10 Most In-Demand Banking Jobs In Malaysia – Randstad Best advise & information on courses at Malaysia’s top private universities and colleges EduSpiral Consultant Services

Ten Jobs That Malaysian Banks Are Actively Hiring For – Randstad

Banks in Malaysia are constantly looking for bright minds cover their range of banking services, from retail and business to corporate and investment banking. Faced with stiff competition, banks are constantly making changes to their recruitment processes to attract top talents to their companies.

Despite the challenges faced in 2016, positives like SMEs lending support to business loans, the cooling down of household debt, and an increased use of technology by banks, kept the banking sector on firm ground.

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10 most in-demand banking jobs In Malaysia – Find out what the banks are looking for

Front Office Banking – Relationship Management

#1 relationship managers

Relationship management is important to improve a firm’s relationships with both partner firms and customers. Relationship managers are required to maintain the continuous levels of engagement between the organization and its customers. Relationship managers generally manage clients, maximize profitability with the clients and cross sell products. Business (versus customer) makes up to 40-50% of an a group’s profits, hence client management is a constantly sought after. Relationship managers who are keen to play a major role in acquisition of talent to take on new clients and regionals exposure are highly in demand especially in the SEA region.

What banks are looking for:

Credit writing
Client management
Product knowledge

What you can earn: MYR 60,000 – MYR 300,000 per annum, excluding bonuses

Middle Office Banking – Credit Management

#2 credit analysts & evaluation

Credit analysts usually work in the mid office of an organization, know how to prepare credit papers, structure and price the facilities such as lending products, interpret financial statement/cash flow, and has product knowledge on credit principles. Banks are always looking to protect their interests; making sure that the price is commensurate with the risk. Credit Analysts are considered the backbone of the bank. Relationship Managers used to play this role in banks, however, new roles were created over the years as the industry is still growing at a rapid pace.

What banks are looking for:

Credit writing
Client management
Product knowledge Tip

What you can earn: MYR 60,000 – MYR 240,000 per annum, excluding bonuses

Banking Operations – Trade Support & Project Management

#3 treasury

Treasury departments have been the heart of every bank and financial institution in the past few years. The main function of the treasury department is to manage the institution’s money. Treasury professionals work to make sure banks are able to endure any future market stresses, their capital and liquidity requirements have become an area of broad focus. In Malaysia, the treasury role sees a demand for more senior positions like Treasury Managers, officers and VPs. The demand for these roles lies more on the operations (back-end) side, typically based in the corporate office. There are multiple functions in the treasury roles which includes refining data and handling data entry for the financial institutions. Their day-to-day duties include trading financial instruments, fixed incomes, bonds, forex, derivatives and swaps. Every transaction involves foreign exchange, change of rules and regulations and treasury professionals are needed to quote rates and handle processing.

Key skills needed:

Understanding of the global markets
Technical knowledge on placements, money markets, FOREX, derivatives, bonds
Dealer/Trader – PKMC Licence Needed
ISDA Knowledge
Product and sales knowledge

What you can earn:

MYR 48,000 – 60,000 per annum – Senior Officers
MYR 75,000 – 90,000 per annum – Managerial positions
MYR 120,000 – MYR 250,000 per annum – Senior Managers
Up to 400,000 per annum for Vice Presidents

#4 payments & remittance

Payments and remits play a critical function in banks and financial institutions. The average person makes payments in one form or another and the industry is seeing a surge of people who are turning to online financial transactions. With the increasing number of people making online payments, demand for this payment and remit professionals especially in the senior positions like managers and VPs has on the rise. Payments and remittance officers are involved in daily inward and outward cash transactions and it’s their job to ensure smooth and timely process of payments. One reason why this job is in demand is linked to the amount of backend work involved. Although payments are made online these days, these systems are not fully automated. Rules and regulations are constantly changing, requiring more people to handle the same volume of labour intensive work.

Key skills needed:

SWIFT
RENTAS
IBG/GIRO
Malaysian rules and regulations

What you can earn:

MYR 25,000 – 35,000 per annum – Officers
MYR 75,000 – 90,000 per annum – Managers
MYR 120,000 – MYR 250,000 per annum for Senior Managers
Up to MYR 400,000 per annum for Vice-Presidents

#5 Trade Finance

Businesses around the world are looking to grow trade across borders. Financial institutions are expanding their business overseas, however overseas expansion can often be complex and risky. The key roles of a Trade Finance professional are to check and authorise all import and export documentation such as letters of credit, shipping guarantees, and import/export bills. Trade finance teams verify documents and monitor and investigate any issues and discrepancies in all trade finance transactions. Businesses in Malaysia are particularly looking to do international business with China and Middle East, driving the demand for trade finance professionals in the country.

What banks are looking for:

UCP600, ISBP, URR725, URC522
Certificate for Documentary Credit Specialists – CDCS
Strong analytical and numerical skills
Sound understanding of banking, foreign exchange, and treasury functions trade finance

What you can earn:

MYR 25,000 – 35,000 per annum – Officers
MYR 75,000 – 90,000 per annum – Managerial positions
MYR 120,000 – MYR 250,000 per annum – Senior Managers
Up to MYR 400,000 per annum for Vice Presidents

#6 project management

With organisations looking at various alternatives to become more lean and cost effective, a hike in demand for strong Project Management professionals to handle projects, systems announcements, implementation and product rollouts. Organizations are constantly running cost saving initiatives, to comply with rules & regulations, process flow and upgrading their systems; project managers play pivotal role in implementing these initiatives in order to support bank and financial institutions’ exponential growth and transformational changes. While the implementation of IT into business operations are some of the most common projects in Malaysian businesses most recently, Project Management professionals can come from various industries provided they have strong project management skills.

