WITH the economic recovery, the Class of 2010 from the three local universities is reporting higher employment rates and better starting salaries compared to graduates from the year before.
In particular, graduates from the Singapore Management University (SMU) last year had a record employment rate of 99.9 per cent and higher starting salaries across five of the university's degree programmes, surpassing the performance of graduates in 2009, when 96.8 per cent found employment.
At the National University of Singapore (NUS) and the Nanyang Technological University (NTU), about 90 per cent found jobs within six months.
These were among the findings of the Graduate Employment Survey just released by the Education Ministry.
The average monthly salary among SMU graduates in full-time jobs was $3,271, an improvement of 5.8 per cent over 2009's figure of $3,093 - it is also the highest for SMU graduates since its first cohort graduated in 2004.
In addition, the top 20 per cent of its graduates, usually those working in financial institutions, took home an average salary of $5,062. There were some among the 125 top-earners who were paid up to $13,000 a month.
- The Straits Times
Showing posts with label youth. Show all posts
Showing posts with label youth. Show all posts
Jul 27, 2010
Bumper jobs for NTU's graduating class
A SURVEY by the Nanyang Technological University has found that 71.7 per cent of its graduating class of 2010 had secured jobs prior to their convocation, up from 67.1 per cent for the Class of 2009 during the same period last year.
NTU president Su Guaning, speaking yesterday morning at the university's Convocation Ceremony 1, added that the strong showing by this year's graduating students sets the stage for them to better the already-impressive 97.3 per cent of the Class of 2009 who received one or more job offers within four months of graduation last year.
- mypaper
NTU president Su Guaning, speaking yesterday morning at the university's Convocation Ceremony 1, added that the strong showing by this year's graduating students sets the stage for them to better the already-impressive 97.3 per cent of the Class of 2009 who received one or more job offers within four months of graduation last year.
- mypaper
Jun 15, 2010
Graduates less sought after
THE strong economic recovery has given jobs to more people, but degree holders are not getting them fast enough. Those snapped up quickest are diploma holders. Their jobless rate shrunk the most, halving from 4.1 per cent during the recession in March last year to 2.1 per cent a year later.
In contrast, graduates were less sought after as their jobless rate had barely improved. It dipped slightly, from 3 per cent to 2.8 per cent during the same period, according to the Ministry of Manpower's (MOM) first quarter labour market report released on Tuesday.
What makes diploma holders more attractive to employers is that they tend to command lower salaries, say analysts. As for degree holders, they may also be a little more picky with jobs.
As labour economist, Professor Chew Soon Beng from the Nanyang Technological University, puts it: 'The degree holders want a better job so they are not in a hurry to find jobs. If you are not as educated, you know this is the best you can do, so better grab it.'
He was commenting on the labour report which fleshes out earlier estimates which showed that 36,500 jobs were added in the midst of a robust rebound in January to March.
The strong job gains soaked up more job seekers, resulting in the unemployment rate for residents heading south. It moved from 4.6 per cent last March to 3.2 per cent a year later.
- The Straits Times
In contrast, graduates were less sought after as their jobless rate had barely improved. It dipped slightly, from 3 per cent to 2.8 per cent during the same period, according to the Ministry of Manpower's (MOM) first quarter labour market report released on Tuesday.
What makes diploma holders more attractive to employers is that they tend to command lower salaries, say analysts. As for degree holders, they may also be a little more picky with jobs.
As labour economist, Professor Chew Soon Beng from the Nanyang Technological University, puts it: 'The degree holders want a better job so they are not in a hurry to find jobs. If you are not as educated, you know this is the best you can do, so better grab it.'
He was commenting on the labour report which fleshes out earlier estimates which showed that 36,500 jobs were added in the midst of a robust rebound in January to March.
The strong job gains soaked up more job seekers, resulting in the unemployment rate for residents heading south. It moved from 4.6 per cent last March to 3.2 per cent a year later.
