TFIP IBF Data Analytics

[simon_84]

DA can be a grey track if your headcount is not owned by a particular dept.
Some DA in other sectors are a shared resource between finance and IT.
So when the going gets tough this role might become redundant since each dept would fight for their own headcount instead as something like this did happened in UBS before for other back office roles.

 

[GoodBetterBest]

DA can be a grey track if your headcount is not owned by a particular dept.
Some DA in other sectors are a shared resource between finance and IT.
So when the going gets tough this role might become redundant since each dept would fight for their own headcount instead as something like this did happened in UBS before for other back office roles.

yes, good point. Also ask about the organisation structure during the interview.

 

[Toonsy92]

Hi all,

UBS just emailed me to request for my updated resume. Interview date to be informed by end of the week. Email was sent at around 9 plus. I think the FI are rushing to interview the candidates and dish out the offer letter by next month, as planned. So sit tight guys, I think things will move fast in the next few weeks.

Regarding the discussion on whether it is better to take a part-time DA course then apply for permanent positions or TFIP, I think it depends on whether u are looking for DA in any industry, or DA in finance. I have tried applying for several types of positions in finance including DA. Most openings require past experience in finance/finance services, which I think most TFIP applicants do not have.

Thus, I would say, if you are thinking of DA in any industry, you can opt for own studies then apply permanent position. But if you want to get an inroad into finance, especially for STEM pals without finance exp, I feel TFIP is a backdoor into the industry.

Feel free to comment and discuss.

You like that make me more sad, my email inbox is so quiet

jkjk. Do well in your interview.

 

[alphabiz]

Congrats! Choose wisely the bank u intend work under.

Next year can ask your help for technical online assessment.

i think the most difficult is the culture appraiser, there is no correct or wrong answer.

 

[jarrettoh]

You like that make me more sad, my email inbox is so quiet

jkjk. Do well in your interview.

Haha sorry! Actually my point is that since things are moving so fast, you never know. Just watch your email in the next few weeks?

 

[Jsim2020]

You like that make me more sad, my email inbox is so quiet

jkjk. Do well in your interview.

I feel the same .., keep on checking my mailbox and the junk folder in case it went there .

 

[coocoonana]

Haha sorry! Actually my point is that since things are moving so fast, you never know. Just watch your email in the next few weeks?

Congrats on getting a positive response from UBS! Which banks did u receive the emails from?

 

[simon_84]

Hi! Actually are there any people who graduated from this programme here or have started on the programme? I wonder if we can really apply the data analytics skills that we have learnt when we are engaged by the FI. I am afraid that the FI will just use us a cheap labour to do minion jobs.

What is your definition of cheap labour ?
Cause being paid an allowance of 5.5k for 18 months doesn't sound like cheap labour, given that median income is around 4.5k based on mom report.
Other non tech tracks are getting way lesser.

https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx

 

[Toonsy92]

What is your definition of cheap labour ?
Cause being paid an allowance of 5.5k for 18 months doesn't sound like cheap labour, given that median income is around 4.5k based on mom report.
Other non tech tracks are getting way lesser.

https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx

5.5k without CPF contributions for 18 mths, no other bonuses, not a permanent job.

After 18 mths don't know what will happen. All this are valid concerns mah

 

[simon_84]

5.5k without CPF contributions for 18 mths, no other bonuses, not a permanent job.

After 18 mths don't know what will happen. All this are valid concerns mah

Concerns that should be brought up with the interviewing FIs.
Tbh, if one already has this mindset prior to signing up the offer maybe the candidate is better off looking for a job with cpf benefits instead.

I had an ex colleague from smu who specifically went for the cloud track just to have sufficient funds for her bto reno since is paid in cash.
She moved on after clearing the program.
So the prospective of looking at it in the short term, works for those who actually have the habit of hopping around.

 

[GoodBetterBest]

What is your definition of cheap labour ?
Cause being paid an allowance of 5.5k for 18 months doesn't sound like cheap labour, given that median income is around 4.5k based on mom report.
Other non tech tracks are getting way lesser.

https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx

The FI does not pay the full 5.5. We don't know how much they pay. And IBF tries to get the program going so they get FI to commit but the FI may not have the real commitment to train anyone. So they just bring a person in and waste their time for the 1 year. If you stay, you cannot build a portfolio and gain enough skills. So it's really a waste of time. The FI may also not be equiped to train a person in the first place if the skill gap is too large or your mentor is not good / patient in training a person or other reasons.

Yes, 5.5k is good money if the person is not working and could not find a job. But problem here is you cannot get out easily even though you are allowed to get out. Reason why you cannot get out easily is that it's closer to a job and it involved real companies and IBF. May tarnish you record unless you have really, really good reasons. Getting a job is not a good reason here, I think.

I wrote my above opinion is not to discourage anyone but to give my point of view that you must really make up your mind to be in the program, and after that, just accept whatever you get in the program and try to make the best out of it. If your mentor is no good or the project you're on is not good, try to make use of the resources there to learn as much as possible, get to know people to help you open doors, learn the banking processes, business applications. I believe a person will benefit if the person knows how to make good use of what's available.

