Money returns to Singapore recruitment

IntheBlack magazine, June 2010

Singapore’s economy has made a spectacular rebound in the last 12 month: it grew by a stunning 32.1% quarter on quarter in the first three months of this year. And this revival is being reflected in the city state’s financial job market. “I would say in banking the level of activity is up fivefold from last year,” says Elizabeth Goh, associate director at Charterhouse Partnership, the executive recruitment firm, in Singapore.

Goh says appetite is across the board but with selected pockets of intense interest, notably private banking – one of the areas hardest hit in the global financial crisis. “We didn’t see this level of interest even before the global financial crisis, when private banking was booming in Singapore,” she says. Strong candidates in these areas – which can range from pure finance to sales, back office to support – can expect “multiple offers, three or four, and the trend of recent months has been: may the best man win.” She says 40 to 50% increases on existing salaries are common.

Goh’s experience fits with the results of surveys looking at financial recruitment across Asia. 2010 studies by Ambition, the Australian-listed recruitment firm whose coverage includes Hong Kong, Singapore and China, show excellent prospects for those considering a move. Ambition reports that 74.9% of companies in Asia would consider hiring from overseas as the local talent pool diminishes, and more than 60% expect salaries will increase this year, with bonuses expected to be paid.

Asia’s attraction grows with every new European or American crisis. “Asia’s popularity as a career destination has continued to grow and throughout 2009 we experienced far greater numbers of candidates looking to enter this region,” notes Ambition, “as it is perceived to be one of the leading regions driving the global economic recovery.” Candidates from the US and UK have been in abundance, according to Ambition, though many without Asian experience have failed to make the transition.

What about the money? Ambition reckons a group CFO in banking or financial services in Singapore, with 20 years of experience, should expect to be making about S$600,000 a year; regional CFOs S$300-500,000 a year; head of audit or head of compliance from S$300,000 a year; and a senior VP for financial control, S$200-230,000 a year. These figures in the commercial sector tend to be lower: S$500,000 for a group CFO and S$200-350,000 for a head of audit, for example.

Both Charterhouse and Ambition report particular interest in the middle management level of financial control functions, and it’s no surprise that after the financial crisis positions in risk and compliance have been a big area of demand. “Now more than ever,” says Ambition, “the focus has been to attract talent that can act as a consultant to the business and add real value whilst performing a strong control function.” One red herring is ability in Mandarin: Goh says that although client-facing staff may find themselves more employable if they are bilingual, in most finance roles it doesn’t make much difference.