Industries in the Financial Sector

INDUSTRIES IN THE FINANCE SECTOR

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

Financial services

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

Employers

Financial service providers range from large establishments, such as retail 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 ever-expanding, dynamic and vibrant scene welcomes individuals from different backgrounds – thus making it a good entry point for even non-finance 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.

Accountancy and financial management

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

Employers

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

Clients

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

Perks

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

Banking and investment

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

Employers

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

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

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.