal auditors are governed by the Institute of Internal Auditors Singapore (IIA Singapore).

General overview New recruits in this area start off as audit assistants, spending majority of their time reviewing accounts on site, interacting with the 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 fine-tunes needed accordingly.

Required skills Having extensive knowledge of accounting software products, enterprise resource planning (ERP) systems and processes, as well as 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 recruits liaise more successfully with company staff and management during assignments.

Because much of the information internal auditors need for their reports comes from an unsorted array of accounts and interviews, a keen eye for detail and an analytical mind to make proper sense of the materials is necessary too.

While it is important to maintain a level of professional scepticism when faced with surface information provided, internal auditors also ought to possess a high level of independence and adaptability for the project-based nature of the work. More than that, graduates will need initiative to conduct their own research on the organisations they will be auditing.

Pros and cons

There is the opportunity to dabble in a wide variety of sectors, though this means that new hires will have to learn a great many things at the start of their career. Moreover, gaining diverse knowledge about various outfits will allow a broader and more objective perspective about the commercial world.

Patience and motivation are essential, however, for difficult employees may be encountered during interviews at establishments.

On occassion, these employees may not see the point of an internal auditor’s work.

Overlapping deadlines are also a bane in this line, but the satisfaction derived from contributing to a venture’s achievement of their business goals is tremendous.

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INTERNAL AUDIT

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Area of Work

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

M

anagement accounting is a sector that brings together accountancy, finance and management to generate information that aids company leaders in decision-making and implementation of financial strategies.

The responsibilities of management accountants are two-fold – they provide critical information to management about the state of an enterprise, and may also be business partners who take active roles in planning and strategising a firm’s policies.

Professionals draw conclusions from 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 human resources 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 in order to pick up various skills that will be useful for management accounting. But if a graduate intends to specialise in management accounting, they will be encouraged to study for the specialist professional qualifications offered by various professional bodies, such as the Chartered Institute of Management Accountants (CIMA).

Early responsibilities include crunching numbers for internal reviews and helping to prepare the management budget. Once established, management accountants may be asked to assist with risk management, identifying trends and opportunities for future investments and overseeing junior accountants.

Many duties, however, entail working closely with senior management, and includes advising them in decisionmaking and strategy planning.

Required skills As with most accounting positions, having a business- or finance-related degree, or a relevant professional qualification such as those offered by CIMA, will be beneficial.

A credible management accountant possesses a good foundation in Systems Applications and Products in Data Processing (SAP) management software, generally accepted accounting principles (GAAP) and financial analysis and reporting skills.

Good communication and persuasion skills are also highly essential for translating complicated concepts and data for management 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 not only comes with enjoyable mental stimulation, but diverse and taxing duties too.

However, the knowledge that your role has a direct influence on successful business outcomes can be particularly satisfying.

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Troubleshooting and catching commercial risks early to ensure maximum turnover.

R

isk assessment involves the systematic process of identifying and evaluating potential risks that may influence a company’s pursuit of its business goals and objectives. As such, this arena includes helping ventures recognise risks they may face, and advising on how to engage with these perceived risks while taking the risk appetite of the corporation and potential returns into account.

It can be packaged with governance advisory services, which shed light on the process of running an organisation to meet expectations of the management, stakeholders and staff. On occasion, risk assessment services are also offered alongside compliance advisory services, for firms to get in touch with 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.

General overview Graduate hires tend to start out in a broader area, such as assurance, for training before they specialise in risk assessment. However, some companies, particularly larger organisations that prefer to train applicants in-house, may choose to absorb them directly into their risk assessment department.

Trainees are typically expected to monitor daily business functions, evaluate the efficiency of existing risk controls and assist with the preparation of recommendation reports for clients.

From there, graduates will move on to planning, designing and supervising the implementation of a risk management process and continuity plans for a firm. In addition, it will 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.

Required skills 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, the board of directors, business heads and department managers. Besides conveying messages in a way that is 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.

However, the role is also chiefly consultative and supervisory, which means that graduates will hold little decision-making power. Frustration with clients who are difficult to manage, or are unwilling to take advice, is a reality as well.

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RISK ASSESSMENT

ACCOUNTANCY AND FINANCIAL MANAGEMENT - Area of Work

TAX Helping clients and companies adhere to taxation demands and laws.

T

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, in terms of tax implications of business dealings, costeffective 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 mergers and acquisitions, other specialist areas of tax advisory include employee issues such as stock options and CPF contributions, indirect tax services like advising on value added tax, goods and services tax 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 helps decrease the amount of tax that needs to be paid while still complying with government tax regulations. This includes research into previous tax fillings, attending strategy meetings with clients and preparing presentations on their tax liabilities to keep them updated.

