Singapore is suffering a skills shortage for product controllers (PCs) and there's not enough local talent to fill the gaps.

But the island state’s position as a global product control hub, as well as its career and lifestyle opportunities, make it attractive to foreign job-seekers, says Adele Png, a resource specialist in Credit Suisse’s lateral recruitment team.

The product control function in Singapore has expanded rapidly over the past three years, Png adds. “Given the size of the local workforce, we have been exploring targeted recruitment from other Asian countries, such as Malaysia and the Philippines, as well as from established product control centres like London and New York,” she says.

Credit Suisse is not alone in its search for more PCs. Darren Hutchinson-Hill, a manager at search firm WH Marks Sattin, comments: “I would go as far as saying that product control is one of the biggest growth areas, with all the large American and European investment banks centralising their teams in Singapore.”

Juniors not so hard to find

The demand for foreign product controllers is mainly at associate-VP level and above, because juniors are easier to find from local universities and banks, according to Hutchinson-Hill.

Png says senior PC staff tend to have accounting qualifications, as well as excellent product knowledge and experience in managing staff. For more junior roles, while an accounting or CFA qualification is beneficial, Credit Suisse considers other applicants if they have strong product expertise or other transferable skills.

A candidate driven market

Although product controllers moving firms will look for competitive pay increases, Png says they are also motivated by career advancement and training opportunities. Product controllers usually demand pay rises of 20-30% when they move firms. James Rushworth, a director at search firm Profile, agrees that the market is candidate driven. He says international investment banks pay their senior PC directors base salaries of between S$250k and S$400k.