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The National University of Singapore (NUS) new student is on his third finance internship, but says he’s only just getting started.
Lo told Business Insider that he plans to complete nine to 10 internships before graduating. The business administration student says it’s part of his quest to land a job at a major bank like Goldman Sachs or JPMorgan.
In addition to Law said he has tracked multiple internships and strives to maintain a perfect GPA each semester.
“You have to study a lot for your studies and then do an internship on top of that,” Lo said. “But I think that’s the kind of trade-off that the vast majority of wealthy people would make.”
be thorough
Mr Low told BI that he wanted to work for a bank like JPMorgan because it has a strong corporate culture and opportunities to engage with executives.
Working at a prestigious bank like Goldman Sachs or JPMorgan has long been the ultimate goal for anyone wanting to make a name for themselves in the financial world. In addition to his six-figure starting salary, the staffer may have the opportunity to work on huge deals and interact with C-suite clients.
But getting your foot in the door is a big undertaking.
Landing a summer internship at Goldman Sachs is even more difficult than getting into Harvard University. Goldman’s global internship acceptance rate was about 1.5% in 2022, much lower than Harvard University. Pass rate 3.19% In the same year.
Getting a job at Goldman Sachs or JP Morgan is difficult in any country, but in Singapore there are also social pressures such as: “Kias” This is a colloquial term that loosely means “fear of loss” and is often used to describe the country’s cultural ethos.
After all, this is the luxurious land of crazy rich Asians; tiger mom. Although efforts have been made, level the playing field,put in some effort elite school And a luxurious and well-paid job is still an indicator of success.
many singapore Students are adopting a similar strategy to Lo, packing internships onto their resumes in hopes of landing a job at a top bank.
Eric Simformer managing director of UBS Investment Bank and author of the career book “”.“Small actions” He told BI that getting a job at an investment bank has become “very, very intensive.”
“Before, you could get a job offer with one good internship, but now you have to do multiple internships,” said Sim.
It’s also a networking issue, he said. “Now, it’s not just about applying and getting a job, it’s about getting to know the working professionals, so they can put in a good word for you and refer you to job openings.”
Peer pressure is a big driving force
Adnan Hussain (left), 25, is a fourth-year student at the National University of Singapore. Hussain told BI that he had secured a full-time job offer in sales and trading at a bulge bracket bank.
Adnan Hussein
Adnan Hussein, 25 years old, currently a 4th year student at NUS. He said he and his friends had a hard time landing his first internship as a freshman.
“We applied for a lot of positions and cold emailed over 100 companies,” Hussein told BI.
Hussain ended up doing five internships throughout his college career, including stints at a hedge fund and a private bank. He said he has accepted a full-time job offer in sales and trading at a top European bank.
Hussain said his internships range from summer programs lasting 10 weeks to off-cycle positions lasting five to six months.
Hussain added that peer pressure fueled the rat race among many peers.
“It’s very stressful to see a friend take an entire semester off for an internship. If you don’t take a semester off, you think, ‘Oh, am I doing something wrong?’ Hussein said.
consider Nicholas Tan, 24, a final year student at Singapore Management University (SMU). Tan will join a major European bank as an investment banking analyst this summer.
Tan said she took a leave of absence from school (LOA) during the first semester of her sophomore year to intern at an investment firm.
“I’ve done an LOA once, but I know juniors who have done an LOA two or three times just to polish their resumes and ensure their chances of getting their dream job. It’s becoming more and more common. It is becoming more and more,” Mr Tan said.
Duo Gen Goco-founder Career SociusThe social enterprise, which provides career advice services to local universities in Singapore, said it is “increasingly common for students to take up more internships”.
Five to 10 years ago, most students completed around two internships, but these days it’s not uncommon for aspiring investment bankers to take time off from school to complete as many as seven internships, Go said. said. — it’s just a matter of finding enough time to do so.
In addition to taking advantage of summer and winter breaks, students can also take one or two LOAs to complete their internship. This adds up to up to seven or eight internships throughout the university.
But the competition to complete multiple internships doesn’t apply to banking in general, Go says.
“Students who want to work in commercial or corporate banking don’t need to do as many internships as students who want to go into investment banking,” said Goh, who is also the firm’s director of strategy and talent. glintan online job portal.
Hardship is not for everyone
Mr Nicholas Tan, 24, is a fourth-year student at Singapore Management University.
Nicholas Tan
Of course, not everyone accepts hardship.
Yen QianThe 21-year-old NUS second-year student is aiming for a career in sales and trading, but said it’s not all about the rat race.
“I think it’s important to hedge your risks. If you can do six or seven internships while you’re in college and get a great job, that’s great,” Anne said.
“But what happens if you don’t? You spend the best years of your youth chasing something, only to end up with nothing,” she added.
Adrian Chew, CEO and co-founder of a Singapore-based career strategy consultancy, says students like Ang have a point. career agility international.
Choo said students need to think about what specifically they want to get out of the internship.
“If you’re just doing it to beat the guy next to you, I don’t think that’s what recruiters are looking for. It’s not a numbers game,” he added.
Mr Sim, a former banker, said students would likely be able to acquire technical skills and important soft skills in just one internship.sim said Recruiters also value a candidate’s soft skills.
“What I look for is whether you have the social skills to talk to customers. Banking is very much a sales job. You have to win the trust of the customer,” says Sim.
But for some students, like Law at NUS, moving forward remains the goal, no matter what it takes.
“In terms of effort, I think there are really no limits. Would you rather have fun now but have a mediocre life? Or worse, struggle later? Or now? Is it better to have a chance at success in the future by working hard? The latter resonates with me infinitely,” Lo said.