Need serious career advice please - Banks/MNCs

Originally Posted by Water

Thank you. Have to agree with what you mentioned, which applies for positions like Goldman/JPM IBD, etc. These are reserved for the really top candidates, which I would like to put aside so as to be realistic with my choices.

I'll apply for all, but I'm slightly apprehensive towards Banks' MA programmes for the following reasons:
1) Banks' MA programmes are typically 2-years rotational, which you may end up in departments that you may not like (e.g. Ops & Tech, etc.)
2) Even if you end up in the Front-Office roles (e.g. Corporate Banking, Private Banking, etc.), they are after-all sales related, with performance measured driven by your ability to sell and maintain relationships with clients. There is a tiny chance (~1%) of entering IBD, but I wouldn't count on it.
3) Politics
4) Volatility of the banking industry
5) Pay is good, but not extremely good (comparing with BBs). In fact, the pay may be comparable to MNCs' Leadership Programmes (?)

In comparison, MNCs' Leadership Programmes are more towards 'managing the company', instead of 'sales/relationship management roles'. --> More visualisable career progression/exit opportunities (?)

However, even with the above, it seems that Banks' MA programmes are like the 'in-thing'? Is there something really good about the MA programmes that I do not know? Thank you.

I would say MNCs offer different career tracks, but if you intend to only go for MAP, then it is not wise to restrict your options so early on.

Singaporeans have always been fascinated by the banking industry (not just MAs) because of the seemingly lavish lifestyle, massive inflated titles and perennial rumors of fantastic bonus have all created a myth on the overall industry. I have 2 friends in banking whom I know from grapevine that are not really doing well, but they sure know how to play the part of the "SVP/Director" in a social setting.

A few casual comments on the points you raised:

1. Rotation - That really is the selling point of any good MAP, if you are not comfortable with rotations and ambiguity in where you might end up, perhaps MAP is really not for you. For e.g. Shell (which is a more prestigious program than any of the 3 options you are considering) literally force their MAs to rotate jobs and/or geography every 9-12 months during their 3 year program.

2. Sales / KPI - Fair enough, if hard sales targets are not your cup of tea, then you should avoid going there. But do not write off all MAPs in banks as many are catered towards corporate roles and there is no expectation for the trainees to do any actual sales.

3. Politics - Everywhere, if you think the catfights at Unilever will be any better, haha good luck.

4. Volatility - True, banking is one of the most volatile industries around.

5. Pay - Yea, it kind of depends on your expectations. Most big MNCs pay better compared to general corporate/consumer/support banking, but if you compare to oil & gas or investment side of course no fight.

Originally Posted by Water

I'll apply for all, but I'm slightly apprehensive towards Banks' MA programmes for the following reasons:
1) Banks' MA programmes are typically 2-years rotational, which you may end up in departments that you may not like (e.g. Ops & Tech, etc.)
2) Even if you end up in the Front-Office roles (e.g. Corporate Banking, Private Banking, etc.), they are after-all sales related, with performance measured driven by your ability to sell and maintain relationships with clients. There is a tiny chance (~1%) of entering IBD, but I wouldn't count on it.
3) Politics
4) Volatility of the banking industry
5) Pay is good, but not extremely good (comparing with BBs). In fact, the pay may be comparable to MNCs' Leadership Programmes (?)

MA programs are typically for retail-side and commercial-side of banking. So you will rarely see MA programs for IBD or Sales & Trading (except for Citi and Stand Chart MA, which includes the S&T division). But it's still a good gig because of the promise of fast-track promotion and job training package.

You want high pay but don't want the stress or instability. Unfortunately, there's no such a good deal in this world.

As a young man, you should not worry about stability or stress. Now is the time to take risks, because you won't have the chance to do so later on in life. Go big or go home.

[Water]

Thanks for the insights. Really helpful information that all of you have provided.

Originally Posted by Water

Thank you. Have to agree with what you mentioned, which applies for positions like Goldman/JPM IBD, etc. These are reserved for the really top candidates, which I would like to put aside so as to be realistic with my choices.

I'll apply for all, but I'm slightly apprehensive towards Banks' MA programmes for the following reasons:
1) Banks' MA programmes are typically 2-years rotational, which you may end up in departments that you may not like (e.g. Ops & Tech, etc.)
2) Even if you end up in the Front-Office roles (e.g. Corporate Banking, Private Banking, etc.), they are after-all sales related, with performance measured driven by your ability to sell and maintain relationships with clients. There is a tiny chance (~1%) of entering IBD, but I wouldn't count on it.
3) Politics
4) Volatility of the banking industry
5) Pay is good, but not extremely good (comparing with BBs). In fact, the pay may be comparable to MNCs' Leadership Programmes (?)

In comparison, MNCs' Leadership Programmes are more towards 'managing the company', instead of 'sales/relationship management roles'. --> More visualisable career progression/exit opportunities (?)

However, even with the above, it seems that Banks' MA programmes are like the 'in-thing'? Is there something really good about the MA programmes that I do not know? Thank you.

no rotations will get you to IBD.

[LynnYSG]

Instead of asking what people in the forum would prefer, it may be more helpful for you to rank your own preferences, based on either your past internship experience or intuition.

For example, I decided to take up a MA program at a MNC because my priorities were:
1. Global experience (there was a rotation in the US)
2. Work colleagues from different cultural backgrounds (I wanted to build skills working in diverse teams because that's going to be the reality of the future)
3. Compensation (they have structured paybands and levels that were higher than local organizations)

As for career progression, what I've seen in different types of organizations from start-ups to government agencies, and MNCs that I've been in is there is no 'track' that will guarantee you a smooth ride from the MA program to your VP/SVP level. Instead, the speed of career progression is usually directly proportional to the number of sponsors at the senior management level that you've managed to cultivate and add value to. It still comes back to your ability to build relationships and cultivate a strong network who is willing to endorse you.

OP what advice do you need? Just go for the highest pay one. As long as the work is not too jia lat can already.