Singapore’s prime location in the heart of Asia makes it an ideal place for investors to trade and do business in; as well as strengthen connections to countries in the region.
According to the Monetary Authority of Singapore, our country is home to over 200 financial institutions, a growing number of which have also chosen to base their operational headquarters here to service their regional group activities. Hence, it is no surprise that driven, ambitious and highly-educated individuals flock towards the banking and finance sector, given its lucrativeness and slew of opportunities available.
Professions In The Sector
Auditors are responsible for detecting fraud and clerical errors; as well as minimising the bank’s operational losses. High-level auditors are certified accountants who audit whole banking divisions.
Analysts are commonly found in banks, brokerage firms and money management firms. They are usually responsible for preparing, reviewing and distributing financial reports; as well as analysing results, assisting in budgets and forecasts, identifying trends and giving recommendations to improve a company’s financial status.
Finance executives oversee a company’s cash flow by managing income, expenses, investments and other monetary transactions. Ultimately, they ensure that the company remains profitable in the long run.
These employees are at the frontline and have the most exposure to customers. They accept deposits, cheques and handle various customer service issues. Generally, teller roles are entry-level positions, but bank tellers are able to rise up the ranks to become the head teller and eventually assume a supervisory role.
Loan officers play a key role in ensuring the bank’s continued growth, simply because banks generate profit by issuing loans. Loan officers are also responsible for opening transactional accounts, such as savings or current accounts for customers.
Licensed brokers are typically employees of a division of the holding corporation that owns the bank. These investment officers or licensed brokers have to pass a series of licensing exams before they are able to sell mutual funds, stocks and other securities. Investment officers receive commission for securities sales on top of their basic salary.
TOP 3 Traits That Will Pay Off
‘Wall Street never sleeps’ - this popular saying is evolving into an idiom. It simply carries the connotation that the finance world moves at the speed of light, and if ‘you snooze, you lose’. In a climate like that, one cannot afford to lag behind and wait for miracles to fall into your lap. You have to get up, get out, and get going. Derive means to attain what you need and make something happen. If you cannot find a solution, create one. If something is not working out, approach it from another angle. To exemplify this trait, it boils down to creativity, pro-activeness and flexibility.
Speaking of Wall Street and what it represents, another certain trait of finance is uncertainty. There is no knowing when numbers will surge or markets will crash. Anything can happen overnight and it could radically change the financial world as we know it. Thus, it is crucial to don an armour of adaptability and steeliness should you want to excel and last in this industry. Storms will come and the only way to weather them is to stay mentally tough and understand that tough times will not last.
Banking and finance is basically and essentially a numbers game. Numbers, statistics, data, facts and figures dominate this field. It punctuates every sentence and dots every graph. It is almost impossible to escape the ‘bottom line’ in every situation. It is not only acceptable but necessary to be result-oriented and inhabit a growth mindset. Start with end goal in mind and then work backwards on how you are going to achieve it. Always keep your eyes ‘on the prize’ and it will fuel the drive and motivation that you need when the going gets tough.