Singapore’s three local banks, DBS, OCBC and UOB, are all among the most aggressive recruiters in the city state this year, and an increasing number of candidates are looking to join their ranks.
But if you’re considering going local having spent your career within international firms, what do you need to know about getting hired by a Singaporean bank? Here are 11 tips to take on board before you start applying.
1. Forget psychometric tests
Here’s one thing you can thankfully cross off your preparation list – Singaporean banks rarely use psychometric tests. “They haven’t yet reached this level of sophistication,” says Stella Tang, managing director of recruiters Robert Half in Singapore. “Plus the practicality and urgency of filling sought-after jobs outweighs doing these assessments, especially if the candidate comes from a bank with a global outlook and is backed by strong referees.”
2. Go direct if you’re junior
Singaporean banks use agency recruiters at a junior level even less than global banks do, so if you’re an analyst or associate, you should apply directly to the bank or get referred (see below). “These days each local bank has a sizeable team focused purely on hiring, particularly for AVP positions and below,” says Lim Chai Leng, director of banking and financial services at recruiters Randstad in Singapore.
3. Try to get referred
DBS, OCBC and UOB have all beefed up their employee referral programmes recently as they try to take better advantage of their large local headcounts. So expand your network of contacts within the three banks and let them know you are looking to move.
4. Don’t be a job hopper
If you’ve done too many short stints at global banks of late, you may want to wait a while before you apply to a local firm. “One of the most important traits that Singaporean banks are looking for is your perceived longevity as a potential employee – so they value a stable career record,” says Angela Kuek, director of search firm Meyer Consulting Group in Singapore.
5. Don’t be a superstar
During a job interview with a Singaporean bank, mark yourself out as a team player. “By contrast to some global banks, they usually shy away from ‘superstars’ with big egos, preferring to hire steady, mature but above-average performers who won’t upset team dynamics,” says Kuek.
6. Expect fewer interview rounds at DBS, OCBC and UOB
Singaporean banks typically conduct about two fewer interview rounds than international firms, so expect about three rounds in total, says Lim from Randstad. “The whole recruitment process is generally faster than at global banks because the interviewers and decision makers are mostly all working in Singapore, so it’s easier to set up interviews.”
7. But prepare for panel interviews
If you’re not good at being quizzed by multiple managers, applying to a Singaporean bank could be a harrowing experience. “Because there are fewer rounds, more panel interviews are conducted, so you end up meeting with more people at each interview,” says Farida Charania, Asia Pacific CEO of search firm Nastrac Group.
8. Ask cultural questions
Leaving an international bank for a Singaporean one may not be as daunting as joining a mainland Chinese firm or moving to the buy-side, but don’t underestimate the differences in company culture. Be sure to ask contacts within the bank about what the managerial and working environment is really like. “For example, their culture is generally more consensus-driven and decisions will be carefully made and may take longer,” says Kuek. “Singaporean banks are generally more bureaucratic in hierarchy and rank.”
9. Stress your regional skills at job interviews with Singaporean banks
DBS, OCBC and UOB are rapidly expanding their reach across Asia and one of the main reasons they want to poach from the likes of Citi, Standard Chartered and HSBC is to build up their cross-border talent base. “Candidates from foreign banks in Singapore generally bring good interpersonal skills and can communicate across cultures in multiple markets,” says Lim.
10. Don’t push your base pay
If you’re looking to join a local bank to land a large salary increment, you’re out of luck. “Singapore banks generally have their own salary benchmarks at various levels so, there’s often not much room to negotiate over your base salary,” explains Lim.
11. But do ask about average bonuses
“While you shouldn’t expect a big base salary, Singaporean banks do offer more consistent bonuses,” says Tang from Robert Half. “It’s not uncommon to find out what the average bonus pay-out is before you join, especially for non-sales roles, to have a better overview of the compensation element of the job offer.”
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