Ah, sabbaticals: Very much coveted by stressed out bankers in Asia, but rarely attempted.
Every once in a while, however, there are those like Mark Leahy, formerly from Deutsche Bank’s debt syndication business. This seasoned banker took a two-year break, lived on a vineyard in Australia, made wine, hung out with his family and co-founded a wealth management start-up, Finance Asia reported last week.
Unlike lesser mortals, Leahy didn’t seem to have a hard time getting a new full-time gig. Nomura snapped him up to head its debt origination and fixed income syndicate for Asia ex-Japan.
If you plan on following in his footsteps, proceed with caution. Amanda Lote, managing director, Lote & Partners, says bankers like Leahy are the exception rather than the rule.
“Asian banks mostly have very conservative cultures, so they are not sure how to respond to candidates who have taken sabbaticals – such people remain unusual. It remains a truism that it is easier to look for a job when you are already in a job,” adds Lote.
Angela Kuek, head of front-office banking and financial services, Hudson, says while sabbaticals are not usually viewed favorably, firms today are becoming slightly more tolerant. “Generally the more senior or specialised the skill sets and the greater value one brings, the more accepting firms are with sabbatical breaks.”
Two big reasons not to take a break
1) You lose touch
Kuek says the downsides of sabbaticals include losing contacts and being away from the deal table. Product-specific or specialised bankers could also become out of touch with changes in policies and methods. “Cycles peak and trough much faster now, so any break that is more than two years will be too long.”
2) You lose money
Don’t expect to be rewarded for enjoying yourself. Lote says candidly: “Candidates are unlikely to get more pay for having an enjoyable or rewarding sabbatical experience. If they are lucky they might get the same amount of money they had in their previous position, but the gamble is that their remuneration may be less.”
Kuek usually tells returnees to be “realistic”, however she has seen cases where candidates get a slight increase. She cites the example of a sales person who got a five per cent salary increment after a two-year break.
If you have taken the sabbatical plunge and want to return to banking, it’s best to specify the chronological dates of employment on your CV and explain the break in person, during the interview, advises Kuek.
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