The Thai financial services industry is evolving rapidly, driven by widescale government-led economic development and fuelled by the digital revolution. These changes require all finance and insurance professionals, whether experienced or new to the industry, to ensure their job market knowledge and insight is ahead of the curve. That’s why we’ve created this guide.
RECRUITdee – Your finance and insurance recruitment agency in Bangkok
Connecting leading employers with the very best talent in Financial Services is what we do. We never place square pegs in round holes – we take the time to understand client needs and candidate ambitions, then we find the perfect match for both parties. This is the difference between a recruitment provider and a recruitment partner. As your partner, we put your best interests first, ensuring that we know you and what you need before connecting talent with employer.
FINANCE AND INSURANCE JOBS IN BANGKOK
Our Financial Services recruitment specialists recruit across the full range of positions, including:
- Finance Controller
- VP Reinsurance
- Head of Insurance Risk
- Financial Systems Analyst
- Life Insurance Manager
- Accounting Manager
- VP Head of Accounting
- Procurement Lead
Find your dream role:
Finance and Insurance recruitment in Bangkok – Your Guide
Whether you’re a finance professional looking for your next move, a career-changer seeking your first role in insurance, or a business looking to hire banking talent in Bangkok or across the country, this guide is for you. Average salary amounts, industry info, major employers and common interview questions, it’s all in here – so you can stop searching and start smiling.
Guide contents – read through or use the links to skip to sections:
The Thai financial industry is one of the most developed in the ASEAN region, with siginificant restructuring having taken place since the crash of 2008. Banks make up the majority of companies in the sector, accounting for 46% of total finaincial assets at the end of 2018, but the number of non-deposit-taking institutions and non-bank financial institutions (NBFIs) has risen sharply in the last 10 years.
Job opportunities in insurance and mututal funds have risen in line with the sectors’ sizeable growth over the last decade, its assets have doubled as a share of GDP. If you’re looking for a role in capital markets, the Thai sector is pretty comparable with its neighbouring countries, so expect similar levels of opportunities.
Major banking employers in Thailand (mostly based in Bangkok) include:
– ABN AMRO Bank N.V.
– Bangkok Bank
– BNP Paribas
– Deutsche Bank
– Kasikorn Bank
– Krung Thai Bank
– Siam Commercial Bank (SCB)
– Standard Chartered
As well as a healthy number of home-grown financial services firms, Thailand also has a number of government-backed institutions. You’ll also find most of the major US and European banks have offices and branches in Bangkok, so your employment options won’t be limited. To help you choose, check out the latest Asia Money Best Bank awards, – usually a good way to find top employers across investment, commercial and digital banking.
Now’s a good time to be considering a move into or upwards in the Thai financial services sector, because whether you’re a national or ex-pat, finance skillsets are central to the Thai government’s economic plans. Thailand 4.0 (we’ll come to that in the next section) is in full flow, attracting foreign and domestic investment with the aim of transforming the value of the economy. And the finance sector will play an increasingly important and widespread role in making this happen.
Finance is also a rapidly changing industry on a global scale, with digitisation transforming what’s possible and how things are done. Entering this market now, with a good level of change management or digital skills, will present a great deal of opportunities to progress quickly at the highest level.
Highly relevant skills to have alongside your financial knowledge include:
– Digital Transformation
– Digital Innovation
As employers increasingly look to hire on the basis of competencies, not qualifications, possessing any of these skills as well as fundamental financial knowledge will put you ahead of the pack.
Launched in 2016, Thailand 4.0 is important to the financial sector, not for it’s direct impact, but for the role the financial institutions will play in ensuring the strategic goals are met. Thailand 4.0 looks to build economic prosperity across the country, moving the economy away from basic production, farming and raw minerals, towards a value-based economy that’s driven by innovation, technology and creativity.
Finance will play a big role as investment and loans will be needed to fund the economic evolution. The Eastern Economic Corridor (EEC) is part of the plan, spanning Rayong, Chonburi and Chachoengsao provinces, it aims to create a growth hub for trade, investment and a strategic gateway to Asia. The relevance of all this to you is huge: Thailand will grow, and grow quickly, and as a finance professional, the opportunities, roles and career paths on offer will be exponential. You’re in right at the start.
