Moving to a new Singapore banking job in your early 30s should, in theory, be easy enough. You’ve clocked up several years of valuable experience, yet you’re not expensive enough to be a drag on profits.
But in reality your scope for making a mid-career move in the current market depends a lot on which part of Singapore financial services you’re working in.
To help you decide whether your job search will be worth the effort, we compared the amount of Singapore-based vacancies to the number of local CVs on our database in the seven-to-10-year experience range across 18 key finance job functions.
If you’re in one of the sectors towards the top of the chart, you will face the least competition from other candidates. If you’re at the bottom, you might want to stick in your current position.
Mid-career quants have the ‘easiest’ time finding a new job in Singapore – there are just eight Singapore-based candidates on our database for every available job in the city state. Continued demand for analytical skills and a high academic barrier to entering the profession have created a perpetually tight job market.
The chart shows that skill shortages in risk have not gone away for people with between seven and 10 years’ experience, although they have eased up in compliance.
While the job market remains depressed overall in capital markets, the function appears towards the top of our mid-career chart because investment banks are hiring and promoting senior analysts and VPs as they let go of costly directors and MDs.
The high ranking for hedge funds and private equity reflects the relatively small pool of people in Singapore with buy-side expertise already on their CVs.
The bottom of our list shows the impact of recent redundancies in banking, which have reduced vacancies and increased the number of unemployed candidates. Fixed income and commodities – two sectors particularly affected by job losses at global banks – have high ratios of 55 and 65 respectively.
It’s even worse in equities – you’ll be competing with 78 other candidates if you look for a job in Singapore now, according to our data. Several banks, most notably Barclays, have culled or trimmed their equities teams in Asia over the past year as their struggle for profitability.
Operations brings up the rear of the chart. The devastating effect of offshoring of back-office roles away from Singapore means 30-something operations staff face the most difficult job market of all.
Image credit: RuthBlack, Getty