the National University of Management is the top source for jobs in finance and banking, providing 27% of all recruits in Cambodia

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Banking - a rapidly expanding job opportunity for graduates
Written by Nguon Sovan
Thursday, 22 January 2009

As the number of banks in Cambodia swells, students are flocking to
study banking and finance. But simply having a relevant degree is no
guarantee of a job in the sector.

THE closure of VIP Bank this month suggests it is not all one-way
traffic in Cambodia's banking sector, but the general trend is
definitely one of rapid growth.

Many new banks have been established over the last couple of years.
According to figures from the central bank, Cambodia currently has 25
commercial banks, six specialised banks and 17 microfinance
institutions.

Many of these are rapidly expanding their networks through new
provincial and local branches.

The banking system is also becoming more complex through the growth of
new banking services, including ATMs, credit cards, debit cards, e-
banking and telephone banking. As they grow and expand, all are on the
constant lookout for fresh recruits.

Rapid expansion
Alex Ng, general manager of Angkor Capital Bank, which launched with
24 staff numbers in November last year, said the bank expects to open
two new branches in Phnom Penh this year and is aiming to recruit
about 50 new employees for its expanding operations.

Chhorn Sopha, head of ACLEDA Bank's Human Resource Division, said the
bank currently has 6,128 employees but was aiming to increase staff
levels around 20 percent year-on-year over the next five years. "At
least 500 fresh graduates in banking and finance will be recruited
each year," he said.

The National Bank of Cambodia is also a major employer with 1,127
people as of the end of 2007 at headquarters and its provincial
branches, up 94 on the year before.

Chhorn Sopha said the average starting salary for graduates at ACLEDA
is $200 per month over the three-month probation period. After
probation, the salary is lifted to $230 per month, plus other benefits
including uniforms, child allowances and a twice-yearly bonus. "We
raise salaries for employee's based on their performance appraisal,
which we do once a year," he said.

Good news for graduates
The high annual recruitment needs of Cambodia's banks is good news for
banking and finance graduates, but it doesn't mean work will be easy
to come by. According to Tal Nay Im, director general of the National
Bank of Cambodia, although the sector has been growing rapidly and has
absorbed numerous fresh graduates in recent years, there is no
shortage due to the sheer number of banking and finance graduates
being pumped through the system.


"There is no worry about a shortage of graduates for the sector
because a lot of students graduate from universities every year," she
said.
"Fresh graduates have to compete for the jobs. If they are qualified
and competent, they will pass the tests for jobs, or if they are
incompetent, they will fail."

She added that there were no figures on the number of people employed
in the sector, and no estimates of future demand. Similarly, there was
no reliable estimate on how many students graduated with a banking and
finance degree each year.

However, according to the latest figures from the Ministry of
Education, Youth and Sports, Cambodia has around 40 higher education
institutions (both private and public institutions) and most of them
offer courses in banking and finance.

Chhorn Sopha said 90 percent of ACLEDA's staff were recruited as fresh
graduates. "We interview them based on knowledge and morality," he
said. "Both are priorities for us but even if potential employees are
highly knowledgeable we will not consider them if they have poor
morals."

The best of a big bunch
Although the bank recruited from all universities, the National
University of Management (NUM) was the top source, he added, providing
27 percent of all recruits.

NUM Vice Rector Seng Bun Thoeun said students flocked to the banking
and finance major, in large part because of the success its graduates
have in finding work.

"We are extremely successful in this industry in terms of our [banking
and finance] graduates," he said. "For instance, ACLEDA Bank alone has
6,000 staff, and one-third of them are graduates from our schools. The
career in banking and finance is more successful than other careers
that our school provided."

He expected the number of applicants to the four-year banking and
finance bachelor's program to increase as the banking sector continues
to expand. "I believe that due to the progress of the banking and
finance industry, more and more students will flock to take up a major
in banking and finance because they will not be concerned there will
be no place to work when they graduate," he said.

The school admitted 1,335 students to its banking and finance program
last year and 1,696 students this academic year, up 27 percent, Seng
Bun Thoeun added. "If all the banks expand their operational branches
nationwide as ACLEDA Bank has done, this industry will generate huge
employment for Cambodian people," he said. "Already 85 percent of
graduates from our school get the right jobs for their skill," he
said.

Polishing the raw recruits
Chhorn Sopha said the quality of graduates was generally high, but
they still needed to be molded. All new recruits at ACLEDA received a
three-week orientation and training course to ensure they understood
the principles of the bank and the products it offers.

It also gave them three months on-the-job training in individual
skills to ensure they could do the work required before letting them
work unsupervised.

"What they learn from school is general theories, so what they know is
general," he said. "When they come to work in the bank we require
technical skills so the bank, has to further train them to help them
gain the skills we want. Fresh graduates can work in the bank, but we
need to first train them for a short period."

They may be trained as tellers, cashiers, accountants or financial
assistants, he added.

Seng Bun Thoeun said ACLEDA recruited heavily from NUM as its
graduates generally had a high level of specialisation, although he
acknowledged English could be a weakness.

"Our students are quite skillful in each specialisation because our
school's professors are old hands but, and I speak frankly, they are
poor in English," he said Seng Bun Thoeun.

Sandra D'Amico, managing director of employment consultancy HR Inc
Cambodia, said the challenge for the sector - as for most sectors in
Cambodia - was to build a bigger pool of human resources and a more
highly skilled pool.

"For us to address the skills challenge in Cambodia specialised
training needs to take a very important role," she said, emphasising
the need for technical and analytical training. "Technical and
analytical skills will be the biggest challenge for the market over
the coming years."

She also identified a need to improve management and interpersonal
skills. "Everybody in any training, whether higher learning or
vocational, needs training in interpersonal skills and customer
service. That needs to grow quite quickly for people to be effective
in their jobs."
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