Two months into my Masters in Finance programme at London Business School (LBS), and we are talking more about careers and finance aspirations. These conversations come at a time when firms in the West are firing tens of thousands of people in a brutal reconfiguration of the global banking industry.

Some recruiters have gone on record to say that 2012 hiring will not be as bad as the gloom and doom of 2009, where graduate recruitment was either suspended or greatly reduced, leaving students with unprecedented debt levels but few high-paying career options.

Although some of these recruiters may be putting a positive spin on things, my sources tell me to be realistic and persevere. A few classmates have been lamenting about how headcount in specific divisions of some banks has been frozen, despite these very firms coming to campus to sell potential opportunities.

Asia’s angst

As a Singaporean, I know that even red-hot Asia has not been spared. A sovereign wealth fund HR director in the region told me that CVs are flying in from bankers all over the world. Likewise, a UBS friend confessed to me that he does not know what the future holds because there is so much flux in investment banking. He says they will know what will become of IBD at the investor day in November.

I recently saw a management associate position advertised on one bank’s website, with the job scope and responsibilities listed. Although I manage my own stock portfolio and plan to marry my investing passion with my rich experience writing and commentating about markets – a natural segue to asset management roles – I wanted to know more about this banking opportunity.

I felt comfortable enough to contact the global head for this position because we had dealt with each other previously. Her response (“please send your CV, though I have just filled the vacancy”) drove home the reality that what you see or find out via the official channels may not be as reliable as what you hear through the grapevine.

Liking London

Despite the tougher employment market for graduates, I am keeping an open mind and balancing academic and career projects with seeing London and talking to people from around the world.

In the process, I always learn something new. I caught a performance of Handel’s Messiah and would still recommend Four Season’s roast duck in Chinatown, despite the purported drop in standards. Above all, I enjoy the balmy feel of Regents Park near LBS, which provides the perfect backdrop as I flip through the Financial Times and read about the Greek soap opera and trading calamities.