When preparing for a career, it’s important to understand what is the future outlook for the profession or industry you’re looking to join. That’s because while your own capabilities and performance will play a major role in determining your career trajectory, it is also true that a rising tide lifts all boats.
If you’re stuck in an industry that is experiencing a major downturn, you might find your career growth stalling – or even worse, going backwards – despite your best efforts.
On the other hand, working in an industry that is seeing tremendous growth, could see your skills and talents in high demand – which ultimately bodes well for career growth and pay prospects.
Accounting, Banking and Finance On The Rise
The accounting, banking and finance sector has been on an upward trajectory in Singapore for a number of decades now Since the 90’s, the Republic has been transforming itself into a major global financial hub and today it is one of the major contributors to the national gross domestic product (GDP).
However, in recent years, there have also been major shifts in the global financial system with economic recovery still anaemic in some quarters. All this has had a knock on effect on the accounting, banking and finance sector to some degree, dampening the buoyant optimism that was once widespread in the industry.
As such, it’s worthwhile to review the long term prospects of the sector and see just whether a career in it can pay off handsomely for you. With that in mind, we’ve rounded up four things for you to consider when making your next move.
1) Singapore Is A Regional Business Hub
Singapore has a strong reputation for being one of the most business-friendly countries in the world. In fact, the Republic has been ranked first in the World Bank’s annual Doing Business report for 10 consecutive years – a feat that is not lost on the international business community.
This has seen Singapore emerge as the preferred location for multinational corporations (MNCs) to set up their regional headquarters. With its excellent infrastructure, open economy and strong trade connectivity, the Republic consistently attracts investors looking to capture the tremendous growth potential in the regional.
The significant presence of regional MNC headquarters here – coupled with Singapore’s status as a premier business hub – means that there is likely to be strong demand for accounting, banking and finance professionals to support these business activities.
2) Accounting Professionals Are In Demand
According to the recently-released 2017 Kelly Services and Capita Salary Guide, the accounting sector is one of the highest-paying industries this year. What’s more the sector is expected to see further growth in the coming years ahead.
This is in large part due to the Singapore Committee to Develop the Accountancy Sector’s (CDAS) push to develop the industry into a hub for the Asia Pacific region by the year 2020. Thanks to concerted efforts, the sector was able to achieve an outstanding growth of S$1.8 billion in 2015 alone. Certainly, this positive momentum bodes well for future prospects.
One other factor that is expected to build up demand for accountancy professionals is the increasingly important role that they are playing in many companies. Over the years, accounting has evolved from simply tallying of figures to the strategic function of making sense of the business and financial environment. Witness the remarkable rise of the Chief Financial Officer (CFO) in today’s corporate landscape.
3) Regional Developments Will Strengthen Singapore’s Importance As A Banking and Finance Hub
As a major business hub, Singapore is expected to benefit from Asia’s rise as a key growth region. One key development is the formation of the Asean Economic Community (AEC) in 2015, which looks to join ASEAN member countries as a single market and production base and catapult the collective entity to become the fourth largest economy in the world by 2030.
All in all, whether it’s Singaporean companies expanding through the region to capitalise on opportunities or international companies leveraging on Singapore as a gateway to the region, the banking and finance sector stands to be a major beneficiary of Singapore’s important position as the business epicenter of the region.
4) Banks in Singapore Are Still On The Lookout For Talent
According to the Department of Statistics, the financial and insurance sector here continued to ramp up hiring in 2016, despite the sluggish economy. In fact, the number of financial sector employees say a big jump of 14 per cent or 23,400 from 167,300 in 2015. Many of the banks were hiring to fill vacancies in sales, technology and compliance, even as the industry undergoes significant transformations.
One area within the financial sector that may see the creation of new jobs is the emerging fintech scene. In many ways, Singapore has set its sights on becoming the Asian leader in fintech and initiatives are underway to spur the development of promising fintech startups. The move is a smart way allowing the Republic to stay nimble and capitalise on the growth potential of fintech, while staying ahead of any potential disruption to its offshore banking and wealth management business.
While the global economic landscape has seen significant changes in recent years, key business trends and regional developments look set to spur the continued growth of the accounting, banking and finance sectors for some years to come. Find out more about our diplomas in the area, which are available on both a part-time and full-time basis.All content is produced and published by IMPACT! Brand Communications.