Whether you’ve graduated or not, when mentioning your interest in the banking and financial services industry, you might’ve been faced with plenty of questions. Namely: “Which bank do you want to work for?” to “Are you going into insurance or wealth management?” or even whether you’re considering going into loans.

Except, while banks and insurance institutions are very visible and viable areas of work, they’re not the is-all-and-end-all in this sector. In fact, there are plenty of other options out there!

For example, there’s underwriting, which assesses the degree of risk of insurers’ business (and has nothing to do with writing underneath anything), as well as reinsurance, which helps protect the insurance carrier in the event of a large loss.

Although these roles might be overshadowed, they’re still considered a crucial part of the industry. In fact, they’re as essential as the nation-wide financial regulations – another area of work in the industry – the Monetary Authority of Singapore (MAS) sets to ensure financial services rendered remain fair and safe.

There are many other areas to explore, so join us as we go into detail below!

Banking

Banking employers in a nutshell: In Singapore, the most visible full banks are local giants DBS Bank, POSB Bank (part of DBS Bank), OCBC Bank and UOB. They’re all able to provide the full range of financial services – retail, commercial and corporate banking – under the Banking Act.

But they’re not the only ones. Selected foreign banks can offer full services to consumers and businesses as well, though not in the Singapore Dollar (SGD). These banks include CIMB Bank (Malaysian Ringgit), Credit Suisse (Swiss Franc), Deutsche Bank (Euro) and Mizuho Bank (Japanese Yen).

There are also other foreign banks who are able to offer most commercial banking services in Singapore. Examples include ICICI Bank, Standard Chartered Singapore and the Bank of China.

Graduates can find roles ranging from those in customer service in the front office, to finance IT in the back office. Employment options also span choices from full-time roles, to part-time ones that are paid per hour, contract and interim roles.

Retail banking

Also known as consumer banking, retail banking primarily focuses on individual customers rather than companies. Retail banking helps customers safely manage their money by way of products (savings accounts), financial services (bonds, loan organisation, bank overdrafts, mortgages) and providing expert advice. It also facilitates the movement of funds through payment mechanisms and applications, like PayLah! and PayNow.

Retail banking can be found in all local banks, as well as wholesale banks, although it’s worth noting that the latter banks don’t deal in SGD.

Some roles you can consider: The most visible ones are those of a customer service officer, bank teller and retail banker. But they’re not the only options available! If you like to interact with customers and advise them on the various types of financial services the bank offers, you can consider applying to the roles of relationship manager, financial advisor, loan officer or mortgage advisor.

If you don’t want to get into the financial side of things, there’s the position of bank marketing representative to consider. Otherwise, if you have good skills in IT (or your qualifications are IT and technology-related), you can instead apply to become a data processing officer, and maintain the bank systems, terminals and security.

Alternatively, if you have enough experience, and have been with the bank long enough, you can work towards becoming a branch manager, or even the regional manager. In those positions, you’ll be in charge of overseeing staff management, as well as sales and marketing campaigns. As a regional manager, you’ll also supervise the bank branches in parts of a country.

There are certainly more roles than those listed here, like financial clerk, but these are a good start!

Fast fact: Although the terms are used interchangeably, bank tellers aren’t retail bankers or vice versa. Tellers are the ones who typically service customers, from opening savings accounts, to banking cheques and cash withdrawal and deposit.

Bankers, on the other hand, are more on the financial sales and management side of things, and usually need to pass licensing exams, as they handle matters that range from selling insurance and securities, to applications for loans and credit cards.

Skills needed: Roles in retail banking tend to require skills that span those of bank teller, banker and customer service officer. In other words, the skills you’ll need are:

• Ability to follow rules and laws closely
• An eye for detail
• Diligence
• Good IT skills
• Initiative and high self-motivation
• Problem-solving skills
• Solid numeracy skills
• Strong communication and interpersonal skills

Commercial banking

Commercial banking, otherwise known as business banking, offers some of the same services that retail banks do – savings accounts for individuals, loans and basic financial services like personal loans and mortgages. But unlike retail banking, they also offer small- and medium-sized enterprises (SMEs) corporate-oriented account services (treasury management, corporate insurance) and loans (credit card).

