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<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>Coffeeshop Chit Chat - hedgefund analyst earn $250K now jobless</TD><TD id=msgunetc noWrap align=right></TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"></TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89_ <NOBR></NOBR></TD><TD class=msgDate width="30%" noWrap align=right>5:36 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right>(1 of 3) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"></TD><TD class=wintiny noWrap align=right>53761.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD id=msgtxt_1 class=msgtxt>Ex-hedge fund analyst earning $250,000 upwards now jobless
July 9th, 2011 |
Author: Contributions |
Edit
First and foremost, let me introduced myself a bit – I have worked in the hedge fund industry as an analyst.
Typically the starting pay for my industry is US$120-$150k a year for 1-3 years experience and then move to perhaps US$150-$250k a year for 3-8 years experience. Bonus could be 1 to 3 times annual pay.
But then again this is the industry pay scale. When I lost my job initially, nobody wanted to even talk to me. Of course, I don’t blame them. Now a few years later, I am still stuck in the rut because I am no longer in the industry for quite a while. I thought that even government job is alright for me but so far it has being rather negative. I will work for around $7-8 k a month now. Even lesser I will consider…
I’d like to emphasize a few issues that I feel the government needs to look into:
GLC employment strategy
I wrote to MAS, GIC, Temasek etc but has zero responses. WHY?
I am suitably qualified to work in quite a number of departments and especially so in GIC which has illiquid investment and has placed investment with hedge fund, but again, I am totally being ignored. I believe this is due to the following:
- I am not an honor graduate and hence would be the first to be ignored.
- I am in my forties.
- There is no policy of looking at local hire first and so I am easily passed over.
The irony is that here, as with many situations we found through various discussions with many others in similar situations, the so called foreign talent that I know and the so called well-educated candidates do not necessarily do a better job that I could offer. Many who worked in GIC and Temasek are foreigners. There is also market talk that foreigners (in fact, to some extent locals who took up foreign degrees) have negative impression of local graduates. I am deeply disturbed by this perception, especially when our GLCs also choose to hire more foreign than local graduates.
Fund management firm
Many hedge funds have set up offices in Singapore after the government lured them with goodies and incentives. But when I look at the setup of these shops, many continue to hire foreigners – quite a number have taken up PRs which were easily granted. But I know most of these so called “foreign talent” simply took them up because there is “nothing to lose” (as was told to me by themselves).
When their children grow up and before the boy reaches 18, I was told there is every intention that this group of PRs will move back to their home countries and this place is simply a stepping stone as Asia is now viewed more favorably where job prospect is concerned. At the very least, if these firms are not subjected to any form of quota system (dependency ratio), they should prove that they have scouted for local talents and cannot find any suitable employee before being granted any form of employment pass to a foreigner they hire.
Let’s look at the recent case of the cleaning firm engaged by MBS who misrepresented the Chinese workers’ salaries. Not only did they circumvent the policy, they under-declared their profit and hence evaded corporate income taxation and at the same time, they created a false impression about local workers’ expectations. I am sure if they are really willing to pay the $2650, they can easily find some Singaporeans to work for them and help lower unemployment in this country**.
Policies to look into:
- Have a “hire Singaporean first” policy, starting with statutory boards, GLCs.
- Human resource personnel have to be Singaporeans – there are too many stories about foreign HR personnel who has a natural inclination to hire their own countrymen.
- PRs to be issued selectively and only when commitments are made by these new citizens. Let’s not forget about NS being served by our locals. We need to protect our own. We should not let in anyone who just come over, earn money, bring their entire family over and when trouble comes, flee to their home country.
- In terms of PR, we need to look at who are those who have stayed for many years here (I have friends who came to Singapore when they were a few month old and served NS) compared to those who obtained PR via work passes. There may be a need to distinguish the two and perhaps we can have a further re-classification of PR here.
- Need to maintain and rigorously monitor dependency ratio – a lot of firms are advised by recruitment companies on how to circumvent existing policies, resulting in the hiring of too many foreign workers. The bottom line is if companies cannot hire then don’t open so many branches. In other words, we’re chasing GDP but at what cost?
.
Ex-Hedge Fund Analyst
.
* This letter was first submitted to Gilbert Goh, the site owner of Transitioning.org. Transitioning.org is a non-profit registered society specially set up to cater to the emotional needs of the unemployed Singaporeans.
