How to start at a Bank!

Thank you for your insights.

I just want to clarify that at least for me, it's not about the money (I include wining and dining under monetary benefits). Also, this may be surprising to you, but not everyone targets to work in FO.

When I say "prestige" I mean being selected over hundreds of applicants. I want to enter because I don't understand why I keep being rejected. When I put it this way yeah I admit it sounds stupid and egotistical and naive, but it's because I cannot get in that I wonder about the intelligence and competencies of those who are in.

As I said earlier, thank you for your insights. I work in a professional services firm (in the CBD area) and I guess the culture is really completely different.

Originally Posted by Unregistered

Thank you for your insights.

I just want to clarify that at least for me, it's not about the money (I include wining and dining under monetary benefits). Also, this may be surprising to you, but not everyone targets to work in FO.

When I say "prestige" I mean being selected over hundreds of applicants. I want to enter because I don't understand why I keep being rejected. When I put it this way yeah I admit it sounds stupid and egotistical and naive, but it's because I cannot get in that I wonder about the intelligence and competencies of those who are in.

As I said earlier, thank you for your insights. I work in a professional services firm (in the CBD area) and I guess the culture is really completely different.

I work in BO and I will say getting in was the hardest part even though its just a mere support function as some had pointed out. Inside, everyone are just average folk but one thing I notice is that a lot had prior experience jumping from previous banks and there were those who entered through internal referrals or connections. I think that makes it even harder for non-banking folks to go in and I was just an average joe who had changed industries.

For someone being a complete freshie, taking that first step in is the most challenging part.

Personally, it isn't about glam or prestige but whether the organisation is able to provide stability, prospects and growth opportunities. I was upfront about this during my interview. Once you get in the door, its really mostly people skills & hardwork more than a big emphasis on talent.

Originally Posted by Unregistered

Hi,

I am the poster just before you and thank you for echoing my thoughts..

It is because of this misconception / perception about anyone who is in banking = glam, high class, get to wine and dine with colleagues and clients and big chunk of bonuses at the end.

These people need to stop reading too much into efinancialcareer / wallstreet oasis,etc. Remember this, prospective applicants - you are in Singapore, a tiny red dot located in bloody tropical south east asia. You are not in wall street or frankfurt or london.. Stop thinking whatever you read on the internet applies to SG (not everything but to a certain extent).

And the last thing you would want is to send your CV with a cover letter telling me how passionate you are with banking yada yada,etc. C'mon la, we have hordes of applicants lining up from collyer quay to loyang telling us the same thing.


And if you still really want a banking job, then make it happen with your own hands. Don't come to forums n ask how to go about doing it because if you can't even manage this, then you have a long way to go.... Call me an asshat or what not, i don't care. I do not like spoonfeeding information to total strangers on the cyberspace.

Probably the last post from me for the week and here comes the dreadful monday...

Haha true, most of these peeps are likely just trying their luck and asking around hoping somehow they will be able to pick up tips & tricks and get into a bank.

Actually I find the most destructive banking myth is not directed at all these people who cannot even get into the bank. At most they will be disappointed short term and most will move on with life after that. The most "suey" one are actually those who make it to BO thinking it's a stepping stone to become a banker.

Many of them join BO not because they really like the job, but rather a misconception that if they just get their foot in and able to network, they can move to become real bankers / traders. So year after year they hop around banks with mediocre pay & bonus always thinking that soon it will be their time to shine. The banks themselves perpetuate this myth because otherwise many will be resigning.

I have 1 ex-course mate who joined Citi BO after leaving school. She was the typical type always thinking that all she needed is some luck to get into FO. So year after year she just stay in the industry doing things she isn't interested at all. Now after 11 years working ridiculous hours with average pay, she complain to me all the time that she wants to leave but feel she is stuck because go outside have to start fresh again.

Don't know why people have this thinking BO folks want to go FO. Not everyone thinks like that. FO big fark meh?

They should already have some realization of the their scope and at least somewhat know the limitations of not being able to hop. Those that work inside and don't know this are deluded.

