Is it worth using $100k of your 3 years savings to get a top class masters overseas? - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Education and Personal Growth

Education and Personal Growth Schools, further studies, getting ready for employment, and motivation stuff




Is it worth using $100k of your 3 years savings to get a top class masters overseas?

Reply
 
Thread Tools
  #1 (permalink)  
Old 17-07-2011, 09:23 PM
Senior Member
 
Join Date: Jul 2011
Posts: 77
Liverpool is on a distinguished road
Default Is it worth using $100k of your 3 years savings to get a top class masters overseas?

I have been in the accounting field for nearly 3 years and I really don't like it...

I have thought about it for very long and I want to switch to banking... in case you dismiss me as another investment banking wannabe, I am infact quite comfortable with working in other departments in banking like consumer banking, corporate banking or private wealth management, etc, all except back office...

I have tried applying to the banks for these programs but I have not gotten any reply.

1) I have no relevant experience in banking. I see agressive SMU and NUS students having banking experience in their internships even before they graduated while I have none.
2) By working nearly 3 yrs since graduation, I don't qualify for the bank's 'grad program'.

People told me I can go work in internal audit in banks but the last thing I want is to do something accounting based again.

This leaves me with one option I have been considering for quite sometime, which is taking a Masters of Finance. By leveraging on that uni's career centre, I can join a bank as an associate.

I thought of the local unis at first but having got a degree there myself, I see no value add in adding another local uni into my resume for my masters program. Besides, if there are career opportunties in other financial capitals like Hong Kong or London, a good Masters of Finance from top overseas uni is more recognised than our local unis. This allows me more options.

This masters is my last chance at education, and I thought of going out there with a bang, which is choosing the best schools out there (provided they accept me first, of course). If that happens, I think my $100k saved over these few years will be heavily exhausted...

I then think about my wedding costs and costs if a baby arrives... its all abt $$$$$$$$$... haiz...

actually my mind is sort of set, which is I will go for a Masters of Finance next year, but I would like to hear any advice from you guys if any...

Many thanks.

Reply With Quote
  #2 (permalink)  
Old 17-07-2011, 11:06 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Liverpool View Post
I have been in the accounting field for nearly 3 years and I really don't like it...

I have thought about it for very long and I want to switch to banking... in case you dismiss me as another investment banking wannabe, I am infact quite comfortable with working in other departments in banking like consumer banking, corporate banking or private wealth management, etc, all except back office...

I have tried applying to the banks for these programs but I have not gotten any reply.

1) I have no relevant experience in banking. I see agressive SMU and NUS students having banking experience in their internships even before they graduated while I have none.
2) By working nearly 3 yrs since graduation, I don't qualify for the bank's 'grad program'.

People told me I can go work in internal audit in banks but the last thing I want is to do something accounting based again.

This leaves me with one option I have been considering for quite sometime, which is taking a Masters of Finance. By leveraging on that uni's career centre, I can join a bank as an associate.

I thought of the local unis at first but having got a degree there myself, I see no value add in adding another local uni into my resume for my masters program. Besides, if there are career opportunties in other financial capitals like Hong Kong or London, a good Masters of Finance from top overseas uni is more recognised than our local unis. This allows me more options.

This masters is my last chance at education, and I thought of going out there with a bang, which is choosing the best schools out there (provided they accept me first, of course). If that happens, I think my $100k saved over these few years will be heavily exhausted...

I then think about my wedding costs and costs if a baby arrives... its all abt $$$$$$$$$... haiz...

actually my mind is sort of set, which is I will go for a Masters of Finance next year, but I would like to hear any advice from you guys if any...

Many thanks.
speaking from personal experience, if you can get into a good program, (the qualifier is that it has to be the top schools, like Harvard, Stanford etc), then go for it. The ROI works only if you are willing to consider jobs outside of singapore, meaning, such as HK for example. Yes, sacrifices need to be made, such as marriage plans, baby etc. If you can make it work, balancing all these, go for it. Most of my friends' relationship didn't last during the MBA years.

Reply With Quote
  #3 (permalink)  
Old 17-07-2011, 11:17 PM
Senior Member
 
Join Date: Jul 2011
Posts: 77
Liverpool is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
speaking from personal experience, if you can get into a good program, (the qualifier is that it has to be the top schools, like Harvard, Stanford etc), then go for it. The ROI works only if you are willing to consider jobs outside of singapore, meaning, such as HK for example. Yes, sacrifices need to be made, such as marriage plans, baby etc. If you can make it work, balancing all these, go for it. Most of my friends' relationship didn't last during the MBA years.
thanks for your reply... how are your MBA friends doing now in terms of their career?

