Singapore Seeks Financial Recruitment From Overseas

Talent shortage in Singapore has led banks to conduct recruitment campaigns in Europe and America, in some cases offering semi-expatriate packages to attract candidates, the survey found.

As for finance or accounting jobs in industry, 2006 pay rises ranged from 10 to 40 per cent, depending on the role and how niche the requirements are, it said.

A broad skill set is increasingly sought after. For example, there is growing demand for accountants with experience in strategy and scorecard modelling. Controllers need no longer possess the Certified Public Accountant qualification, but are expected to be able to communicate with and manage front-office traders.

As Singapore attracts a wider range of global services, companies are also demanding knowledge in fields like exotic products and Islamic banking, as well as in foreign languages.

Outside of finance, the fast-moving consumer goods and pharmaceutical industries are emerging as attractive sectors, in which senior operations managers can earn up to $220,000 a year, said Robert Walters.

Many multinationals are relocating their supply chain functions into Singapore and creating new jobs, but are planning to use foreign professionals to plug a local shortage, it said.