Introduction

1. Good morning! A warm welcome to IBF-SSG Jobs and Skills Fair for the Financial Sector.  

Overview of Financial Sector

2. Whether you are new to the financial sector or already a finance professional, the sector offers exciting career opportunities.

3. Let me share a few data points:

• The financial sector accounts for 14% of Singapore’s GDP¹ and close to 200,000 jobs.²
  
  
• The median gross monthly income of full-time employed locals in the financial sector is $8,190³ – 60% higher than economy-wide median gross monthly income of $5,070. ⁴
  
  
• The financial sector is projected to create 3,000 to 4,000 net jobs annually and achieve average growth of 4-5% annually from now till 2025. ⁵ 

However it is not just about well-paying jobs. The financial sector plays a pivotal role in helping companies grow, individuals in their financial planning and catalysing sustainable developments. It is also a high innovation sector where technologies such AI and blockchain have been deployed to transform many services, payments. 

Trends shaping the Future of Finance

4. One purpose of this event is to create awareness on trends and opportunities in the financial sector, and how you should position yourself amidst these changes. Let me cite two key trends:

5. First, the rapid acceleration of Artificial Intelligence. I am sure most, if not all of us here have heard of or have been experimenting with Generative AI like ChatGPT.   

• According to various reports, Chat GPT was estimated to have reached 100m active users in two months after its launch, the fastest growing application in history. It took TikTok 9 months to reach this number, and Instagram 2.5 years. The big question confronting us is does this increase the risk of AI replacing human jobs?
  
  
• [So I asked ChatGPT.] It cleverly states that while AI can displace jobs involving tasks that are repetitive and routine, such as data processing, content generation or customer interaction, it is likely to create jobs that involve innovation, system thinking and working alongside AI. It will enhance productivity and create new industries.
  
  
• If history is a good gauge, technological revolutions, like the Personal Computers and the Internet, have always led to net new job creation. Thus the challenge facing us is not job losses, but skills obsolescent. As certain job roles become automated, there will be a shift in the required skill sets. Workers need to acquire new skills and knowledge to adapt to the changing job market. Upskilling and lifelong learning will play a crucial role in ensuring workers can transition to new roles, complementing the capabilities of AI.
  

6.  Another trend that is shaping the industry is sustainability as Singapore commits to net-zero emission by 2050.⁶As the financial sector increasingly adopts sustainable finance practices under the broader ESG (Environment Social and Governance) initiatives, it would impact various roles within the industry. For instance:

• Investment analysts and corporate finance managers would need to incorporate ESG factors into their analysis when evaluating investment opportunities. They would need to assess the long-term sustainability of companies, taking into account their environmental practices, social impact, and governance structure.
  
  
• Corporate Reporting and Disclosure: Professionals in roles such as financial reporting and compliance would need to ensure that companies provide accurate and transparent information on their ESG performance. This may involve developing new reporting frameworks, such as the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and integrating ESG data into financial reporting systems.
  
  
• Compliance and Regulatory Roles: As sustainable finance gains prominence, regulatory bodies may introduce new guidelines and regulations to promote responsible investing. Compliance officers would need to ensure that financial institutions adhere to these regulations and implement appropriate systems and controls to manage ESG risks.
  
• Product Development: There would be a need for the development of new financial products and services that facilitate sustainable investment, such as green bonds, impact investing funds, and sustainability-linked loans.
  

Overall, it is expected that most of the current financial sector roles would need to be complemented with sustainable finance skills and knowledge.

To assess the impact of sustainability trends on the financial sector workforce, IBF, together with MAS, is conducting a Sustainable Finance Job Transformation Study. This study will help us gain key insights on how existing jobs will be impacted and what new job roles will be created, as well as the skills that are required to support these changes. We will share outcome of the study when it is completed end of this year.

IBF Career Support

7. At IBF, we have numerous Career Conversion Programmes to support those interested in pivoting to the financial sector.

• Those keen in technology or wealth management, you may wish to consider signing up for Technology in Finance Immersion Programme (TFIP) or Wealth Management Accelerator Programme (WMAP) respectively.
  
  
• Both programmes are currently open for applications. Let me share a bit about each programme.
  

• TFIP was launched in 2019 to help mid-career individuals without the relevant technology experience to pivot to tech roles in key areas such as Agile IT Project Management, Artificial Intelligence, Business Analysis, Cloud Computing, Cybersecurity, Data Analytics, Software Engineering, and Technology, Information, and Cybersecurity Risk.
  
  
• So far, some 1,100 individuals have attended this programme with more than 70% of the trainees from 2019 to 2021 cohorts successfully emplaced in tech roles within the financial sector.
  
  
• WMAP, which was launched last year, is for those keen on relationship management roles in retail banking. It is a full-time programme for mid-career individuals to transition into a career in Wealth Management within the financial sector through structured training followed by attachment with a leading financial institution. 32 trainees have completed or currently undergoing training for this programme.
  
  
• IBF also partners with financial institutions to develop many programmes such as the Work-Study Support Programme (WSSP) and the recently launched Polytechnic Talent for Finance Scheme (PTFS). These programmes are specially curated to hire, train and nurture young talent in the financial sector.
  

Conclusion

8. I invite you to explore the diverse range of jobs and skills opportunities available at this virtual career fair.

• We have organised a line-up of skills workshops and panel discussions featuring industry leaders. Our career advisers are also available to provide career guidance and support.
  
  
• After the virtual career fair on 10^th and 11^th , we will be holding an in-person career fair, together with SSG, at the UOB Plaza on 12^th and 13^th July. There will be insightful panel discussions and skills workshops for participants to engage in. I hope you will also join us at the in-person event.
  
  
• I wish each and every one of you an enjoyable and fruitful time ahead. Thank you.