- The Straits Times
Apr 5, 2010
Grads get jobs in 6 months
DESPITE the recession, nine out of 10 students who graduated from the three local universities last year found jobs within six months of graduation, according to Ministry of Education (MOE) statistics released yesterday.
And there was even better news for those in teaching, nursing and dental surgery, with graduates posting a 100 per cent employment rate in those sectors.
The MOE's Graduate Employment Survey, conducted annually, looked at those who graduated from the National University of Singapore (NUS), Singapore Management University (SMU) and the Nanyang Technological University (NTU) last year and what fraction landed a job within six months.
It also looked at the mean salary across faculties.
Apart from teaching graduates from NTU's National Institute of Education, and nursing and dental surgery graduates from NUS, those from NUS' business administration (accountancy) programmes, and SMU's economics and accountancy programmes were also largely recession-proof.
But last year's economic gloom did affect salaries, with average wages last year lower than those in 2008.
- The Straits Times
And there was even better news for those in teaching, nursing and dental surgery, with graduates posting a 100 per cent employment rate in those sectors.
The MOE's Graduate Employment Survey, conducted annually, looked at those who graduated from the National University of Singapore (NUS), Singapore Management University (SMU) and the Nanyang Technological University (NTU) last year and what fraction landed a job within six months.
It also looked at the mean salary across faculties.
Apart from teaching graduates from NTU's National Institute of Education, and nursing and dental surgery graduates from NUS, those from NUS' business administration (accountancy) programmes, and SMU's economics and accountancy programmes were also largely recession-proof.
But last year's economic gloom did affect salaries, with average wages last year lower than those in 2008.
- The Straits Times
Feb 4, 2010
NUS partners jobs agency
THE National University of Singapore (NUS) has, for many years, been able to boast that 90 per cent of its graduates found jobs within three months of graduation, but that rate took a hit during last year's economic downturn.
Though exact figures were unavailable, the past year was a 'wake-up call', said Dean of Students Professor Tan Teck Koon.
To get employment rates up again, the university has partnered recruiting agency Kelly Services, to tap its database to match more employers to fresh NUS graduates.
The partnership was announced on Thursday at the launch of NUS' Career Fair, at which some 3,500 jobs were on offer.
Mr Dhirendra Shantilal, Senior Vice-President of Kelly Services Asia Pacific, said he hopes that the partnership will add 10 to 15 per cent more job openings for fresh graduates.
He sees Kelly Services' role not only in getting jobs for more graduates, but also in equipping them so they know what to expect from the job landscape.
- The Straits Times
Though exact figures were unavailable, the past year was a 'wake-up call', said Dean of Students Professor Tan Teck Koon.
To get employment rates up again, the university has partnered recruiting agency Kelly Services, to tap its database to match more employers to fresh NUS graduates.
The partnership was announced on Thursday at the launch of NUS' Career Fair, at which some 3,500 jobs were on offer.
Mr Dhirendra Shantilal, Senior Vice-President of Kelly Services Asia Pacific, said he hopes that the partnership will add 10 to 15 per cent more job openings for fresh graduates.
He sees Kelly Services' role not only in getting jobs for more graduates, but also in equipping them so they know what to expect from the job landscape.
- The Straits Times
Dec 16, 2009
Grads dealt harder job blow
Despite signs of a turnaround in the job market, university graduates are no better off.
In fact, more of them are without jobs and taking longer to land a job, according to revised official figures released yesterday.
Part of the reason is that they often tend to seek jobs that pay close to what they used to earn, said MP Josephine Teo, who is also assistant secretary-general of the National Trades Union Congress.
However, economists interviewed foresee their lot improving in the new year, when growth is expected to hit 5.5 per cent, according to a recent poll of 20 private-sector economists by the Monetary Authority of Singapore.
Meanwhile, the labour market in the third quarter, following Singapore’s exit from recession, shows “encouraging signs of a turnaround”, said the Ministry of Manpower (MOM).
The revised figures show more jobs were added, fewer people were laid off and there were more vacancies between June and September.
In all, employment grew by 14,000, offsetting the 13,900 jobs lost in the first half of this year. Still, the resident unemployment rate among Singaporeans and permanent residents hit 5 per cent, a five-year high.
