Choosing Your Role and Company in Financial Services Different Ways to Get into the

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.

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