It’s clear that the global financial services industry, and recruitment within the sector, is experiencing unprecedented conditions. Compared with London and New York, the Asia-Pacific region has been slightly more sheltered from the fallout from the global credit crisis. However, the last few months have seen hiring volumes in Singapore and Hong Kong slow considerably, and competition between candidates for available jobs has become fierce.

Financial services employers in Asia now have a much wider pool of talent to choose from, so experience at a large European or US investment bank is no longer enough to make you stand out from the competition in Singapore or Hong Kong. Many employers are now looking for individuals with some Asian markets experience and a command of local languages, such as Mandarin and Cantonese.

With the tightening of the job market and an influx of individuals looking for new roles, features we had become accustomed to – such as multiple job offers, salary bidding wars and golden handshakes – are much scarcer these days. As this new phase in the recruitment cycle takes over, a different approach to marketing yourself is called for when applying for opportunities. Attention to detail and being proactive are vital if you want to really set yourself apart.

Get real on pay

Being flexible and realistic about your expectations is one way to put yourself ahead in the current climate. Look at opportunities outside your traditional area of expertise, particularly if that area is investment banking. For example, investment bankers may consider a move to the buy side. Likewise, wealth management and private banking are some of the strongest growth areas in Singapore and Hong Kong at present. While the requirements can often be onerous, the rewards can also be great.

Basic salaries are still competitive in the Asia Pacific region, but individuals need to be realistic about their expectations. Inevitably, when there are more candidates than jobs in the market there is going to be a deflationary effect on salaries. Similarly, the exceptional compensation packages which were offered a year or two ago are becoming fewer and further between.

Have three CVs

Tailoring your CV to match a particular job description is vital. Employers want to know not just what you did in the past, but also that you can do what they are asking for in the future. So, try and match each requirement of the role to a skill set or experience that you possess. Remember to keep jargon to a minimum if you want to get through that first stage.

Likewise, it is often a good idea to have two or three tailored CVs for specific roles or sectors. For example, you could have one which highlights investment banking middle-office experience, another emphasising fund accounting and client-servicing experience, and a third demonstrating expert project management skills. This way, you’ll be able to just tweak the most relevant one rather than rewriting your CV each time.

Show them the money

For obvious reasons, individuals who can demonstrate profit-generating or cost-saving skills are highly sought after in the current market. For example, if you were involved in improving business controls, to what extent was this successful? How was it measured? Can you put a currency value to it? A future employer will be much more interested if you can demonstrate that you were personally involved in a step-change in specific project savings. Perhaps you contributed to the top line? If you are running clients or a certain book or portfolio, how much of this revenue might your potential employer benefit from?

Get networking

Given the current climate, it is imperative that individuals are proactive in their job search. Networking is arguably the most effective way to seek out the best roles, so do everything you can to speak to people about what opportunities are in the market. Make sure you keep in regular contact with professionals currently working within the sector, as well as specialist financial services recruiters. In the case of recruitment consultants, their inside knowledge and understanding of their clients’ needs can be critical in ensuring you say the right thing to the right person at the right time.

Richie Holliday is the managing director of Morgan McKinley’s Hong Kong office.