SG
View from the bottom: unemployed and undecided
9 February 2009
In the first of her regular “View from the bottom” series, our new columnist looks at life as a young and unemployed banker. The writer is a Singaporean who worked on Wall Steet and is now searching for a job in Asia.
I was working for a year and a half in New York when my entire product group in capital markets was made redundant last October. With the waves of layoffs in the investment banks, scores of finance professionals in New York have been displaced. Because my work visa was set to expire in January, it seemed timely to consider exploring opportunities beyond Wall Street.
In these times, interviews and offers are hard to come by. I have heard numerous rejections along the lines of: “you have a great CV but no one is hiring”, or “you do not have the right background for those available positions”. I even had an informal offer withdrawn due to budget re-evaluations.
The benefits of hindsight
While I had the downside of being inexperienced, I was more malleable into other roles than my senior counterparts. In retrospect, I should have taken more advantage of my mobility. And when I was employed in New York, I should also have been more open-minded in keeping an eye on job websites and keeping in touch with recruiters. I would have benefited from interview practice, met new interesting people and developed a better understanding of various career paths. But I was happy at my bank and scoping out the employment market didn’t seem like a priority when times were good.
I did, however, at least get the chance to observe a few job interviews and I picked up some useful tips. In the current market, candidates should beware of the non-genuine interview, which is designed not to assess your experience and skills, but rather to obtain proprietary information about your current employer. In other words, they want the low-down on your firm, not you.
Back to school
Before packing my belongings and returning to Asia, I headed back to visit my American undergraduate college to bid farewell to professors and friends. The atmosphere on campus was in great contrast to the gloomy mood in New York. It was energising to be back to school, surrounded by the unadulterated enthusiasm of students who were optimistic about the future.
Sometimes just getting away on a beach holiday doesn’t suffice, it’s being in an environment with people brimming with infectious energy that provides one with renewed energy, hope, direction and purpose. It was a great decision to visit the school again because talking to professors and students made me think outside the box and gave me renewed confidence in re-evaluating my five-year plan.
Without deadlines and structure, being without a job is an opportunity for me to carve my path, plus it's a strong test of discipline, resolve and personal management. I would like to think of the time on my hands akin to money invested in productive assets. It is crucial that I spend it wisely, in ways which would extend my abilities professionally and recreationally.
Perhaps serendipitously, I have found an interesting inscription in a second hand book I bought recently. The inscription reads: “Ride hard and far, life is short. Make it happen.” – Jim Rogers. Because I am out of work and the investment banking sector is still in crisis, the opportunity costs for me in exploring new fields, or in taking risks in entrepreneurial areas, have decreased tremendously. I do enjoy finance and numbers, but perhaps this is the opportune time to think outside the box.
i'm pretty much sure that we are of 90% in similarity on career, e.g. same time of layoff, same length of work experience, same industry, same efforts on CFA, etc. etc.
but i guess there are many like us, young and junior ibanking ppl, inexperienced but flexible to other great career exposures beyond wall street.
thx for sharing your story and best of luck to you, myself and all buddies in the same boat. i will keep tracking your following series.
galad 18 Jun 2009
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