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 Working Life in Singapore V5

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seantang
post Apr 2 2011, 11:34 AM

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If you want to be in investment banking, why bother with audit at all? Get an entry level analyst position with a bank straightaway. In terms of further opportunities or promotions, having 3 years of analyst experience will put you wayyy ahead of any former auditor with 3 years audit experience. The 2 are very different, even though dealing mainly with numbers.
seantang
post Apr 3 2011, 10:43 AM

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QUOTE(nicky87 @ Apr 3 2011, 05:05 AM)
Uh it's because I am partially qualified for ACCA already have another two more papers to become an affiliate and working an audit job would allow me to gain member status where as working as an analyst I may not be able to gain full membership? one of the PERs of ACCA is to have done a full statutory audit and having an audit job I think is the only way to fulfil that.

Isn't that akin to wasting (or at best sub-optimising) 3 of the most important initial years of your career in a field that's suboptimal for your chosen vocation ie. investment banking, for a qualification that useless for investment banking?

Wouldn't it be better to cut your losses (ie. ignore the sunk costs) and spend the next 3 years in an investment bank pursuing a CFA instead?

seantang
post Apr 3 2011, 01:12 PM

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QUOTE(starfen @ Apr 3 2011, 12:08 PM)
well I suppose most enter audits to gain few years of experience before applying for an analyst job. Its not that easy even to get an interview in investment banking for fresh grads afterall

That just means most just wasted a few years gaining sub-optimal experience. Unless getting older is no issue, this could be a significant penalty.

One of the biggest regrets of my career was that I spent the first 3 years in audit firms instead of joining the MNC I'm in now, right out of university. Although Big4 experience made it fairly easy to join any MNC I wanted, I found that despite my Big4 background, I still needed to spend 2-3 years to gain credibility within the organisation and build the relationships to convince the bosses that I was someone whose progress is worth their support. As a result, I was put on hi-po or fast track when I was 28, compared to my peers who got in when they were 24-25. On this route, you can get promoted every 2-3 years. Even today, I find that my peers ie. those in the same hi-po batch as me, are still 1-2 levels ahead of me. This can be frustrating as I have more experience. What's even more frustrating is that they are a few years younger and technically have more career time to get more promotions than I do. They can potentially retire 3-4 levels higher than me.

This post has been edited by seantang: Apr 3 2011, 01:31 PM
seantang
post Apr 3 2011, 01:39 PM

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QUOTE(Samuelton @ Apr 3 2011, 12:59 PM)
Good day
Seantang

Nice to know you

I am new here and it is quite often to seen you always post some comment within the forum of job& street, especially more on here and the other. Can you guide me how to get into the good-environment firm in singapore( How about the big 4 in singapore and other well-know accounting firm)? if you don't mind, can I contact you personally by facebook? because right now I am desperately hope that I will be able to get the job in Singapore, despite I am going to graduate soon, but not later. And, generally, I have My CV sent to the firm through Job DB quite some days ago, and still not able to get any respond from them, will this consider be rejected by them ?

At last, hope someone is able to enlightening me through "dark water" dilemma, as chinese said.

Thanks you very much.

Not on FB. If you like, you can use the PM here in LYN.

But do note that I'm not a career counsellor ie. I don't have "advice" for every situation nor am I a recruitment specialist with "advice" to help you get a job. If I feel I can help, I'll answer.


Added on April 3, 2011, 1:43 pm
QUOTE(Knight_2008 @ Apr 3 2011, 01:00 PM)
anyway, wanna ask ur opinion, I have got my OBU degree first class and should be finishing my ACCA and CFA part1 in june. do u think i would stand a chance in applying to IB in singapore for entry position?

OK, I guess. Keelim is a better person to ask as my experience with banks is limited to one mid-career interview, lots of talk cock about IB opportunities with recruiters and my dealings with bankers (but these are the relationship mgt folks, rather than the IB folks).

This post has been edited by seantang: Apr 3 2011, 01:44 PM
seantang
post Apr 3 2011, 03:37 PM

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Interesting, looks somewhat accurate. Useful for all those newbies who keep asking whether they can 'survive' in SG.

Cost of Living - SG vs KL at http://www.numbeo.com/cost-of-living/compa...y2=Kuala+Lumpur

This post has been edited by seantang: Apr 3 2011, 03:38 PM
seantang
post Apr 4 2011, 01:27 AM

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QUOTE(alaskanbunny @ Apr 4 2011, 12:35 AM)
neway, i am sure most of you all gotten your increments and bonus for last year already/ care to share? this is not to brag or showoff but just as a comparison...? i will start with mine...
1. alaskanbunny
a. years working: 1 1/2 years
b. industry: trading/manufacturing
c. increment: 10% <<<--- reasonable? i expected 35%, supervisor advice to demand for 20%
d. bonus: 5 months

How much is your salary?