Also, more residents, regardless of their education level, are taking beyond six months to get a job.
Known technically as the long-term unemployed, their numbers have doubled, from 9,600 in the third quarter last year to 18,400 in September this year.
Worst off are university graduates. Their numbers have swelled from 1,600 to 4,700, which works out to one in four of these unemployeds.
It is the same story in other areas.
Degree-holders form more than one-third of workers made redundant, either retrenched or released prematurely from their contracts. They form 36 per cent of the 2,470 workers made redundant, although they make up only 27 per cent of Singapore’s workforce of two million.
It is a similar situation with the re-hiring of laid-off residents. Though this re employment rate rose for workers at all educational levels, the rate for graduates remains the lowest, at 44.4 per cent.
It was the same case in the second quarter, when it was 39.3 per cent.
Teo said graduates tend to hold jobs, such as supervisors, which are the first to be chopped in a downturn.
She also said retrenched graduates typically take longer to find jobs because they have savings to fall back on and look for work that pays almost as much as their previous job.
Graduate Chris Lim seems to fit the mould. The 31-year-old has been jobless since she quit her marketing job in a bank in June last year. She had wanted a similar job in the service industry but the economic crisis has made it tough.
Said the business administration graduate: “I’ve had a few job offers but I rejected them because they weren’t suitable. I’m not super desperate because I have some savings.”
She is working part-time as a receptionist and is hopeful because headhunters are calling her more often now.
MOM, in its statement, said organisations and jobseekers should not be discouraged by the slight rise in the unemployment rate to 3.4 per cent, from 3.3 per cent in the first two quarters. It also pointed out the 5 per cent resident unemployment rate is below the record 6.2 per cent in 2003 during the Sars outbreak.
Economists say the peculiar situation of jobs growth coupled with high unemployment is a result of more residents entering the job market as the economy improves.
Singapore, which came out of recession at the end of June, grew by 14.2 per cent in the third quarter,
Also, the rise in the unemployment rate could be due to a mismatch between skills and jobs.
Economist Tan Khee Giap expects the resident jobless rate to fall by next June.
But there is a need to shorten the time the jobless take to find work, he added.
Heather Chua of hiring firm Kelly Services noted that 50 per cent of residents retrenched in the second quarter found work in the third quarter.
“This is a strong indication more companies are positioning themselves to prepare for the nascent recovery,” she said.
However, MOM’s Minister of State Lee Yi Shyan, noted that the unemployment rate is likely to stay up for some time as employers remain cautious about the pace and sustainability of recovery.
He said: “The Government remains focused on job creation and training, while those who are unemployed are encouraged to retrain and re-skill so that they can find a job as quickly as possible.”
— The Straits Times
In fact, more of them are without jobs and taking longer to land a job, according to revised official figures released yesterday.
Part of the reason is that they often tend to seek jobs that pay close to what they used to earn, said MP Josephine Teo, who is also assistant secretary-general of the National Trades Union Congress.
However, economists interviewed foresee their lot improving in the new year, when growth is expected to hit 5.5 per cent, according to a recent poll of 20 private-sector economists by the Monetary Authority of Singapore.
Meanwhile, the labour market in the third quarter, following Singapore’s exit from recession, shows “encouraging signs of a turnaround”, said the Ministry of Manpower (MOM).
The revised figures show more jobs were added, fewer people were laid off and there were more vacancies between June and September.
In all, employment grew by 14,000, offsetting the 13,900 jobs lost in the first half of this year. Still, the resident unemployment rate among Singaporeans and permanent residents hit 5 per cent, a five-year high.
Also, more residents, regardless of their education level, are taking beyond six months to get a job.
Known technically as the long-term unemployed, their numbers have doubled, from 9,600 in the third quarter last year to 18,400 in September this year.
Worst off are university graduates. Their numbers have swelled from 1,600 to 4,700, which works out to one in four of these unemployeds.
It is the same story in other areas.
