Is A University Degree In Economics Necessary For A Job In The Financial Sector?

Singapore is well-known for its developed financial sector, among many things. Many people hope to get a job in the financial sector in Singapore due to many reasons which include the high pay. Therefore, economics has been a popular course in the junior colleges and the universities in Singapore. This has also led to the high popularity of economics tuition in Singapore. Most economics students in Singapore have economics tuition in some form. The question is, is a university degree in economics necessary for a job in the financial sector?

Job Nature of a Banker: Account Opening

To answer the question, we need to take a closer examination at the job nature of a banker. Different bankers may perform very different tasks depending on the department in which they work. For example, bankers at the front desk generally provide assistance to people on account opening and basic financial advice. For the task of account opening, a university degree in economics is certainly not necessary as the task is simple. Although a banker may need to provide information on the advantages and the disadvantages of the various types of accounts which include the savings account, the current account and the fixed deposit account, the information is widely and easily available. Indeed, if a banker has doubts about the various types of accounts, they can take economics tuition from a good economics tutor to learn the pros and cons. This, however, will be more effective if the economics tutor who provides economics tuition has working experience in the financial sector.

Job Nature of a Banker: Basic Financial Advice

The task of providing basic financial advice is slightly more complicated. There are many different types of financial products in the market. Indeed, the number of financial products in the markets is increasing with each passing day. One really needs to take economics tuition from an experienced economics tutor with a solid background in the financial sector to be able to learn all the types of financial products in the market. For example, different insurance policy plans come with different features in terms of the death compensation, redemption, cash withdrawal, premium, etc. Therefore, a banker at the front desk needs to be very familiar with the different features of the different insurance policy plans in order to provide appropriate financial advice to different individuals with different needs.

Job Nature of a Banker: Investment Unit

The job of a banker working in the investment unit is more complex and requires a vast amount of economic knowledge. Therefore, for a banker who works in the investment unit, a university degree in economics would be a great help. For example, a banker working in the investment unit often needs to explain exchange rate appreciation and depreciation to their clients. The exchange rate of a currency is determined by the market forces of demand and supply. All university degree courses on economics include a chapter on the determination of the exchange rate and therefore would be of great help to a banker who works in the investment unit. However, this is not to say that an individual without a university degree in economics will not be able to work in the investment unit. This is because the economic concepts which are useful to a banker working in the investment unit such as the exchange rate, interest rates and bond prices can be learned in economics tuition provided by an experienced economics tutor with a good background in the financial sector. For example, Mr. Edmund Quek who is the Principal Economics tutor at Economics Cafe provides economics tuition tailored to individual needs. Therefore, although a university degree in economics would be useful to a banker who works in the investment unit, it is not indispensable.

Benjamin Tay

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Principal Economics Tutor: Mr. Edmund Quek