Is finance a good career path in Singapore?

As a leading industrial hub, Singapore offers growth and transformation of the finance sector. It's the first country to support the Monetary Authority of Singapore's Green Finance Action Plan. This is helping implement various financing initiatives for the transition to a sustainable economy. Initiatives like this, along with the finance sector's digital transformation, are opening new roles. If you want to pursue a career in finance, learning about the current financial landscape and types of jobs can help you choose the right career path.

In this article, we discover types of career opportunities in the finance sector and the relevant skills required to get a finance job. Here's what we'll talk about:

• Understanding Singapore's financial landscape
• Jobs in finance: types of career opportunities
• Buy-side vs. sell-side finance careers: what's the difference?
• What are front, middle, and back office roles in a finance job?
• What skills do I need to pursue a career in finance?
• What certifications do I need to pursue a career in finance?
• What degrees do I need to pursue a career in finance?
• The pros and cons of pursuing finance careers
• Salary and benefits in the Singapore finance sector
• Is finance the right career for you?
• Conclusion
• FAQs

Understanding Singapore's financial landscape 

A finance career in Singapore is a good choice due to the sector's promising outlook. According to the Monetary Authority of Singapore (MAS), there's local economic growth, with a GDP growth forecast of 1% to 3% for 2024. The country aims to add 20,000 finance jobs in areas like wealth management and sustainable financing over the next few years, providing ample growth opportunities.

Jobs in finance: types of career opportunities 

The finance sector offers many career opportunities. Here are some careers in finance you can consider:

Quantitative and analytical roles

Quantitative and analytical roles work with data to calculate or interpret information. Here are some common quantitative and analytical roles:

Data scientist

Data scientists analyse complex financial data and use it to inform organisational decisions. They're also responsible for training models for financial analysis and forecasting. Qualifications typically include a degree in data science, mathematics, statistics, or related fields. The average monthly salary for a data scientist is between S$6,000 and S$6,100.

Data analyst

Data analysts gather and interpret financial data to find trends, determine hidden patterns, and make recommendations to support financial decision-making. This job usually requires a degree in mathematics, economics, finance, or a related field. The average monthly salary for a data analyst is between S$4,000 and S$5,800.

Research analyst

Research analysts conduct in-depth financial research to provide insights for investment decisions. They typically have a degree in finance, economics, or accounting. The average monthly salary for a research analyst is between S$3,800 and S$4,900.

Risk analyst

Risk analysts assess and mitigate financial risks within organisations. Qualifications often include a degree in finance, economics, or risk management. The average monthly salary for a risk analyst is between S$5,100 and S$5,200.

Forex currency trader

Currency traders analyse and trade currency pairs in financial markets to generate profits. They need to have a strong understanding of forex markets along with trading experience. The pay for forex trader jobs can vary widely. On average, their monthly salary can be between S$4,800 and S$7,300.

Client-facing roles

Client-facing roles involve working directly with your company's customers. Some client-facing roles include:

Financial analyst

Financial analysts provide investment guidance to clients based on financial data analysis. A bachelor's degree in finance, accounting, or related fields is typical. The average monthly salary for a financial analyst is between S$4,400 and S$6,300.

Private wealth manager

Private wealth managers assist high-net-worth individuals in managing their investments and financial planning. This role typically requires certifications. These include a Certified Financial Planner or Chartered Financial Analyst (CFA) designation. Salaries for wealth manager jobs can vary widely.

Investment consultant

Investment consultants advise clients on investment strategies and portfolio management. Employers may prefer candidates with a background in finance, economics, or related fields. A CFA designation or a Master of Business Administration degree may be advantageous.

Transaction-focused roles

Transactional roles are typically financed-related roles that involve finance transactions. Some typical transaction-focused roles include:

Investment banker

Investment bankers facilitate mergers, acquisitions, and capital-raising activities for organisations. A degree in finance, accounting, or a related field is necessary. Strong analytical and negotiation skills are essential. It may be easier to get an investment banking job if you've experience in the field.