Degree-holders form more than one-third of workers made redundant, either retrenched or released prematurely from their contracts. They form 36 per cent of the 2,470 workers made redundant, although they make up only 27 per cent of Singapore’s workforce of two million.
It is a similar situation with the re-hiring of laid-off residents. Though this re employment rate rose for workers at all educational levels, the rate for graduates remains the lowest, at 44.4 per cent.
It was the same case in the second quarter, when it was 39.3 per cent.
Teo said graduates tend to hold jobs, such as supervisors, which are the first to be chopped in a downturn.
She also said retrenched graduates typically take longer to find jobs because they have savings to fall back on and look for work that pays almost as much as their previous job.
Graduate Chris Lim seems to fit the mould. The 31-year-old has been jobless since she quit her marketing job in a bank in June last year. She had wanted a similar job in the service industry but the economic crisis has made it tough.
Said the business administration graduate: “I’ve had a few job offers but I rejected them because they weren’t suitable. I’m not super desperate because I have some savings.”
She is working part-time as a receptionist and is hopeful because headhunters are calling her more often now.
MOM, in its statement, said organisations and jobseekers should not be discouraged by the slight rise in the unemployment rate to 3.4 per cent, from 3.3 per cent in the first two quarters. It also pointed out the 5 per cent resident unemployment rate is below the record 6.2 per cent in 2003 during the Sars outbreak.
Economists say the peculiar situation of jobs growth coupled with high unemployment is a result of more residents entering the job market as the economy improves.
Singapore, which came out of recession at the end of June, grew by 14.2 per cent in the third quarter,
Also, the rise in the unemployment rate could be due to a mismatch between skills and jobs.
Economist Tan Khee Giap expects the resident jobless rate to fall by next June.
But there is a need to shorten the time the jobless take to find work, he added.
Heather Chua of hiring firm Kelly Services noted that 50 per cent of residents retrenched in the second quarter found work in the third quarter.
“This is a strong indication more companies are positioning themselves to prepare for the nascent recovery,” she said.
However, MOM’s Minister of State Lee Yi Shyan, noted that the unemployment rate is likely to stay up for some time as employers remain cautious about the pace and sustainability of recovery.
He said: “The Government remains focused on job creation and training, while those who are unemployed are encouraged to retrain and re-skill so that they can find a job as quickly as possible.”
— The Straits Times
Jul 31, 2009
Cool jobs for fresh graduates
DESPITE the economic downturn, fresh graduate Tan Peiling had no problems looking for a job. The 23-year-old found employment a month after graduating in mid-April this year.
Miss Tan, who graduated from the Singapore Management University with a Bachelor of Science (Economics) and a second major in Corporate Communications, was recruited by Citibank Singapore (Citi) under its one-year Citi Banking Trainee Programme.
She said: 'I thought that there would be fewer jobs on offer or that it would take me longer to find one.'
But her job hunt proved more smooth-sailing than she had anticipated. She applied for 10 jobs, and received the offer from Citi three weeks after she had applied.
The Citi Banking Trainee Programme is supported by the Monetary Authority of Singapore's (MAS) Finance Graduate Immersion Programme (FGIP).
The FGIP was introduced to encourage financial institutions to provide fresh graduates with industry and research attachments during this period to develop talent in preparation for the upturn.
Apart from Citi, a number of financial institutions have signed on to the FGIP, including DBS, UOB, OCBC and Standard Chartered Bank.
Miss Tan said she had found out about the programme via word-of-mouth.
She said: 'My friend, who'd previously worked in my department, told me what the job entails. I'd always wanted to work in a bank, so I didn't want to miss this opportunity.'
Trainees are deployed across the bank's corporate, consumer and private banking departments, and may be trained in front, middle or back office operations.
Miss Tan is now a Relationship Management trainee in the Corporate Banking department.
She said: 'The learning curve has been steep because I've had to learn about the systems and processes of the bank, and pick up finance terminology from scratch.
'But I've received a lot of on-the-job training. Citi is a great place for a fresh graduate as the people here are very motivated, and you can learn a lot if you take the initiative.