The course is offered by the Institute of Singapore Chartered Accountants (ISCA), the Tax Academy of Singapore, as well as selected tax and accounting organisations.

The Singapore Institute of Accredited Tax Professionals (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 regards 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.

Coping with pressure and practising discretion when handling clients’ tax affairs is also important.

Pros and cons

Required skills A finance degree is helpful but not essential, though the Chartered Accountant certification is a must.

Moreover, all practicing tax accountants in Singapore are required to undertake 30 hours of Continuing Professional Education (CPE) each year in order to maintain the quality of their work.

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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.

Because 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.

On occasion, professionals also encounter difficult clients frustratingly secretive of their business accounts.

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At AIA Singapore, we are committed to being our customers’ life partners, journeying and helping them live healthier, longer and better lives, across generations.

Being an AIA Financial Services Consultant is not just another job. You’ll go beyond providing professional financial advice and services – by truly making a positive difference in people’s lives, being there for them through good and challenging times, be it enabling them to achieve their financial goals or leading healthier lifestyles.

Besides that, you’ll be rewarded and recognised for your efforts with incentives and trips as well as opportunities to advance your career – in addition to the flexibility you you will have in charting it.

1 Robinson Road, AIA Tower, Singapore 048542 Web www.NotJustAnotherJob.sg Email sg.mycareer@aia.com

Sectors • Banking and Financial Services • Insurance and Risk Management

You’ll also be given a head-start with guided trainings, all the way to helping you achieve your Million Dollar Round Table status.

Jobs available

Join us today for a fulfilling career that’ll give you insights to a rewarding horizon!

Number of employees

Graduate job 10,000 – 50,000 employees

Minimum requirement Degree

Diploma

Find out more at

CapitaLand Limited

CapitaLand is one of Asia’s largest diversified real estate groups. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth about S$134.7 billion as at 30 June 2020, comprising integrated developments, retail, commercial, business park, industrial and logistics, urban development, lodging, residential, 7 listed real estate investment trusts (REITs) and over 20 private funds. Present across more than 220 cities in over 30 countries, CapitaLand focuses on Singapore and China as core markets, while continuing to expand in markets such as India, Vietnam, Australia, Europe and the USA. Cultivating a Strong Workforce As a multi-national company, CapitaLand stands by its credo ‘Building People. Building Communities.’ Its success is built on its strong infrastructure and its diverse and inclusive workforce – which consists of more than

12,000 employees from over 80 countries.

CapitaLand is always on the look-out for people of high calibre with strong potential to support and grow with the Group.

Talent Management CapitaLand believes that a company is only as extraordinary as the people who contribute to its culture and success. It focuses on hiring the best people, and have strategic, integrated and quality learning programmes for continual learning and development in all career stages.

CapitaLand offers opportunities for challenging and rewarding careers where employees are able to continually learn and develop their personal and professional capabilities, all while working alongside a talented, international and diverse workforce.

Find out more at

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168 Robinson Road, #30-01, Capital Tower, Singapore 068912 Tel +(65) 6713 2849 Web https://www.capitaland.com/ careers @capitaland @capitaland @capitaland @capitaland @capitaland

Sector • Property and Real Estate

Jobs available Graduate job

Internship

Number of employees 10,000 – 50,000 employees

Minimum requirement Degree

Diploma

LISTINGS

NTUC Income

The only insurance co-operative in Singapore, NTUC Income was established in 1970 to make essential insurance accessible to all Singaporeans. We are now the leading composite insurer in Singapore offering life, health and general insurance.

Our wide network of financial advisers and partners provide value-added financial advisory that complements today’s digital-first landscape, offering insurance products and services that serve the protection, savings and investment needs of customers at different life stages and across all segments of society.

As a company that is made different, we believe in attracting capable and dynamic individuals like you to transform Income. We are ‘In With You’ for your performance, growth, innovation and impact. Discover how you can develop professionally and personally as you build a meaningful career with us.

75 Bras Basah Road, Singapore 189557 Web https://www.income.com.sg/ careers/working-at-income

Job Roles At Income, we value what’s withIN. We’re made different, right from the very people who work here. Our folks aren’t cast from the same mould and we embrace everyone’s unique personality, including their core attributes and quirky interests.

