Advice on whether to enter the financial sector (Non-finance graduate)
 

Dear Forumers, I am honestly asking for advice and hope to hear from you all . I am actually open to suggestions in other fields pay well and are open to a mid-career change.

The reasons I am considering going into the finance sector are:

1) I'm giving up my research scholarship due to severe animal allergy which I have developed.
Because of this, I'm slapped with a huge debt to repay, in the range of $XXX'XXX amount of money.
I really need a higher paying job than another job in research.

2) The pay would be better than what I am getting.
(i work 80hr++/week) with $50 increment / yr.

3) No huge density of furry animals.
(I have no desire to slowly kill myself everyday, taking lots of pills just to be able to do my job well)

A bit of my background:
- I have a lifescience degree (overseas) 2nd upper hons. Worked in research for about 7 years.
- Have worked as marketing in an MNC for about for less than a year (contract-basis)
- worked in a number of holiday/ad-hoc jobs ranging from clerical to agricultural.
- Very flexible and adaptable character, and willing to work extremely hard, start from bottom.

Many many thanks in advance!

Honestly, it's next to impossible for you to get into the finance sector at this stage, unless you're open to selling insurance (and if you consider that finance).

Ohh.. Is it more due to the economy now, or is it due to the fact that the finance industry is not keen on mid-career changers/more fresh graduates than jobs available?

Yes to both. Have you started looking for jobs? I'm guessing you may get a chance with finance firms like legal money lenders and bigger ones like Hong Leong Finance, but is that what you want?

Thanks for the advice! I'm starting to look for jobs now, and I'm wondering if it is worth getting a temp admin job at the bank and try to get a job when I'm inside the bank. I do not mind doing sales within a bank too.

As for what I really want, now that I am older, I am surer of a few things.

- One is the desire for monetary rewards for slogging my gut out. (I know I seem very much like a money digger.) Parents are retired, and one is not medically insurable and in bad health. I cannot live with a 3k/month salary with increments of $50/yr, and still afford the medical expenses.

- Progression in career ladder

- Interacting and dealing with people, as I've had enough isolation with animals and bacteria.

given your experience and skillset, you may be able to join research, consulting or transactions advisory teams that cover the healthcare/biomedical industry.

for example the team covering pharmas/sciences at pwc: Pharmaceutical and healthcare

good luck

Thanks for this idea!! :D

It won't be easy. Have you considered teaching in a poly? It should be easier to get in but I've heard there are many rejections too (but won't be as many as in banks).

I've asked around, and only one previous lecturer was honest enough to tell me that, they require a minimum of masters degree before they will consider hiring. :( There seems to be an overwhelming supply of PhD and masters graduates who leave research and go into teaching.

Honestly v hard.

Your age and your background works against you. If you really want it, you can trying taking an MBA to switch careers.

FYI, there are tons of finance resumes out there from people who were laid off last year, plus alot of western bankers wanting to come to Asia.

but if u really determine to succeed, can try property agent or other forms of sales. Alot of army regulars who left service work these lines.

Try joining as an account manager in a pharma or chemical industry. They usually pays well!

True, I know I'm considered an old "fart":( and with the layoffs in the past few years, the competition is stiff. But I really cannot afford to pay for another education now, my the money issue/debt to resolve. So i was hoping to hear from more people and gather advice/ideas. A friend was telling me about the property selling too, so I'm also gathering information to see if this is something I can go into.

I can never know enough about something, and I do not regret my years in science. Because it has taught me to never stop learning, work hard and persevere. :)

Sounds like an idea, but I've heard news that there were some intensive layoffs in the pharmas a few months ago.. Nevermind, can still hunt around :)

Thanks for all the advice!:D

So what do you really know about Finance? Based on your answers so far, my sense is that you know nothing about even the basic areas of Finance and seem to only want to join because of your medical condition and unhappiness over low pay & increment.

Word of advice: Don't do stupid things like this especially when you are already a little over the prime and not very competitive age wise. You shouldn't be taking big risks over things you are not even passionate about considering the moutain of debt you have over your head.

Finance (excluding low value sales and backroom operations) is one of the most competitive industries out there. Lots of fresh grads and mid careers with superb qualificiations are desperate to get inside, most don't succeed. There will always be the rare guy here & there that somehow overcome the odds, but given your situation time is not on your side. Most likely you will be crushed by your debt obligations before you even smell the money.

