Forget sub-prime, banks still want you!
Singapore business schools say 2008 graduates can look forward to a bumper year for i-banking recruitment.
Confidence is high at Singapore universities that recent market events have not dampened the banking sector's appetite for business graduates.
According to one university business school, demand for graduates across the financial services industry is to increase by up to 20% next year. Experienced staff, rather than new starters, are likely to bear the brunt of any job cuts.
Christina Soh, associate dean of the business school at Nangyang Technological University (NTU), says: "Many premier banks which came for recruitment at NTU confirmed they are sticking to their original hiring plans. Local banks are also taking in more management associates."
Opportunities abound across the board, according to Joan Tay, director of the careers services at National University of Singapore's business school. Says Tay: "Middle and back offices are looking to hire large numbers of graduates and there are also more opportunities in private wealth management, sales and trading."
Professor Soh advises that banks look for three qualities in prospective employees. "They highlight the importance of flexibility and working extended hours, strong people skills and the ability to pick up the language of trading, finance and markets quickly."
"Recruiters like candidates who are both analytical and creative," adds Tay. "It is important for graduates to show personal initiative, be a good team player and to exhibit a high level of integrity."
For those that do, Singapore universities have seen some graduates recruited as early as nine months before graduation, with the private banking sector often at the front of the hiring queue.
"The overarching advice has been to develop a sense of trust with clients," says one hire. "In addition to developing one's softer skills private banks also require technical skills. You need to know the investment product well enough to sell with full conviction."