Investment strategist

Investment strategists devise strategic plans and investment recommendations. They consider clients' financial goals and risk tolerance. They also analyse market trends, economic conditions, and various investment opportunities. Investment strategists may specialise in specific asset classes or industries. Qualifications often include a CFA designation or related certifications.

Stockbroker

Stockbrokers buy and sell securities for clients. The job requires strong communication skills and market knowledge. To become a stockbroker, you need to pass the required licensing exams administered by the Institute of Banking and Finance. A bachelor's degree in finance or business administration is helpful.

Sales and trading professional

Sales and trading professionals manage the buying and selling of financial products. These include stocks, bonds, and derivatives. The requirements depend on the specific sales and trading role. A degree in finance, economics, or a related field is common.

Sales and trading professionals need market expertise and strong communication and negotiation skills. They may earn a base salary along with the potential for performance-based bonuses.

Portfolio manager

Portfolio managers oversee investment portfolios and make strategic investment decisions for clients. Qualifications often include a CFA designation or related certifications. You need a degree related to finance or business to do this job. Extensive experience may also be necessary. Portfolio manager jobs have varying monthly salaries.

Private equity associate

Private equity associates find, evaluate, and manage private equity investments. They review possible investment opportunities, conduct due diligence, and assess risks. With their expertise, they identify promising companies and develop strategies to maximise returns. A background in finance or accounting is typical. Skills in analysis, research, and communication are also essential.

Chief investment officer

Chief investment officers are high-level executives responsible for managing and overseeing investment portfolios. They develop investment strategies. They assign resources and decide on investments based on the organisation's financial objectives. They often work with other senior leaders. They do this to align investment strategies with business goals.

A chief investment officer needs a deep understanding of and experience in finance, including financial markets, risk management, and portfolio management.

Buy-side vs. sell-side finance careers: what's the difference? 

In finance, careers fall into buy-side and sell-side roles. Here's a quick look at what these are and how they compare.

Buy-side jobs in finance

Buy-side jobs involve handling investments to make profits for clients. Professionals in these roles directly invest money for entities. These include asset management firms, pension funds, endowments, and private equity firms. Examples of buy-side jobs include:

• Portfolio manager: Manages investment portfolios and makes strategic decisions on asset allocation.
• Research analyst: Conducts in-depth research to find investment opportunities and provide recommendations.
• Private equity associate: Evaluates and manages private equity investments in companies.
• Hedge fund manager: Manages hedge funds; plans and makes investments to generate returns.
• Real estate investment analyst: Analyses real estate opportunities and investments for clients.

Sell-side jobs in finance

Sell-side roles involve providing services to clients. These services include trading, market-making, underwriting, and financial advice. Professionals on the sell side work for investment banks, brokerage firms, and other financial institutions. These institutions help to carry out transactions in the financial markets. Examples of sell-side jobs include:

• Investment banker: Facilitates mergers and acquisitions, underwrites securities, and advises clients.
• Equity research analyst: Analyses companies and stock markets to recommend investments.
• Wealth advisor: Provides financial planning and investment advice to high-net-worth people.
• Risk analyst: Assesses and manages financial risks within banking institutions.

Comparison table

Here's how the buy-side and sell-side compare:

	Buy-side	Sell-side
Key focus	Making investment decisions to generate returns	Facilitating transactions and providing investment advice
Primary activities	Investment management, portfolio optimisation	Underwriting, market making, trading
Clients	Managed funds, retail investors, institutional investors	Corporations, financial institutions, high-net-worth individuals
Revenue source	Investment returns, management fees	Commissions, fees, trading activities
Examples of jobs	Portfolio manager, investment analyst, hedge fund manager	Investment banker, stockbroker, equity research analyst

What are front, middle, and back office roles in a finance job? 

It's important to understand the differences between front, middle, and back office roles. This can help you decide which career in finance is right for you. The finance sector offers numerous opportunities, so you can find a role that best fits your skills, interests, and goals. Here's how the three compare:

Front office

• Job scope: Client-facing activities that directly contribute to revenue generation for the firm.
• Examples: Trading, portfolio management, sales, customer service.
• Responsibilities: Include trading, portfolio management, and interacting with clients.