At the end of the programme, trainees may be offered full-time positions.
Fresh graduates who prefer to create employment opportunities for themselves can turn to SPRING Singapore's Young Entrepreneurs Scheme for Startups (YES! Startups) for first-time entrepreneurs.
Launched last November, the scheme helps provide youths under the age of 26 with the necessary start-up capital to turn innovative business ideas into reality.
The scheme has helped recent Nanyang Technological University (NTU) graduates, Miss Fan Shufen and Miss Chen Yijun, both 23, to start their own company, E-thermnity, with two other schoolmates.
E-thermnity was granted funding of $50,000 from YES! Startups to develop a line of new and improved milk bottles.
The group decided to improve on milk bottles available on the market for a school project in the third year of their Bachelor of Science in Material Engineering (Hons) course.
Miss Fan said: 'The problem with current milk bottles made of polycarbonide is that they leach a toxic chemical after a prolonged period of use, say after six months, or when the bottles are scratched when they are washed.
'Studies showed that this chemical induces hyperactivity in infants and, in worst-case scenarios, neural damage.'
E-thermnity's milk bottles are made with a durable and non-toxic material. The improved milk bottle will also feature a built-in temperature indicator.
Miss Chen said: 'We coated the exterior of the milk bottles with a thermal ink that changes colour based on the temperature of the milk.
'When the bottle turns green, the temperature of the milk is just right. If the bottle is red, the milk's too hot; if it's blue, the milk's too cold. It's very intuitive.'
The group came up with a business plan for their product and entered the NTU Business Plan Competition '08.
They made it to the finals and had to set up a booth at a mock venture capitalist fair to promote their product.
That was when representatives from SPRING Singapore invited them to apply for YES! Startups funding.
Applicants to the scheme receive $4 from SPRING Singapore - up to $50,000 per venture - for every $1 that they raise through self-funding or school-funding or via a third-party. YES! Startups is available over a five-year period.
E-thermnity came in second and received a cash prize of $6,000 and another $500 for the Best Video Award.
The group then won the first prize of $10,000 in the Startup@Singapore business plan competition organised by the National University of Singapore in May.
They injected a total of $12,500 into the company and received $50,000 from SPRING Singapore, which is also putting the group in touch with patent lawyers and prototype manufacturers.
Of the 64 YES! Startups applications received so far, 17ventures have been approved.
- The New Paper
Miss Tan, who graduated from the Singapore Management University with a Bachelor of Science (Economics) and a second major in Corporate Communications, was recruited by Citibank Singapore (Citi) under its one-year Citi Banking Trainee Programme.
She said: 'I thought that there would be fewer jobs on offer or that it would take me longer to find one.'
But her job hunt proved more smooth-sailing than she had anticipated. She applied for 10 jobs, and received the offer from Citi three weeks after she had applied.
The Citi Banking Trainee Programme is supported by the Monetary Authority of Singapore's (MAS) Finance Graduate Immersion Programme (FGIP).
The FGIP was introduced to encourage financial institutions to provide fresh graduates with industry and research attachments during this period to develop talent in preparation for the upturn.
Apart from Citi, a number of financial institutions have signed on to the FGIP, including DBS, UOB, OCBC and Standard Chartered Bank.
Miss Tan said she had found out about the programme via word-of-mouth.
She said: 'My friend, who'd previously worked in my department, told me what the job entails. I'd always wanted to work in a bank, so I didn't want to miss this opportunity.'
Trainees are deployed across the bank's corporate, consumer and private banking departments, and may be trained in front, middle or back office operations.
Miss Tan is now a Relationship Management trainee in the Corporate Banking department.
She said: 'The learning curve has been steep because I've had to learn about the systems and processes of the bank, and pick up finance terminology from scratch.
'But I've received a lot of on-the-job training. Citi is a great place for a fresh graduate as the people here are very motivated, and you can learn a lot if you take the initiative.
At the end of the programme, trainees may be offered full-time positions.
