Banking Sector - Career Path

[s_o_h]

I got two job offer

Job A:

- Back office role doing treasury ops in foreign bank on contract subject to renewable basis.

- pay avg ok only for fresh grad.

Job B:

- Also supporting role but in a MNC insurance broking firm doing client and customer support liaising role.

- Very specialized role, so skills cannot really transfer to other industries


- Permanent job, pay offer higher than first job.


What do u guys think for a guy trying to break into banking industry? Anyone in the industry can advice?

 

[Mathemagician]

I got two job offer

Job A:

- Back office role doing treasury ops in foreign bank on contract subject to renewable basis.

- pay avg ok only for fresh grad.

Job B:

- Also supporting role but in a MNC insurance broking firm doing client and customer support liaising role.

- Very specialized role, so skills cannot really transfer to other industries


- Permanent job, pay offer higher than first job.


What do u guys think for a guy trying to break into banking industry? Anyone in the industry can advice?

Job A and keep looking for better opportunities

 

[reser86]

hi. does a branch operation officer has a good career prospect?

 

[marsbarsz]

After reading this whole thread, I really feel it should be revived!

It's been 4 years since the last post, I hope the older active posters could share with us how has life been for them right now. TS, Yaco, Mathemagician?

Also I've posted in another thread hope anyone can help out so I'm just going to quote it here again.

Hi all, I got interested in learning about investments after reading a few finance books. Graduated with a biz diploma and now thinking of pursuing a Banking and Finance degree, I am planning to work a year to see how the industry is really like and whether I am truly interested to take it on as a career, also reaffirming that taking on a finance degree is the right choice.

However, I am not sure where I can start.

• What is the usual career path for investment banking/financial analyst?

• Where should I work at and what entry job should I go into? Interning at Piers Morgan / Goldman Sachs?

Sorry if my questions are stupid but hope they can be answered here

Thanks!

 

[ctzehock]

Totally forgot about this thread until marsbarsz PM me too. For a start, I briefly read through the first page and the last page of thread and skipped everything in between.

It's a good reminder and a good opportunity for me to reflect on what I have done for the last 4 years. I have learn and grown a lot in this past 4 years and hopefully, the next time I chanced upon this thread again, I would have grown much more than where I am today.

Anyway, I went ahead and took UOL Econs and Finance and graduate about 2 years ago.

I was lucky and manage to get into a prop trading firm as my first job. However, I left after 6 months as I see that it was unsustainable. I was also in the banking sector on a contract job. After that I left for the insurance industry [And no, I'm not an insurance agent].

I won't say that the path after graduation was smooth and I'm still kind of struggling right now. Even with a degree, sometimes it's not easy to get the job that you have in mind, even for the local unis. The job market is really competitive right now with a lot of foreigners coming into Singapore. The salary of a graduate has not rise much compared to the inflation that has hit us. Our buying power are now much lower and I see a lot of my friends struggling as well .

If you're exceptionally good, yeah sure, you would probably have secure a high-pay job before graduation. Other than that, I would consider everyone else as the 'average'. Not in terms of your capabilities but in terms of your paper qualification.

I shall assume that marsbarsz is just about to pursue your degree. Unfortunately, nobody knows what the future will hold. Don't listen to the BS that this industry is going to be 'the next big thing' in the future. Look at the Oil and Gas industry, it's was 'a big thing' for the last few years but now it's gone.. within a year. The banking sector is not doing great either. However, most graduates are still getting a higher starting pay in banking compared to the other industries. You may consider what SG5000 says, stop obsessing with the degrees. In fact, do what you like most. I know this sounds cliche and you might be telling yourself 'I have no idea what I like', it's time to think about it.

my advice would be to pursue your interests at your own free time. For me, I'm interested in our finances and economics. And no, not the corporate finance or the Keynesian models that you study in school but the more practical stuff. In fact, it was my general knowledge that got me a desk in a trading firm. My boss didn't even ask for my degree. I didn't even have a degree then. When I went for the interview after the exams, I didn't even know whether I would be graduating that year.

