This is why finance professionals will ditch banking sector

8 in 10 are itching to move out of traditional services--where do they go then?

According to eFinancialCareers 2012 Movement Survey, three quarters of respondents (75%) would be prepared to move outside of traditional financial services and into alternative industries, with the booming oil and gas the most attractive sector for a third of all respondents (33%). Technology, both hardware and software, came second with nearly 2 in ten respondents (16%) considering the jump.

Here's more from Movement Survey:

Of those who are moving or considering moving to a different country in 2012, nearly 4 in ten (38%) admitted doing so because they fancied a change of location, while close to a quarter (24%) were convinced there were better opportunities elsewhere.

Even though they are moving or considering moving, an overwhelming majority (75%) would recommend living in Singapore to other finance professionals, emphasizing the appeal of Singapore as a choice destination for those in the financial services industry. 

For moving finance professionals, Australia was their primary choice of destination (16%), closely followed by Hong Kong (15%). The USA and the United Kingdom both came in third position, with 10% of the votes.

The survey found that perceived greater remuneration packages (34%) and better job opportunities (33%) in other industries were the key driver for the intended movement of finance professionals.

George McFerran, eFinancialCareers Managing Director, Asia Pacific, said “While Singapore has a ready pool of finance talent in which to dip in, the high level of willingness among finance professionals to explore opportunities in other industries is a cause for concern. The challenge for financial organisations then is finding that sustainable balance of business growth and employee satisfaction to retain these talents.”

The eFinancialCareers 2012 Movement Survey was conducted in June 2012 through to July 2012. There were 866 respondents, and all of them are employed bankers and finance professionals living in Singapore.