HK
View from the Bottom: the clock ticks on my career
17 June 2009
In the latest of her regular “View from the bottom” series, our columnist tells us about her worries for the future. The writer is a young Singaporean banker who worked on Wall Street and is now searching for a job in Asia.
Sunday marked the end of the time limit I set myself last year for finding a new job in i-banking. As you might have guessed, I still haven’t found one.
Am I giving up the hunt? No. Investment banking, despite the long hours and some inane tasks, was a wonderful experience for me. It offered great exposure to key business concerns of astute professionals across various industries. But, at the same time, I am looking for work in other sectors too.
So much competition
Of course there are no guarantees of success. I face more competition in the job market than I would have only a year ago. Since mid 2008, resumes have flooded the market and there is an abundance of talent still looking for work.
While headhunters used to contact candidates with broadly relevant skill sets, they now have the luxury of only contacting those who possess very specific experience, as demanded by their banking-sector clients. That’s not an encouraging development for junior bankers like me. And to make matters worse, another class of graduates will enter the job market this summer.
Is it all over for me?
As a former derivatives specialist, some of my friends and family have warned me that my career in banking might already have ended. However, I am prepared to adapt my skills and I have recently sat the CFA examination. I am not prepared to count on time to open opportunities for me.
My main concern now is what I can do in the longer term, other than derivatives. While I wasn’t working while studying for the CFA, I am pretty sure I can manage the GMAT or GRE while holding down a full-time job. Should all else fail, I might have to finance myself through graduate school as an expensive restart button.
Getting real on pay
Coming from a banking background, there has to be an adjustment to the mentality of expectations with regards to pay. After graduating out of college in the US, it was a no-brainer to work in one of the most exciting cities in the world, New York, in investment banking, with much to learn and an attractive pay package.
However, contrary to the common myth that all junior bankers in New York are better paid than their compatriots in Asia, when you remove tax and rent, your real pay is undoubtedly less.
Future-proofing my career
Now that my US experience is done and dusted (for the time being at least) and I am back in Asia, I would like to position myself for a longer-term career here and ensure some sort of mobility to be able to work in China in the future.
As I looked through my old interview notes from college days, I noticed that my original five-year career plan was not based on a series of promotions, but on a desire to figure out what I want to be doing for the rest of my life, and to excel in it.
Though I have yet to figure that out, I am now looking for an internship or job in corporations with a presence in China, and in industries which interest me. Real estate is at the top of my list because of the tangibility of the property sector and its potential to shape communities and drive economies.
Another possibility is alternative energy, for its potential to drastically change our environment and the way we live . If I have to press the restart button, it will be humbling, but hopefully it will also be a good learning experience.
What are your views on the future of this candidate? Is she on the right track, or does she need a reality check? Let us know below.
glad to see she is pragmatic & flexible enough to move out of dreaming to stay in NYC & derivatives. many roles will not re-emerge for extended time and US experience is no longer gold plate
ex-banker 17 Jun 2009
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