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Starting a new career in finance

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  1. #1

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    Starting a new career in finance

    Hey, I am hoping to start a new career in finance. For the last 5 years I have been an English teacher, but now I want to get into banking. I am part of the .1% that genuinely enjoys watching CNBC, and this is an area that I have a strong passion for.

    Being 28, my degree is in International Business with a focus in marketing. I have passed the HKSI exams in Securities, Derivatives, and Asset Management, but I am limited with my language ability. I can speak decent Putonghua, but no Cantonese.

    Was just wondering if anyone has been in a similar situation and might be able to give any advice? Im happy and under contract at my school until July, so Im in no rush. My day finishes at 1pm in Sheung Shui so I was would be happy to work for free in the afternoons for a leading bank.

    Thanks in advance for any tidbits of knowledge the geoexpat community could bequeath.


  2. #2

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    I wish you the best of luck. I don't want to be negative but everyone I know who has a "career in finance" started when they were a lot younger. Most banks have laid people off recently, rumours of more to follow.


  3. #3

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    I totally agree with SS. Not wanting to shatter your hopes but this is not a good time to be considering a career move into banking. At 28 with no relevant experience, it wouldn't be a straightforward move at the best of times but right now, you're facing an uphill battle up a potentially vertical slope. Most banks have hiring freezes and/or have been making major job cuts, and as SS says, rumours are that there are more cuts to come in 2012. For those that already have jobs in banking, there is no job security at all. I have colleagues who were given 15 mins notice to leave the office when they were cut last month. No farewells, no advanced warning.....it's brutal right now. Not an industry to aspire to joining.

    Just to add, it's a nice sentiment that you're willing to work for free in the afternoons but "leading banks" don't really work like that. There are all sorts of legal and compliance implications just to give someone system/building access, let alone the internal costs etc that are incurred. It's not just about salary. Seems a little naive of you.

    Are you sure banking is really the right industry for you? Apologies if this comes across as being negative (but there's only so far I can dress up the message) but you will need to be VERY switched on to get into this industry, especially in this economic climate and especially when you've taken 5 years since graduating to work out you want to get into banking. A year or two you could probably get away with, but 5 years? You'd better have a VERY strong answer (and even with this, some firms will just ditch your resume straight away anyway). You'd effectively be applying at graduate trainee level which is beyond competitive (and again, most big firms have been reducing their graduate schemes) and to add to that, you'll have to justify why it's taken you so long etc etc. Saying you find the business news interesting is not going to cut it. You need to demonstrate you have something special to offer, whether it being outstanding qualifications (and by that I mean top of class, prizes, first class degree etc) and/or outstanding extra-curricular activities.

    I assume you don't need a work visa?

    Sorry for not being able to be more positive. Suggest you gave the grad schemes a go but make sure you are fully prepared for some very tough questions...and a very tough industry.


  4. #4

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    Nothing much more to add to Bibbju and SS's comments.
    They've got it spot on.

    Why Finance? And why now right in the middle of a hiring freeze and sweeping job cuts.


  5. #5

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    If you have the passion and the belief then go for it. I watched a film years ago called the pursuit of happiness, I used to be a bum, unambitious, ungrateful and now I am working in HK for one of the largest global companies in the world, leading a strong and talented team in HK, China and Singapore.

    I leave you a quote from the film:
    Christopher Gardner: Hey. Don't ever let somebody tell you... You can't do something. Not even me. All right?
    Christopher (Son): All right.
    Christopher Gardner: You got a dream... You gotta protect it. People can't do somethin' themselves, they wanna tell you you can't do it. If you want somethin', go get it. Period.


  6. #6

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    Quote Originally Posted by WMDS:
    If you have the passion and the belief then go for it. I watched a film years ago called the pursuit of happiness, I used to be a bum, unambitious, ungrateful and now I am working in HK for one of the largest global companies in the world, leading a strong and talented team in HK, China and Singapore.

    I leave you a quote from the film:
    Christopher Gardner: Hey. Don't ever let somebody tell you... You can't do something. Not even me. All right?
    Christopher (Son): All right.
    Christopher Gardner: You got a dream... You gotta protect it. People can't do somethin' themselves, they wanna tell you you can't do it. If you want somethin', go get it. Period.
    WMDS - that's great and I'm happy for you, but the key comment in your post is "a few years ago".
    WMDS likes this.

  7. #7

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    The world doesn't need another banker.....


  8. #8

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    Yes, I know that banks are mostly on a hiring freeze, and/or slashing positions. That is why I am trying to be a bit creative with getting my foot in the door. Let me tell you a bit more about myself.

    I moved to Hangzhou, China in Aug of 2007 to become an English teacher. My goal was to learn the language and culture. I have been moderately successful with both, and have a wonderful Chinese wife now. We came to HK about a year ago with the hope to do something great.

    In these 4 years in China I also have become obsessed with the financial markets. I find it amazing how so many variables can lead to so many outcomes. Myself, I have been investing in stocks and options over the past 3 years and have outperformed the S&P 500 in that span. I have learned more out of school than I did in business school.

    One additional thing that I offer is my network. I taught at Zhejiang University which is ranked #3 in Mainland China. Many of my students are studying Accounting, Economics, etc in HKU right now. These are the future leaders of China.

    I know that some people have had some success doing what I wish to do. Just wondering how they got started? Was it meeting people, working at a low level company first like Convoy, or something else?

    Thanks again for the comments.


  9. #9

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    In our and our friends' experiences it all went through networking - with people who are in the business now, not in the future! I don't think that will gain you an advantage with a prospective employer.
    Many of the people I know who are traders in finance, including Mr SS, my siblings and several friends, started in the game in their teens.
    Once again I do wish you luck but please bear in mind that you have a LOT of competition right now with many highly experienced people out of work and looking.


  10. #10

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    Finance, sounds fancy and smells like money & success = material security.
    I have a tough question for you: is she pushing you towards that career path ?

    I am asking because the following does not sound like a Western dude's mind set:
    "One additional thing that I offer is my network. I taught at Zhejiang University which is ranked #3 in Mainland China. Many of my students are studying Accounting, Economics, etc in HKU right now. These are the future leaders of China."

    You don't need to answer me, just ask yourself whether perhaps your are being brainwashed.

    Having said that, finance is a very broad term, what do you want to do exactly ?
    teller, accountant, wealth management, corporate raider ?

    If you have a genuine interest in the subject matter I strongly advise you to go for Chartered Financial Analyst (CFA). It will boost your knowledge and is a good credential.

    Last edited by Morrison; 01-01-2012 at 07:16 PM.