Sunday, September 16, 2007

Banking

A career in banking has always been my goal ever since I dropped out of pilot school. The financial products and their intricate workings intrigue me. The prospects of pitting my wits against the brainiest enticed me. My first encounter with "banking" was during my internship with Arthur Andersen. Thereafter I joined KPMG because of its strong Financial Services arm. I spent three years in KPMG learning about the banking world. So it was no surprise that I left when Barclays Capital came calling - first it being a bank and secondly, a career in London.

And it is not further surprising that Singapore graduates have placed banks as their preferred employers upon graduation. It seems that banking brings in the money. Hearing and reading young men and women banking (pun not intended) hundred of thousands per annum in bonus and wages is very enticing and tempting. In fact, I have a close mate my age who buys a new condo apartment every bonus time. MY has on his blog mentioned a career switch to banking. Another friend also recently asked for advice on ways to get into banking.

This contrasts sharply with a recent Bloomberg feature where only one investment bank made it among the Top 10. Maybe it is the survey respondents(one mainly Singaporean graduates and the other, a more cosmopolitan post-grads who have perhaps "seen the world". So I asked my colleagues where they are in banking. Most do not like to be in banking - one wanted to be a sports masseur and another wants to be a farmer in New Zealand. The reason why they are around in banking is to pay the mortgage.

Perhaps it is the values and principles that one holds that determine his preferences. For Singaporeans who have "prosperity, wealth and fame" inculcated from a young age, this could have led us (yes me!) to value money and status over work-life balance. So it was certainly very interesting to read the Bloomberg report (the print edition was more detailed and interesting).

Life is definitely more than money. This may work in Singapore but it just shows the kind of leaders we have in SAF.
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2 comments:

paddychicken said...

Since the Bloomberg report is on MBAs, it is not likely that MBAs would want to put their nose to the grindstone back in a gruelling industry like banking. Probably a slightly different sample group from your friends.

As for the SAF ... it's a reflection on what it takes to keep people defending the country when other sectors of the economy hold brighter and richer prospects. Not much to do with the leaders.

6:51 pm
Eeps & Weexy said...

As I have mentioned - the different pools of respondents may explain for the difference in preferences. But if you have the chance to read the print edition, most of the MBA/MSc have not worked in the banking industry before but have heard of the tough times. Though the money is good, they very much prefer a good work-life balance. Whereas I feel (personal opinion) that Singaporeans still tend towards the financial rewards a job entails, rather than the work-life balance.
The leaders (I meant the SAF) decide the policies of an organization. Seeing money to attract or retain money is not necessarily the best option. I have not talked much about the previous raise of civil servants and how the civil service leaderships think that it's necessary to peg the pay to the market to retain the staff. Just like the SAF now. I however think that other teething problems remain the mundane job nature in the civil service (not all, but at least for the majority who wants to leave) and the widely-debated arguments about scholars having a better career path in the civil service, whether or not they are performing.

11:31 pm

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