Financial Services Sector Essentials
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Financial Services
AT A GLANCE
About the Industry
Must-have Skills
Getting In
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 is normally not as high as in the investment banking industry, it’s still attractive and comfortable. Working hours are also less intense, and a healthier worklife 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.
Numerical abilities, critical thinking and analytical skills don’t automatically translate to success in financial services. As it stands, a finance-related degree isn’t even a prerequisite for most positions in the sector; a genuine interest in client service and a willingness to work with numbers are more important to make a good start. Once you’ve entered the field, you’ll quickly find that it allows you to build a broad range of transferable skills, preparing you for managerial roles across different areas of work in the future. Many aspects and roles in this expanding industry are serviceoriented and clientfacing, 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.
Due to the vast spectrum of job roles in the arena, it’s generally open to graduates from different backgrounds, so there’s no need to worry if you lack relevant work experience or a degree related to finance. Most employers offer structured training too, ensuring you’re up to speed in any technical areas on top of working on your soft skills. New hires can look forward to orientation and onboarding programmes which will provide broad-based knowledge and give them 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.
Finance Career Guide 2023