Expecting 5 months bonus and a 35% increment on $2500 is probably less of an issue than $10000.

This post has been edited by seantang: Apr 4 2011, 01:28 AM
seantang
post Apr 4 2011, 05:35 AM

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QUOTE(alaskanbunny @ Apr 4 2011, 02:40 AM)
salary cannot tell ler... but more than the new threshold for ep ler

Which EP? Q1, P2 or P1?

If P1 with those percentages and months, then you need to buy lunch for everyone.


Added on April 4, 2011, 6:15 am
QUOTE(DarksideRG @ Apr 2 2011, 03:43 PM)
f i only have small amount (money) in hand, and i dont have pasport, what should i do to work in Singapore? i have some qualification like Diploma from UiTM. i dont care what type of work, whether factory or fastfood. as long i can start work there immediately.. i have experience in retail, parkson pavilion (supervisor), mymydin(manager), 99speedmart(manager), UOA (admin&finance). but i have some problem now, so i want to leave malaysia ( ) , work in singapore, doesnt matter what kind of work i'm not sure about agent because i heard a lot about scamming ( ) plus i dont know if they provide food+hostel

Since you're short of time, the normal apply & wait thing that most Malaysians do is not going to work for you. The fact that your varied work history and Uitm diploma makes you suitable for nothing in particular will turn off many companies from taking the trouble to apply for a work permit for you since you have no particular skill. Plus the fact that you're Mandarin challenged will exclude many service jobs in small to medium businesses.

Agents are one possibility to place you into a factory, hotel or restaurant job. But seriously, I doubt if anyone in this thread is familiar with agents who cater to those areas. Maybe one of the guys who work at the shipyards can put you into touch with their unskilled labour providers.

My personal recommendation is the casinos (IRs or Integrated Resorts). They employ lots of foreigners and are not too picky on their skill sets as they are willing to train. I think they provide hostel as well. Go online to Marina Bay Sands and Genting Sentosa websites. IIRC, you can submit applications and get info there. Lots of non-haram jobs in the IRs if you're worried about that.

This post has been edited by seantang: Apr 4 2011, 06:22 AM
seantang
post Apr 4 2011, 07:52 PM

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QUOTE(Liuism @ Apr 4 2011, 06:42 PM)
Hey guys, I'm having troubles in deciding what do on this matter. Any suggestions or advices are kindly appreciated.

I'm currently working in MAS at a FMCG company doing IT, and has been with the company for nearly 2 years ++.  Yesterday, a fren offer me a position for receiving/purchasing job in the Far East company(SG) but the job is not IT related. It's a whole new ball game already.

Please advise on what to consider, shud I go for it or shud I stay/remain at the current job?

Based on the information you provided, I will go.

Reasons:

1. I don't like IT.
2. Far East sounds better than a FMCG company.
3. S$ stronger than RM.
seantang
post Apr 4 2011, 10:16 PM

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QUOTE(r1v3r @ Apr 4 2011, 09:54 PM)
Bro, still have other jobs. Casino or bar jobs should be the last choise for him.

The IRs contain a lot more than just the casinos and bars, no? The hotels are huge, serious concentration of restaurants, the shopping malls are fully occupied, other entertainment outlets like the concert/stage, theme park, museum, pedestrian parks, observation deck... from busboy to waiter to concierge to housekeeping to doorman to security - the possibilities are endless.

The reason why I recommended the IRs... simple and straightforward. They are always hiring, recruit directly, train, provide hostel and do not have the same foreigner hiring restrictions are the normal Sg company.

seantang
post Apr 4 2011, 11:45 PM

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QUOTE(alaskanbunny @ Apr 4 2011, 10:30 PM)
care 2 share urs?

5% and 2 months.

seantang
post Apr 4 2011, 11:59 PM

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QUOTE(alaskanbunny @ Apr 4 2011, 11:51 PM)
years experience and industry?

>10, petrochemical MNC.

seantang
post Apr 5 2011, 08:26 AM

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QUOTE(alaskanbunny @ Apr 5 2011, 08:04 AM)
ahhh, that explains the increment... but bonus rather low dont you think? on the downstream or upstream?...

Mainly from cracker downwards. Company does not focus on 'variable' income. Bonus is low because our basic is somewhat higher than market. We don't even have a commission program our salesmen.


Added on April 5, 2011, 9:21 am
QUOTE(starfen @ Apr 5 2011, 12:50 AM)
TO seantang, (sorry don't know how to use the quoting feature)i m currently under industrial training in the audit field. From my observation, the account departments performing the compliance role are all dead boring to me. Perhaps I'm just seeing a small boring part of their overall roles which may not paint the whole picture, since we only go in during their closing.

