Singapore’s financial services sector remains cautious in hiring, with firms increasingly relying on contract roles to balance flexibility and cost control, according to Morgan McKinley’s 2025 Salary Guide. This trend is particularly evident in high-demand areas like cybersecurity, data analytics, and compliance, where project-based contracts often replace permanent positions.
Despite continued demand for permanent roles, companies are prioritising candidates with the technical and strategic expertise needed for digital transformation and regulatory adaptation. The hiring process has also lengthened, as firms place greater emphasis on cultural fit and technical assessments.
Private banking remains a key growth area, driven by Singapore’s expanding private wealth market, projected to reach $265 billion in 2024. However, recruitment challenges persist, including lengthy know-your-customer (KYC) procedures and extended interview cycles.
Firms are also facing bidding wars for top talent in fintech, AI, blockchain, and ESG-related roles, while automation and offshoring continue to reduce traditional middle-office positions. With an increasing number of applicants per vacancy, employers now have greater leverage in hiring decisions.
To address talent shortages, companies are expected to invest in educational partnerships, apprenticeships, and upskilling initiatives. AI and automation will further reshape job profiles, requiring professionals who can integrate emerging technologies into financial operations. Recruitment processes will remain rigorous, ensuring alignment with long-term business objectives.