Accounting & Finance – Insights into the Opportunities the Industry presents

Statistics* have shown that there is a constant need and demand for finance and accounting talents irrespective of the economic conditions.

* Source: Straits Times

Riding the current economic crisis…

With the onset of the financial crisis and economic downturn in early 2009, one segment in particular – Accounting and Finance however, found their professional services more highly sought after than ever. The global recession has in fact spurred some companies to intensify efforts to gain a competitive advantage, calling upon finance professionals and accountants for advice on relevant cost-cutting measures, risk assessment initiatives, as well as ensuring adherence to the various corporate governance and regulatory frameworks.

In a study conducted by Robert Half International in June 2009, demand for finance and accounting professionals in Asia Pacific was found to have remained strong despite the financial crisis as organizations realize the increasing need for highly skilled finance and accounting professionals to weather the economic crisis.

Employment outlook for the future….

Today, financial services account for 11.6% of Singapore's GDP, employing more than 5% of the country’s total work force. The growing trade within Asia and with the rest of the world is expected to continue driving financing opportunities in Singapore, which is the preferred banking destination of global investors who are eyeing to take advantage of Asia’s inevitable growth.

According to a survey by Morgan McKinley conducted in March 2009, things may start to look up by the end of the year. 53% of employers surveyed in Singapore believe that financial and accountancy recruitment will start to increase before the year-end.