At a Glance: Banking and Investment

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.

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.

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

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.

Fund management

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

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

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.

Stockbroking

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.

Technology

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.