Find Out What’s the Job Demand for Financial Services in Malaysia so that You can Choose the Right Course to Study
Written by EduSpiral Consultant Services. For more information contact 01111408838
Choosing to study a Finance, Banking & Investment course that has future potential high job demand and salary would ensure that you have a higher chance of a successful career that would support your lifestyle goals. One of the main aims of studying is to find a stable job that has a good future career and high salary in order to take care of yourself and your family.
Unemployed youth make up almost 60 percent of the 504,000 currently unemployed. The prime reason for graduate youth unemployment is the mismatch of graduate qualifications with the country’s workforce needs. Graduate unemployment was 9.6 percent or 204,000 at the end of 2018.
Graduates being left behind, possess outdated information and lacking in relevant skills required by the industry, thus contributing to the rising unemployment rate. Therefore, if you don’t plan carefully, you may end up studying a business course that has no job demand after you graduate. This would be an incredible waste of your time and money.
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What is the Job Demand for Finance, Banking & Investment in Malaysia?
And, with financial institutions strengthening their governance structures, positions to manage anti-money laundering activities, sales and regulatory compliance, are opening up. New rules and regulations for financial institutions are being introduced, so, there’s a greater demand for risk managers and compliance professionals.
Candidates who are able to reduce financial institutions’ exposure to risk will stand out as employers step up their efforts to ensure they adhere to regulatory requirements. Risk and compliance will be two hot areas where fierce competition will take place for the right candidate
First, there was the enactment of the Central Bank of Malaysia Act 2009 and Financial Services and Islamic Financial Services Acts of 2013 which led to stricter legal and regulatory requirements. Then, there were continued and consistent efforts to strengthen risk management, governance and effective supervision. A combination of the two has resulted in a growing demand in risk, compliance, governance and audit roles in this sector.
Skilled finance, banking & investment professionals are projected to remain in high demand in Malaysia’s accountancy & finance job market as employers grow their businesses and add more value for clients. Strong demand exists for qualified graduates in finance, banking & investment possessing critical thinking skills, innovative, interpersonal communication skills and a strong command of the English language.
Although Malaysia’s finance sector is growing steadily the supply of talent has begun to decrease. That’s not good news especially now that Malaysia needs more finance talents in preparation for the Tun Razak Exchange (TRX) which is set to bolster the country’s economic landscape.
TRX, Malaysia’s version of Wall Street, will bring together local and overseas financial institutions and other corporations in a single area. The country is said to require 40,000 qualified financial talents by 2020 yet about 56,000 new finance industry jobs will be available in the next 10 years. That’s not nearly enough.
By 2020, the Malaysian financial services sector is predicted to create 275,400 new jobs, with positions relating to accounts, investments, international trade, sales and marketing and economics becoming widely available.
Therefore, if you have decided on studying a degree in Finance, Banking & Investment, you have made the best choice for a solid future career. Just make sure that you choose the best university in Malaysia for you Finance, Banking & Investment studies.