[Singapore], August 5, 2013: The best way today to fast track your career in the banking and financial services industry is to specialise in wealth management according to the people who should know - 150 senior Financial Services leaders in Singapore.
According to a survey by specialist recruitment firm Robert Half, 30 percent of industry leaders say working in the wealth management sector of the industry is the best choice for someone starting a career in financial services. This is because professionals who perform well can expect to find themselves well-paid and in high demand.
Wealth management is the most popular choice globally as well as in Singapore, chosen by 21 per cent of respondents from Asia, Europe and North America.
In Singapore, the next most promising options for someone starting a career in financial services are investment banking (20 per cent) and asset management (17 per cent).
Ms Stella Tang, Director of Robert Half in Singapore said, “The growth of wealth management is expected to continue as Singapore positions itself as the preferred destination for the growing number of Asia's wealthy and high-net-worth investors.”
"Wealth management has become crucial to the sales and stability of many financial institutions - not just in Singapore but in other global financial capitals. They are expanding their range of services and products for wealthy clients to fuel growth. As a result, wealth management is an attractive choice for professionals who are driven and ambitious."
Table 1: Thinking about areas of growth within financial services, what sector would you recommend for someone starting a career in financial services?
"Professionals should not expect to just jump in to perform wealth management without any training. It requires research, analysis and a good understanding of investment products. It also requires a strong network. This is something for young people to aim for as they develop their careers."
"Wealth management is a globally desired skill, so it is an ideal choice for people who want to experience work and life in different countries."
"Investment banking is also an attractive option for people new to the profession to aim for. It allows a diverse and challenging work environment often involving large and exciting projects," Ms Tang said.
For candidates keen to build their career in the banking and financial services sectors, Ms Tang advises them to focus on their interpersonal skills as well as their qualifications.
"Finance functions like wealth management are very people-centric, so soft skills are critical. It is not enough to have industry knowledge or technical expertise. Honing in on areas valued by employers – communication, relationship-building, and speaking another language will also provide that edge when it comes to being hired,” Ms Tang said.
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