Junior banking professionals in Singapore have a reputation for being job hoppers. Banks in the city state say too many graduates leave them as soon as their traineeships end (or even earlier).
But in the current employment market is it really worth quitting a junior banking job after just a year or two? Your scope for making your first career move actually 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 one-to-three-year experience range across 17 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 with the firm that hired you as a graduate.
Young quants have the ‘easiest’ time finding a new job in Singapore – there are just five Singapore-based candidates on our database for every available job in the Republic. Continued demand for analytical skills and a high academic barrier to entering the profession have created a perpetually tight job market.
Private equity ranks next in our list. PE firms like to target candidates who’ve already worked in the sector, but few juniors in Singapore have PE experience and those that do are therefore highly sought after.
While junior demand in compliance is only moderate, it remains strong within risk management. If you have up to three years’ experience in that function, recruiters in Singapore will want to hear from you.
By contrast, our chart shows that juniors in front-office banking functions – from FX and money markets to commodities – will face at least 19 other candidates when they look for work.
Their difficulties are partly seasonal (more vacancies will open up after Chinese New Year), but the results also suggest that the current ‘juniorisation’ phenomenon (young bankers replacing costly seniors) is driven more by internal promotions than external recruitment.
Unsurprisingly, given that low-ranked jobs have borne the brunt of offshoring away from Singapore this year, the operations (28 resumes per role) and technology (35) functions both lie towards the bottom of our chart.
Image credit: JohnnyGreig, Getty