Audit feels ok, but nothing more than that. I agree with your point of view that no point spending 3 years in audit just to get an suboptimal experience or a membership, so I'm not really having the must breaking into auditing mindset after graduating, provided knowing what I want to do. now this is the hardest part sad.gif

The thing is, the ordinary compliance and reporting roles really don't excite me. I'm more interested in decision making roles rather than compliance matters based on past data that do not add value that much.
(cost accounting maybe, but i m more interested in works about analyzing capital allocation and investment decision of a company than cost accounting)
Please advise me regarding the available routes and opportunities for my case, maybe even better explaining with your own experience (as from your former posts, I guess you have a lot of experiences in both of auditing and commercial environment that can give me some really useful advices.)

You've experienced just one part of finance. Audit and compliance is one subset of finance. Besides audit, finance also includes other depts like treasury, funding & cash mgt, credit/AR mgt, planning & analysis, investor relations, taxation, business/commercial finance and of course, accounting.

And within each dept, there are subdepts. For accounting itself, there's the subdepts like financial/statutory accounting, cost/management accounting, AP/AR accounting and fixed assets accounting.

This post has been edited by seantang: Apr 5 2011, 10:19 AM
seantang
post Apr 6 2011, 09:53 AM

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QUOTE(JonYeap @ Apr 6 2011, 09:13 AM)
what? 1% a year? isnt it a little low?

You don't know what his basic is brows.gif

This post has been edited by seantang: Apr 6 2011, 09:53 AM
seantang
post Apr 6 2011, 03:19 PM

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QUOTE(Lester1987 @ Apr 6 2011, 10:05 AM)
take $10k for his basic, 1% is equals to 100 only, ain't that a bit too low for a person who is getting that pay?
QUOTE(JonYeap @ Apr 6 2011, 10:09 AM)
yeah, i am assuming lets say his basic. give him high high basic la.
rm20k... 1% will be just how much? still low ma. hahahaha

You guys are missing the point.

The % is important, but it is not the point. The % is merely a fraction of the base.

Go down that road some, even the increment's not the point. It's only the additional.

The point is how much you take home at the end of the day.

Think about it... you earn $3K a month and get a 10% increment. What do you take home next month? $3300.

Let's say... I earn $10K a month and get a 1% increment. What do I take home next month? $10100. I still earn more than 3X what you earn, every month, every year, and I earned 3X more than you last year as well (before the increment) and probably the years before that too. And this goes on until you catch up... which might take quite a few years or for 85% of the population, it'll never happen. Even if my pay is stagnant, I'm still way better off than you are now, in the past and in the future.

And don't forget the allowances. If you earn $10K a month, I'm willing to bet that you'd probably have $1-3K a month in allowances for car, entertainment, housing etc. And you might get club membership, incentive/bonus stock and stock options.

World's a little different when you're higher up.

This post has been edited by seantang: Apr 6 2011, 03:20 PM
seantang
post Apr 6 2011, 03:45 PM

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QUOTE(morgana_jara @ Apr 6 2011, 03:34 PM)
I would like to address this to those in the accounting field who moved to Sg to work.

"Does your choice of accounting professional qualification make any difference in whether you got a job in Singapore?"

If MNC, professional qualifications are nice to have, but not compulsory. Especially for regional jobs and commercial facing roles.

If accounting firms, they will support any qualification you take/have, with a preference for ISCPA (SG CPA).

Local listed firms have a strong preference for ISCPA, especially in controller or investor facing roles. If you have little relevant or quality experience, this is important. If you do, this becomes much less so.

This post has been edited by seantang: Apr 6 2011, 03:50 PM
seantang
post Apr 6 2011, 08:32 PM

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QUOTE(ThanatosSwiftfire @ Apr 6 2011, 06:10 PM)
Indeed. Just sharing my dad's experience, he says that increments tend to slow down once you hit a certain age band, (especially if you aren't in a sufficiently senior role). Increments become less and are in exchange, and are given alternative forms of remuneration, he was given shares in the company's stocks (US listed co).

I agree. Once you hit 5 figures,.. the focus tends to switch to other stuff like allowances and non-cash emoluments. Increments are typically smaller considerations although highly rated performers will still get a good cash increments in the form of regular promotions.


Added on April 6, 2011, 8:34 pmJust opened a CIMB bank a/c at Knightsbridge, Orchard Road. Flat US$10 + S$10 fees to bank in a US$ cheque drawn on a US bank. EVERY other bank charges 0.125% commission + S$10-30 fees to clear such US$ cheques into a S$ a/c. The account also pays 0.8% interest (highest in SG that I know of) plus free chequebook. Branch operating hours is 10am-10pm (counter services until 8pm)... good for office workers. Good looking staff too smile.gif

This post has been edited by seantang: Apr 6 2011, 08:34 PM
seantang
post Apr 7 2011, 06:32 PM

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For reference purposes wink.gif http://www.morganmckinley.com.sg/about/med...lary-guide-2011

Found it quite accurate for the MNC where I am.
seantang
post Apr 8 2011, 08:37 AM

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It was never a problem.

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