Advice needed: where to go with FCH?

[aeipathy]

Hi guys, thanks for reading this. Your advice is greatly appreciated!

A bit of background:
- Graduating next year
- Pretty much guaranteed a high FCH in NUS electrical engineering
- Second degree in economics, medium FCH range but not doing honours
- Holding university bondless scholarship

My main priority is getting a well-paying job, or at least one where salary increases in reasonable proportion to effort, because my family's finances are terrible.

This means that most EE jobs are already out except for those in oil (after the crisis?) and power, since I heard that it's an ageing sector. I asked EMA during a career fair and a director told me that the salaries start diverging significantly only after age 40. The defence sector is a backup plan.

I considered the public sector, but I'm not a PSC or ministry scholar so I anticipate that I would be passed up for promotion regardless of my efforts. I can try to remedy this by applying for the PSC Master's scholarship, but will need a backup in case this fails. (I applied for the PSC undergraduate once but failed; I expect to already be blackmarked.)

There's also the finance sector, but I made a fatal mistake in not going for any investment-related internship. Is this still salvageable, and does my second degree help at all? I would prefer a analytical role than sales too.

It's a good thing to have choices, but I want to learn to play my cards right. Once again, thank you for reading!

Originally Posted by aeipathy

Hi guys, thanks for reading this. Your advice is greatly appreciated!

A bit of background:
- Graduating next year
- Pretty much guaranteed a high FCH in NUS electrical engineering
- Second degree in economics, medium FCH range but not doing honours
- Holding university bondless scholarship

My main priority is getting a well-paying job, or at least one where salary increases in reasonable proportion to effort, because my family's finances are terrible.

This means that most EE jobs are already out except for those in oil (after the crisis?) and power, since I heard that it's an ageing sector. I asked EMA during a career fair and a director told me that the salaries start diverging significantly only after age 40. The defence sector is a backup plan.

I considered the public sector, but I'm not a PSC or ministry scholar so I anticipate that I would be passed up for promotion regardless of my efforts. I can try to remedy this by applying for the PSC Master's scholarship, but will need a backup in case this fails. (I applied for the PSC undergraduate once but failed; I expect to already be blackmarked.)

There's also the finance sector, but I made a fatal mistake in not going for any investment-related internship. Is this still salvageable, and does my second degree help at all? I would prefer a analytical role than sales too.

It's a good thing to have choices, but I want to learn to play my cards right. Once again, thank you for reading!

No offence dude, but shouldn’t you try to apply for a few jobs in prominent companies regardless of industry and see if you can land anything first? You make it sound as if your CV is so strong you can afford to pick & choose only 1 or 2 industry/company than compare with a few offers in public sector.

Other than civil service which your FCH can help greatly to secure a MX or Div 1 farmer job, I don’t think FCH is anything to shout about when it comes to applying for jobs in big MNCs and their management programs. There are hundreds of FCH & 2UP applying for each position anyway.

Originally Posted by aeipathy

There's also the finance sector, but I made a fatal mistake in not going for any investment-related internship. Is this still salvageable, and does my second degree help at all?

What sort of internships have you done?

Yet another fresh grad "passionate" in Finance trying to be the next big money roller fast...

[aeipathy]

Originally Posted by Unregistered

No offence dude, but shouldn’t you try to apply for a few jobs in prominent companies regardless of industry and see if you can land anything first? You make it sound as if your CV is so strong you can afford to pick & choose only 1 or 2 industry/company than compare with a few offers in public sector.

Other than civil service which your FCH can help greatly to secure a MX or Div 1 farmer job, I don’t think FCH is anything to shout about when it comes to applying for jobs in big MNCs and their management programs. There are hundreds of FCH & 2UP applying for each position anyway.

You are right. I'm sorry if my tone or attitude offended you. I'm too naive and eager to try and turn my financial background around.

Originally Posted by Unregistered

Yet another fresh grad "passionate" in Finance trying to be the next big money roller fast...

I'd love to do engineering if it paid better.

Originally Posted by Unregistered

What sort of internships have you done?