Fresh graduates who prefer to create employment opportunities for themselves can turn to SPRING Singapore's Young Entrepreneurs Scheme for Startups (YES! Startups) for first-time entrepreneurs.
Launched last November, the scheme helps provide youths under the age of 26 with the necessary start-up capital to turn innovative business ideas into reality.
The scheme has helped recent Nanyang Technological University (NTU) graduates, Miss Fan Shufen and Miss Chen Yijun, both 23, to start their own company, E-thermnity, with two other schoolmates.
E-thermnity was granted funding of $50,000 from YES! Startups to develop a line of new and improved milk bottles.
The group decided to improve on milk bottles available on the market for a school project in the third year of their Bachelor of Science in Material Engineering (Hons) course.
Miss Fan said: 'The problem with current milk bottles made of polycarbonide is that they leach a toxic chemical after a prolonged period of use, say after six months, or when the bottles are scratched when they are washed.
'Studies showed that this chemical induces hyperactivity in infants and, in worst-case scenarios, neural damage.'
E-thermnity's milk bottles are made with a durable and non-toxic material. The improved milk bottle will also feature a built-in temperature indicator.
Miss Chen said: 'We coated the exterior of the milk bottles with a thermal ink that changes colour based on the temperature of the milk.
'When the bottle turns green, the temperature of the milk is just right. If the bottle is red, the milk's too hot; if it's blue, the milk's too cold. It's very intuitive.'
The group came up with a business plan for their product and entered the NTU Business Plan Competition '08.
They made it to the finals and had to set up a booth at a mock venture capitalist fair to promote their product.
That was when representatives from SPRING Singapore invited them to apply for YES! Startups funding.
Applicants to the scheme receive $4 from SPRING Singapore - up to $50,000 per venture - for every $1 that they raise through self-funding or school-funding or via a third-party. YES! Startups is available over a five-year period.
E-thermnity came in second and received a cash prize of $6,000 and another $500 for the Best Video Award.
The group then won the first prize of $10,000 in the Startup@Singapore business plan competition organised by the National University of Singapore in May.
They injected a total of $12,500 into the company and received $50,000 from SPRING Singapore, which is also putting the group in touch with patent lawyers and prototype manufacturers.
Of the 64 YES! Startups applications received so far, 17ventures have been approved.
- The New Paper
Jul 25, 2009
Job market not that bleak
THE worst is yet to be, many soon-to-be graduates thought late last year as they braced themselves for a tough job search amid the global slump.
But as they attend their graduation ceremonies this month, many are finding the job market is not that bleak after all.
At the Singapore Management University (SMU), preliminary estimates show that of 820 students who graduated in May and June, two-thirds have found jobs or secured job offers.
SMU has a graduating cohort of 1,100 this year.
Nanyang Technological University (NTU) has 7,983 graduates this year. A straw poll shows only a 3 per cent dip in the number of students who have found jobs compared to the batch last year.
'To our pleasant surprise, we didn't do too badly and things weren't that drastic,' said NTU's career and attachment office director Loh Pui Wah.
Mr Loh attributed this to the graduates' quality education, internship experiences and government schemes.
On SMU's figures, director of career services Ruth Chiang said: 'It's encouraging, considering that they secured jobs within two months of graduation.'
Many of SMU's recent graduates, she said, have joined the financial services sector - in banks, private equity firms and fund houses. Several have gone into consulting and the public sector.
The National University of Singapore (NUS) could not give a figure but said many of its graduates have been hired in areas such as research and development, offshore engineering, financial services, urban and landscape design as well as consulting.
NUS has a graduating cohort of 8,810 this year.
- The Straits Times
But as they attend their graduation ceremonies this month, many are finding the job market is not that bleak after all.
At the Singapore Management University (SMU), preliminary estimates show that of 820 students who graduated in May and June, two-thirds have found jobs or secured job offers.
SMU has a graduating cohort of 1,100 this year.
Nanyang Technological University (NTU) has 7,983 graduates this year. A straw poll shows only a 3 per cent dip in the number of students who have found jobs compared to the batch last year.
