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Engineering and Technology Careers are Not Valued - Singapore is "High Cost Low Tech"

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  #11 (permalink)  
Old 25-05-2008, 07:51 AM
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Default 1741

honest truth is that people in the finance industry are over paid. The reason why the industry can do so is because they are consistently ripping off customers with low interest rates and high risks products.

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  #12 (permalink)  
Old 25-05-2008, 07:54 AM
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Default 1742

it is easier to get to the finanace industry than you think, especially for engineers. Those who find it hard to switch usual lacks the communication required for front office or the operational knowledege for back office roles.

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  #13 (permalink)  
Old 25-05-2008, 09:31 AM
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Default 1743

Hey CJ, it's a free market. Nobody mandates the finance industry to overpay their people. It's like an overvalued stock--instead of screaming it's overvalued, just go with the trend and sell on high lor.

(1) Interest rate is a macroeconomy variable--it is bigger than just about "ripping off customers".

(2) High risk products have high risk because they have high potential returns as well, or else obviously nobody would be stupid enough to buy them.

You don't seem to know about finance a lot--so how do you know how easy or difficult it is to get into it?

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  #14 (permalink)  
Old 25-05-2008, 10:30 AM
Chump change---
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Default 1744

200k pa sgd-equiv is chump change for someone with 5-7 years experience in New York and Hong Kong.
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  #15 (permalink)  
Old 25-05-2008, 11:06 AM
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Default 1745

Yeah, of course, Chump change. My friend in New York working as an IT contractor earns around 500k SGD pa. But I like Singapore leh
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  #16 (permalink)  
Old 25-05-2008, 11:39 AM
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Default 1747

While there is some truth in this article, I feel that there are other factors to consider.From what I know,not everyone in the banking industry earn big bucks.And even if some of them do,what does it come at the expense of?Longer working hours?More stressful working environment?Higher need of taking risk?Higher chance of getting retrenched or sacked during a financial crisis? Personally,I m an engineer working in a MNC in the oil and gas industry for the past 2 years since graduation from uni.I am already drawing a pay of 5K/mth.Compared to most of my peers who have switched to the banking industry,I think I am much better paid in terms of pay. Nevertheless,I do know of friends in the banking sector who are paid very well.But it is by merit that they are paid so well.Eventually,one has to be discerning and not think that everyone who joins the banking sector can expect higher pay than the engineers. Everything still boils down to your ability and desire to succeed. :P
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  #17 (permalink)  
Old 25-05-2008, 07:05 PM
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Default 1753

In 2 years your salary has increased to 5k already? That's very good!!
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  #18 (permalink)  
Old 25-05-2008, 09:40 PM
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Default 1754

I for one, agree that engineers, for all their expertise, are underpaid. But then again, its the same old demand supply theory again. Not everyone in banks are paid so highly. Join the ops department and you'll get a monthly paycheck just over 3k, similar to what an average engineer earns in an MNC.

Remember the report on the highest earners in Singapore and their academic background? The fact is that most of them possess an engineering degree. And the next fact? They are mostly working in banks as well. So am I contradicting myself? Probably. But my point was demand and supply.

Engineers and finance graduates are highly sought after in banks and the limited number of places in front office positions mean that only a selected few get the golden paychecks. Thus the question is: should engineers get similar pays in their respective industries then?

I'm not sure if it's up to us to say. Everyone wants big money in their respective careers. And the reason why banks are paying such big bucks is because they are the primary tool of financing the economy. Without them, companies would have difficulties in hedging against risks, taking loans for expansions or evaluating their shareholders' value.

You can say that engineers create innovations of efficiency, govt bodies manage inflow and outflow of foreign investments and scientists and doctors improve and save lives. But which industry should earn the most? Who actually have an answer to this? I know I don't.
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  #19 (permalink)  
Old 25-05-2008, 10:31 PM
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Default 1756

Just want to cite a good friend of mine as an example. He works in a reputable investment bank and earns thrice of my annual income. Like myself, he has also jus graduated and has only been working for 1 year. However, wef next month, he ll be switching job to a non investment banker one. Even though the pay cut will be significant, he has no regrets considering the exchange for freedom and a less stressful lifestyle. Like I said before, other than the monetary compensation, one has to weigh in other factors when considering his/her career. If you have the ability and the aptitude to go for the super high paying jobs, good for you. Otherwise, it's not too bad to be an engineer. Yes. You probably won't get paid as well as an investment banker. But you won't be too miserly paid too. The worst thought to have is to naively think that just by joining the banking industry, any tom, dick and harry can make tons of money. If most of the students have this kind of thinking, I say good luck to them.
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  #20 (permalink)  
Old 26-05-2008, 12:33 PM
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Default 1758

wow..kinda interesting..juz found tis website nw..i m gg to NUS tis yr to study mechanical engineering..n anyone can i ask cause i do shorlisted for interview with BCA related sponsor companies>> capitaland, city developements and cpg corporation.. but found out that building n construction industry nt so lucrative at all huh?!
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