So, that's where I am now. Sorry for the disorganized reply. I just reply whatever that pops into my mind.

Best of Luck!

 

[simon_84]

I shall assume that marsbarsz is just about to pursue your degree. Unfortunately, nobody knows what the future will hold. Don't listen to the BS that this industry is going to be 'the next big thing' in the future. Look at the Oil and Gas industry, it's was 'a big thing' for the last few years but now it's gone.. within a year. The banking sector is not doing great either. However, most graduates are still getting a higher starting pay in banking compared to the other industries. You may consider what SG5000 says, stop obsessing with the degrees. In fact, do what you like most. I know this sounds cliche and you might be telling yourself 'I have no idea what I like', it's time to think about it.

currently from oil & gas related industry, you're right with this industry.
with oil per barrel going below 60 bucks usd, the oversupply of gas and rigs meant that a slow down was bound to happen.
my company sales orders has not gone past 30 especially when is already the 3rd quarter of the year.

having graduated with a finance degree in unisim, all i can say is that trying to find jobs in banks and insurance industry has been particularly tough.
perhaps i should have started off in the related industry prior to studying for my degree.

 

[marsbarsz]

Anyway, I went ahead and took UOL Econs and Finance and graduate about 2 years ago.

Thanks for your reply! I assume you took the 3 years path for Econs and Finance? I may be planning to take that as compared to the Banking and Finance degree, what made you choose EF over BF? I heard from many EF is one of the toughest degree in UOL, any comments on this?

I was lucky and manage to get into a prop trading firm as my first job. However, I left after 6 months as I see that it was unsustainable. I was also in the banking sector on a contract job. After that I left for the insurance industry [And no, I'm not an insurance agent].

Care to share how you got into the trading firm? And how is it unsustainable?

Also, I am planning to work a year to see whether the finance industry suits me. Could you advice me on which company to look for or what entry level position/role I can take?

having graduated with a finance degree in unisim, all i can say is that trying to find jobs in banks and insurance industry has been particularly tough.
perhaps i should have started off in the related industry prior to studying for my degree.

Hey simon, what do you think of your UniSIM degree as compared to DL degrees such as UOL? Does the finance industry recognise a degree from UniSIM more or from overseas DL universities such as UOL more?

 

[ctzehock]

Thanks for your reply! I assume you took the 3 years path for Econs and Finance? I may be planning to take that as compared to the Banking and Finance degree, what made you choose EF over BF? I heard from many EF is one of the toughest degree in UOL, any comments on this?

I took the 2 years path, thanks to the exemptions. EF is definitely much tougher than BF. By the end of my 1st year (2nd year on the 3 years path), most of my friends have drop out of EF and change to BF.

You may want to consider the Maths and Economics as well rather than EF too. I chose EF over BF because I believe Economics is more practical.

Care to share how you got into the trading firm? And how is it unsustainable?

Apply and go for interview. The interview going to be tough though. They don't really bother about what degrees you have, more on your view on the current market, and how are you going to trade and hedge it.

Also, I am planning to work a year to see whether the finance industry suits me. Could you advice me on which company to look for or what entry level position/role I can take?

Unfortunately, i got no advice on that. The finance industry is quite big. If you are doing compliance, you are just doing compliance. If you are doing trading, you are just doing trading. I have yet to know any role that make you do a little of everything so that you can decide on what you like or not.

Before you decide on what role to apply, i think you will need to decide on what role you already like.

Hey simon, what do you think of your UniSIM degree as compared to DL degrees such as UOL? Does the finance industry recognise a degree from UniSIM more or from overseas DL universities such as UOL more?

This question is not for me but based on my experience, it doesn't matter. The local market only focus on the difference between a local uni cert and a non-local uni certs. But if you are going to venture overseas or further study, I believe the UOL cert is more valuable.

 

[marsbarsz]

I took the 2 years path, thanks to the exemptions. EF is definitely much tougher than BF. By the end of my 1st year (2nd year on the 3 years path), most of my friends have drop out of EF and change to BF.

