I need some advice please
Hi all,
I need some career advice please.
I'm from Singapore and I graduated in May this year from a local university. My degree is in Economics and my graduating GPA is high (>3.9 out of 4.0). I've been working for about 5 months now at a government agency and honestly the job isn't what I expected it to be. I had a number of reasons for taking on the job at first but it's come to the point where I know this is not where I want to be. So I'm now considering 2 options: switching jobs or pursuing a masters.
My desired outcome would be to switch jobs (IB analyst) but that's proving to be difficult at the moment. I've been applying to all the banks I can think of that have IBDs since September but I haven't heard back favourably from any of them (2 rejections so far). I actually interned in HSBC's IBD a year ago but they just finished hiring a bunch of people so guess that window's closed for now. Any other ideas on how I can go about getting a job as an IBD analyst? Also, I'd like to know your take on my situation.
My back-up plan is to concurrently apply to MSc Finance programs ... complete the program then try again to get into IB. I'm hoping I won't have to go down that route because it would mean that I will have to take a loan and the sum can be quite big depending on where I go. I'm looking at a local program now (NTU's Masters in Financial Engineering). I recognise that going to the US or UK to do a degree would raise my chances of getting hired so I was wondering if you all have any advice as to which program I should pursue to maximise my chances of getting an analyst position in IBD?
Thanks!
There are a couple of issues with your predicament the way I see it.
Given your background, you clearly aren't a very strong candidate for a junior level hire, which essentially limits your options to joining a graduate program as a first year analyst. Obviously, there's not a lot more you can do on that front since you have already finished your apps and are waiting to hear back.
As for your alternate course of action, if you're hell bent on getting into IBD and minimising your opportunity cost, I'd fancy the idea of slogging out for another year in your job or so and then apply to a top tier MBA program (since your grades are up to scratch; it's a matter of you getting decent recommendations, GMAT, job experience). That way, you enter as an associate without having need to clock time as an analyst (ie. the hours and pay will be marginally better). Obviously, that would be a hefty investment and you'd have to contend with "what if" you don't get a decent opportunity and weigh up the cost-effect of pursuing such an option.
Personally, I wouldn't recommend you go for the MFE program at NTU for it does very little for you if you plan to do IBD - that's far more helpful for S&T and even then, I have seen a ceiling of sorts in terms of how far such candidates can go. Let me be honest with you: from where I am on a S&T desk at a BB in Singapore, fewer than 10% of the NTU MFE graduates make it to FO roles at BB (for S&T as that's what it's primarily catered for) on graduation, so that's not a given in terms of helping you move in the direction you desire (I can't comment on its relevance for IBD).
Feel free to PM me if you have any specific questions.
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