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-   -   Fresh Engineering Grad want to switch to Banking (https://forums.salary.sg/income-jobs/949-fresh-engineering-grad-want-switch-banking.html)

rampa001 12-07-2010 04:03 AM

Fresh Engineering Grad want to switch to Banking
 
Hi All !!

I just graduated with a degree in Electrical Engineering from university
of South Australia and i did it part time while working as an engineering Assistant. Due to the salary limitations in Engineering, I want to join for a job in banking but i have no idea on banking jobs.... can some one explain what jobs i can apply for and what kind of starting salary can i expect. why i choose banking is that from what i know it's the only field you can change to with almost any degree...am i right ??? any ways plz advice. Thank You:)

financepil 23-05-2011 11:01 PM

Hi Rampa001,

You seem very confident about your switch towards banking :-) which looks like a good decision to me!!! Since this post was 7~8 months back what stage are you at now?? have you switched your job to banking/finance or started related course such as CFA/MBA ???

Im keen on your decision since I wanna change my career to finance too :-)

Thanks

Unregistered 24-05-2011 12:49 PM

Don't switch to banking. Its saturated enough. Didn't you read that engineers are one of the most sought after positions in singapore? Stay in engineering, you'll do well :)

financepil 25-05-2011 09:55 AM

Hi,
Thanks for your reply.After working 4 years in engineering line Im really considering for a lifelong switch.As an engineer I dont see a good future in 10 years time .My pay aint gonna shoot up above 8 k .Tough life and underpaid :-(

lazyplane 25-05-2011 10:51 AM

For those really considering a switch to financial service, you must read the labour report from Ministry of Manpower Singapore.

I have extracted some pages of it for your reference.

Pg 1. show the average grad pay in singapore by age.
Pg 2. shows that financial services are really getting more pay compared to other industries
pg 3. shows that there are only 172k workers in financial sector out of 3.1 million jobs in singapore.. that is around 5.5% of the workforce.

pg 4. this is the MOST HIDDEN DARK FACT of the financial services. Look under "Reorganisation/restructuring" for financial services and also see the kind of people whom are made redundant .

Then decide on the kind of risk you are willing to take.

lazyplane 25-05-2011 10:53 AM

Could not attach the file because the file size is too big.

Here are links and you may need to do your own extraction of the data

http://www.mom.gov.sg/Documents/stat...abourForce.pdf

http://www.mom.gov.sg/Documents/stat...sd_2009ROW.pdf

Unregistered 25-05-2011 12:04 PM

lazyplane,

1-3, I think most already know roughly. 4 is interesting, could you point out which page its on in the MOM reports?

TS,

I did what you mentioned, went straight into banking after graduating with an engineering degree through one of the management training programs for fresh grads. That's one possible avenue. They tend to be less judgmental on your lack of formal knowledge in the field but you'll have to prove to them your interest and aptitude/potential in financial services, as well as personality, etc etc the usual. As a fresh grad, I wouldn't worry too much about salary too (its usually dictated to you anyway, especially given your background). I would advise learning more about banking (research it yourself, talk to friends in the industry, etc, its important, not everything is about IB, FO/BO, etc), and when you get the job to just be contented. There will always be someone else doing better than you.

lazyplane 25-05-2011 01:45 PM

http://www.mom.gov.sg/Publications/mrsd_qtlmr104.pdf

Page A5 : 3.1 REDUNDANCY
WORKERS MADE REDUNDANT BY INDUSTRY AND OCCUPATIONAL GROUP



Quote:

Originally Posted by Unregistered (Post 12584)
lazyplane,

1-3, I think most already know roughly. 4 is interesting, could you point out which page its on in the MOM reports?

TS,

I did what you mentioned, went straight into banking after graduating with an engineering degree through one of the management training programs for fresh grads. That's one possible avenue. They tend to be less judgmental on your lack of formal knowledge in the field but you'll have to prove to them your interest and aptitude/potential in financial services, as well as personality, etc etc the usual. As a fresh grad, I wouldn't worry too much about salary too (its usually dictated to you anyway, especially given your background). I would advise learning more about banking (research it yourself, talk to friends in the industry, etc, its important, not everything is about IB, FO/BO, etc), and when you get the job to just be contented. There will always be someone else doing better than you.


lazyplane 25-05-2011 01:47 PM

Sorry, it should be A6.

financepil 26-05-2011 01:43 AM

That is some valuble info.Thanks for that mate.
Im gonna graduate with a engineering degree in another 3 months time.It's part time degree is there any route for me to get in to financial sector??? which specific area should I focus ??


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