Middle office

• Job scope: Core support tasks that help the firm's services run smoothly.
• Examples: Risk management, information technology (IT), corporate finance, portfolio management, and research (especially if these departments are not client-facing).
• Responsibilities: Tasks focus on risk management, IT support, and other core support activities that enable the firm to operate successfully.

Back office

• Job scope: Houses administrative and support functions necessary for the firm's operations.
• Examples: Accounting, human resources, payroll, and operations.
• Responsibilities: Carry out the accounting, payroll, operations, and other administrative functions essential to the firm's operations.

Comparison table

Here's how front, middle, and back office finance roles compare:

	Front office	Middle office	Back office
Definition	Client-facing activities for revenue generation	Core support activities for firm operations	Administrative and support functions
Examples	Trading, portfolio management, sales	Risk management, IT, corporate finance	Accounting, HR, operations
Responsibilities	Revenue generation, client interactions	Risk management, IT support, research	Administrative tasks, operations support

What skills do I need to pursue a career in finance? 

If you want to work in the finance industry, focus on developing financial acumen, technical proficiency, and soft skills. This can help you excel in your chosen career path:

	Quantitative roles	Client-facing roles	Transaction-focused roles
Financial knowledge	Essential to understanding financial markets, products, and analytical processes	Understanding of financial concepts, investment strategies, and client requirements	In-depth knowledge of financial markets, investment banking processes, and transactions
Technical skills	Proficiency in programming languages, such as Python, R, or SQL, for data analysis and modelling	Basic knowledge of programming languages for data manipulation and basic automation tasks	Proficiency in financial modelling, data analysis, and software used in investment banking activities
Soft skills	Strong analytical skills , attention to detail, problem-solving, and critical thinking	Effective communication, relationship-building, and client-management skills	Excellent communication, negotiation, and interpersonal skills for deal-making and client interactions

What certifications do I need to pursue a career in finance? 

Here are the certifications you can go for to pursue a career in finance:

Certified Public Accountant (CPA)

Certified Public Accountant is a certification and professional designation with guidelines issued by The American Institute of Certified Public Accountants (AICPA).

• Best for: Public accountant, corporate accountant, forensic accountant, financial advisor, tax examiner, internal auditor.
• Duration: It takes three years to complete the certification.
• Fees: The fees for the CPA programme vary and includes membership fees, subject enrollment fees, exam and deferral fees, and membership fees, which can differ based on the timing of enrollment and specific services.

Chartered Financial Analyst (CFA)

A Chartered Financial Analyst is a professional designation offered by the CFA Institute for expertise in investment analysis, economics, and financial analysis.

• Best for: Investment banker, risk analyst, accountant, account manager.
• Duration: Typically two or more years.
• Fees: Vary depending on the specific components of the certification process.

Financial Risk Manager (FRM)

The Financial Risk Manager certification is a professional designation offered by the Global Association of Risk Professionals (GARP) that focuses on identifying, analysing, and mitigating different types of financial risks.

• Best for: Financial risk manager, credit risk manager, regulatory risk manager, and professional risk manager.
• Duration: Candidates must pass two rigorous exams; Part 2 within 4 years of passing Part 1.
• Fees: Vary depending on the specific components of the certification process.

Certificate in International Financial Reporting Standards (IFRS)

This qualification focuses on the development and scope of Financial Reporting Standards (IFRS).

• Best for: Auditor, financial analyst, accountant.
• Duration: The duration of an IFRS certification varies depending on the specific program.
• Fees: Vary depending on the provider.

What degrees do I need to pursue a career in finance? 

Here are some degrees that can help you enter the finance industry:

Bachelor of Business (Economics and Finance)

This programme focuses on technical knowledge in the fields of finance and economics along with developing business skills.

• Best for: Financial planner, personal financial advisor, financial manager, investment analyst.
• Duration: Three years.
• Fees: Vary depending on the institution.

Diploma in Banking and Finance

This is a specialised programme to equip students with essential knowledge like risk assessment, investment strategies, insurance products, and regulatory compliance in the banking and finance industry.

• Best for: Risk manager, underwriting analyst, financial consultant, investment banker.
• Duration: Ranges from eight to 15 months, depending on the institution and the study mode.
• Fees: Depends on the university and duration of the programme.

