Regulatory reporting expertise and knowledge of frameworks is key to employers in the banking and financial services industry when considering new hires, according to recruiting experts Hays.
“We see a higher demand for candidates with strong knowledge of some of the more recently implemented regulatory frameworks such as Volcker Rule and Basel,” says Lynne Roeder, Managing Director for Hays in Singapore.
Fast-evolving regulatory frameworks in Singapore are driving the demand for accounting and finance professionals with compliance experience. “A background in compliance such as FACTA, DODD FRANK and MAS, will be highly favored by employers as these professionals are needed to assist banks in achieving critical compliance implementation deadlines in 2017/2018,” Lynne explained.
As the third line of defense, internal audit is another key hiring area, with some businesses willing to consider less experienced candidates with a background in Big 4 audit firms for traditionally more senior roles.
“Hiring can be challenging as many accountancy and finance professionals are not active job seekers,” Lynne said. “These candidates are willing to wait for the right opportunity to come knocking, often opting to wait out the financial year. Businesses have to evolve their sourcing methods as advertising via digital channels is gradually less effective within this talent pool.”
Despite the small talent pool in Singapore and intensive competition for talent between companies, employers remain cautious and selective during the interview process.
Buoyant recruitment market
“This quarter will see a buoyant recruitment market for accountancy and finance professionals in both financial services and commerce, but it is not without careful consideration by employers,” Lynne said. “Hiring cycles have lengthened, interview processes are longer, and offers and salaries are just as closely managed.”
Professionals with a robust career history, lengthy terms with former employers, and strong communication skills will have a considerable advantage for their stability and ability to build and maintain stakeholder relationships.