Conflicting Professions

I'm a 25-year-old Turkish citizen who initially majored in Japanese at university but left college to pursue a business opportunity proposed by a classmate. I was invited to become the CFO of a start-up, an online crypto casino based in Singapore. I accepted the offer because of my strong interest in financial markets, corporate finance, and, somewhat surprisingly, financial accounting. I also believed the venture had significant profit potential.

We managed to secure an investment of S$1,000,000 from a Singaporean investor in exchange for a certain stake. However, due to various complications, including the investor experiencing sudden health issues, progress stalled. As a result, we accumulated debt and eventually had to return to Turkey. When you're both desperate and hopeful, with nothing left to lose, risk management tends to slip away.

Fortunately, the investor has since recovered and remains committed to the project. We are currently working through some visa issues, and he is willing to sponsor us for Employment Passes in Singapore.

Meanwhile, I have also been pursuing opportunities in Turkey. I recently received an offer to join a derivatives desk at a local securities firm, conditional on clearing SPL Level 1, the licensing exam administered by Turkey’s Capital Markets Board (similar to a local CFA certification). I'm confident that I can pass all required levels within two years and establish a stable career in finance.

That said, the opportunity to live and work in Singapore, grow the start-up, and gain executive finance experience is incredibly appealing to me. I am also more interested in Asian markets than anything. But there's no guarentee with it.

I would love to hear your thoughts: should I stay in Turkey and build a traditional finance career, or take the risk and commit fully to the venture in Singapore?

P.S. I’m well aware of my lack of experience and credibility, no need to remind me; I hear it all the time already.

2 Comments
 

Based on the most helpful WSO content, here’s a breakdown of your situation and potential paths:

Option 1: Stay in Turkey and Build a Traditional Finance Career

  • Pros:

    1. Stability: Joining the derivatives desk at a local securities firm offers a clear, structured career path. Passing the SPL exams will solidify your credentials and open doors in Turkey’s financial markets.
    2. Skill Development: Working in a regulated environment will provide you with hands-on experience in derivatives, risk management, and financial analysis—skills that are transferable globally.
    3. Lower Risk: This path minimizes financial and professional uncertainty, giving you a stable income and a chance to build a strong foundation in finance.
  • Cons:

    1. Limited Exposure: Turkey’s financial markets are smaller and less dynamic compared to Singapore and broader Asian markets.
    2. Missed Opportunity: You might regret not pursuing the start-up, especially if it succeeds without you.

Option 2: Commit Fully to the Singapore Start-Up

  • Pros:

    1. High Upside Potential: If the start-up succeeds, you’ll gain invaluable executive experience, equity upside, and exposure to the fast-growing Asian markets.
    2. Passion Alignment: Your interest in financial markets and corporate finance aligns well with the start-up’s focus, and being in Singapore places you closer to the action in Asian markets.
    3. Networking: Singapore is a global financial hub, offering unparalleled opportunities to connect with investors, entrepreneurs, and finance professionals.
  • Cons:

    1. High Risk: Start-ups are inherently risky, and the previous complications (e.g., stalled progress, debt) highlight the uncertainties involved.
    2. Visa Dependency: Your ability to work in Singapore hinges on the investor’s sponsorship and the resolution of visa issues.
    3. Opportunity Cost: If the start-up fails, you may find it harder to re-enter traditional finance, especially without a strong track record or certifications.

Key Considerations:

  1. Risk Appetite: Are you comfortable with the uncertainty and potential financial instability of the start-up? If you’re willing to take the risk, the Singapore opportunity could be transformative.
  2. Long-Term Goals: If your ultimate goal is to work in Asian markets and gain executive experience, the start-up aligns better with your aspirations.
  3. Backup Plan: If the start-up doesn’t work out, do you have a fallback option? For example, could you return to Turkey and re-enter the finance industry?

Suggested Path:

  • If you’re deeply passionate about Asian markets and willing to take calculated risks, commit to the Singapore start-up. However, ensure you have a contingency plan in case things don’t pan out (e.g., maintaining connections in Turkey’s finance industry or pursuing certifications like the CFA to bolster your credentials).
  • If stability and a clear career trajectory are more important to you, stay in Turkey and build a traditional finance career. You can always revisit opportunities in Asia later, armed with more experience and certifications.

Ultimately, the decision depends on your risk tolerance, long-term goals, and confidence in the start-up’s potential. Whatever you choose, approach it with full commitment and a clear plan for the future.

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

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