Originally Posted by Unregistered

Thank you for your insights.

I just want to clarify that at least for me, it's not about the money (I include wining and dining under monetary benefits). Also, this may be surprising to you, but not everyone targets to work in FO.

When I say "prestige" I mean being selected over hundreds of applicants. I want to enter because I don't understand why I keep being rejected. When I put it this way yeah I admit it sounds stupid and egotistical and naive, but it's because I cannot get in that I wonder about the intelligence and competencies of those who are in.

As I said earlier, thank you for your insights. I work in a professional services firm (in the CBD area) and I guess the culture is really completely different.

Hi there,

the 'prestige' you spoke of doesn't really fit into the criteria here. When that poster / or rather in general the folks have been saying, we are not just referring to people wanting to work in FOs. I've talked to some of my juniors who are in their penultimate year and I'm really surprised at their idea of working in a bank.

To them, whether BOs or support functions etc, the 'work experience' that they looked forward to is kind of twisted... Some of them think they'll sit infront of 4 monitors with 2 phone sets with direct dial to other overseas offices across the globe and would be constantly involved in 'challenging' work..

Well.. most of them aren't far off.. the work they'll do would be still challenging - in terms of meeting turnaround time, cut off timings to key in data into the systems and updating database, scanning and uploading pdf copies of documents into the systems, archiving emails or taking instructions from senior managers and key into the systems.

how about MO ? Aiya, its almost the same thing just that you deal with more specialized products. But the foundation is still the same... Of cause a small minority might get into 'thrilling' roles but that's another topic.

You keep getting rejected largely because of the candidate pool that the bank has access to.. Do you have any friends working in HR that has direct access to the number of applicants that they receive whenever they put up a posting externally or on third party job sites? Advertise a general role and look at the overwhelming responses....Esp during graduate season it'll be like a tidal wave crashing into your face.

It is because of the big pool of candidates, HR normally employ screening systems to filter off CVs. And hiring managers can afford to be picky about candidates. Not so much emphasis on 'intelligence' or charismatic like Harvey Specter from Suits (subjective, more applicable to niche roles).

My take is - if you're in a proper job outside of bank now, please leverage on it. If you really wanna change job, you can look at banks but don't expect a bed of roses in here. As much as ppl would like to disagree with me, be it BO, MO or FOs, its just a whole cesspool of *****.

It's just funny.. people working outside of banks thinks that those in banks are 'hip', 'cool', 'has to be earning quite decently'. But most people who are working in banks are just constantly thinking 'when is my compliance leave' , 'what time can i leave office today', 'can't wait to lie on my bed when i get home'. Sure, i may be earning more than my peers and so? Nothing to go gaga about, im still a human being working my ass off everyday.

so a typical bank BO job like for like is higher than other MNCs by how much? one of my friends in the bank say its ~50% higher than other MNCs, but dunno how true.

A lot of people here don't consider the question of which benchmark comparisons are made. OT and sai gang, only banks experience that? Funny how this is being thrown around as one of the reasons to discredit working in one. People today are pampered, a bit of tough life complain already. Then those in audit, law, production shiftwork,construction line how? It's a fallacy to imply a life outside of banking has better worklife balance, which generally isn't the case in a sg context, maybe besides civil service.

Come on lah, I also know fellas slogging out in SMEs with miserable pay, no one mentions them? We are really becoming a strawberry nation.

When you work in FO, you will find that many of them will then complain about stress/long hours/office politics/health blah blah.

Seriously, if you're a corporate rat, just figure out where you fit in the hierarchy and not whine so much.

In the end, all of the Singaporeans are just lackeys of the caucasian overlords in these banks... so gimme a break about 'prestige' and all that garbage.

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Banking really sucks.

Work in banks is really comparable to Bangla cutting grass.

People will never appreciate ur work and those who shines are those angmoh who holds senior management position, SVP, etc.

[temp111]

On top of that u are at advantage if u are a lady and u are good looking.

Simple as ABC. U can just spread ur legs for wealthy clients and u can be rich in no time.

Either way or u can just suck their dicks.