While most individual consumers maintain accounts in local full banks, there’s also the option to maintain an account in wholesale banks like ANZ Singapore. You can even have an account in an offshore bank, like the Agricultural Bank of China!

Some roles you can consider: As commercial banking straddles the line between individual consumers and businesses, you can find the roles of customer service officer, bank teller and retail banker in commercial banking. You can even be a loan officer or mortgage advisor, with much the same job responsibilities!

At the same time, there are also very different roles available, like that of a business credit manager. Business credit managers oversee credit, as well as the collection of, in companies. Otherwise, other jobs that hold the same title in retail banks – such as business development executive, product manager and bank marketing representative – can have completely different areas of focus.

For instance, instead of raising awareness of new bank products among individual customers, you might target small businesses with marketing strategies that have been altered accordingly. Similarly, credit analysts don’t necessarily only study potential individual borrowers – they analyse businesses, as well.

There’s also the option of working towards the positions of branch manager, or regional manager.

Fast fact: Commercial banking is vital to the economy, as it provides and earns interest from business loans, personal loans and mortgages. This ensures liquidity, credit and capital in the economy.

Skills needed: The skills needed for commercial banking are very similar to those needed in retail banking. It’s not a surprise, considering how close they are in some cases!

• Ability to follow rules and laws closely
• An eye for detail
• Diligence
• Excellent communication and interpersonal skills
• Good IT skills
• Initiative and high self-motivation
• Problem-solving skills
• Solid numeracy skills
• Strong knowledge of both individual and company likes and dislikes

Corporate banking

Corporate banking, or business banking, only serves businesses. These companies run the gamut from SMEs (local company Four Leaves Bakery) to multinational corporations (MNCs like Unilever. While corporate banking and investment banking can take place under the same umbrella bank (Citibank, DBS Bank), take note that corporate banking is not investment banking.

Services in corporate banking usually include fixed capital requirement financing, corporate cash management, corporate loans and treasury and credit services.

Some roles you can consider: Corporate relationship managers are usually involved with client acquisition and management, and act as the liaison for companies who want to access the bank’s products and services. Most of the time, corporate relationship managers tend to specialise in companies of specific sizes (SMEs, regional companies, MNCs) and industries (healthcare, mining), as they must have solid knowledge of the products geared towards said companies. Other times, corporate relationship managers may only focus on a particular area, like corporate loans, for all companies.

Areas unique to corporate banking are that of a corporate loans business manager, who deals with company loans and collection, loan customisation and, if the loan is for millions, may pitch “syndicated loans” with other banks to share the risk and loan. Meanwhile, corporate actions analysts help companies retrieve all information regarding a potential action, and execute instructions as they go about it. They may also reconcile discrepancies in information or instructions.

On the other hand, corporate transaction bankers deal with company trade finance and cash management to ensure company financial stability, treasury management and foreign exchange management. Commercial real estate analysts look into a company’s estate, debt and equity structuring, real assets and portfolios.

Other areas include corporate finance manager, documentation manager and corporate wealth manager.

Like in retail and commercial banking before, there are some roles that carry the same title, but come with vastly different responsibilities. These include banking analyst, credit analyst, business development executive, product manager and bank marketing representative. Similarly, you can also work towards becoming a branch manager or regional manager. However, for all the roles listed here, take note that instead of focusing on individual consumers, you’ll have to focus on company needs and wants.

Fast fact: By helping companies grow their businesses, corporate banking plays a vital role in economic expansion.

Skills needed: Some skills needed are close to that of retail and commercial banking. But there are other unique ones, too!

