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Best 10 In-Demand Banking Jobs in Malaysia

If you want to work in a bank in Malaysia, now is a good time to start searching. Like other countries, Malaysia has been affected by COVID-19, but things are improving. The government has given three stimulus packages to create more jobs and help the economy.

There are many different types of banking jobs in Malaysia, and they offer good pay, chances to grow, and job security.

What is a High Salary in Malaysia?

A high pay can be subjective and vary depending on industry, job function, experience, and location. To better understand what constitutes a high wage in Malaysia, study the country’s average income and typical salaries for specific occupations.

According to the Department of Statistics Malaysia, the median monthly wage of Malaysian employees in 2020 was RM2,933. This value can be used as a reference point for determining high compensation.

Job search websites and wage comparison platforms like Payscale and Glassdoor offer more in-depth information about various industries and job roles. For example, some vocations, such as software engineers, earn an average annual income of RM60,000 to RM80,000.

High salaries in Malaysia are determined by various circumstances; therefore, evaluating them necessitates focusing on certain industries and roles. Furthermore, regional disparities within Malaysia might impact living expenses and, hence, the perception of high pay.

List of 10 Banking Jobs available in Malaysia for freshers :

So, whether you are comfortable managing relationships, understand banking processes, or have excellent project management skills, read on to find your dream banking job in Malaysia.

1. Banking Officer

While the term suggests a broad generalist, a banking officer can work across multiple roles. The banking officer is an integral part of retail banking, overseeing the daily branch operations, approving or denying loan requests, and becoming a bank policy expert. Applying for this position requires an associate degree in finance or accounting.

2. Credit Administrator

A credit administrator oversees all activities related to a bank’s credit process, ensuring its balance sheet maintains its value. They also analyse credit requirements, process approval applications, and decide on credit limits for partners and customers. 

3. Relationship Manager

A relationship manager is a client-facing person for the bank. Their responsibilities include identifying and acquiring new clients and advising on products and services while providing additional support. This role can be for the branch, online or phone banking channel.

4. Sales Manager/Sales Executive/Business Development Executive

A sales manager at a bank is responsible for selling various banking products to new customers. The products can include credit cards, mortgages, insurance, accounts, and loans. A corporate sales manager would handle high-net-worth individuals (HNIs) and business accounts. This role requires excellent sales and negotiation skills, communication skills, and an understanding of financial products.

5. Risk Analyst

Risk analysts are gaining immense popularity due to increased requirements for preventing fraud, evasion, and anti-money laundering activities. A mathematics, statistics, or data modelling degree will be essential for this role. Knowledge of software like SAS, SPSS, and SQL will be an added advantage.

6. Compliance Officer

The compliance officer oversees the bank’s regulatory compliance processes with Bank Negara Malaysia. The compliance officer ensures the facilitation of various laws and provides training. This high paying job requires an AML certification or a legal background. 

7. Islamic Banking Professional

Familiarity with Islamic banking fundamentals is a must for this role. A certification in Islamic banking will open many doors in this area. There is a great demand for Islamic banking jobs in Malaysia. 

8. Financial Consultant

A banking financial consultant provides personalised investment advice to HNI clients to help them build and manage their wealth portfolios. They can direct the buying and selling various investment products like stocks, cash, real estate, bonds, securities, etc. Excellent analytical skills, knowledge of fiscal policies, and hands-on experience with accounting/statistical packages are necessary to apply for these jobs.

9. Audit Manager

An audit manager plays an extremely important role in a bank. They detect accounts, practices, methods, or bank transaction anomalies. They ensure that paperwork, digital records, and processes are correct and up to date. A minimum bachelor’s degree in accounting is necessary for this job.

10. Trade Finance Executive

A trade finance executive performs checks to record and authorise all import and export documentation such as bills, LOCs (Letters of Credit), overseas drafts, exchange rates, etc. As Malaysian banks seek to grow their trade with International clients beyond borders, trade finance executives are becoming increasingly important. 

Irrespective of your talent, education or interest, banks provide a wide range of jobs to suit your needs. Banks are also willing to hire and train people with the right aptitude and attitude. Banking is a service industry, so a pleasing personality makes a difference. A college degree in accounting, mathematics, statistics, or commerce will help in initial hiring and provide a fruitful and robust career in your banking job.

Future job market trends in Malaysia

In recent years, Malaysia’s job market has undergone tremendous change, with multiple developing trends impacting the future of various businesses.

The Malaysian government’s commitment to expediting the country’s transition to a high-income, knowledge-based economy, as demonstrated by initiatives such as the Eleventh Malaysia Plan (2016-2020), has been critical to this transformation.

As we look ahead, numerous significant themes are projected to boost growth and provide new opportunities in the country’s work sector.

One of the most visible developments is the rise of the digital economy, resulting in an increased need for specialists in industries such as digital marketing and finance.

According to the Malaysia Digital Economy Corporation (MDEC), the digital economy accounted for roughly 19.1% of Malaysia’s GDP in 2019, with an additional increase expected in the following years. The same report also mentioned creating over 500,000 new digital jobs by 2025, emphasising the relevance of digital skills in the future labour market.

Furthermore, introducing Industry 4.0 technologies such as artificial intelligence, automation, and big data will continue to transform the labour market environment, necessitating the development of a workforce with sophisticated technical skills and data analyst positions.  

FAQ on In-Demand Banking Jobs in Malaysia

Q 1: What are the top banking jobs in Malaysia?

Ans: In-demand banking jobs in Malaysia include Bank Tellers, Customer Service Representatives, Relationship Managers, Risk Analysts, and Financial Advisors.

Q 2: Why are these banking jobs in high demand?

Ans: These banking jobs are in high demand because banks play a crucial economic role. As Malaysia’s economy grows, professionals need to handle various aspects of banking services and financial management.

Q 3: What qualifications or skills are required for the best banking jobs in Malaysia?

Ans: The qualifications and skills required may vary depending on the role, but generally, a bachelor’s degree in finance, accounting, economics, or a related field is preferred. Strong analytical skills, communication skills, customer service abilities, and knowledge of banking operations are also valuable.

Q 4: What are the benefits of working in these in-demand banking jobs?

Ans: Working in in-demand banking jobs in Malaysia offers several benefits, including competitive salaries, opportunities for career advancement, job stability, exposure to the financial industry, and the chance to work with diverse clients and financial products.

Q 5: How can I increase my chances of getting hired for these top banking jobs?

Ans: To increase your chances of getting hired, it is beneficial to acquire relevant education and certifications, gain practical experience through internships or entry-level positions, develop strong interpersonal skills, stay updated with industry trends, and network with professionals in the banking sector.

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