You may want to consider the Maths and Economics as well rather than EF too. I chose EF over BF because I believe Economics is more practical.

So you took the bridging for it? What bridging modules did you take?

Although I really want to take on the EF degree, I am afraid that it will be too difficult for me as well, what's more I do not have any A maths background, any advice for me?

Also my GPA was similar to yours. Don't mind me asking how well you did during your tenure in UOL's EF?

Apply and go for interview. The interview going to be tough though. They don't really bother about what degrees you have, more on your view on the current market, and how are you going to trade and hedge it.

Oh, so you emailed the companies directly? Would you recommend a HR agency such as Kelly Services?

Unfortunately, i got no advice on that. The finance industry is quite big. If you are doing compliance, you are just doing compliance. If you are doing trading, you are just doing trading. I have yet to know any role that make you do a little of everything so that you can decide on what you like or not.

Before you decide on what role to apply, i think you will need to decide on what role you already like.

How about normal administrative work in a bank? Able to be in the industry and know a little bit of everything. Bonus if the manager allows me to follow them around to meetings.

This question is not for me but based on my experience, it doesn't matter. The local market only focus on the difference between a local uni cert and a non-local uni certs. But if you are going to venture overseas or further study, I believe the UOL cert is more valuable.

Hmm.. But what if I want to work for foreign banks such as JP Morgans, Barclays, etc. Wouldn't they recognize UOL (overseas degree) > UniSIM (local and still quite a new degree)

 

[ctzehock]

So you took the bridging for it? What bridging modules did you take?

Although I really want to take on the EF degree, I am afraid that it will be too difficult for me as well, what's more I do not have any A maths background, any advice for me?

Also my GPA was similar to yours. Don't mind me asking how well you did during your tenure in UOL's EF?

I got 2nd upper for EF. If you are willingly to put in the effort to study, nothing will be able to stop you.

Oh, so you emailed the companies directly? Would you recommend a HR agency such as Kelly Services?

I happen to by lucky, the prop firm was advertising directly through the job portal. Sure, why not, but you must know that your pay will be lower than applying direct.

How about normal administrative work in a bank? Able to be in the industry and know a little bit of everything. Bonus if the manager allows me to follow them around to meetings.

Not sure about that though, but if you want a headstart, you can consider working part-time in the bank while you are studying.

Or even better still, you can work full-time and study part time but it's gonna be really tough. But you will have a huge start after you get a degree.

Hmm.. But what if I want to work for foreign banks such as JP Morgans, Barclays, etc. Wouldn't they recognize UOL (overseas degree) > UniSIM (local and still quite a new degree)

Can't help you on this. My experience tells me your job experience will matter more though.

 

[simon_84]

Hey simon, what do you think of your UniSIM degree as compared to DL degrees such as UOL? Does the finance industry recognise a degree from UniSIM more or from overseas DL universities such as UOL more?

job experience matters more, the only real competitive advantage is those from the big 3 uni.
start to intern at banks for a start, especially for those back end processing and KYC roles, need to start off from contract positions.
compliance seldom take in fresh grads, unless your results are damn good or they take up someone from internal transfer.

only the scholars from local uni get absorbed directly after 2 rounds of interview as management trainees.

 

[marsbarsz]

Thanks so much for your help ctzehock!

Thanks simon! It seems that you are fairly experienced in the industry. Could you recommend me an entry position if I wish to understand more about the industry? I only have a dip in biz management though.

 

[simon_84]

Thanks simon! It seems that you are fairly experienced in the industry. Could you recommend me an entry position if I wish to understand more about the industry? I only have a dip in biz management though.

i'm not from the finance sector, so what i know may be superficial.
think ocbc frank is hiring for their branch outlets though is retail hours but why not gain experience first.
jobstreet also has jobs for fresh poly grads as well, just browse through and submit your resume.
current pay scale should be from 1.5 to 1.8k for poly grads, as what i heard from recruit express.

 

[mad0n3]

anyone did biz dev mgr before (corp bank sales)? Any review on that?