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| You will definitely feel right at home while living in Singapore! (all prices in SGD) |
I often get asked by friends, peers and even strangers on LinkedIn and Google+ how to prepare oneself to look for a job in finance in Singapore. So here they are, a summary of some prep I did before I came to Singapore. Note that I am writing from a UK perspective, i.e. someone living and working in UK intending to move to Singapore. This is equally applicable to everyone else of course.
1. Research, research and research
Check out the popular local job listing sites, the local financial services-oriented recruiters, get to know what skills are in demand and of course, know which banks and firms based in Singapore and are hiring. I highly recommend putting efinancialcareers.sg on the top of your list. Subscribe to email alerts and be as broad as possible with your search terms to see what’s out there. This is your big move so be prepared to spend weeks on research before buying your one-way ticket to Singapore!
2. Manage your salary expectation
Gone were the days where firms would be happy to give you relocation benefits or hardship top-ups to help you settle into Singapore. When I estimated my worth in Singapore back then, I managed my own expectation by using the latest post-tax salary as base, adjust it for the equivalent Singapore tax bracket and go from there. Truth is, you are worth not too far from this number. Your recruiters will advise you on your unrealistically high salary expectation anyway!
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| Singapore Grand Prix September 2012 (view from the Singapore Flyer -- London Eye equivalent, taken with my phone apologies for the quality) |
3. Sort out your affairs and paperwork
Sort out your bills, debts and taxes before heading over, the last thing you want is to make long distance phone calls to your banks and Inland Revenue instead of networking with peers and recruiters. I would plan ahead by bringing original copies of payslips, P45’s from the Inland Revenue, degree & professional certificates and any written proof of awards or testimonials from ex-employers. Look into applying for a temporary work permit approval called a Personalised Employment Pass (PEP) months ahead so that you can focus on job searching, networking or interviewing the moment you touch down. You are an unknown quantity both to the hiring firm and to the government of Singapore, so be prepared to prove your credentials!
4. Expand your personal network
Go offensive on building up your network. Complete and enrich your profiles on professional social networks such as LinkedIn and efinancialcareer. Start reaching out to ex-colleagues, friends or acquaintances from your past that are currently based in Asia or know someone who does. The situation calls for thick skin; don’t accept no as an answer, be nice and get at least a contact or referral from them if they are unable to help. Chances are they might know someone who does!
While you are here, consider tagging along with your peers and acquaintances who are members of private recreation/country clubs or religious congregations; yes, it’s big here for reasons I can’t explain.
5. Expand your professional network
Attend networking events or get in touch with your university alumni, professional peers or professional bodies (e.g. CFA). For example, I know someone who used to study at two universities in the States, the first thing he did when he got here was to connect with the local alumni and in turn, help connect them with his professional peers by pro-actively organising informal drinks sessions. Needless to say, his network grew exponentially in no time, with that came more connections and job opportunities!
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| Singapore latest foreign talent (FT) from China - 2 pandas Jia Jia and Kai Kai. Will you be one of the FTs in 2013? |
6. Hone your knowledge, freelance away your time
When I was looking for a job years back, I took up any assignments from friends or peers in order to sharpen my knowledge and more importantly, to showcase my work to potential employers, it’s a win-win situation. I also interviewed and signed up with a freelance consulting firm that parcelled out assignments. Both served to keep me sane and busy.
7. Continue to be on your toes even after you have secured your first job in Singapore
As is the case almost everywhere in Asia, banks and companies in Singapore are pretty blasé when it comes to firing. Till this day I have email alerts everyday informing me of available openings. Once burned twice shy - I am constantly on the lookout, and so should you.
A slightly edited version of this has appeared on efinancialcareer.sg: http://goo.gl/78LnD Visit the site for more tips on moving to Asia, as you might want to look into Hong Kong, Shanghai and other more exotic financial centres in Asia.