Reply With Quote
  #4 (permalink)  
Old 18-07-2011, 11:34 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Liverpool View Post
thanks for your reply... how are your MBA friends doing now in terms of their career?
Most end up in consulting/banking. The asians did better mainly due to the growing economies. 80% had a nice pay raise which paid off their fees in 2 years. Whether they remained a high flier is a function of individual traits. MBA gives a good boost, the rest is up to you. If you are looking for 100% success/money backed guarantee, then don't bother. No school can guarantee it.
Reply With Quote
  #5 (permalink)  
Old 19-07-2011, 06:57 AM
Super Member
 
Join Date: Aug 2010
Posts: 335
lazyplane is on a distinguished road
Default

u said u want the front office role...but none of the back office..and i guessing middle office roles.

well if u end up in front office in local bank , then it will take a long time to recover your investment in masters

only foreign banks pay well...and to rise up in banks u need more than education knowledge.

have u considered the cheaper way which is to do a cfa ? or diploma in mktg for sales related roles in banking ?

masters in finance may not help much in getting a sales role in banking...
as with all investment...

i wish u the best and hope u make back your invesment. let those reading this forum know if u do succeed.
Reply With Quote
  #6 (permalink)  
Old 19-07-2011, 08:57 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Most end up in consulting/banking. The asians did better mainly due to the growing economies. 80% had a nice pay raise which paid off their fees in 2 years. Whether they remained a high flier is a function of individual traits.
and some luck.
Reply With Quote

  #7 (permalink)  
Old 19-07-2011, 10:38 AM
Unregistered
Guest
 
Posts: n/a
Default alternative perspective

I don't mean to discourage you in any ways. All i'm saying is to give you another perspective of reality from just a person - me. So, take it with a pinch of salt.

My girlfriend completed M.Sc Finance from London School of Economics. Needless to say, the future seemed bright for her, with first class honours in B.Sc Economics and M.Sc Finance from undoubtedly top finance institution. However, it was VERY hard for her to get a job in the UK. Supply & Demand particularly in job market played a huge part.

It could be her tough luck, as she graduated in a year which many graduates became jobless, thus the sheer cut-throat competition. But I have to say, overcoming the long-distance relationship only has made our relationship stronger. When we face some disagreement these days, and thinking back about the tough times during her course of studies, things become... easier to cope.

After settling down for Analyst position, instead of the coveted Associate, it took her only a year and a half to be promoted to Associate. It may have taken longer, but the foundation is much stronger, and she's promoted quickly simply because she can do the job.

So... All i'm saying is for whatever degree you hold, it's as someone said above about MBA grads, that it's all up to individual's capability, and trust me, luck plays a huge part! She was unlucky almost 2 years ago, but luckier now.

To me and her, luck is 'preparedness meets opportunity'.

Just my 2 cents.

Cheers
Reply With Quote
  #8 (permalink)  
Old 19-07-2011, 05:01 PM
Senior Member
 
Join Date: Jul 2011
Posts: 77
Liverpool is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
Most end up in consulting/banking. The asians did better mainly due to the growing economies. 80% had a nice pay raise which paid off their fees in 2 years. Whether they remained a high flier is a function of individual traits. MBA gives a good boost, the rest is up to you. If you are looking for 100% success/money backed guarantee, then don't bother. No school can guarantee it.
thanks for your reply..

i have been looking at MBA websites and it is not taken as MBA = investment banking or consulting... alot still depends on other factors, most of them come from yourself... they provide the brand name and a head start, the rest is up to you.
Reply With Quote
  #9 (permalink)  
Old 19-07-2011, 08:36 PM
Senior Member
 
Join Date: Jul 2011
Posts: 77
Liverpool is on a distinguished road
Default

Quote:
Originally Posted by lazyplane View Post
u said u want the front office role...but none of the back office..and i guessing middle office roles.

well if u end up in front office in local bank , then it will take a long time to recover your investment in masters

only foreign banks pay well...and to rise up in banks u need more than education knowledge.

have u considered the cheaper way which is to do a cfa ? or diploma in mktg for sales related roles in banking ?

masters in finance may not help much in getting a sales role in banking...
as with all investment...

i wish u the best and hope u make back your invesment. let those reading this forum know if u do succeed.
Thanks for ur well wishes...

its not abt the pay per say as I am earning quite comfortably in my current job but its just something I dun see myself doing for in the long term...

