SIM RMIT cant find job

Originally Posted by Unregistered

Pardon me, but personally I find compliance work to be extremely boring with a lot of reading and interpreting of what is usually poorly worded and ambiguous regulation. Sure, it pays well but that is for existing experienced folks as banks are scrambling to meet implementation timeline amidst a current personnel shortfall. When they are done implementing or are comfortable with the changes, all you freshies are going to be left high and dry when they cut the excess. Transferability of skill is limited as regulations change. You are only 'hot' when you are knowledgeable and involved with the new changes, i.e. if you are some washed out old compliance guy that have been out of market for years, they won't be interested in you.

You are correct. It is boring. Many freshies do not know what they are getting into, only knowing compliance is the up and coming "hotly paid" function. If we are talking about AML/CFT, the entry level roles for this functions do not really add any substantial value to one's CV, especially when we have hordes of people doing these work at CBP and practically everyone would be each others competitor. Do bear in mind that these work are gradually being outsourced to chennai, china, KL, poland, etc where operating costs are much lower than the current SG. And if you think there are many local compliance advisory positions open for everyone, think again.

I've been in the compliance area for 2 years.. well work sometimes gets boring but i do like what i am doing. I was given the opportunity to move into the advisory side despite lacking in years of exp, but my knowledge in both technical and regulatory related were able to compensate for it. Attrition rate is very high in this area, with only 2 years in this field i've seen many ppl coming in and burning out because the work is just too boring (and stressful with all the deadlines and stuffs at low levels)... I've seen people thinking compliance is just as "thrilling and rewarding" as FOs but in reality it is the complete opposite. Compliance is widely seen as the enemy in the eyes of the FO hahaha.

I m sim grad, graduated without honours in 2009. At that time, compliance is the least glamorous job in the bank, only slightly better than janitor, that why I can get into compliance. Things got out of hand in 2012-2014 with mega billion fines from regulators. Thanks to the regulators, now, compliance is elevated to super-star status in the bank, and now, as VP of a compliance function, I get resumes from oxbridge graduates rushing to apply for 4k analysts jobs.
My advice to the sim grad, dont bother applying for compliance jobs, as u are up for serious competition. just find the least glamorous jobs and slowly rise up when the fengshui changes. dont say i never tell you hor

Originally Posted by Unregistered

I m sim grad, graduated without honours in 2009. At that time, compliance is the least glamorous job in the bank, only slightly better than janitor, that why I can get into compliance. Things got out of hand in 2012-2014 with mega billion fines from regulators. Thanks to the regulators, now, compliance is elevated to super-star status in the bank, and now, as VP of a compliance function, I get resumes from oxbridge graduates rushing to apply for 4k analysts jobs.
My advice to the sim grad, dont bother applying for compliance jobs, as u are up for serious competition. just find the least glamorous jobs and slowly rise up when the fengshui changes. dont say i never tell you hor

The poster above is right. Previously nobody wanted to join compliance but suddenly now it has become the hottest and most hip place to be. You freshies dun be such losers lah, blindly go chase down whatever is in fashion. Take a leaf out of the poster's book. He/she makes a good point: There are cycles in everything. Pick a spot that you can settle in and be good at what you do. Things will turn and when opportunity comes, make sure you see it and grab it. Chasing what's hot currently is like buying at the top of the market, you end up paying for everybody else when things turn. The sucker at the table is you...

Originally Posted by Unregistered

why does every single SIM grad want to work in a bank?
if you widen your search beyond banks, there are many more opportunities for you.
seems like youngsters nowadays have very limited interests.

I think it is the "prestige" and "pride" that comes with working in a bank or big 4. In addition to the impression that banks are paying high basic and 6 months bonuses.

Originally Posted by Unregistered

I think it is the "prestige" and "pride" that comes with working in a bank or big 4. In addition to the impression that banks are paying high basic and 6 months bonuses.

