A Survival Guide to Applying for a Job in the Finance Sector

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.

THE FIVE STEPS

1. Set a focus for your job search

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.

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.

3. Attend career events

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!

4. Embrace technology

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.

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.