** It has been reported that the Ministry of Manpower (MOM) is investigating a cleaning company, T Y Enterprise, contracted by Marina Bay Sands (MBS) for possibly submitting false salary information in its work pass applications. The company is said to have employed 30 cleaners on Employment Pass (EP), banking $2,650 into their accounts monthly, but then making them return $1,600 of that sum on payday.
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First and foremost, let me introduced myself a bit – I have worked in the hedge fund industry as an analyst.
Typically the starting pay for my industry is US$120-$150k a year for 1-3 years experience and then move to perhaps US$150-$250k a year for 3-8 years experience. Bonus could be 1 to 3 times annual pay.
But then again this is the industry pay scale. When I lost my job initially, nobody wanted to even talk to me. Of course, I don’t blame them. Now a few years later, I am still stuck in the rut because I am no longer in the industry for quite a while. I thought that even government job is alright for me but so far it has being rather negative. I will work for around $7-8 k a month now. Even lesser I will consider…
I’d like to emphasize a few issues that I feel the government needs to look into:
GLC employment strategy
I wrote to MAS, GIC, Temasek etc but has zero responses. WHY?
I am suitably qualified to work in quite a number of departments and especially so in GIC which has illiquid investment and has placed investment with hedge fund, but again, I am totally being ignored. I believe this is due to the following:
- I am not an honor graduate and hence would be the first to be ignored.
- I am in my forties.
- There is no policy of looking at local hire first and so I am easily passed over.
The irony is that here, as with many situations we found through various discussions with many others in similar situations, the so called foreign talent that I know and the so called well-educated candidates do not necessarily do a better job that I could offer. Many who worked in GIC and Temasek are foreigners. There is also market talk that foreigners (in fact, to some extent locals who took up foreign degrees) have negative impression of local graduates. I am deeply disturbed by this perception, especially when our GLCs also choose to hire more foreign than local graduates.
Fund management firm
Many hedge funds have set up offices in Singapore after the government lured them with goodies and incentives. But when I look at the setup of these shops, many continue to hire foreigners – quite a number have taken up PRs which were easily granted. But I know most of these so called “foreign talent” simply took them up because there is “nothing to lose” (as was told to me by themselves).
When their children grow up and before the boy reaches 18, I was told there is every intention that this group of PRs will move back to their home countries and this place is simply a stepping stone as Asia is now viewed more favorably where job prospect is concerned. At the very least, if these firms are not subjected to any form of quota system (dependency ratio), they should prove that they have scouted for local talents and cannot find any suitable employee before being granted any form of employment pass to a foreigner they hire.
Let’s look at the recent case of the cleaning firm engaged by MBS who misrepresented the Chinese workers’ salaries. Not only did they circumvent the policy, they under-declared their profit and hence evaded corporate income taxation and at the same time, they created a false impression about local workers’ expectations. I am sure if they are really willing to pay the $2650, they can easily find some Singaporeans to work for them and help lower unemployment in this country**.
Policies to look into:
- Have a “hire Singaporean first” policy, starting with statutory boards, GLCs.
- Human resource personnel have to be Singaporeans – there are too many stories about foreign HR personnel who has a natural inclination to hire their own countrymen.
- PRs to be issued selectively and only when commitments are made by these new citizens. Let’s not forget about NS being served by our locals. We need to protect our own. We should not let in anyone who just come over, earn money, bring their entire family over and when trouble comes, flee to their home country.
- In terms of PR, we need to look at who are those who have stayed for many years here (I have friends who came to Singapore when they were a few month old and served NS) compared to those who obtained PR via work passes. There may be a need to distinguish the two and perhaps we can have a further re-classification of PR here.
- Need to maintain and rigorously monitor dependency ratio – a lot of firms are advised by recruitment companies on how to circumvent existing policies, resulting in the hiring of too many foreign workers. The bottom line is if companies cannot hire then don’t open so many branches. In other words, we’re chasing GDP but at what cost?
.
Ex-Hedge Fund Analyst
.
* This letter was first submitted to Gilbert Goh, the site owner of Transitioning.org. Transitioning.org is a non-profit registered society specially set up to cater to the emotional needs of the unemployed Singaporeans.
** It has been reported that the Ministry of Manpower (MOM) is investigating a cleaning company, T Y Enterprise, contracted by Marina Bay Sands (MBS) for possibly submitting false salary information in its work pass applications. The company is said to have employed 30 cleaners on Employment Pass (EP), banking $2,650 into their accounts monthly, but then making them return $1,600 of that sum on payday.
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