View from the Bottom: waiting in frustration

In the latest installment of her popular “View from the Bottom” series, our columnist vents her frustration about banks and their tedious selection methods. The writer is a young Singaporean banker who worked on Wall Street and is now searching for a job back in Asia.

You’ll be pleased to know that I’ve actually had a few interviews recently. I tend to either make the final rounds, or some silly internal process simply brings everything to a staggering halt. With no shortage of young candidates in the market and no real urgency for banks to push for junior hires, it’s been slow going.

When I have got interviews, I’ve usually been selected for very specific reasons pertaining to my background that would enable me to hit the ground running and contribute from day one.

During one recent six-hour-long assessment day (which also involved several other hopefuls), I was given PowerPoint and Excel exercises, simulating exactly what it would be like on the job. The bank wanted to test candidates’ attention to detail, presentation and modeling skills. Interviews were conducted in between all these tasks.

During a separate series of interviews with another firm, one senior banker told me that the recent shakeup in the financial sector has been beneficial because it has allowed junior analysts to readjust their attitudes towards work.

In the boom years before the financial crisis, job offers were too easy to come by and career options were too plentiful, he said. Analysts’ attitude suffered as a result and their work was not of the same quality as when he was a junior in the 1990s.

However, I know for a fact that most of this banker’s junior team works 100-hour weeks and no other senior banker had complaints about them. But I simply responded by nodding my head, wondering whether such generational comparisons are fair, or whether he simply wants his analysts to earn credibility through deliberate hardship rituals.

In fact, kudos should be given to the junior members of his team who prepared the extensive “testing material” at my interview. All these detailed, on-the-spot assessments made me wonder whether we are seeing a new standard for interviews. It seems the team is more concerned about what the analyst can bring to the table immediately, rather than any longer-term expectations of career development.

Anyway, in the end, I managed to make the final round, which was a series of interviews spanning four hours. I heard that the first job offers were made just one day after my finals.

For me, however, the wait was much longer! I knew I wasn’t the bank’s first pick, but because I didn’t receive a formal rejection, I thought perhaps I was a back-up choice. After three weeks of waiting in frustration, I was finally told that the firm needed a term-sheet, fluent mandarin-speaking person for the desk. I’m back to ground zero.

Look out for a new column next week on how our writer is running out of career options.

Comments (7)
  1. Hmm, I think many can commiserate with your current predicament. It seems that employers are now presented with an “embarrassment of riches” in a way since the current applicant pools are overflowed with well-qualified hopefuls — if only the employers had the money to hire them all.

    Your honest assessment of your experiences make for an interesting read. Here’s to hoping that your column will have a more uplifting note to give hope to the “hopefuls” in the near future!

  2. don’t let them get to you.

    A young and inexperienced head hunter with a terrible attitude told me yesterday that her clients prefer candidates who still have a job, not those who lost their jobs last year or even this year.

    don’t let them get to you.

  3. I think you’re dillusional. You should stop trying to look for banking positions. First – I don’t think any junior person at the analyst level should call themselves bankers. They’re not. They’re analysts and nothing more. Any fool can edit powerpoint presentations and use excel. Analysts don’t win over business – so to call themselves bankers is overstating what they really do. You’ve been unemployed for too long – it leaves a big hole in your resume. I say find another position in finance – research, sales, etc. These positions have great pay and the job responsibilities are better at the analyst level than in banking.

  4. Not to mention new hires externally, even for internal vacancy at global banks, teams that you’d probably easily dismiss years ago now would screen internal transfers of juniors as if they only hire MD. They ask juniors to be specific.
    Better if you downgrade yourself from VP to Asso, or Asso to Analyst, and a lot of them are doing this…

  5. It seems as if you have penned down my experience…. this is exactly what happened to me a few weeks ago. 6 hour long interview, excel worksheets, case presentation….blah blah blah and the result…. a rejection email after a full 3 weeks. Seems like a conniving strategy among these so-called big banks/FIs.

  6. Listen, if they didn’t want you, the chemistry wouldn’t have been right anyway. Don’t take it personally. And hang in there. Persistence is key. There is something out there for you. Your job is to keep knocking on doors. One door at a time.

  7. You have no discipline. After setting yourself a deadline for getting a banking job, you decide to move the goalposts when your target was not met. What is it about banking that is such a turn on for you anyway? Is it just about the money? And if you are not fluent in Mandarin Chinese, there is no point in pursuing this line of work in Singapore or Hong Kong. Increasingly, all the clients are Chinese and nothing irritates them more than to deal with a Singaporean or Hongkie who is not fluent in their language.

    If you wish to keep your banking dreams alive, I suggest that you take the next couple of years off to learn Chinese. Try the program at NUS if you need a classroom setting. After that, think of doing an MBA in China. Work hard and you might just get the hang of the language before you are thirty. But it is a long and difficult slog. I know because I did it and I was essentially illiterate in the language when I started. If learning Chinese is too difficult for you, then give up trying to be a banker in these parts because without the language skills, you CANNOT be a banker in Asia.

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