Working in a bank

Originally Posted by Unregistered

btw, i'd guess u're about 29 or early thirties. A couple of options for you would be to start networking asap at OCR events. for IBD, you'd be interested in the Associate position but unlike applicants for the Analyst position (you're overqualified and too old) you have to be super familiar with valuations etc etc and obviously they would ask you tougher questions etc etc. Firms might not show interest in you at first (Alien, Asian, H1-B hiring restrictions etc) but if you persist then eventually you will land an internship with one of the BBs. Once you have an internship from any BBs, getting a full time offer might be tough but offering to work across the Atlantic (HK/Shanghai/Shenzhen etc) might work. Have to contend with lower pay (100k sgd after bonus I think) though.

In the meantime before you grad, try joining finance societies or competitions. Top schools like the one u're in have illustrious alumni on the Street and it helps knowing them.

Thanks, these are all very sound tips and exactly what I've heard and read. I plan to network my ass off and hopefully secure that important internship in the MBA summer. If my old undergrad mates now working in finance haven't forgotten me yet, even better. HK is exactly right for me if the need arises, but given my shaky command of Chinese Shanghai/Shenzhen might be a bit tough. As always, I'll be looking long term so I'll be fine with a lower starting pay, and I'll be more than satisfied with my backups if IBD doesn't work out.

Originally Posted by Unregistered

oops I didnt see the 'new' in 'New England'. anw its easier to get into european banks than banks on the street. SocGen or BNP would be a good choice. BNP more than Socgen though.

Not to burst your bubble but I dont see a Singaporean making partner in MBB anytime soon. A popular (and good, I might add) choice for OS HWS/Oxbridge grads would be to work in GIC. Pay not as great as compared to the Street but godly enough considering you and your family dont have to move across the Pacific.

In case you were wondering, IBD of prestigious BBs like GS/MS/UBS etc dont have a significant presence here. They are usually HQed in HK. S&T here comprises 80-90% foreigners and while it is possible to get into S&T in BBs in Sg, its really hard. Do give GIC due consideration. More HWS-calibre employees means potentially lesser jokes from Ho Ching.

It's true that it's usually easier to get into European IBD departments, but most of their IBD depts are not based in SG anyway. S&T there's still quite a number of Singaporeans, but yes, it's hard to get in. In any case, a good amount of Singapore S&T mostly deals with spot/future FX and FXOs anyway.

As for IBD: Friend of mine transitioned from a ministry into IBD, so it's not impossible. Just tough (she was a scholar with MEcon from Stanford, broke bond), and she tells me that the incoming class at the bank (a BB) she's working, 1/2 are local undergrads who had their internships converted and the other half are foreign grads like her.

MBB: One of the partners I interviewed with at McK was a Singaporean. Granted she had her PhD from MIT...

Originally Posted by Unregistered

It's true that it's usually easier to get into European IBD departments, but most of their IBD depts are not based in SG anyway. S&T there's still quite a number of Singaporeans, but yes, it's hard to get in. In any case, a good amount of Singapore S&T mostly deals with spot/future FX and FXOs anyway.

As for IBD: Friend of mine transitioned from a ministry into IBD, so it's not impossible. Just tough (she was a scholar with MEcon from Stanford, broke bond), and she tells me that the incoming class at the bank (a BB) she's working, 1/2 are local undergrads who had their internships converted and the other half are foreign grads like her.

MBB: One of the partners I interviewed with at McK was a Singaporean. Granted she had her PhD from MIT...

Stanford has no MEcon. Also I think that McK partner is one of the two MBB partners I know of. Partner in Financial Services?

Originally Posted by k3vin

hello there,

just some queries, I have been offered MA positions at two middle market entities. As I am not from any banking and finance bsckground but instead have a local arts degree. After 2 years, what permanent positions could I be looking at? I am looking for some concrete transferrable experience versus government linked "private" mncs. Would 2 years at say DBS/Citi be more useful than 2 years at say Temasek/SIA?

I am going to grad in a couple of months and is now considering my offers. Pardon if I lack any knowledge in this sector. I am fresh without much applicable experience save representing varsity and nation in international forums and summits due to my position in students' union etc. Appreciate any help! From what you guys have been telling Eric, it seems like the position(s) he is seeking to be extremely daunting and exclusive. Wow.

What does MA stand for? Are you in the IBD of these MM banks? Assuming your MA is a FO role then you would be looking at MBA for 2 years then come back as an Associate. Then another 2 years as an Assoc and you move to PE/HF. What transferable experience are you talking about? Please be more specific. Not all finance experiences are valuable to an IBD recruiter. (For example if you work in restructuring then you can most likely kiss your ass goodbye)

Student unions wont count for anything when you are competing with Mr HWS above. You need to either start networking or start gaining solid finance experience (Summer Analyst/Finance competitions).

And start reading the old posts I made regarding skills you need to have.

[QUOTE=Unregistered;10465]
As for IBD: Friend of mine transitioned from a ministry into IBD, so it's not impossible. Just tough (she was a scholar with MEcon from Stanford, broke bond), and she tells me that the incoming class at the bank (a BB) she's working, 1/2 are local undergrads who had their internships converted and the other half are foreign grads like her.
QUOTE]

Also, how early did she break bond?

[QUOTE=Unregistered;10468]

Originally Posted by Unregistered

As for IBD: Friend of mine transitioned from a ministry into IBD, so it's not impossible. Just tough (she was a scholar with MEcon from Stanford, broke bond), and she tells me that the incoming class at the bank (a BB) she's working, 1/2 are local undergrads who had their internships converted and the other half are foreign grads like her.
QUOTE]

Also, how early did she break bond?

Apologies; It's some funny masters, but when she passed me her resume she was clearly selling the econ bit. Broke her bond 4 years in... out of the usual 6, i presume.

Partner: Yes, if it's the same woman we're thinking of.

[k3vin]

oh, nono, i wont be looking for these positions. haha, i am out of depth there.

MA = Management Associate Programme.

[k3vin]

UOB : Management Associate Programme

an example.

[QUOTE=Unregistered;10469]

Originally Posted by Unregistered

Apologies; It's some funny masters, but when she passed me her resume she was clearly selling the econ bit. Broke her bond 4 years in... out of the usual 6, i presume.

Partner: Yes, if it's the same woman we're thinking of.

Haha, I thank my lucky stars every day that I made the choice to major in econ/fin rather than public policy - was really struggling between the two back then. Did she start out as analyst then? I suppose it doesn't matter for me, I'll be held to associate standard if I get my MBA.

If she hadn't known you personally, would she have a chance to break in mid-career at all? By cold calling?

[QUOTE=Unregistered;10472]

Originally Posted by Unregistered

Haha, I thank my lucky stars every day that I made the choice to major in econ/fin rather than public policy - was really struggling between the two back then. Did she start out as analyst then? I suppose it doesn't matter for me, I'll be held to associate standard if I get my MBA.

If she hadn't known you personally, would she have a chance to break in mid-career at all? By cold calling?

Well, she started off as an analyst and happily having fun with twice her previous salary in the civil service (and having no time to spend it!).

Then again, in the civil service, if you're known as capable, and you build your network, you can still go places. A good number of high-flyers who head off earlier (by breaking bonds) or later (secondments, quit job, etc.) find their true calling other than our government (not that it's a bad thing: everybody contributes in a different way).

Haha she didn't get her job through me. I just pushed her resume to the right place and passed it on when I was interviewing (I'm younger). She was rejected by MBB but got accepted by IBD by giving the right people the right impression.

IBD isn't for everyone though (points to the countless other arguments for and against, as above); I ended up joining a prop desk. Much more suited to my skillset =)