Do not mess around with your career like that. If you downgrade yourself into some crappy Finance job and it doesn't work out, you might not be able to get back to your original line of work and get stuck forever doing cheap sales and administrative jobs.

QXP, you are not wrong in observing that. Because more is at stake, I do not want to commit to an industry before knowing more about it. Committing being all in, heart mind, body and soul to learn and become proficient.

That is why I am on this forum sincerely asking for advice, as there is limited information I can get from the people around me. Then I will have to weigh the pros and cons of the entire situation.

I am not holding onto an unrealistic idea that all financial jobs are all about good pay and hefty bonuses, I just need kind people to tell me what is the real situation inside.

On the same note, I would do so willingly advice the interns/juniors/anyone who would like to know more about the actual situation in science and research. I'm trying to pay it forward. :)

I'm weighing in as an observer. Just as it was hard to get into a life science course during the Philip Yeo days, it's as difficult if not much more difficult to get into a good position in th financial services. I see that you are at a stage where you can't spend another 3-5 years "betting on a career strategy", so my advice is for you to be careful and if possible try to stick with something that you're familiar with. It's just too easy to have lofty ideas about something you're unfamiliar with.

Yes & I can quite confidently say that I am one of the rare participants in this forum who actually knows a little about the Finance industry and gives practical advice instead of the usual hubris.

My take is this - You obviously have no passion or interest in Finance, it doesn't really make sense to bet big and take financial damage for something you don't feel for.

Time is against you, you do not have the chips to go "all in" & "make or break big" like the many young fresh grads who have no obligations. If you get into financial difficulties and it gets reflected legally in some way or other, you are screwed as far as banking career is concerned.

Do not fantasize about being the special one who is going to make it big by starting in some generic job like insurance agent or consumer banker, you are already I think mid 30s, it will be really bad if you find out at the age of 40 you are just like any other 99% ordinary bloke and get stuck with a 2 - 4k job with no further prospects.

The financial industry is now on hyper heat up from an employer branding POV. It does not really deserve its hype and much of it is the result of various misconceptions on IB and PB roles which the banks then silently perpetuate in the hope of sucking even more smart & talented people.

To above poster: can you elaborate more on your last paragraph on the "hyper heat up" and misconceptions?

Surely there are other alternatives to a job switch than to finance. Not all positions in finance/banking pays well. If you have no aptitude and inclination, joining finance will be very stressful for you. Besides, why would they hire you?

Since you have allergy to furry animals, why not do other type of research that don't require that?

Anyway, if you develop an allergy due to your line of work. Your employer shouldn't be calling on your bond. Have you even thought that maybe your employer should be compensating you? Speak to a lawyer on this. Why should you pay the bond when it is a underlying medical condition? Legal case or no legal case, make it a big deal, bring it to newspaper and your company will back-off from pursuing the bond, even it is merely from a PR angle.

Get a specialist to issue you something, get yourself excuse your from work involving animals. It is then up to your company to allocate you accordingly to roles or adjust your current role such that your allergy is kept in check.

Thanks for all the opinion and input guys, really appreciate it. :) Especially about the legal part. A lot of food for thought while I am sitting at home, recovering from a massive surgery caused by an accident.

You develop the allergy now. You don't do anything about it.

You find another job. You realise that your allergy keeps getting worse. More complications arise etc.

You know that allergy breakouts/episodes is one of the key contributor to cancer right?

Then 5-10 years down the road you realise that something is wrong with your body, by that time you will have difficulty proving that you developed allergy due to your previous job.

Shouldnt the right move be to get all your medical proof / documentation done now?

Use that to NEGOTIATE with your current employer. Go from the angle that you don't want to quit but you have develop thsi condition which you Believe developed (or at least got worse) when you were SERVING the company under FULL employment.

Even if you don't get compensation, they will think twice about pursuing the bond. I think meet the MP session sometimes have Free Legal advice. Why not go and check this angle out since you are free?

Much better use of your time then to consider a switch to finance.

That is good advice, but the MP in my area is opposition party... not sure if this would make things worst:confused: and I'm actually considered on scholarship... not working for an employer.. but ya, i think I should have a chat with my MP no matter what.

Thanks for the advice!!

Any chance you could switch to the corporate/mgmt side of your current employer?