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There is always the army

People who’ve lost their jobs in banking and can’t find another one do have options. Some have taken up male nannying, others have become security guards, others have joined the army.

A surprisingly small number seem to have joined the army though. A recent report in the New York Times suggested US military academies are suddenly getting lots of applications. The Royal Military Academy at Sandhurst was unable to say whether it’s also benefitting, but it did quantify the number of ex-bankers who joined last year: two.

We weren’t allowed to talk to them, so can’t enlighten you on their motivation.

However, time spent in the office corps has traditionally been seen as a prelude to career as a corporate broker or corporate financier, and may prove a cost effective way of riding out the downturn.

A spokesperson for Sandhurst said would-be army officers need to be aged 18 to 28 and to have at least two A levels. Training lasts for 44 weeks and payment during training is 16k for non-graduates and 24k for graduates. While this isn’t great compared to investment banking, it doesn’t look too bad compared to the 40k you’ll spend in tuition costs alone on doing an MBA. And officer-hiring is actually up – according to The Times two hundred new additional officers are being hired for the army, navy and RAF this year.

Comments (5)

  1. To behonest – bankers going into the army is the worst idea I have heard since the Goverment said – ‘I know – lets tie two UK banks with the worst debt write downs in history together and create yet another bad bank’

    I’m not be funny – but I would not exactly go to war with these people. They have little scuples and are likely to shoot you in the back and steal your boots to avoid trench foot!

  2. Add to that free housing, free medical and dental care, subsidised meals ( 1.00 for a silver service two course lunch!) and even school fees paid for and then you get a rosier picture. For those in Germany; tax free cars. I recently spoke to a serving Colonel who had calculated that he would need to earn 120k before tax in order to match his Army comp package. They’re not cutting back on training either – many Army Officers are sponsored through an MBA/ Masters/ key career courses. I can think of two people I know that are mid ranking officers, recently made redundant, that have decided the Army is a good place to be at the moment, rather than chasing non-existant jobs and they are doing a very similiar job to what they were doing in the City ( IT change) – just wearing uniform. Sure, not paid as quite much, but at least they are secure and have opportunities to grow their skills.

  3. The army – yes, get sent to Afghanistan to get killed. Ummmm… no I think I will stay put in Britain.

  4. Agh. Too old. Always fancied the RAF just for the moustache

  5. What these City types need is a good dose of the Army !!

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