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Seeking advise on a banking career from an overseas grad

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  #11 (permalink)  
Old 21-01-2015, 09:20 PM
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Originally Posted by Rwolf View Post
Hi all,

I just graduated from the University of Queensland, Australia with a degree in commerce, finance major a month ago. I would love to build a career in the banking industry and is seeking brilliant advises on what is the best option for me to take right now. Bros and sis anybody out there who can enlighten me?

P.s. I have no working experience in the banking & finance field at all. Definitely willing to start from the bottom ladder.
Poor TS.. Getting bashed by so many netizens..

Anyway, for a start, it would be difficult getting into a bank if you do not have any experience at all... but if you try hard enough, it's not impossible though.

Broadly speaking, these are the functions in a bank:
1) Front office: Investment banking, Global Markets (S&T), Corporate Banking, Private Banking
2) Middle office: Risk, Compliance, Finance, HR
3) Back office: Operations & Technology

If you do not have any experience at all, getting into Front office roles will be really difficult. Middle office roles would still be within reach, albeit difficult. Back office roles should be attainable, provided you have graduated with decent grades.

However, in the case that you get a back office role, you should also ask yourself if you would really want to be there. The job which you do over there are very routine, and may not be something that you would like to do over the long term.

My advice is to just explore more on the functions available, and check for those roles which you would realistically be able to get, whether you will be willing to work over there for an extended period of time. Meanwhile, explore other career options (i.e. beyond the banks) that are available in the market.

Working in a bank may not be as great as what you may have imagined it to be. Have you thought of working in the public sector, etc?

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  #12 (permalink)  
Old 22-01-2015, 10:23 AM
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Originally Posted by Unregistered View Post

If you do not have any experience at all, getting into Front office roles will be really difficult. Middle office roles would still be within reach, albeit difficult. Back office roles should be attainable, provided you have graduated with decent grades.
I agree with what you said, but when you are dealing with deluded freshies like that it is important to put some real % numbers, otherwise they will fantasise that really difficult means got 20% chance and albiet difficult means 50% chance and attainable means 80-90% chance.

How do I know? Because I was once like that as well. Experienced pros tell me roughly the same thing as you did, but I told my self I was going to be the minority to make it big in banking falsely thinking that difficult just means <50% chance.

In fact for someone like TS with just a noraml degree from an Aussie univeristy, without any professional or HNWI connections, I reckon the chances of securing a banking job is more like:

FO - <1%
MO - <5%
BO - ~20%

Of course like you said, whether BO can truly be considered as "banking", i.e. the type where people fancy big bonus, rubbing shoulders with elite, chiobus, upper class lifestlye etc. is debatable because in real life one will most likely be situated at Chennai (Changi) Business Park running boring and volumious transactions day after day rubbing shoulders with administrators, IT engineers & call centers

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  #13 (permalink)  
Old 22-01-2015, 11:54 AM
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Banking BO basic pay is average in the market and bonus lower. TBH there is really no point in staying at a bank BO unless you really like the kind of brain dead transactional work or you clinging to some hope you will get the attention of some big MD and get transfered to the FO.

As for normal consumer or corporate banking, it's really nothing but a sales job without any need for technical expertise. If you are good at sales, you can join almost any industry doing that, no need to obsess with joining a bank.



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  #14 (permalink)  
Old 25-01-2015, 02:00 AM
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hi ts...

you may find this useful

://.unofficialguidetobanking.com/

cheers!
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  #15 (permalink)  
Old 26-01-2015, 12:00 AM
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societe generale has a number of trainee positions in singapore. can give it a shot.
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Old 26-01-2015, 08:38 AM
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By definition from the replies above, I'm in FO
I grad with only 2:2 from uol and there's also another sim grad too.
The ratio of pte to local grads here is 4:6

I believe it's not so bad as to less than 1%
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Old 26-01-2015, 03:51 PM
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By definition from the replies above, I'm in FO
I grad with only 2:2 from uol and there's also another sim grad too.
The ratio of pte to local grads here is 4:6

I believe it's not so bad as to less than 1%
Are you sure you really know what are FO roles? I have worked in 3 banking FOs (as support operations only) for the last 7 years and so far I have only seen 2 pte uni fresh grads in FO role out of the hundreds around.

I can accept maybe your bank recruitment standards are a little lower, but seriously I cannot envision how in an industy filled with ivy leaguer freshie every year can end up with 4 pte uni : 6 local uni. This ratio is even worse than entry level recruitment in local blue chip companies.

May I know which bank is this?
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Old 26-01-2015, 04:22 PM
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Are you sure you really know what are FO roles? I have worked in 3 banking FOs (as support operations only) for the last 7 years and so far I have only seen 2 pte uni fresh grads in FO role out of the hundreds around.

I can accept maybe your bank recruitment standards are a little lower, but seriously I cannot envision how in an industy filled with ivy leaguer freshie every year can end up with 4 pte uni : 6 local uni. This ratio is even worse than entry level recruitment in local blue chip companies.

May I know which bank is this?
Do you mind sharing what you do for the support operations? Also, how is your salary progression like for the 7 years? Thank you.
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Old 27-01-2015, 10:29 AM
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Are you sure you really know what are FO roles? I have worked in 3 banking FOs (as support operations only) for the last 7 years and so far I have only seen 2 pte uni fresh grads in FO role out of the hundreds around.

I can accept maybe your bank recruitment standards are a little lower, but seriously I cannot envision how in an industy filled with ivy leaguer freshie every year can end up with 4 pte uni : 6 local uni. This ratio is even worse than entry level recruitment in local blue chip companies.

May I know which bank is this?
It really depends on what is meant by “FO”.

Technically a RM for consumer / corporate / bancassurance banking side is also considered FO. So if you apply the term loosely then yes it is possible to have about half of these new hires coming from private universities as its just a sales job and standards are not high.

If FO means like what a lot of fresh grads fantasize like oversized bonus, jetsetting around the world, mega trading books, meeting the elites or involved in billion dollar M&A deals then no, of course you are not going to see your friendly SIM grad around.
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Old 27-01-2015, 02:11 PM
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It really depends on what is meant by “FO”.

Technically a RM for consumer / corporate / bancassurance banking side is also considered FO. So if you apply the term loosely then yes it is possible to have about half of these new hires coming from private universities as its just a sales job and standards are not high.

If FO means like what a lot of fresh grads fantasize like oversized bonus, jetsetting around the world, mega trading books, meeting the elites or involved in billion dollar M&A deals then no, of course you are not going to see your friendly SIM grad around.
don try and act old bird like u know everything and look down on sim grads. it is very common to see sim grads in the investment banking, fund management and pte banking side doing well and making much more than the book worm exam smart local grads.

some investment banks prefer sim grads as they are more street smart and fast reaction compare to the rest
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