Banking on a solid career

In the words of our Prime Minister, Dato' Sri Mohd Najib bin Tun Abdul Razak, the banking and finance sector is "an integral component of the economy" .

More specifically, this sector has played a significant role over the years in terms of contributing towards Malaysia's Gross Domestic Product (GDP), which is the market value of goods and services produced within the country over the span of a year. For example, it was responsible for 9.2% of growth in GDP in the year 2000 and this figure later increased to become 11% in the year 2008.

Based on these trends, it has been predicted that the rate at which the banking and finance sector contributes to GDP will continue to expand as much as 8.8% each year. Thus, it has been estimated that a workforce of 140,000 or more will be needed to support this sector.

Further proof of this sector's importance can be seen by the fact that it has been listed as one of the National Key Economic Areas (NKEA) under the Tenth Malaysia Plan. As the government intends to stimulate more growth within this sector, various liberalisation measures have also been implemented by Bank Negara since 2009 and similar policies expected to be enforced this year right up till 2012.

So if you are a job seeker who is looking for jobs within this sector, these facts spell good news as it shows that there will plenty of opportunities for you to expand your career in this field, given that the government has placed so much emphasis on developing this sector.

In fact, it is anticipated that the banking and finance sector will undergo a season of growth and expansion in the year 2011. In the words of Dr Yeah Kim Leng, Group Chief Economist at RAM Holdings Bhd, "The banking sector in the country is in a strong, healthy position with strong deposit growth and ample liquidity."

This confidence stems from the stellar financial performance that was observed locally during the year 2010 in spite of the challenges posed by the unpredictability of the global market.

Besides that, Randstad, a global human resources corporation, believes that current economic trends in the country seem to indicate that it is an employee's market right now, as far as jobs are concerned.

But it isn't just Malaysians that are optimistic about banking and finance job prospects. The eFinancialCareers' Finance Careers Survey, which was conducted globally over the June-July 2010 period also indicated that out of the 54% of finance professionals that responded from ten different markets from Europe, Asia-Pacific, and the Middle East were not concerned about job redundancy at all.

Hence, even if you are looking to find employment elsewhere, a career in banking and finance will still put you in good stead.

Staying aware of current issues which are affecting the banking and finance sector will also go a long way in helping you secure a job in this sector. For example, issues regarding Basel III compliance, a new international regulatory framework which applies to banks and financial institutions globally. Although these guidelines are only targeted for full implementation by the Basel Committee by the year 2019, most Malaysian banks are already operating under these standards.

Due to the effects of the liberalisation policy which is currently being applied to the banking and finance sector, more and more banks within Malaysia are expanding their operations and also innovatively revolutionising their products and services in order to compete better with other market participants.

Therefore, banks and financial institutions will be making demands for more human resources, especially in the realm of product development.

Vacancies will exist not only for the traditional banking roles, but also for other equally important regional positions in areas such as accounting, marketing and information technology (IT).

Talent in marketing or sales would also be valuable to financial institutions, since creativity is needed to market their services to a wide variety of consumers.

One major area that has been growing tremendously in the Malaysian financial arena in recent times is Islamic banking. Since Malaysia is an Islamic state, it is naturally a suitably fertile ground for developing Islamic financial products that can cater to local as well as international customers.

According to Afaq Khan, who heads the Islamic Banking division at Standard Chartered Bank, Asia is the next largest Islamic market after the Middle East. In fact, according to Pew Research Centre, the region is said to contain more than 60% of the world's Muslim population.

Hence, the government's intention to turn Malaysian into an international Islamic finance hub has now led to 24 local and international Islamic financial institutions currently operating within the country. Thus, it is an option worth considering for career advancement within the local banking and finance industry.

Having taken into consideration all the above industry facts and figures, what's of greater importance is ensuring you have the necessary aptitude required to take on a job in the banking and finance industry.

Some skills you will need to equip yourself with include a broad understanding of business concepts, strong inter-personal skills, a competitive nature, willingness to adapt to cultural diversity (especially for international operations), high attention to details and much more. Additional skills such as Internet and computer literacy is also crucial these days as financial institutions move more towards online services.

On the whole, it is clear that the banking and finance sector presently has much to offer job seekers as long as they are willing to rise up and face the challenges that affect the industry both locally as well as globally.