The banking industry is popular among multiple academic disciplines – not just finance and business graduates. And these don’t even count the veteran professionals, managers, executives and technicians (PMETs) looking to enter the sector. With so many coveting limited spots, competition is unsurprisingly heated. In fact, it’s so stiff, most graduates rely on graduate schemes to get into the industry, as well as completely avoid competing with their more experienced counterparts (and thus creating competition among themselves).
But what if you’re struggling to get a place in a graduate scheme? Thankfully, although it might feel like your aspirations have hit a brick wall, your career dreams haven't gone up in smoke just yet.
While unconventional, there are alternative ways to get that dream graduate job of yours – and stand out from other candidates in a positive way while you’re at it! Here are some routes you can explore that can help you break into the banking industry.
Remember: Recruiters in the banking industry are often very impressed by passionate candidates who think out of the box and have the aptitude to create their own opportunities.
1. Set up a small business
What: Your business doesn’t have to be a grand start-up – it can be something as small and simple as creating bespoke notebooks for batchmates, or even freelance writing for blogs or online magazines. Other small business ideas include maintaining online stores that sell everything from clothes to trinkets and stationery.
Tip: It can be easier to set up a small business while you’re still in university, if you take advantage of resources and student societies. For example, you can start a film-screening club at school by making use of available lecture halls (with your school’s permission, of course!) and charging students a low price for tickets. You can offer rentals, too.
Why: Recruiters in the banking industry keep an eye out for, and value, students who show drive, entrepreneurship skills and strong business acumen. Even if your potential employer isn’t looking for these skills (unlikely), it’ll give you something original to talk about in your applications and interviews, which can then impress and catch the attention of recruiters.
In addition, your experience in running a small business will also allow you to highlight the skills you picked up on-the-job, and used in real-life situations. For instance, you can talk about how you built and refined your numeracy and organisational skills through hands-on experience with budgeting and planning while running your business or club.
Other benefits: Problem-solving skills are highly-sought after by recruiters, and it can become your main selling point. At work, you’re bound to encounter problems, whether it’s a time management issue or handling different personalities in the same team. You can bring up concrete examples on how you managed these problems to your interviewers – they’ll be all ears!
2. Take up internships or traineeships outside banks
What: Even if it’s your dream to break into the banking industry, there’s no need to limit yourself to graduate schemes or internships there. Instead, consider working in other sectors that are finance-related (e.g. companies like the Big 4 in the financial services industry), or a role that’s finance-related but not necessarily in a finance-related industry (e.g. a marketing, sales, accounting, or finance position in an IT firm).
Tip: If you aren’t able to land an internship with a company, you can also consider joining a traineeship over your semester break. If the company you want to join doesn’t offer traineeships, you can still consider a range of other organisations offered under the SGUnited Traineeship Programme.
Why: Although you won’t be in your dream industry, you’ll definitely get relevant experience that you can use to get into the banking sector. Moreover, you’ll get exposed to different industries – something recruiters look for among candidates.
Other benefits: Having notable experiences and exposure in your resume can give you a big boost when you enter the job market and start gunning for that banking job you want. But during the interview process, make sure to contextualise your experience to the banking industry job you’re applying for!
For instance, demonstrate how the skills you’ve learned in your finance-related internship or traineeship can add value to the bank. On the other hand, don’t just talk about what you did over the course of your internship or traineeship – it won’t mean anything unless you’re able to link the experience to how it can benefit them.
3. Apply through networks
What: A network is a series of built relationships with other graduates and professionals, both in your chosen area of work, as well as related fields. Having a network of professionals allows you opportunities to find out about the relevant job vacancies, exchange job-hunting tips and discuss industry insights.
Thus, when it comes to opening doors in your career, the importance of networking can’t be stressed enough. A professional network is vital to everyone, no matter what stage of their careers they’re in – from fresh graduates to professionals.
Tip: The easiest way to begin forging your network is to use online platforms like LinkedIn and Facebook to find networking groups and events to join.
Why: Networking can give you the chance to learn from other likeminded people who share similar interests. Moreover, it can also get you in touch with PMETs with enough influence to either refer you to an available job opening – not all openings are advertised (https://gradsingapore.com/graduate-careers-advice/applications-and-cvs/the-art-of-the-speculative-application) – or to someone else who can. If you’re lucky, you may even meet the recruiters themselves through your network!
Other benefits: Although virtual events have gained traction and have a devoted following, physical events are beginning to pop up more and more as safe distancing measures relax. By attending these events and networking with your desired employers, your initiative may help you to stand out from your peers and lead to job opportunities.
Remember: When networking, you need to remain mindful of your social etiquette to present your best self for a good impression. If you’re not sure how to go about that, here’s a guide to help you before you enter the social minefield.
4. Try for a banking or finance placement abroad
What: The international nature of the global economy means that an internship or work placement at an overseas bank or company is an option you can consider. And you can start looking for opportunities just in time, too! With travel lanes starting to reopen around the world, experts are predicting that international travel will be back to pre-pandemic levels very soon.
Tip: If the idea of travel still gives you the jitters, you can consider taking up an internship or work placement that allows you to work remotely.
Why: Completing an internship or work placement abroad often shows your adaptability, ability to communicate well and work with different cultures. In addition, it sends the message to employers that you’re confident and brave enough to step outside of your comfort zone to create your own opportunities.
Even better, you’ll also be able to build your own network of international contacts and expand your employment possibilities beyond Singapore’s borders!
Other benefits: Taking up an internship or work placement overseas is a good opportunity to develop commercial awareness of global business through real-world exposure. This is much better than learning about it over the internet and textbooks!
Tip: Top international banking employers like Citibank and HSBC are always on the lookout for bilingual or multilingual candidates.
5. Find a mentor
What: A professional who has experience working in the banking industry can serve as your mentor, and can guide you through the ins and outs of landing a role in the banking industry. Moreover, due to being already entrenched in the industry, they can provide unique insights ranging from roles available, all the way to how the recruitment process works.
They don’t even necessarily have to be a seasoned employee with countless years of experience under their figurative belts! In fact, they can be a trainee who can advise you on the hiring process, and give you tips on how best to approach your interview. Mentors don’t even need to be from the same organisation you’re gunning for!
Tip: This is something that networking (as mentioned before), can lead up to. If you find someone suitable in your professional network, reach out and ask if they’re able and willing to mentor you!
Why: Your mentor would be able to leverage their own network to your advantage, and put you in touch with others who can help you secure a position. Moreover, they’ll be able to introduce you to industry trends that can better prepare you for not only the recruitment process, but also the work environment should you succeed in breaking into the industry.
Things to take note of: Regardless of who they are, keep in mind that banking professionals are usually quite busy. So don’t get discouraged if prospective mentors don’t respond if you contact them over online platforms like LinkedIn!
One way to get around this is to attend as many networking events as possible (both virtual and physical). There, you’ll be able to network in real-time and cast a stronger and wider net. For instance, if someone you networked with earlier can’t place you, but you want to ask if they can mentor you, you can bring up conversation topics you covered in the networking session to jog their memory!
Tip: When approaching a potential mentor, be honest and clear about your intentions to learn from them. Most of the time, they’ll appreciate your straight talk more than a butter-up. If a potential mentor is willing to take you as a mentee, be sure to keep in contact by emailing or messaging them now and again. But at the same time, make sure to not flood them with emails and texts!
While there are certainly more means to break into the banking industry, these are five unconventional ways you can use to do so!
