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Jun 24, 2010
Banks boom, talent jumps
<!-- by line -->By Rachel Au-Yong
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For their part, banks are noticing more accountants apply for jobs. -- ST FILE PHOTO
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PAY in the financial sector is rising so fast that large numbers of accountants are jumping ship to join banks, a key industry body said on Friday.
The bank jobs boom is generating huge opportunities for experienced number crunchers but it is also creating a talent squeeze at big accounting firms, warned the Institute of Certified Public Accountants of Singapore (ICPAS).
Accountants with three to six years in the workforce can lift their pay by as much as 30 per cent by changing sectors.Banks are embarking on a massive recruiting drive after the financial crisis forced thousands of lay-offs and wage freezes.
Accounting firms are feeling the effects, particularly the Big Four of Deloitte, PricewaterhouseCooper (PwC), Ernst & Young and KPMG, which are prime hunting grounds for banks, said ICPAS president Ernest Kan.
In a bid to retain their best and brightest, many accounting firms gave out an unprecedented additional bonus at the start of the year. Bonuses, which range from two weeks' to three months' salary, are usually paid in the middle of the year.
For their part, banks are noticing more accountants apply for jobs. OCBC said it has received more applications from accountants this year in line with more applications across the board. But pay may not be the clincher for all accountants. Some will accept lower salaries in favour of flexible working hours, according to a guide from ICPAS and financial recruiting firm Robert Half.
[email protected]
Read the full story in Thursday's edition of the Straits Times.http://www.straitstimes.com/Money/Story/STIStory_544727.html
Banks boom, talent jumps
<!-- by line -->By Rachel Au-Yong
<!-- end by line -->
<!-- end left side bar -->
<!-- story content : start -->
PAY in the financial sector is rising so fast that large numbers of accountants are jumping ship to join banks, a key industry body said on Friday.
The bank jobs boom is generating huge opportunities for experienced number crunchers but it is also creating a talent squeeze at big accounting firms, warned the Institute of Certified Public Accountants of Singapore (ICPAS).
Accountants with three to six years in the workforce can lift their pay by as much as 30 per cent by changing sectors.Banks are embarking on a massive recruiting drive after the financial crisis forced thousands of lay-offs and wage freezes.
Accounting firms are feeling the effects, particularly the Big Four of Deloitte, PricewaterhouseCooper (PwC), Ernst & Young and KPMG, which are prime hunting grounds for banks, said ICPAS president Ernest Kan.
In a bid to retain their best and brightest, many accounting firms gave out an unprecedented additional bonus at the start of the year. Bonuses, which range from two weeks' to three months' salary, are usually paid in the middle of the year.
For their part, banks are noticing more accountants apply for jobs. OCBC said it has received more applications from accountants this year in line with more applications across the board. But pay may not be the clincher for all accountants. Some will accept lower salaries in favour of flexible working hours, according to a guide from ICPAS and financial recruiting firm Robert Half.
[email protected]
Read the full story in Thursday's edition of the Straits Times.http://www.straitstimes.com/Money/Story/STIStory_544727.html
