The Monetary Authority of Singapore reports the sector created an average of 4,400 net jobs annually from 2021-2024, surpassing the 3,000-4,000 target range.

ITM 2025 Jobs Target and Performance

The Monetary Authority of Singapore's (MAS) Industry Transformation Map (ITM) 2025, launched in September 2022, projected the financial sector would create 3,000 to 4,000 net jobs on average each year over 2021-2025. Actual data through 2024 shows the sector has outperformed this target by a meaningful margin.

According to remarks by MAS Managing Director Chia Der Jiun on the MAS Annual Report 2024/2025, the average annual net jobs created from 2021 to 2024 was 4,400—comfortably above the upper bound of the target range. More than 90% of these net jobs went to local workers, underscoring the domestic employment impact of the sector's expansion.

This performance is noteworthy given the macroeconomic headwinds that characterised parts of this period, including elevated global inflation and tightening financial conditions from 2022-2023. The broad-based nature of job creation across banking, insurance, and capital markets activities has provided resilience.

Sector Growth Alignment

The employment outperformance is consistent with the sector's growth trajectory. MAS projected the financial sector would expand by 4% to 5% per annum over 2021-2025 under the ITM 2025. The actual average growth rate for 2021-2024 was 4.7%, placing the sector squarely on track to meet its nominal target.

Growth has been broad-based across subsectors. Banking sector assets grew at a compound annual growth rate (CAGR) of 6.8% over 2021-2024. The insurance industry's total assets increased by 3.6% in 2024 over 2023, reaching S$456.4 billion. Singapore's position as a leading foreign exchange hub in Asia also strengthened, with average daily FX traded volumes surpassing S$1.5 trillion in 2024.

These growth drivers have direct employment implications. As banking operations expand, wealth management deepens, and capital markets activity grows, financial institutions require additional headcount across front-office, middle-office, and technology roles. The 4.7% annual growth rate provides the revenue and profit momentum that supports sustained hiring.

Comparison with Previous ITM (2016-2020)

The current ITM cycle builds on a track record of employment target outperformance in the preceding period. The ITM 2016-2020, first launched in 2017, targeted 3,000 net jobs per annum. The actual average was 4,100 net jobs each year—a 37% overshoot. The sector's real value-added growth target was 4.3% per annum; the actual achieved was 5.7%.

This history of exceeding targets informed the design of ITM 2025, which raised the employment target to a range of 3,000-4,000 net jobs annually, reflecting greater ambition while maintaining a realistic floor. The 2021-2024 actual of 4,400 net jobs per annum continues the pattern of outperformance established in the previous cycle.

The consistency of this outperformance suggests structural factors at work: Singapore's position as a gateway to Southeast Asian markets, its regulatory stability, and its investments in financial infrastructure have created a virtuous cycle where growth begets further growth in headcount across the financial ecosystem.

Net Jobs per Year (jobs)Source: Orionmano Industries

Workforce Development Initiatives

The job creation numbers are supported by deliberate policy investments in workforce development. The ITM 2025 earmarked S$400 million in grant funding from the Financial Sector Development Fund for talent development and leadership programmes over the five-year period ending in 2025. This funding, administered by MAS, is designed to facilitate training support for finance professionals at various career stages.

MAS has partnered with the Institute of Banking & Finance (IBF) to work closely with the financial industry and tripartite partners to foster a skilled workforce. The focus areas include developing specialist talent in sustainability and fintech, as well as building leadership capabilities through international exposure and networks.

The emphasis on upskilling is critical as the nature of financial services roles evolves. Automation and artificial intelligence are reshaping traditional banking and insurance functions, while growth areas such as sustainable finance, digital assets, and wealth management require new skill sets. The S$400 million grant programme represents a targeted effort to ensure that the workforce can transition into higher-value roles as the sector transforms.

Industry commentators and policymakers have noted that the quality of job creation matters as much as the quantity. The ITM's strategies to deepen capabilities in asset classes such as wealth management, insurance, and fintech, where Singapore plays a key regional or global role, are designed to support the creation of specialised, higher-productivity roles.

The outperformance on employment targets positions Singapore's financial sector to potentially exceed the ITM 2025 target by its conclusion. Looking ahead, the continued focus on upskilling in fintech and sustainability will shape the quality of future roles, even as the pace of net job creation may moderate from the 2021-2024 level as the sector matures and automation takes hold. The policy architecture established under the ITM framework provides a foundation for managing this transition.