Overall the hiring trend for contracting within banking and financial services remain relatively active, with many organisations looking for contractors within the compliance, KYC, settlements, relationship management and financial/regulation reporting spaces.
Much of the hiring demand for contractors stem from the following reasons:
- Increase in regulatory requirements
- Focus on banking projects - new system, enhancement or streamlining
- Unable to secure perm headcount for replacement roles
- Employees going on maternity leave
The industry is also turning to contracting to ensure that they hire the right people. Banks would typically hire contractors with the intention to "test" them out before converting them into permanent employees. The reason is because it can get pretty messy and costly for the business to terminate an employee if he or she is unable to pass probation.
Contract tenures are also kept relatively short, with many within the 3 to 12 months range. This would give the banks scalability in their workforce while having the option to potentially convert proven contractors to permanent employees once headcount becomes available.
We expect to see the contracting market within the banking & financial services sector to remain buoyant and continue on an upward trend.
banks are looking for:
- Experienced contractors who are able to hit the ground running
- Graduates who have no working experience and strong learning agility
- Positive work attitude
what contractors can earn:
- Approximately S$2,300 per month for entry level positions
- Up to S$12,000 per month for senior level roles
contracting opportunities in the market:
KYC and remedial roles Opportunities for candidates with vast KYC knowledge and experience to advise and resolve any outstanding issues with internal stakeholders
settlement roles Opportunities for senior banking contractors with strong settlement knowledge in various asset classes such as FX, equities, bonds and derivatives.
relationship management Candidates with experience as Assistant Relationship Managers, particularly in the areas of wealth management as well as corporate and institutional banking space.
accounting roles in regulatory or head office reporting To support new or additional reporting requirements or manage system testing for the automation of reporting processes; help the bank improve their reporting processes and ensure they remain compliant to changing regulatory requirements.