Master of Finance

This programme helps gain financial skills, knowledge, and expertise in various sectors such as finance, retail, insurance, and investment.

• Best for: Financial manager, accountant, portfolio manager, investment banker, trader, financial examiner.
• Duration: One year to four years.
• Fees: Depends on the university and duration of the programme.

Master of Science in Wealth Management

This comprehensive programme combines finance courses, such as portfolio management and financial modelling, with law courses, such as tax, compliance, and wealth planning.

• Best for: Accountants, tax specialists, wealth managers, financial advisors, consultants.
• Duration: One year.
• Fees: Vary depending on the university.

The pros and cons of pursuing finance careers 

Here are some of the advantages and disadvantages of pursuing a career in finance:

Pros

• Finance professionals can make a lot of money. This is especially true in investment banking, financial analysis, and wealth management.
• The finance industry has many chances for career advancement. You can work for top financial institutions and big corporations.

Cons

• The industry is competitive, and employees need to keep up with market trends to be successful. This requires long hours and hard work.
• Finance jobs can be stressful and pose challenges unique to the industry or position. These may involve dealing with financial risks and working in a fast-paced environment regularly.

Salary and benefits in Singapore's finance sector 

Salary ranges

Here's an overview of what you may earn in various finance positions:

• Financial analyst: S$52,800-S$75,600 per year
• Accountant: S$48,000-S$60,000 per year
• Risk analyst: S$61,200-S$62,400 per year
• Auditor: S$46,800-S$69,600 per year
• Insurance broker: S$42,000-S$54,000 per year

Additional benefits and perks

Here are some of the advantages of working in the finance industry:

• Performance bonuses: Variable bonuses based on individual and company performance.
• Health insurance: Comprehensive health coverage, including medical, dental, and vision benefits.
• Retirement plans: Contribution to retirement savings plans such as a pension or provident fund.
• Training and development: Opportunities for continuous learning and professional development.
• Flexible work arrangements: Some companies offer flexible work hours and remote work options.

Is finance the right career for you? 

Here are a few skill-related questions to help you decide if a career in finance suits you:

• Analytical skills: Do you know how to critically analyse data, numbers, and trends?
• Attention to detail: Are you careful and thorough in financial analysis and risk assessment tasks?
• Strong work ethic: Are you willing to work hard and give extra hours to excel in a demanding industry?
• Risk management: Can you handle pressure and make calculated decisions in high-stakes situations?

Traits suited for success in finance

Here are several traits and qualities that can help you succeed in the industry:

• Analytical thinking: The ability to interpret complex data and draw logical conclusions.
• Problem-solving: Aptitude for resolving financial challenges and proposing effective solutions.
• Communication: The capacity to express complex financial concepts clearly to diverse audiences.
• Resilience: Readiness to adjust to market changes and overcome challenges in a fast-moving industry.

Conclusion 

Singapore's financial sector offers many job opportunities with a growing emphasis on green and sustainable finance. This can be a good career path if you want ongoing growth and success in the finance sector. It's important to work on your skills and get the right certifications and educational qualifications to get started. The knowledge of local and international finance regulations, compliance standards, ethical considerations, and new technologies can help you thrive in this sector.

FAQs 

Here are answers to common questions about finance careers:

1. What is the highest-paid finance job?
   This is likely an executive-level finance professional, such as a chief financial officer. Managerial positions in investment banking and wealth management also pay well.
   ⁠
2. Is finance in demand in Singapore?
   The job market has many finance careers. This is due to the country's growing economy and rising middle class. The increasing demand for financial planning and digital financial services is also a factor.
   ⁠
3. What careers can you pursue with a finance degree?
   If you have a finance degree, you can be a(n):
   financial analyst
   investment banker
   portfolio manager
   risk analyst
   financial planner
   corporate treasurer
   personal financial advisor
   chief financial officer.
   ⁠
4. What can you do to be more competitive in the finance job market?
   To shine in the finance job scene, you can start by obtaining a relevant degree. You can also pursue advanced studies and certifications. Make sure you keep up with market trends and the latest technology.