What you can earn:

MYR 60,000 – MYR 600,000 per annum, excluding bonuses

What banks are looking for:

PM certification
6Sigma
Lean management

compliance & governance – compliance / audit / risk management / statistics, analytics & decision science

#7 audit managers

Audit managers are present in almost every organization, performing third line defense in detecting gross profits and helping business partners close operational gaps. Audit managers must act as an independent party to ensure policies and procedures are adhered to. In addition, audit managers also provide assurance to stakeholders as to the performance of the operations of the financial services organizations. Audit managers in Malaysia have become high in demand as organizations are developing robust risk implementation strategies to expand their businesses. The lack of full-spectrum skillsets among risk professionals led to a steady demand for auditors and other risk professionals in an organization. Audit professionals are sought-after to make sure that the compliance and risk management processes are being monitored in an organization.

What banks are looking for:

Stakeholder management (both internal and external, including regulators)
Sound knowledge of operations in the financial services segment
Detail-oriented

What you can earn:

MYR 60,000 – MYR 500,000 per annum, excluding bonuses

#8 risk management – manager and VP

We live in a world full of risk and banking operations are especially exposed to cyber-security threats, data-related risks, legal liabilities and many more. Risk management professionals play a vital part in alleviating these threats leading to risk management becoming a top priority for many financial organizations. Professionals in this space must identify and control threats to digital assets, proprietary corporate data, customers’ personal information and intellectual property. Risk managers are generally expected to formulate framework, policies and procedures to effectively identify, manage, monitor and mitigate risk. They usually collaborate in a business partnering role with functional divisions to provide support and advice in managing risk. These include market risk, operational risk, credit risk, shariah risk and business continuity management. Strong demand has emerged because financial services organizations need to balance revenue with risk management to ensure revenue and profitability is sustained and protected in the long run. Investors and depositors, including bank’s customers hold the companies accountable for risk management and governance.

What banks are looking for:

Formulating risk frameworks (operational risk, market risk, credit risk) including structures, policies and procedures
Implementing risk management projects
Monitoring and managing risk

What you can earn:

MYR 60,000 – MYR 500,000 per annum, excluding bonuses

#9 compliance officers

A compliance officer is primarily responsible for overseeing and managing regulatory compliance issues within an organization and works directly with Bank Negara Malaysia in implementing laws, policies and regulations. Compliance officers make sure their organization is compliant in every department and facilitate trainings within an organization. In recent times, global markets have been increasingly regulated as a result of increasing numbers of money laundering cases in the past few years. Bank Negara is heavily monitoring organizations, putting pressure on compliance officers to make sure all departments of a business are complying with mandatory rules and regulations.

What you can earn:

MYR 60,000 – MYR 250,000 per annum, excluding bonuses

What banks firms are looking for:

AML Certification by AICB (Certification, Advanced Cert, Certified Professional)
ACAMS Certificate
In-house lawyers from banking field is highly preferred but legal counsels with banking clientele might be considered

#10 statisticians / analytics / decision science

Statisticians exist widely in both private and public sectors in Malaysia. Their job mainly revolves around analysing data, using mathematical tools and statistics to predict behavioral trends using methods like churn modelling and predictive modelling for customer segmentation and behavior. These professionals are interlinked with anti-money laundering and skilled professionals are sought after to help predict and spot patterns of fraud in the vast ocean of financial transactions happening each second. The role of Statisticians / Analytics and Decision Science will normally sit within a shared service environment. These professionals are highly in demand because of the recent hike in money laundering and terrorist financing cases. This industry is still expanding and smaller talent pools are available in Malaysia, however, talent can be brought in from other industries such as Actuarial Scientists from the insurance field.

What insurance firms are looking for:

Degree in Statistics/Mathematics (preferably with modelling exposure)
Sound knowledge in statistics softwares like SPSS, SAS and SQL
Linear programming

What you can earn:

MYR 50,000 – MYR 250,000 per annum, excluding bonuses

Education Pathway to a Banking & Finance Degree After High School

Choosing the right course to study in Malaysia after secondary school is one of the most important decisions you can make in your life. Students after SPM or IGCSE/O-Levels with at least 5 credits including Maths subjects may enter a Foundation in Business or Foundation in Arts at a top private university in Malaysia for 1 year before continuing on to the 3-year banking or finance degree programme.

Alternatively, students with at least 3 credits in SPM or IGCSE/O-Levels including Maths may go for the Diploma in Accounting or Diploma in Finance and then enter into Year 2 of the accounting, banking or finance degree programme. You will take about 2 years to complete the degree.

Pre-University students with the relevant results in STPM, A-Levels, SAM, CPU, AUSMAT, etc. can enter directly into Year 1 of the Banking & Finance degree providing they meet the minimum entry requirements.

Established since 2009, EduSpiral Consultant Services is a top recruitment agent for top private universities in Malaysia and private colleges in Singapore providing information and counselling on courses and helping students to choose the right university. EduSpiral Consultant Services sets ourselves apart from other agents by providing counseling based on facts and evidence so that our students are able to make the right choices after SPM, IGCSE/O-Levels, UEC, STPM, A-Levels or Pre-University. We research on articles and information to help them make the right choices about choosing their career and course in Banking & Finance.

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10 Most In-Demand Banking Jobs In Malaysia – Randstad

Ten Jobs That Malaysian Banks Are Actively Hiring For – Randstad