Not for DBS. They hire and fire too, just like any IB or PB.

Hi Eric,

If you are still reading this thread, I got some stuff to share with you. It may just kick start your career in the banking industry. I hope to inspire those who want to achieve more in life.

To start, let me provide some insight to my path to two of the world’s most prestigious banks in the last 4 years. I did average in my PSLE (217), never do well in O levels (21), did average in Poly (building mgmt-took 3 ½ years). Parents were in business but failed terribly. Our family, parents, 3 siblings & grandma had no roof over our heads for a period of time.

I join the Armed Forces for 10 YEARS during the Asia Financial Crisis. Parents were bankrupts at the start of the Crisis. Siblings were still studying in secondary school. During these 10 youthful years, I got married and have 2 children then (now I have 4).

I was an army specialist doing any typical Spore Army Specialist will do. Smoke, swear, womanise, party, the negative list goes on and on. Fortunately, I was a very good runner. As such, I was always in my superiors’ good books. I guess my turning point was when my first child was born. I wanted to provide her the best but the salary as a specialist would never allow me to achieve that.

At first, I wanted to cement my career with the Army. I needed the upgrading course to increase my monthly salary. I worked so hard during one of that course that I came out best trainee.

Best trainee, Me, I have never won anything in my whole life. I couldn’t believe it. It was one of those if I believe I can, I can.

From this incident, I start to think if my attitude can be rewarded more handsomely if I was in the private sector. I did. However, I do not have any relevant experience and I have a family to feed. That was when I did some soul searching. I went back to my grades in primary, secondary and poly. I have always done well in Maths and Science during O level. In building management, I only did well in applied Science and Accounting. I am a maths person. I am not a linguistic person, so naturally, any subject that requires me to write, I score badly. Eg, company or building law – 50%

So before my contract ends, I need to arm myself with a certificate or a degree. I need to sign up a course that I have to be good in. So naturally, I signed up for ACCA (cheapest if you pass in one sitting) during the 7 ½ year into my contract. If you are aware of the timeline between ACCA course and SAF contract, I need to pass all 14 papers in 2 ½ years, i.e. I need to max the no of subjects I can take within a sitting.

I choose that path. I work 8-5, I go for night classes (almost 4 times a week), I revise after class. I sleep less than 4 hours a day and I did this for 2 straight years, while juggling between wife, kids (had a 2nd during my final module) and parents. During my studies, I make new friends. Fortunately, I got to meet people who are equally inspired to finish the course in the shortest possible time (their 2nd degree). 3 of us were always studying together.

With the ACCA cert in my resume, it was still tough for me. In my 11th hour into my contract, I was still not able to get any job. I knew during the ACCA course, I want to go into audit because I knew from friends that Audit’s pay is pretty decent if you compare with SAF salary. FYI, I am a very safe guy. However, no big 4 was interested in me since they have long list of NTU and SMU grads waiting at their doorstep. Why would they want an army guy which most employers perceive as rigid, lazy, always NATO.

This is where I start to understand that having a degree even a good one doesn’t help you to secure any job you desire. If you think you are good, there is always someone better than you. Basically you need contacts.

My father-in-law’s best friend is a public accountant. He was from PWC with more than 20 years of experience before he started his own accounting firm. After much reservation from him (not wanting to screw up his relationship with my FIL), he got me into his firm as an audit assistant. His firm is small. Audit team was only made up of 5 headcounts. None the less, I put in 200% for 6 months.

During SAF, I also got to know a friend whose wife was in one of the big 4. I have also provided my resume to her, hoping that the HR would pick up my resume. Luckily, they did. I was very quick to accept the offer. Similarly, I put in 200% of effort and time into my work.

Remember my ACCA friends that I studied together. They also managed to enter the BIG 4 performing other areas of finance. It was one of those lunch that we have that one of them told me that one US IB had an opening in the Finance Department (back office). I applied. The salary they offered would not only put me back to my last drawn SAF pay in less than 2 years but higher. I grabbed it and the rest are history. Recently make another switch to a UK IB and had a 20% increment.

Frankly, my salary is nothing compared to some MO or even FO. However, at some point, I have to be realistic. The salary I am getting is certainly much higher than what a SWO can even dream of. Maybe when I reached their age, I may be earning higher than 200k or even 300k a year though FO can easily breach that mark at a very young age. Fact is how many people in the society can even breach the 100k a year mark before 40 years old. I knew none of my family achieve that, not even extended ones. But one thing for sure, they are still very happy people.

Eric, this path I choose comes with a price. I do not get to see my children that often, only weekends and early morning when I send them to school. I even hardly have time for my wife and parents. For me, to see my loved one comfortably provided for was one of the key points that I never grew up with. Some may perceive this as shallow, but I am happy doing this and I stand firm on my principles. Hopefully my children will understand this in the future.

Some advice:
1) by hook or crook, finish your degree before you leave the force. Borrow if you need (not unsecured loans through banks – Ministry wont allow serviceman to be in debt). Employers want people who are ready to work, not those that still need to juggle between work and studies. Unless you are aiming for a 2nd or 3rd degree or masters.
2) Get into the bank first, Small or Big, BO or MO. Work hard, take on more projects, see more people, and establish yourself. You can only move forward. I was recently offered a MO role. So it is still possible to go up but that is all one can do without more contacts. Those that have gone into FO from MO are rare instances. Not impossible but very very unlikely.
3) Build your knowledge on other areas other than your core. This will make you different from others. Give banking bosses more reason to pay you more. Remember, Bank has nothing but money.
4) Leave the force if you want better monetary prospects. But you must be prepared to work very very very hard. I never believe people in the force work hard. I was in the system for 10 years. I have seen it all. Whatever effort I put in for 1 year in the private sector is probably equivalent to 5 years of their time. To be fair, maybe a small population within the forces are working hard but they are as rare as those getting into FO (without FO salary). If you are not willing to make sacrifice, stay in the RSAF.
5) Build up your contacts. Get to know more people. Be genuine. Lady luck may just appear on your doorstep.
6) Banking industry is also a sunset industry. Days of 6, 12 or 18 months bonuses are over.
7) The more salary you earned, the possibility of getting retrenched gets higher. Live with the fear of not having a job the next day. I saw it happened right in front of my eyes (5 times during the GFC)

Please note that I am only stating facts. I am a proud person by nature but I still know my roots. The only difference is that I take pride in whatever I am doing. I want more and I will work my butts to achieve that.

Good luck and wish everyone Huat!!!!