Quote:
Originally Posted by Unregistered
I don't think I can reveal where I am working...
but i am thinking of moving into professional trading as a trainee since I trade on my own too and have several ideas of my own but compeition is v stiff there too. thus I think i wld need to study a masters of finance to get into the industry since most trading houses/banks will consider my civil service exp irrelevant.
trading trainees earn peanuts as compared to the civil service if you r working in a boutique small trading firm (not big banks) but i think it will be something I like to persue and be able to strike out on my own in the future (e.g. trading full time at home).
for financial sector, I just have some advice for u...
1) Most big banks will normally throw ur resume away as ur resume is irrelevant. Aggressive SMU students already have big banks in their resume when they were doing internships with other big banks still in uni. What do you have? You can still join but expect to be in some non high flyer position, maybe Ops. Investment banking is highly unlikely.
2) Get a Masters of Finance or CFA. Masters is faster so you can make the switch fast.
3) If you are going in for the pay, expect to be disappointed. I earn more than some of my friends who work in the bank (excluding the investment banking types). Not every position in the bank is a high flyer position (think people selling credit cards at MRT). Nonetheless I still feel that they have better potential than me as they can job hop between banks but I can't. In the long run, they may earn more than the civil service, but once you go in the beginning, expect to take a pay cut if necessary.
for me my long term goal in life is to be my own boss and have freedom, be it trading at home full time or having my own business (i am looking into F & B biz).
I may not earn alot as compared to a CEO of a big corporation but I know what it takes to reach there as a CEO and how much stress and pressure you will take to earn that money. I think that is not worth it. I am better off living my own business, doing okay for money and being happy. I realise money does not equal happiness, otherwise I would be happy at my 74k income but I am not....
Of course I am a v frugal person as well and don't spend much. My gf is also not the materialistic type so I am quite lucky.
all the best! |
I'm also working in the gov sector, its flooded with scholars. There are many types of scholars, those with
PSC scholarship or from Ivy League universities have people "looking after them" and they always rise faster and get the desirable posts. I'm a 'second rate' scholar with 2nd upper hons from a local U and already I see the difference between me and the blue bloods after 5 years. Undoubtedly my pay of around 70k per year is comfortable, but I doubt I have much higher to rise, before it becomes some pathetic low increment per year while the blue bloods are two levels above me. My skill set is so limited that there is probably no where I can jump to in Singapore. I feel stuck, now that I'm at an age where I should be starting a family and getting a car and need money, I can't jump ship just like that.
With the high cost of living here, 70k/year isn't very much. The advantage of working for the gov is stability, there are no worries about getting fired, not being able to pay the housing loan, and yes they are family friendly and the work life balance is decent. But for an ambitious person, its really not enough.
My long term goal is to succeed in trading and investing, while working full time. The day I can be financially independant is the start of a new life. Till then, I'll stick to my job.