Wah lau eh. What prestige and pride? Frankly, nobody gives a sh*t if they work in a bank lah. What's so glam about being a slave? Ok lah, the part about high basic is partly true but they need to be able to enjoy the stress lor. Bonus boh bao one hor. Wait till you spend the year working your little butt off, thinking you will get paid at year end, then hearing your bank kena fine jialat jialat and have to fire tens of thousands of workers and all you get is a big fat zero. See whether their prestige or pride can eat or not.

There's no such thing as prestige or pride in working in a bank.

Please don't be stupid. TS sounds like a sheep. Baa baa black sheep.

Yar very much what my headhunter friend tells me as well. She said actually most people choose banking because they think it will bring prestige, wealth and opportunity to join socialite circle. Sometimes there is also this perception that if one day you get tired of banking, being such a superstar you can easily get jobs in other companies on the investment or finance side.

In terms of pay her view is that banking is very strong in certain front office investment related jobs and above average for most other jobs. The all rounder top payer seems to be big OIL, she shared wth me their exploration & trading side can match the top investment banks while the rest of the normal operations, sales & support functions are much higher than the banks on average.

Originally Posted by Unregistered

Yar very much what my headhunter friend tells me as well. She said actually most people choose banking because they think it will bring prestige, wealth and opportunity to join socialite circle. Sometimes there is also this perception that if one day you get tired of banking, being such a superstar you can easily get jobs in other companies on the investment or finance side.

In terms of pay her view is that banking is very strong in certain front office investment related jobs and above average for most other jobs. The all rounder top payer seems to be big OIL, she shared wth me their exploration & trading side can match the top investment banks while the rest of the normal operations, sales & support functions are much higher than the banks on average.

One of the most practical and sensible threads I have read in a long time. Fresh grads please note. There are also ways to a successful and fulfilling career outside of banking. While 'prestige, wealth and opportunity to join socialite circle' sometimes does happen, don't worry, it won't be you unless you happen to be big shot GM of region or something equivalent of that level. And as one of the zillions of middle or back office analysts at CBP, it's a bit akin to climbing K2. Jumping from bank as superstar into investment can happen but only for a select few rainmakers, not for the general banking population. You will know when you are one of the few. If you have to ask how, you are probably not cut out for it.

I agree that oil & gas tends to pay pretty well. I have quite a number of friends in that industry and they seem pretty happy. But I hear it is damn difficult to get in.

While we are on this topic, some of my junior friends on my facebook just changed their activity to "Now working as Banking Analyst at XYZ ", fishing for positive feedback hahaha...

I work in a bank MO but i do not even go around and broadcast to the world that I am working here or there (partly because of the sensitive nature of my role we are advised against of doing so).. Heck, I've even seen my ICT friends going around calling themselves bankers when they are just a RM at a neighborhood branch hahaha...

Well, i guess each to his own.

Originally Posted by Unregistered

One of the most practical and sensible threads I have read in a long time. Fresh grads please note. There are also ways to a successful and fulfilling career outside of banking. While 'prestige, wealth and opportunity to join socialite circle' sometimes does happen, don't worry, it won't be you unless you happen to be big shot GM of region or something equivalent of that level. And as one of the zillions of middle or back office analysts at CBP, it's a bit akin to climbing K2. Jumping from bank as superstar into investment can happen but only for a select few rainmakers, not for the general banking population. You will know when you are one of the few. If you have to ask how, you are probably not cut out for it.

I agree that oil & gas tends to pay pretty well. I have quite a number of friends in that industry and they seem pretty happy. But I hear it is damn difficult to get in.

To be fair, banking does pay well for some of the functions not just limited to the FOs. But it is not easy to make it into that bracket. Backstabbing, office politics or equivalent are much more prevalent within the banking circle, if you are on the wrong side of the politics well more or less you are screwed. And banking more or less is a cut throat environment, and we'll definitely have idiots trying to stir shits even in the MO / BO.

Most freshies have the misconception that getting a job in banking equates a step ahead of your peers in other industries. Not quite actually, getting a job in banking simply means you are just a ordinary office worker, slave to your boss / supervisor, serving as their pawns for their KPIs which is the same everywhere. How about grad management programme? Sounds atas for you freshies lah, but for us who are already in the trench, grad trainees are basically filling up vacant spots in whichever department short of manpower.