So far, a research project in the defence sector. I'm still applying and going for interviews for this holiday's internship.

The banking industry is nowhere as lucrative as you think it is. Other than the few FO types, the rest are just drawing typical salary. Their monthly looks higher because they don’t give AWS and bonus usually <3 months for average performer.

If fast money is what you want, Sales is the most logical route. Otherwise just join gov sector, the total package of a typical degree FCH civil servant is higher than a banking BO and slightly lower or on par with MO equivalent anyway. Don’t let the industry’s ostentatious lifestyle and inflated title and egos fool you into thinking these so called VP/SVP are very rich drawing few hundred grand a year.

Most VP total pay package in a bank is same as AD in a ministry and SVP equivalent to DD. Shocking, but true. I was a recruiter before and interviewed countless poor VPs who yaya papaya try to act like a hot shot not knowing that their pay is only average among big MNC.

Originally Posted by Unregistered

The banking industry is nowhere as lucrative as you think it is. Other than the few FO types, the rest are just drawing typical salary. Their monthly looks higher because they don’t give AWS and bonus usually <3 months for average performer.

If fast money is what you want, Sales is the most logical route. Otherwise just join gov sector, the total package of a typical degree FCH civil servant is higher than a banking BO and slightly lower or on par with MO equivalent anyway. Don’t let the industry’s ostentatious lifestyle and inflated title and egos fool you into thinking these so called VP/SVP are very rich drawing few hundred grand a year.

Most VP total pay package in a bank is same as AD in a ministry and SVP equivalent to DD. Shocking, but true. I was a recruiter before and interviewed countless poor VPs who yaya papaya try to act like a hot shot not knowing that their pay is only average among big MNC.

cannot get into banking sour grape try to BS. most vp in foregin bank make 350-500k. svp easily exceed 500k - 1mil++

Originally Posted by Unregistered

cannot get into banking sour grape try to BS. most vp in foregin bank make 350-500k. svp easily exceed 500k - 1mil++

Please do not give others false information if you aren't sure of the facts yourself. What the poster said is true. That's the hard fact of how the banking industry really is.

I don't know where you got your figures from, but they look way too much on the high side. The figures that you quoted would only be applicable to Investment Bankers' all in compensation (i.e. including bonus). But then again, there are only so few positions around and the hours are simply crazy (9am-2am average).

Originally Posted by Unregistered

The banking industry is nowhere as lucrative as you think it is. Other than the few FO types, the rest are just drawing typical salary. Their monthly looks higher because they don’t give AWS and bonus usually <3 months for average performer.

If fast money is what you want, Sales is the most logical route. Otherwise just join gov sector, the total package of a typical degree FCH civil servant is higher than a banking BO and slightly lower or on par with MO equivalent anyway. Don’t let the industry’s ostentatious lifestyle and inflated title and egos fool you into thinking these so called VP/SVP are very rich drawing few hundred grand a year.

Most VP total pay package in a bank is same as AD in a ministry and SVP equivalent to DD. Shocking, but true. I was a recruiter before and interviewed countless poor VPs who yaya papaya try to act like a hot shot not knowing that their pay is only average among big MNC.

What is the typical annual annual package of VP? Would it be around 120k? Or 150k?

Originally Posted by Unregistered

What is the typical annual annual package of VP? Would it be around 120k? Or 150k?

Based on my exp in recruitment, I would say roughly 90-100k all-in for junior VPs who just got promoted and your figures are quite there for more seasoned VPs, i.e. 120-150k annual is very common for most mid career VPs (around mid 30s to early 40s type) in the BO or MO space.

SVP pay will be more varied. The lowest I have seen is 130k and the highest so far for non-sales / FO type is close to 400k. A typical SVP is usually around early to mid 40s average pay about 250k.

These numbers are not bad, enough for a someone to lead an upper middle class lifestyle, but those who think they are going to drive a Ferrari from their District 9 landed garage & rub shoulders with the elites and socialites by being a VP/SVP in Compliance, KYC, Risk Management, HR, IT, Marketing etc. are in for a nasty shock.

All figures are annual inclusive of bonus and allowance.