Demand for analysts grows as equities market gains momentum: industry players

[SINGAPORE] After years of decline, banks and brokerages are expanding their analyst desks to tap the momentum generated by the ongoing equity market reforms in Singapore.

The hiring push comes as the Singapore Exchange (SGX) and the Monetary Authority of Singapore (MAS) roll out initiatives aimed at boosting coverage of typically under-researched small and mid-cap stocks.

At Maybank Securities Singapore, one of the largest brokerages here, research analyst headcount has increased on a net basis as part of efforts to expand coverage, said its head of research Thilan Wickramasinghe.

“The focus has been on deepening sector expertise and expanding small and mid-cap coverage consistent with investor interest,” he added.

Similarly, OCBC is continuing to invest in its research capabilities, said Kenneth Lai, head of global markets.

Last year, the bank integrated its securities business into its global markets division as part of a broader strategy to enhance its equities offering for institutional clients. This strategic direction extends to its research capabilities as well.

“That includes bringing in new talent to strengthen the team so that we can serve our diverse client base even better,” noted Lai.

Other players are also moving in on the action.

Both iFast Corp and its business-to-consumer division, FSM Global, have increased their analyst roles to support business expansion and rising client demand, said Joshua Chim, general manager of FSM Global Singapore.

“Banks and brokerages in Singapore have shown a noticeable trend of bolstering their analyst desks,” he added, attributing this to regulatory initiatives from MAS and SGX, as well as the increasing vibrancy of the Singapore equities market.

The Republic’s benchmark, the Straits Times Index, crossed 5,000 points recently.

His firm’s participation in the Grant for Equity Market Singapore (Gems) programme has also provided critical support for expanding research efforts.

Chim noted that MAS enhanced the Gems scheme in 2025, committing S$50 million to support equity research coverage, particularly for undervalued “hidden gems” among small and mid-cap SGX-listed stocks.

Paul Chew, head of research at Phillip Securities Research, also noted that his analyst team has grown incrementally, especially with the support of the Gems scheme.

Chim sees these incentives, together with the Equity Market Development Programme which funds Singapore-based asset managers focused on local equities, encouraging banks and brokerages to expand analyst teams and provide more comprehensive coverage.

Job postings reflect demand

Recent job postings indicate an active demand for equity analysts. A search on LinkedIn shows that OCBC advertised for an experienced senior equity analyst to join its research team a few weeks ago.

CLSA, the Hong Kong-based brokerage owned by Citic Group, posted a role for a Singapore-based analyst to provide small and mid-cap coverage within the SGX universe.

Jefferies is looking for an analyst to work within its financial institutions group in the investment banking division.

This trend is mirrored on the government job portal MyCareersFuture, which in recent months has listed several equity analyst openings from investment advisory firms, asset managers and multi-family offices, offering salaries ranging from about S$7,000 to S$20,000 a month.

Global recruitment firm ManpowerGroup continues to see stable, ongoing demand for analyst roles from the institutions it works closely with.

The demand is particularly strong on the banking side, said country manager Linda Teo.

“The larger global banks typically plan their workforce requirements well ahead of time, so their hiring tends to be steady and deliberate – indicating modest yet resilient demand that holds firm even when the wider market softens – rather than reactive to short‑term shifts,” she added.

As a result, analyst hiring tends to remain consistent even when the broader hiring outlook fluctuates.

In recent years, research analysts were seen transitioning into private banking roles.

“We do see movements in the other direction as well – analysts from private banking exploring brokerage research roles,” said Teo, as individuals seek deeper sector specialisation or exposure to a faster‑paced research environment.

She noted that even as SGX and MAS initiatives can create helpful momentum for teams that support research and capital‑market activity, institutions will also weigh their internal priorities, budget cycles and regional coverage strategies before committing to a new headcount.

Attracting strong analytical talent

As firms compete for analytical talent and strengthen research capabilities, Phillip’s Chew said a solid grounding in accounting remains fundamental for equity analysts, while programming skills are becoming increasingly valuable as automation and artificial intelligence initiatives advance.

“Above all, the core attributes we seek are curiosity, drive and a genuine passion for research,” he added.

He also noted that compensation has increased, helping the firm remain competitive in attracting the right hires.

Phillip Securities Research remains sector‑agnostic, and its priority is to tap the local pool of fresh graduates, he added.

Maybank Securities’ Wickramasinghe said that it is targeting sectors aligned with longer-term growth trends and regional economic activity.

“The additional analyst capacity enables us to provide broader and consistent research support across the clients we serve in the institutional, retail and high-net-worth individuals space,” he added.