eFinancialCareers unveils hottest financial services jobs

Increased staff turnover at the end of 2010 will give employers a wider choice of talent compared with the same period last year.

As a new year of financial services recruitment gets into gear, eFinancialCareers examines the job functions that are currently in demand in Singapore. These positions are sought after for many reasons, including rising personal wealth (private bankers), increased trading volumes (product control) and investment in IT (Java developers).

In the first quarter of 2011, the level of post-bonus staff movement is expected to increase as people who were reluctant to move during the financial crisis look for new career opportunities. As a result of this increased staff turnover, employers will have a wider choice of talent compared with 12 months ago. However, headcount targets still need to be met so firms will suffer from skill shortages. Financial institutions will be more creative with their sourcing, hiring candidates from related sectors or from overseas, according to a eFinancialCareers report.

George McFerran, Head of Asia Pacific for eFinancialCareers, discusses job functions that are in high demand in 2011.

Private banking relationship managers
Singapore will see a surge in private banking recruitment as firms try to capture a larger share of regional wealth. Many firms have announced ambitious growth plans and demand for experienced relationship managers. While senior private bankers with assets under management will be their preference, firms will also consider corporate and investment bankers with client connections.

Operational risk
Operational risk candidates came into demand during the financial crisis and their importance is highlighted whenever a firm suffers from a high profile failure, such as an IT outage. The pressure will be on financial institutions to attract senior candidates with experience in implementing contingency plans. Since the rapid growth of this function in Asia is relatively recent, given the talent shortage, employers will sometimes consider candidates from internal audit and traditional risk backgrounds.

Product control
Product controllers will be in high demand, as banks look to boost this function on the back of rising transaction volumes. Experienced candidates will receive multiple offers, making recruitment challenging. Due to the small size of the local talent pool and the international transferability of the job, firms will sometimes search overseas for staff, with London providing a potential hunting ground.

Java developers
Banks will need more Java developers as they make technology investments to support their Asian expansions. A skill shortage has already appeared, which will make it hard to hire locally. Banks will consider candidates from the UK and Australia, but they typically earn high contract rates, which employers in Singapore are unable to match. Indian and Continental European developers will therefore remain popular.

Transaction banking
On the back of expansion by large commercial banks in Asia, as well as rising demand for complex trade and cash solutions, recruitment rates in transaction banking show no signs of slowing down. Firms require mid to senior-level candidates with strong quantitative abilities, regional exposure and knowledge of sophisticated products. Many banks will use internal mobility programmes to transfer staff from other divisions.

Commodities traders
Traders in bulks such as iron ore, coal, and perhaps steel will be in high demand in Singapore, Asia’s expanding commodities hub. The remaining major groups – oil/energy, metals and agricultural – will show moderate headcount growth, in line with the price escalation of regional commodities like palm oil and rubber. Liquefied natural gas (LNG) will also generate jobs. With management roles largely in place, banks will focus on hiring for mid-level positions.

Equity capital markets bankers
Deal-clinching originators at director level were a hot commodity last year as investment banks fought to secure a share of the lucrative Asian IPO market. The hiring focus in 2011 will also be on those who execute deals: analysts, associates and vice presidents. Disgruntled junior bankers – whose firms failed to pick up the big IPOs last year and whose bonuses will be comparatively low – will generate much of the movement.