PS: addon - If your job in the training is to keep updating database for the next 1 year, then you should have a word with you IBF. Perhaps you could out front in the interview, ask them what you will be learning and what you will be doing in the job. Ask them clearly, exactly what you will be doing, hopefully, the work is as diverse as possible so that you get a full spectrum of the DA role, including presenting to the high level management if you could present yourself well.

 

[Toonsy92]

@GoodBetterBest Woah, i don't know about the part on 5.5k not guaranteed huh?

 

[GoodBetterBest]

@GoodBetterBest Woah, i don't know about the part on 5.5k not guaranteed huh?

5.5.k is guaranteed. DId I say no ? Sorry if I have been misleading in any way. Yes, confirm 5.5k from the IBF info.

 

[Sjaehyung]

This 5.5k is without CPF? thought every company require to contribute to cpf when the worker is paid above 500bucks? Isnt it a government rule thing? And any idea if the benefits package same as the bank staff benefits?

@GoodBetterBest Are you replying based on your experience in the tfip program or truly just from your own pov?

 

[roby79]

This 5.5k is without CPF? thought every company require to contribute to cpf when the worker is paid above 500bucks? Isnt it a government rule thing? And any idea if the benefits package same as the bank staff benefits?

@GoodBetterBest Are you replying based on your experience in the tfip program or truly just from your own pov?

You never read the information on their website or watch the video? Its clearly said $5.5 is training allowance, not salary. And you work with company not as their employee but a trainee.. thus no bond as employee and employer, so you are not their employee and not entitled for cpf.

There no benefit like permanent staff. You only get annual leave. No bonus, etc.

 

[GoodBetterBest]

This 5.5k is without CPF? thought every company require to contribute to cpf when the worker is paid above 500bucks? Isnt it a government rule thing? And any idea if the benefits package same as the bank staff benefits?

@GoodBetterBest Are you replying based on your experience in the tfip program or truly just from your own pov?

I'm not in the program or was. Just my opinion for any programs.

 

[roby79]

This 5.5k is without CPF? thought every company require to contribute to cpf when the worker is paid above 500bucks? Isnt it a government rule thing? And any idea if the benefits package same as the bank staff benefits?

@GoodBetterBest Are you replying based on your experience in the tfip program or truly just from your own pov?

if you calculate based on $5,500 monthly allowance, if it include cpf, means your monthly salary $4,700.
But if you want to compare again with the salary that you could earn if you work as permanent staff in other company you maybe can get aws and bonus.

So if 13 months include aws : your allowance $5,500 - cpf = $4,700 x 12 mths :$56,400 : 13 mths = $4,338( monthly actual salary )

But if you can get bonus 1 mths = $56,400 / 14 mths = $4,030 (actual salary )


So this program worth if :
1. You really want to change your career track to DA
2. Your current salary lower than $4K
3. You just want to add in your portofolio as experience work in finance industry, so easy to find job in future.
4. If you lucky, can convert as their permanent. Provided you good enough for them.

 

[simon_84]

There no benefit like permanent staff. You only get annual leave. No bonus, etc.

Plus this from last yr FAQ.

Trainees will be entitled to 21 days of Annual Leave and 30 days of Medical Leave per calendar
year. No other medical claims or benefits will be provided.

 

[alphabiz]

if you calculate based on $5,500 monthly allowance, if it include cpf, means your monthly salary $4,700.
But if you want to compare again with the salary that you could earn if you work as permanent staff in other company you maybe can get aws and bonus.

So if 13 months include aws : your allowance $5,500 - cpf = $4,700 x 12 mths :$56,400 : 13 mths = $4,338( monthly actual salary )

But if you can get bonus 1 mths = $56,400 / 14 mths = $4,030 (actual salary )


So this program worth if :
1. You really want to change your career track to DA
2. Your current salary lower than $4K
3. You just want to add in your portofolio as experience work in finance industry, so easy to find job in future.

I think there is no such company, who will pay you a entry level salary and let you study 1.5 years, especially for those in middle career path, only Singapore I guess. they are not pay your allowance for jobless, but they will pay for who want learn new skill and then continue work, it's hard to say which is right, but depends on you.

 

[Sjaehyung]

if you calculate based on $5,500 monthly allowance, if it include cpf, means your monthly salary $4,700.
But if you want to compare again with the salary that you could earn if you work as permanent staff in other company you maybe can get aws and bonus.

So if 13 months include aws : your allowance $5,500 - cpf = $4,700 x 12 mths :$56,400 : 13 mths = $4,338( monthly actual salary )

But if you can get bonus 1 mths = $56,400 / 14 mths = $4,030 (actual salary )


So this program worth if :
1. You really want to change your career track to DA
2. Your current salary lower than $4K
3. You just want to add in your portofolio as experience work in finance industry, so easy to find job in future.

Thanks for the heads up! Yes, i literally didnt know that training allowance does not include cpf. Now that i know, i really need to reconsider hard. Its like downgrading pretty much for my situation. Furthermore cpf is needed to pay house loan as well.