Sector

Roles you can look at include:

Number of employees

• Insurance and Risk Management

Jobs available Graduate job

Internship

• Operations

1,000 – 10,000 employees

• Actuarial

Minimum requirement Degree

• Finance

Diploma

• Information Technology • Business Excellence • Marketing We welcome all BFA graduates to explore and indicate their interests on our career site.

Find out more at

OCBC Bank

OCBC Bank is the longest established Singapore bank. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s.

We are committed to creating a conducive work environment – one that is inclusive, welcomes innovation and encourages continual learning and development. Whether you are an Engineering major, IT expert, Math whiz, or a people-person, we see each of your individuality and potential to shine with us.

We provide career mobility opportunities across our different business units, subsidiaries and even country offices; from Consumer, Corporate and Investment Banking, to Fintech and Innovation, so you can discover your career interests and niche areas, all within the bank.

We want you to enjoy and take pride in your work, be passionate, driven and have fun – after all, joy does bring out the best in people.

And we want nothing less.

OCBC Centre, 65 Chulia Street, Singapore 049513 Tel 1800 363 3333 Web www.ocbc.com/group/careers/ Email Weseeyou@ocbc.com @OCBC Careers @OCBC Bank

Sectors

We are hiring for: • Graduate Talent Programme • FRANKpreneurship Internship Programme • Business Development Managers • Customer Service Executives • Financial Protection Specialists • Mortgage Specialists • Personal Financial Consultants

• Banking and Financial Services • Investment Banking and Investment Management

Jobs available Graduate job

Internship

Number of employees 10,000 – 50,000 employees

Minimum requirement Degree

Diploma

Find out more at

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A DAY IN THE LIFE

A DAY IN THE LIFE 7.00 AM: I like to “get in the zone” before work starts, so I try to avoid rushing in the morning. This means starting around 7am and getting into the office early. This really helps me to start the day on the right foot.

Once I am in the office, I catch up on emails and the latest news on the various sectors I work on. I have found it important to list my to-dos for the day because other more pressing issues will definitely come up later. This helps me stay on track.

9.00 AM:

Lim Jie Min Corliss JOB: Junior Relationship Manager, Global Commodities Finance

EMPLOYER:

Once a week, the team gets together with our department head for our “Weekly Gossip” where we share our updates, as well as any market news and gossips – hence the name!

We keep ourselves up to date with the industry trends while streamlining our focus for the week.

I am on the energy team, but during the meeting, I also get to learn about the agriculture and metals sectors, as well as from our colleagues in Hong Kong.

No two days are ever the same with my job. As a Relationship Manager (RM), we interact with people all the time – both internally and externally. I would liken our job to the conductor of an orchestra. In order for the melody to turn out beautifully – or have a smooth transaction – we have to ensure that the right instruments are being played at the right time. For instance, making sure that the required documents and approvals are in place and on time, or that the transaction is within the approved structure. That is how we provide the best customer service.

I catch up with my clients and get updates on their business and source for new deals.

I also evaluate the deals that clients have put forth for the bank to finance, and check whether they fit the parameters that we have approved internally.

OCBC Bank

12.00 PM:

Corliss earned her Double Degree in Accounting and Banking & Finance from Nanyang Technological University (NTU)

During business lunches with clients, we get to know their business better. We talk about their recent flows, such as who they buy from and sell to, or their latest expansion strategy. But it is not all work-talk; after all, clients are people too! We simply chat as friends and build rapport.

I can also be found hanging out with my batchmates from other departments, and taking a breather from work. At the same time, I also get to hear more about how the other departments within the bank are doing and the initiatives we are driving outside of corporate banking. In this aspect, I really appreciate the network that the Graduate Talent Programme has brought me.

“I would liken our job to the conductor of an orchestra. In order for the melody to turn out beautifully – or have a smooth transaction – we have to ensure that the right instruments are being played at the right time.”

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2.00 PM: I work on my paperwork for the day. This includes a lot of analysing and convincing as we make recommendations to the relevant approvers regarding our client portfolios.

Sometimes, we work with other teams to clarify and strengthen our recommendations to maintain an acceptable risk-return level. This has tested my writing and persuasion skills!

I am glad to have my team to teach me. As a junior RM, I have received a lot of guidance from the team, including my supervisor. The fellow RMs are very willing to involve and expose me to their work too. Having a great team is definitely half a battle won.

7.00 PM: At the end of the day, I pack up my desk and keep all the documents before leaving. I do not like to see a cluttered table in the morning. Thursday or Friday nights are usually more enjoyable when the team heads out for drinks. We wind-down from a hard day, or week, of work and catch-up on life outside of work.

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