gradsingapore's Employer Soundbites aims to share quick thoughts from employers on current industry trends, hiring insights and useful tips for fresh graduates looking to kickstart their career on a high note.
About the interviewee
Lione Teo is an Audit Assistant at Smalley & Sims PAC. He holds a Diploma in Accounting from SIM, and has intimate knowledge about the financial industry, particularly in the sector of fiscal auditing from his extensive work experience.
What are some of the most important developments in the finance world that graduates should pay attention to?
AI and technological advancements have been transforming finance in multiple sectors, assisting companies in gaining competitive insights and reducing costs with analytics and automation relying on AI. There is also a growing diversity in investment options beyond traditional avenues, from sustainable finance to digital assets such cryptocurrencies and DeFi. These shifts offer companies new ways to diversify investments and drive growth, and staying informed about these growing trends that are shaping the industry may aid graduates in the long-run if they do decide to continue in a finance-centric work environment.
What emerging skills or technologies do you believe will be most important for finance professionals in the next 5–10 years?
Automated software tools are advancing every year, and knowing how to use them effectively will likely be crucial for finance professionals in the coming years. As software grows more powerful, professionals skilled in leveraging these tools will be more efficient and strategic, making their adaptability essential as technology shapes the finance industry.
AI is becoming more widespread across all sectors, including finance. What steps have you taken to adjust to AI’s capabilities in your job?
We have integrated AI tools like ChatGPT to address uncertainties in our work. For example, using it to clarify complex formulas, find specific information, and assist with documentation. This support streamlines tasks, saves time, and allows us to focus more on analysis and decision-making. By leveraging AI in these ways, we hope to enhance efficiency and ensure accuracy in areas where quick assistance is valuable.
What challenges do you foresee fresh graduates facing in the finance industry, and how can they overcome them?
Many fresh graduates entering audit and assurance may expect long hours and a heavy workload, which is partly accurate. However, it's important not to feel overwhelmed. The initial tasks are generally straightforward but repetitive, and they can feel time-consuming if you’re uncertain of the steps involved. To overcome this, don’t hesitate to ask for help or clarification on things you're unsure of. Reaching out can make tasks quicker and help build confidence, making the workload more manageable as you adjust to the pace of the industry.
Hybrid and remote work is changing the way people work. How have you and your organisation adapted to this new norm?
My company is relatively traditional, so working from home isn't yet the norm for us. However, I’ve seen many companies implement hybrid and remote work effectively by trusting their employees to manage their responsibilities independently.
ESG and green finance is an up and coming sub sector of the financial industry. What are some key things graduates should know about that area of finance?
My experience primarily involves working with SMEs in Singapore and some international companies with offices here, so my exposure to ESG and green finance is somewhat limited. However, one key takeaway is that finance ultimately revolves around value. If there's growing interest in sustainability and it presents profitable opportunities, businesses will naturally take notice. For graduates, this means understanding that as demand for green initiatives increases, so will the financing options, regulations, and investments geared towards sustainable practices, making it a promising area to watch.
Do you have other advice for graduates to succeed in their finance career?
Do your work well and get along with your colleagues. If you ever need help, these colleagues may be able to lend you a hand.
