Singapore has increasingly become an attractive destination for professionals to work for a prospective career. Especially for professionals with a background in software, finance & banking, there is a huge scope of professional growth in Singapore as the country is today one of the most successful economies in the world.
Finance Technical Ecosystem and Banking Jobs in Singapore
Singapore is a small island country that is doing extremely well in all spheres, and, today it is one of the fastest-growing economies in the world. It is already a highly developed country among Southeast Asian countries and globally it is considered as a country with the highest per capita GDP. The basic factors of growth for the economy of a country like education, technology, healthcare, finance, banking and quality of life are all doing exceptionally well in Singapore.
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Growing Popularity of Banking Jobs in Singapore
Singapore is the international financial center in today’s time. There are many financial and banking institutions in the country that are competitive and cost-effective. It offers excellent infrastructure and a highly-skilled cosmopolitan environment for the banking sector. There are about 200 commercial banks, 47 merchant banks and few financial companies offering varied banking jobs in the financial sector. Today, the total assets of commercial banks stand at US$2 trillion. There are few banks in Singapore that have been awarded Qualifying Full Bank Licenses.
The banking and finance sector combined play a significant role in the economic growth of Singapore. Banking and finance have contributed to almost 22% of the total of Singapore’s GDP. The government policies have led to the banks and financial institutions to improve their standards and maintain transparency in the sector, creating a huge array of banking jobs in Singapore. Apart from the economy’s own bank and finance sector, there are foreign investments in Singapore that have led to global representation and an excellent reputation for the banking system. There is also stability in the bank policies which have lured many professionals to the banking jobs as these jobs offer job security and a stable and lucrative income.
Banking jobs are available in local and foreign banks and financial institutions. There are jobs available in consumer banks, asset management banks, stock exchange, investment banks, and even in specialized insurance service banks. The leading banks of Singapore are Citibank, DBS, ABN AMRO, HSBC, OCBC, Standard Chartered and UOB, and many more. Singapore is known to have created one of the most advanced banking systems in the world.
Eligibility Conditions and Requirements for Banking Jobs in Singapore
In order to apply for banking jobs in Singapore, candidates need to be a graduate or post-graduate degree holder. Candidates having specialization in finance, accounts, Mathematics are usually given preference. Also, management degree holders in finance have added advantage.
Additional Skills to do well in Banking Jobs
If you are keen on a banking career and if you want to do well in banking jobs, you should not only fulfill the educational requirement but also you should know the other aspects of the banking jobs to be successful. These include:
- The candidate should be an expert in mathematics
- Should have strong banking and financial modeling knowledge
- Knowledge about the financial market audit and risk management is essential
- Candidates should also have knowledge of accounting and finance functions of banks
- Analytical skills with data interpretation knowledge, knowledge regarding funds and accounts are important
- Besides the above, strong communication skills, interpersonal skills to work well with clients are essential.
- Candidates should also keep a track of the rules and regulatory aspects of the banking system in Singapore to do well in banking jobs.