I have done my research on CFA and I think the time spent is not worth it... Assuming I pass CFA successfully everytime, this will still take me 2-3 yrs, not forgetting how much time I will need to study. I'm faster off with an MBA or Masters of Finance. Universities also have a career service centre that helps students to find jobs which CFA does not offer. The con is of cos the cost.

I'm also looking at Consultancy too but the frequent travelling kinda discourages me, but I have not thrown that idea off yet... just need to do more research to be sure...

as someone in my late twenties, i think this is my last chance for a career change so I have to very sure what I want to do for the rest of my life because once I am inside the industry and 30 plus, I don't think I can change my careers again...
Reply With Quote
  #10 (permalink)  
Old 19-07-2011, 08:43 PM
Senior Member
 
Join Date: Jul 2011
Posts: 77
Liverpool is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
I don't mean to discourage you in any ways. All i'm saying is to give you another perspective of reality from just a person - me. So, take it with a pinch of salt.

My girlfriend completed M.Sc Finance from London School of Economics. Needless to say, the future seemed bright for her, with first class honours in B.Sc Economics and M.Sc Finance from undoubtedly top finance institution. However, it was VERY hard for her to get a job in the UK. Supply & Demand particularly in job market played a huge part.

It could be her tough luck, as she graduated in a year which many graduates became jobless, thus the sheer cut-throat competition. But I have to say, overcoming the long-distance relationship only has made our relationship stronger. When we face some disagreement these days, and thinking back about the tough times during her course of studies, things become... easier to cope.

After settling down for Analyst position, instead of the coveted Associate, it took her only a year and a half to be promoted to Associate. It may have taken longer, but the foundation is much stronger, and she's promoted quickly simply because she can do the job.

So... All i'm saying is for whatever degree you hold, it's as someone said above about MBA grads, that it's all up to individual's capability, and trust me, luck plays a huge part! She was unlucky almost 2 years ago, but luckier now.

To me and her, luck is 'preparedness meets opportunity'.

Just my 2 cents.

Cheers
Thanks for your reply. Btw, did your gf consider not working in UK?

LSE is a good sch which will open doors in jobs in other countries as well..
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How much savings do you have? Reporter Investments and Net Worth 1341 24-05-2021 10:36 AM
Poor working class Salary.sg Income and Jobs 2 25-03-2016 01:04 AM
3 years or 4 years university? slayercsa Education and Personal Growth 4 10-04-2011 09:52 PM
How much an Information Technology Analyst 10 Years exp worth phantom Income and Jobs 20 24-02-2010 10:08 AM
Not enough savings for retirement Salary.sg Investments and Net Worth 0 14-05-2007 07:59 PM

» 30 Recent Threads
Lawyer Salary ( 1 2 3... Last Page)
21,016 Replies, 10,332,584 Views
Career as Teacher ( 1 2 3... Last Page)
10,860 Replies, 6,674,102 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,328 Replies, 4,986,029 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,051 Replies, 440,953 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,386 Replies, 2,325,433 Views
Civil Service Current Estimated... ( 1 2 3... Last Page)
172 Replies, 309,830 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
681 Replies, 389,212 Views
Compare civil service salary ( 1 2 3... Last Page)
16,346 Replies, 12,459,521 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,807 Replies, 1,045,892 Views
GovTech ( 1 2 3... Last Page)
5,164 Replies, 2,165,492 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,459 Replies, 785,139 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,331 Replies, 1,142,787 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
311 Replies, 369,650 Views
Why Is Having a Google Virtual...
1 Replies, 6,803 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,240 Replies, 3,400,402 Views
JP Morgan ( 1 2 3... Last Page)
199 Replies, 173,558 Views
Mining Industry ( 1 2 3... Last Page)
80 Replies, 74,568 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,340 Replies, 4,773,771 Views
ST Electronics ( 1 2 3... Last Page)
3,768 Replies, 1,545,723 Views
Is getting a PMP worth it ?
4 Replies, 7,186 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
207 Replies, 134,770 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,922 Replies, 2,903,825 Views
Nparks ( 1 2 3... Last Page)
39 Replies, 34,449 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,828 Replies, 4,658,065 Views
Constituency Manager (People... ( 1 2 3... Last Page)
989 Replies, 814,117 Views
Julius Baer Graduate Program 2023 ( 1 2 3)
21 Replies, 14,860 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
752 Replies, 359,045 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,464 Replies, 1,376,037 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,260 Replies, 614,048 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,123 Replies, 3,740,069 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 09:22 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2