CIB Executive Search
12 déc. 2024
The Singapore banking sector continues to experience a dynamic hiring landscape, especially in front office roles spanning corporate banking, investment banking, and global markets. Here’s a detailed look at the trends:
Corporate Banking
Corporate banking remains a steady growth area, driven by the ongoing regional trade activities and the rebound in structured and project finance. Key positions in demand include Relationship Managers and Project Finance Managers, with annual salaries ranging from SGD 100,000 to SGD 220,000 depending on experience levels. The emphasis is on candidates with strong client management skills and knowledge in sustainable finance, as banks align with ESG (Environmental, Social, and Governance) goals.
Investment Banking
Investment banking hiring has seen renewed activity, especially in M&A advisory and capital markets teams. While deal volumes globally faced headwinds earlier in the year, APAC-focused transactions are rebounding, with Singapore playing a pivotal role as a financial hub. Hiring efforts have prioritized candidates with expertise in cross-border deals, particularly in technology and renewable energy sectors. Compensation for senior analysts and associates can exceed SGD 200,000 annually.
Global Markets
The global markets segment in Singapore reflects growth in areas like derivatives, commodities, and FX trading. This is fueled by Singapore's position as a leading commodities and trading hub. Firms are actively seeking Quantitative Analysts and Market Strategists, with a focus on leveraging data analytics and technology to enhance trading efficiency. Additionally, demand is rising for professionals skilled in risk management due to market volatility, with salaries for experienced professionals ranging from SGD 150,000 to SGD 300,000.
Key Challenges in Talent Acquisition
The financial services sector in Singapore, especially for front office roles, faces specific challenges in talent acquisition:
Demand for Specialized Skills: The growing complexity of roles in corporate banking, investment banking, and global markets necessitates specialized skill sets. Banks are looking for candidates who can manage cross-border transactions, structure innovative financial products, and integrate ESG principles into deal-making. This specificity limits the talent pool available locally, prompting firms to explore regional and international hiring
Talent Mismatch: Employers increasingly prefer "plug-and-play" hires—professionals ready to deliver immediate results without extensive onboarding. However, many candidates prioritize roles that offer training, skill development, and long-term career growth. This mismatch leads to prolonged hiring cycles as firms struggle to find the right balance
Retention Challenges: The competitive environment in Singapore's financial services market makes retention difficult. Skilled professionals often move between firms, driven by opportunities for higher compensation, career progression, or a better work-life balance.
Integration of Technology: As digital transformation reshapes financial services, the demand for tech-savvy professionals grows. Candidates with expertise in fintech, data analytics, and algorithmic trading are highly sought after. However, firms face challenges in finding professionals with both financial acumen and technological proficiency
What Candidates Are Looking For
In contrast to employer preferences, candidates are seeking the following in front office roles:
Opportunities for Upskilling: Candidates value firms that invest in their growth, offering robust training programs, certifications, and exposure to innovative areas like green finance or digital assets.
Workplace Flexibility and Culture: With the post-pandemic shift, many professionals prioritize roles with flexible work arrangements and a supportive corporate culture. Organizations that emphasize employee well-being and DE&I (Diversity, Equity, and Inclusion) initiatives tend to attract top talent.
Clear Career Progression: Transparent pathways for promotion and development remain a key factor in candidate decision-making. Candidates are drawn to roles that not only challenge them but also provide a roadmap for growth within the organization
Impact-Driven Roles: ESG considerations influence both corporate strategies and candidate priorities. Professionals seek roles where they can contribute to meaningful and sustainable initiatives, aligning their work with personal values
Conclusion
Singapore’s front office hiring landscape in 2024 is shaped by industry-wide shifts emphasizing specialization, technological innovation, and sustainable practices. Employers must evolve by aligning with candidate expectations—focusing on skill development, fostering flexible work environments, and offering roles that provide meaningful impact.
If you’re a hiring manager seeking to strengthen your team through proactive talent pipelining or a candidate exploring your next career opportunity, connect with us at hazelthanh@cibexecutivesearch.com to discuss how we can assist you.