Why you should consider a career in the financial services sector
Singapore is a leading financial hub for the world, and our finance sector accounts for about 200,000 jobs and almost a tenth of our Gross Domestic Product (GDP). It is also home to over 200 banks, and even more non-banking financial institutions.
If you take a quick look at the blue-chip companies on SGX, you’ll see that our finance sector – and in particular banks – constitute the most highly capitalised businesses in Singapore.
Due to the diverse nature of financial services, there’s a wide range of potential careers available. It’s often possible to transition between one form of finance job and another, so the industry offers a wide range of opportunities to everyone.
Common questions about the financial services industry
• Isn’t finance just for “numbers” people?
• How tough is it to join the finance industry?
• Is a degree necessary to work in finance?
• Is the finance industry a high-stress job?
1. Isn’t finance just for “numbers” people?
Some finance jobs are more “numbers” oriented than others, such as accounting or analytics. However, a large number of finance jobs are about people skills, and appeal to those who enjoy socially-aligned careers.
For example, financial advisors, relationship managers, and wealth managers are all jobs that place a high priority on people skills. These careers reward those who are skilled in communication, empathy, leadership, and self-expression.
So even if you consider yourself more of an arts or humanities person, there are jobs in the finance industry that will reward your aptitudes.
Finance is also an industry that cuts across a wide cross-section of society – roles can range from helping the needy, to assisting small businesses, to national issues involving sovereign debt.
Over a long career, you’ll get to interact with a wide range of people, with different concerns and needs, so it’s much more than just staring at graphs!
2. How tough is it to join the finance industry?
Some careers in the finance industry are tougher to get into. Large fund managers, heads of family offices, and actuaries tend to require many years of experience, and multiple degrees may be needed.
In spite of this, it’s actually not difficult to join the industry, provided you’re willing to work your way up. A financial advisor or relationship manager may not require more than a diploma to get started (although there are some other accreditation tests involved).
So getting your foot through the door is quite simple; but how far you go depends on your own drive and initiative.
3. Is a degree necessary to work in finance?
This depends on the role in question. Financial representatives, relationship managers, front-counter bank tellers, etc. often just require a diploma (depending on the hirer in question).
However, some job positions may require degrees such as international finance, banking, statistics, etc. It’s quite common for someone to join the finance industry in a different position, earn the degree later, and move to another related position.
So while you don’t necessarily need a degree to start, it’s a good idea to adopt a life-long learning attitude, and consider getting other qualifications later.
4. Is the finance industry a high-stress job?
Only if you allow it to be! The finance industry tends to be performance-based. For example, a mortgage banker or financial advisor will earn based on the number of clients they work with.
The harder they work, and the more clients they can acquire, the better their compensation will be. This means that it’s possible, even within the first year, for such professionals to be earning as much as someone who is their senior by decades; it all comes down to how hard you want to push yourself.
On the flip side, finance jobs allow for work-life choices. Financial advisors and wealth managers, for instance, are almost never “on the clock”. They can take days off as and when they like, and work on hours that suit them – so they have the option to wind down in times when family life calls.
Why you should consider starting in insurance or financial advisory roles
A financial advisory role can be a strong start point, as it’s possible to join right out of school, or from another job.
Financial advisors learn key financial concepts that not only help them manage their money better, but also provide a foundation for other finance jobs later. Many of the industry’s top family office leaders, private bankers, or directors began as financial advisors – this is where they learned to deal with people from different walks of life, from 21-year-olds managing a first pay cheque, to retirees rebalancing their portfolio at the age of 70.
Financial advisors also have the capacity to earn a higher income right out the gate. If you perform well and show aptitude, you could be earning sums that rival those of senior managers or directors in other lines of work – sometimes as soon as within the first three to five years of your career.
Above all, financial advisors spend a lot of time networking. This is not just with their own prospects and clients, but with a range of other finance professionals. You may, for instance, end up getting to know mortgage bankers or conveyancing lawyers, if you need to help your client plan for their first home.
This sets the groundwork for greater mobility within the industry, as well as frequent business opportunities.
All of this can be done on flexible hours – so if you have to look after dependents, want to further your studies, or just prefer working at your own pace – this might be an ideal job for you.
To get started in your career in the financial service sector, visit Midcareers.sg, and we can help you on your way.
Career Fit Tool
Complete the Enneagram test and receive your personalised report @S$20 from our veterans.
