Good news for finance, accounting job seekers

Good news for finance, accounting job seekers

Zeinab Yusuf
Mon, May 11, 2009
The Business Times

THINGS may start looking up by the end of the year for finance and accounting industry workers, according to a survey by Morgan McKinley.

Fifty-three per cent of employers in Singapore believe that financial and accountancy recruitment will start to increase before year-end, the survey found.

Conducted in March this year, it polled 120 senior human resources and hiring managers in financial services and other commercial organisations.

Although the outcome suggests a note of optimism, the managing director of Morgan McKinley Singapore, Jeremy Canning, said: 'Given business' current focus on cost-savings and efficiency, it is likely to be a steady rise over several months rather than an overnight surge in hiring activity.'

Despite lower hiring levels right now, there is still demand for professionals in niche markets, Mr Canning said.

'In Singapore at the moment, there is still some demand within the wealth management space, as well as in risk and technology from both financial institutions and industry,' he said.

If Singaporeans can hold on a little longer, the finance and accounting industry may bounce back up and spur demand for professionals in the field, according to those surveyed.

Almost nine out of 10 employers believe that there will be an increase in demand for financial services and accountancy professionals within the next 18 months.

The survey also provided some interesting insights into employer perceptions on salaries. Despite the increased competition in the market for fewer jobs, basic salaries are likely to remain as they are.

Seventy-three per cent of employers polled expect basic salaries offered to new recruits to their business to remain the same in 2009.

This is because 81 per cent of these employers believe that it is just as difficult (47 per cent), if not more difficult (34 per cent), to find the right candidate for a job than it was a year ago.

The survey also found that employers are positive about their own staffing plans for the rest of this year.

Fifty-one per cent expect their firms' recruitment activity to remain at current levels while 29 per cent expect it to increase in 2009.

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