• Ability to follow rules and laws closely
• An eye for detail
• Diligence
• Good numeracy skills
• Initiative and high self-motivation
• Problem-solving skills
• Solid and extensive product knowledge
• Strong communication and interpersonal skills

Financial services

Financial services in a nutshell: At its core, financial services are the economic services the finance industry provides clients. These services are usually found in banks and institutions that manage money, insurance, credit cards, individual and company finance, stock brokerage and investment fund management.

Financial services employers in a nutshell: If working in a bank isn’t for you, there are other regulatory bodies (Monetary Authority of Singapore (MAS)) and firms that specialise in certain areas of financial services, such as underwriting and actuarial consulting, that you can consider. Firms that specialise in financial services also provide clients – corporate (full and wholesale banks like OCBC Bank, and MNCs like Nestlé) or otherwise (individual consumers) – with a spectrum of financial services on a day-to-day basis, as well as advice.

The benefits of going into financial services are many, like a more sustainable work-life balance, though the sector can be intensely competitive.

Companies you can work for: Financial services don’t always equate to having to work in insurance institutions like AIA and AXA, who focus a lot on services for individuals. In fact, there are fund management firms like Fullerton Fund Management and SEA Asset Management, which concentrate on customised financial solutions for both companies and individuals.

If you want to trade on the stock markets for clients, there are brokerage firms like Interactive Brokers Singapore and Tiger Brokers. Other financial services (bookkeeping, tax planning, auditing) are covered in accounting firms that can span from the Big Four (EY, KPMG, Deloitte, PwC), to smaller, more specialised boutique firms (Corporate FinEdge, DexinAssurance).

But if you would like to integrate your financial knowledge with designing business keyhole solutions and project management, you can join consulting firms like the aforementioned Big Four, or smaller ones like Bizsquare Management Consultants and Avant Consulting.

Some roles you can consider: There are a wide range of roles available if you want to enter the financial services sector, from those in the backroom (finance controller, insurance underwriter), all the way to the more visible ones in the frontroom (financial analyst, finance manager).

In the backroom, the finance controller oversees and manages all finance-related departments in a company, from accounting and finance, all the way to audit and budgeting. They usually perform financial audits for the company, and write up reports like revenue forecasts, financial statements, tax compliance and risk assessment.

Meanwhile, insurance underwriters analyse the risk an institution has the potential to run into when insuring both assets and people, and use the risk factor to establish the premiums needed for insurance. They normally use specialised software and actuarial data to help them in their task.

Financial analysts in the frontroom, however, use their skills and know-how to interpret data, and use the resulting information to help clients make business decisions and identify potential opportunities. Because the role often opens doors to other parts of the financial services sector (like that of financial management), it’s very coveted. So, if you’re planning to become a financial analyst, be prepared for stiff competition both in your job search and among other analysts when you start work.

Many financial analysts move on to the position of financial manager later (as mentioned before). Typically, they play a big role in the financial health of a company by advising senior management on profitable ideas. On top of that, responsibilities also include the creation of financial reports and developing plans that are aligned with the long-term financial goals of the company.

If you want to enter the financial services sector, but don’t want to dabble in finance or numbers, there’s also the option of going into finance IT. With the Digital Revolution in full swing, most, if not all, financial institutions are moving online, whether it’s on a website or full-fledged phone application complete with secure payment systems (like NTUC Income). As such, there are many opportunities available for IT and technology graduates looking to make their mark on the financial services industry!

These are just some roles available to you in the financial services industry – there are many more out there, like fund management, compliance management, project management and operations!

Fast fact: There are more than 170,000 people working in Singapore’s financial services industry. Altogether, they accounted for 13.3% of local GDP in 2019!

Skills needed: Due to the wide range of services the financial services sector provides, a diverse set of skills are needed:

• An eye for detail
• Basic to solid IT and technology know-how
• Diligence
• Good numeracy skills
• Initiative and high self-motivation
• Problem-solving skills
• Solid market knowledge
• Strong communication and interpersonal skills