Singapore rated as Top 5 most attractive work destination

It joins Western hubs New York and London and Asian cities Hong Kong and Sydney in the new survey rankings.

The results are owed to the prevailing perception of Asia Pacific as a strong market and a desirable hub for financial services professionals, 2,700 of which participated in the Michael Page Global Financial Services Report -- Asia Pacific Focus survey.

What are the other findings in the report?

Here's more from Michael Page International:

Despite a changed financial services industry due to the impact of events in the Eurozone, financial services employees located in Asia Pacific remain optimistic.

Based on the responses of 2,700 financial services professionals located in Europe, the United States and the Asia Pacific region, the survey findings reveal that workers based in Asia Pacific are the most confident about their chosen industry. In addition, Asia Pacific is viewed by many global survey respondents as a strong market and an attractive work destination.

A greater number of financial services professionals working in Asia Pacific compared to other locations received a pay rise at the end of 2011, with 32% receiving an increase of between 5 and 10% compared with 25% of global survey respondents. Additionally, expectations for an improved bonus in 2012 were higher among financial services professionals based in Asia Pacific, with 34% expecting a slight improvement to their bonus and 16% expecting it to improve greatly, compared to global survey findings of 29% and 15% respectively. 

Sharmini Thomas, Regional Director of Michael Page International, says the financial services industry in the Asia Pacific region has remained reasonably resilient. “While the financial services industry has suffered some pain in a global context due to issues arising in the Eurozone, countries within Asia Pacific have continued to fair relatively well against global counterpart regions with continued hiring activity and salaries on offer. The report findings reflect these market conditions,” Ms Thomas says.

The strength of the financial services market in Asia Pacific was also recognised by survey respondents from around the globe, with the majority (49%) voting the region as the market likely to recover fastest in a global downturn. Further, Singapore, Hong Kong and Sydney were rated in the top five most attractive work destinations by survey respondents, coming behind only New York and London.

“The Michael Page Global Financial Services Report for 2012 also reveals that financial services professionals, no matter where they are based, continue to place great importance on career progression and rate this as the most important factor in searching for a new job,” adds Ms Thomas. “Remuneration also remains high on the list, and increasing compensation would be an incentive to relocate for work for the majority of survey respondents.”