Whilst salaries will vary from employer to employer, and even between regions, the figures below give you a ballpark annual wage for a range of finance jobs in Bangkok and the immediate surrounding area:
Chief Financial Officer (CFO): ฿2m – ฿6m
Senior Accounting Manager: ฿1m – ฿3m
Financial Controller: ฿180k – ฿5m
Finance Manager: ฿1m – ฿3m
Accountant: ฿200k – ฿1m
Senior Data Analyst: ฿800K – ฿2m
If you’re looking for high-paid roles, as well as multinational corporations there are many well-funded FinTech startups in Thailand prepared to pay for the very best talent. We hire for both, get in touch to see what’s available right now. And for more information on finding the average salary in Thailand for a finance role, check out Payscale.
1. What motivates you?
You can guess what your prospective employer is interested in here – do you love money? Are you driven by targets? Do you want to compete and win? But they’re also looking for skills relevant to the role they’re hiring for, so it could be ‘finding savings’, ‘staying ahead of the market’ or ‘spotting high-return startups for investment’. Some of this comes naturally, the rest will require you to research and gain knowledge of the role and the employer’s goals.
2. What unique skills would you bring?
Financial services is a competitive arena to work in and the best roles have tens, maybe hundreds of applicants. Your answer here needs to help make the recruiter’s job easier by positioning you head and shoulders above the rest, so s/he has an easy (and safe) decision. Be genuine and research the business to see how your skills can be positioned as relevant to its growth and success.
3. What’s your five-year plan?
This is about your ambition, progression, hunger and professionalism. Employers want the best, and they know that the best always want better. So be honest, outline your planned career path and, if possible, keep it within the employer’s business. Remember, employers need to see the benefit of you to them, ideally for the long-term.
4. Would you relocate?
Thailand’s financial industry is still in its infancy and is growing rapidly, both in terms of market size and consumer demands. This means that if you’re at the top of your game, your employer will want to use your skills to secure success in new sectors and locations. Flexibility and a willingness to support the business is what you’re showing here. The answer is, of course, very dependant on your situation.
5. Are you willing to work long hours?
In this age of CSR and employee wellbeing, it’s often frowned upon to even think about asking a prospective employee this question. And while you’ll need to consider the implications of lengthy working days on your health, you should expect long hours in the finance sector. The pay often reflects the time you put in – the important thing is you go into it knowing what to expect.
6. Which stock would you invest in today, and why?
Self-explanatory this one – Do you know your sector? Are you up to date? And can you prove it? Obviously the question will vary depending on the role you’re going for, but the outcome for the employer remains the same, they want to know if you’re the real deal.
7. What do you know about us and our industry?
If you’ve taken your interview preparation seriously, you’ll be able to answer this easily and in-depth. Doing this research will inform your whole interview (not just this question) and it shows the employer that you’re serious about the job. It will also give you a head start if (when) you get it.
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– Full range of recruitment services
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We attract, retain and develop talent
This is what recruitment is all about, and it benefits candidates and employers for the long-term. We work with clients to understand their business goals and recruitment needs. Once we have a handle on that, we combine it with our market insight and industry knowledge to truly understand how to attract the right candidates.
We go to market with an employer brand, because by doing this we attract talent that sees relatable values to their own. This combination of employer knowledge, the working environment and brand values helps ensure a higher likelihood of a new employee’s happiness and therefore their likelihood to stay. The result is a higher retention rate – better for business bottom line and risk, and better for candidate career progression. Finally, we support with development needs, ensuring clients and candidates are constantly moving ahead of the competition.
FULL RANGE OF FINANCIAL SERVICES POSITIONS
The RECRUITdee Finance and Insurance recruitment team specialise in the full range of positions within Financial Services, including Contract and Permanent. Through our Retained and Consultant services, we take pride in being able to offer you a complete recruitment solution, whatever type of role or candidate you need.
Across all of our positions, we apply our expert industry knowledge and insight, gained through connections, research, and event attendance, to ensure that, as your Financial Services recruitment partner, we’re offering you the best service possible. So, whether you need to hire or are looking for your next move, get in touch online or call us on 02-258-3880 or our international number +66 2-258-3880.