Banking Industry in Singapore

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Banking Industry in Singapore

1. Graduate Employability

Graduate employability entails a set of aptitudes, attainments, comprehensions, and individual attributes that increase the probability of graduates securing employment and succeeding in their selected careers and occupations. Higher Education Institutions in Singapore have enhanced graduate employability by understanding the global and international labor markets demands and offering prospects that can assist equip students with the needed skillset (Low et al., 2019). Singapore is among the Asian countries with the highest graduate employability rates, with many of its graduates securing employment locally and internationally.

Based on research executed by the annual Joint Autonomous Universities Graduate Employment Survey conducted in 2021, there was an increase in the percentage of university graduates that secured permanent employment six months after completing their studies. According to the research, the graduate employability in Singapore rose from 69.8 percent in 2020 to 84 percent in 2021. Nonetheless, the graduate employability in the country in 2021 was relatively lower than in 2019 (Teng et al., 2022). The full-permanent employment rate for newly graduated individuals was 81.7 percent on 2019. The reduction in Employability in the country in 2020 can be attributed to the adverse impacts of the Covid-19 pandemic in the country and globally.

The increase in graduate employability in 2021 can be associated with the country’s economic growth after recovering from the economic depression caused by the pandemic. The general salaries and employment rates amongst individuals that graduated from tertiary institutions increased in 2021 from2020 as per the Universities Graduate Employment Survey executed in February 2021. Additionally, there was an increase in gross monthly wage/salary amongst newly graduates in permanent and full-time jobs to $3800 in 2021 from $3700 in 2020 (Teng et al., 2022). In 2019, the gross monthly income was roughly $3600. Ultimately, research on post graduate training suggested that 98.1% of graduates who underwent job training in 2021 secured permanent employment.

2. Analysis of Banking Sector in Singapore

2.1 Graduates Job Availability/ Types of Jobs

Banking is among the most in demand sectors in Singapore. The country’s position as a leading international financial center is insightful of the primary duty that the finance and banking sector holds in the money market. Singapore is strategically positioned in Southeast Asia, making it more suitable for international investment and investors. Indisputably, technological advancement and disruption is changing the manners of business operations; it has greatly impacted the banking industry. For instance, the growth and development of financial technology has led to an upsurge in finance and banking related jobs in the country in recent years (Abbasi et al., 2018). Moreover, with many Singaporeans being active on online platforms, the country’s finance and banking sector is anticipated to change for the digital future of tech-savvy...