'To our pleasant surprise, we didn't do too badly and things weren't that drastic,' said NTU's career and attachment office director Loh Pui Wah.
Mr Loh attributed this to the graduates' quality education, internship experiences and government schemes.
On SMU's figures, director of career services Ruth Chiang said: 'It's encouraging, considering that they secured jobs within two months of graduation.'
Many of SMU's recent graduates, she said, have joined the financial services sector - in banks, private equity firms and fund houses. Several have gone into consulting and the public sector.
The National University of Singapore (NUS) could not give a figure but said many of its graduates have been hired in areas such as research and development, offshore engineering, financial services, urban and landscape design as well as consulting.
NUS has a graduating cohort of 8,810 this year.
- The Straits Times
Jul 12, 2009
45 get jobs before graduatin
THE first batch of 45 National University of Singapore (NUS) accountancy graduates in two decades have all found jobs - doing so before they received their degree scrolls on Sunday. They secured these jobs following internship with companies, a requirement of the programme they were on.
The NUS programme, which began in 2006, is actually business administration with an accounting specialisation. The programme exposed them to business modules such as finance, consulting and management, as well as accounting.
NUS relinquished its original accountancy programme in 1987 to the then Nanyang Technological Institute.
Its intake for its revamped accountancy course, at under 200 students a year, is smaller than those at the Nanyang Technological University (NTU) and Singapore Management University (SMU).
NTU's programme was reported in 2006 to have 600 students, while SMU takes in 200 a year.
On Sunday, about 880 students graduated from the NUS Business School's various degree programmes, such as Master of Business Administration and the Bachelor of Business Administration (BBA). Two ceremonies were held.
Of the 530 BBA graduates from NUS, excluding those who specialised in accountancy, two-thirds had secured jobs by the time they graduated, down from 80 per cent two years ago.
A Straits Times poll in March among 300 final-year business/finance students from across the three universities found that accountancy students seem to have an easier time landing jobs, even in a recession.
It was reported that this is because the turnover rate is very high among accountants, especially in the first two to three years, leaving vacancies in the field.
At the graduation ceremony for BBA students on Sunday afternoon, Minister in the Prime Minister's Office and Second Minister for Finance and Transport Lim Hwee Hua emphasised the value of a university education and spoke on the need to adapt to changes in the working world. 'Careers will not always proceed according to plan... You will not only need to learn to seize opportunities as they present themselves, but also need to be proactive in creating them,' she said.
- The Straits Times
The NUS programme, which began in 2006, is actually business administration with an accounting specialisation. The programme exposed them to business modules such as finance, consulting and management, as well as accounting.
NUS relinquished its original accountancy programme in 1987 to the then Nanyang Technological Institute.
Its intake for its revamped accountancy course, at under 200 students a year, is smaller than those at the Nanyang Technological University (NTU) and Singapore Management University (SMU).
NTU's programme was reported in 2006 to have 600 students, while SMU takes in 200 a year.
On Sunday, about 880 students graduated from the NUS Business School's various degree programmes, such as Master of Business Administration and the Bachelor of Business Administration (BBA). Two ceremonies were held.
Of the 530 BBA graduates from NUS, excluding those who specialised in accountancy, two-thirds had secured jobs by the time they graduated, down from 80 per cent two years ago.
A Straits Times poll in March among 300 final-year business/finance students from across the three universities found that accountancy students seem to have an easier time landing jobs, even in a recession.
It was reported that this is because the turnover rate is very high among accountants, especially in the first two to three years, leaving vacancies in the field.
At the graduation ceremony for BBA students on Sunday afternoon, Minister in the Prime Minister's Office and Second Minister for Finance and Transport Lim Hwee Hua emphasised the value of a university education and spoke on the need to adapt to changes in the working world. 'Careers will not always proceed according to plan... You will not only need to learn to seize opportunities as they present themselves, but also need to be proactive in creating them,' she said.
- The Straits Times
Jul 5, 2009
Fresh grads rush in for jobs, banks may oblige
Thousands of fresh graduates continue to make a beeline for jobs in the financial industry, unfazed it seems by its less than sterling reputation and reports of retrenchment.
