(SINGAPORE) The booming banking and finance sector and the oil-and-gas industry have not only warmed up the economy, but are also red-hot among entry-level graduates in their choice of employment.

The banking and financial services sector is a clear favourite, with almost one in two (47 per cent) entry-level graduates wanting to join the sector - and seven out of the top 10 preferred employers are financial institutions, an online survey by JobsFactory shows.

'An interesting finding from this survey is that even among engineering graduates, there is considerable interest in the banking and finance sector,' said JobsFactory managing director Huang Shao-Ning.

Such a trend had already been reflected in JobsFactory's earlier survey of junior college students, which found waning interest in engineering as a course of study and a greater inclination towards business studies. Business studies/management was the top choice of study for A-Level graduates this year, followed by arts and social sciences and then engineering, which slipped from first position last year.

The 2007 JobsFactory Employers of Choice Survey polled 2,835 respondents from July to August at the three main local universities and is said to be the largest university graduate-focused survey on careers in Singapore. The respondents were from the graduating classes of 2005-2009 from Nanyang Technological University (NTU), National University of Singapore (NUS) and Singapore Management University (SMU).

Citibank topped the list of preferred private employers for entry-level graduates, followed by Credit Suisse First Boston in second place, then Deutsche Bank and JP Morgan & Chase.

Singapore Airlines, ranked top employer in last year's survey, lost its top spot to Citibank and sank to fifth position. But it remains popular among female graduates and graduates from arts and social sciences/humanities and communication studies, taking the top three places in these categories.

Based on anecdotal reports, Michelle Lim, research director at JobsFactory, said graduates like banking jobs for the perceived prestige and glamour, high pay and bonuses, media coverage and government emphasis on the sector.

Seemingly less attractive than their foreign counterparts, local banks are rated lower, with DBS Bank in 14th position, United Overseas Bank 29th and Oversea-Chinese Banking Corp 43rd. 'A foreign bank may provide a much more diverse experience, given its international presence and the opportunity to do international work,' Ms Lim said.

Oil-and-gas companies are also popular among entry-level graduates, with ExxonMobil in eighth position and Shell ninth overall. They were respectively rated first and second choices among engineering students.

Most survey respondents indicated that while compensation is important, they take a broader view of their career development and overall working environment. Asked what makes an employer of choice, they cited 'good career growth and opportunities' and 'values its people' first, before 'attractive pay, bonuses and other monetary compensation'.

Nevertheless, the rosy market conditions have generated high salary expectations among entry-level graduates and optimism about promotion prospects.

A 37 per cent majority expect an annual salary of $30,001 to $36,000, including bonuses and variable pay. This is equivalent to $2,300 to $2,800 per month in basic wages, with a 13th month bonus.

Some 77 per cent of the respondents said they expect to receive their first promotion by their second year of work at the latest.

JobsFactory's Ms Huang said: 'Employers need to take note of what these entry-level graduates are expecting, not just in traditional areas of compensation and benefits, because increasingly, the desire for recognition is becoming an important factor for these graduates. This recognition comes in the form of rapid promotions, managerial responsibilities and clear career advancement paths.'