Benefit of being local whilst searching for Banking job

[Moonman01]

Hi,

I'm an experienced banking business analyst considering a move to Singapore.

However, im unsure if its best to take the plunge and move then do the job hunting locally or continue searching from UK and only move once (if) i get a job.

Also what difference is this likely to have in terms of package, if i am already in Singapore is it likely i might get a decent expat package?

appreciate your comments.

[JayCee]

Expat packages are pretty much non-existent nowadays, unless you're an MD or CEO, so wouldn't get your hopes up on that point. Whether they recruit you from abroad or you're already in Singapore, the likely only difference will be them paying for a flight and a month's accommodation for you, salary won't change.

Plenty of banking jobs in Singapore, and plenty of the multinationals will recruit from abroad with telephone interviews and face to face meetings in the local office where you are based (as you're in the UK it should be pretty easy for you to go to an interview in a bank's London office before they send you over to Singapore).

Just keep your eyes open and check the job boards, but be patient as it may take a few months until something suitable comes up that you're qualified for (you don't say how many years and what area of business analysis you are in)

[Moonman01]

Thanks JayCee,

[slayerk2000]

Plenty of banking jobs in Singapore, and plenty of the multinationals will recruit from abroad with telephone interviews and face to face meetings in the local office where you are based (as you're in the UK it should be pretty easy for you to go to an interview in a bank's London office before they send you over to Singapore).

I was at two job fairs recently and I think it was HSBC that said they didn't take on foreigners because banking was to do with money issues. I know that's BS but maybe their 'foreigner' quota was up. I know AIA insurance definately don't as they approached me when I walked in the door and first question was SG/PR?

I don't know much about the banking scene here or anywhere, but I'd suggest getting sent from an overseas office would yield better results than applying here. just my .02c

[JayCee]

I was at two job fairs recently and I think it was HSBC that said they didn't take on foreigners because banking was to do with money issues. I know that's BS but maybe their 'foreigner' quota was up. I know AIA insurance definately don't as they approached me when I walked in the door and first question was SG/PR?

I don't know much about the banking scene here or anywhere, but I'd suggest getting sent from an overseas office would yield better results than applying here. just my .02c

If you're talking about retail/branch banking then I'd agree, and those are the kind of jobs they're usually advertising at job fairs here, you don't see many (if any) corporate or investment banking jobs at those kind of things.

Retail/branch banking are not going to take on foreigners as that job is about face-to-face contact and you need to know your customers, so locals will clearly be better as it's their culture and people that they're dealing with. Same goes for insurance salesmen.

For a business analysis job in an investment bank though (OP - do you have IB experience?), that would be based in an office somewhere with likely no external customer interaction so foreigners would be ok, indeed a company like HSBC will undoubtably have a large amount of foreigners working for them here (it's a foreign company after all).

[BillyB]

Personally, I think you'll get far more traction if you are on the ground here in SG. Of course, that's if it is financially viable to do so. Faiing that, connect with headhunters and get your profile out there.

Depending on your experience as a BA - front office exposure in particular across trading platforms, post trade processes, settlements etc. will make you stand out as there always seems to be a slant towards an IT bias as opposed to people with a more equal blend of IT and market knowledge.

If you are looking for a move, I'm guessing your contract is due to finish. If not, the first port of call would be your internal job board and see what they have open in SG or HK.

The market in SG is quite slow at present. There is a lot of noise about grandiose hiring plans but not much happening from what I understand. Maybe the exception is IT, with the likes of StanChart and some of the lower tier guys building out front office here.