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.

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?

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.

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.

and some luck.

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

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.

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...

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..