Some banks have been overwhelmed by the thousands of job applications from hopeful graduates - although they have openings only for less than 10 per cent.
Citibank said that to date it has received 50 per cent more job applications or as many as 4,500 from fresh graduates. In previous years, it received 2,500 to 3,000 applications from fresh graduates hoping to land a job under its management associate (MA) programme which takes in 20-30 people.
In May, Citibank said that it will be hiring 200 fresh graduates under its own MA programme as well as under the Monetary Authority of Singapore (MAS) scheme.
The MAS scheme subsidises graduates' allowances over the next one to two years to encourage financial institutions to take them in.
MAS said in March that it will set aside $15 million for the initiative.
Lee Yan Hong, Citi Singapore human resource director, said that the recruitment process is still ongoing and progressing well.
The new hires will fill positions under three talent recruitment initiatives, namely the management associate, banking associate and banking trainee programmes, she said.
The latter two were new programmes specially created to be aligned with the MAS scheme.
Standard Chartered Bank said that the number of applications from fresh graduates this year has doubled.
It typically receives several thousands of applications a year for its prestigious banking associate programme.
D M Arulraj, regional head of human resources (SEA), Standard Chartered Bank said that the banks has hired about 180 graduates so far this year.
For its one-year banking associate programme tailored for high potential fresh graduates who are placed into job specific roles, the bank has taken in 38 graduates.
'This programme offers a structured career path for the graduates and they go through skills and product training necessary for their role to help them develop their careers,' said Mr Arulraj.
In addition, about 70 fresh graduates will be joining the bank next Monday under the MAS scheme. This batch will go through a one-month structured training with the focus on providing them with a fundamental knowledge of the bank's products and the financial industry, he said.
Stanchart also hired an additional 50 graduates in the first half of 2009, most of whom are in sales, he said.
DBS Bank to date has got about 1,200 applications from fresh graduates for jobs under the MAS scheme, for which it has 80 positions, said Edna Koh, a bank spokeswoman.
'DBS supports what MAS wants to achieve through this initiative,' said Ms Koh.
Positions are offered across the departments, including consumer banking, technology & operations, investment banking and wealth management.
'We are offering around 80 positions and we have hired approximately half the number already,' she said.
'In addition, we will continue to hire fresh graduates for our management associate programme this year. The size of the intake has not been finalised, but in the past, DBS typically recruits about 50 graduates for this programme each year.'
OCBC Bank said that it is taking in fresh graduates under the MAS scheme.
- The Business Times
Some banks have been overwhelmed by the thousands of job applications from hopeful graduates - although they have openings only for less than 10 per cent.
Citibank said that to date it has received 50 per cent more job applications or as many as 4,500 from fresh graduates. In previous years, it received 2,500 to 3,000 applications from fresh graduates hoping to land a job under its management associate (MA) programme which takes in 20-30 people.
In May, Citibank said that it will be hiring 200 fresh graduates under its own MA programme as well as under the Monetary Authority of Singapore (MAS) scheme.
The MAS scheme subsidises graduates' allowances over the next one to two years to encourage financial institutions to take them in.
MAS said in March that it will set aside $15 million for the initiative.
Lee Yan Hong, Citi Singapore human resource director, said that the recruitment process is still ongoing and progressing well.
The new hires will fill positions under three talent recruitment initiatives, namely the management associate, banking associate and banking trainee programmes, she said.
The latter two were new programmes specially created to be aligned with the MAS scheme.
Standard Chartered Bank said that the number of applications from fresh graduates this year has doubled.
It typically receives several thousands of applications a year for its prestigious banking associate programme.
D M Arulraj, regional head of human resources (SEA), Standard Chartered Bank said that the banks has hired about 180 graduates so far this year.
For its one-year banking associate programme tailored for high potential fresh graduates who are placed into job specific roles, the bank has taken in 38 graduates.
'This programme offers a structured career path for the graduates and they go through skills and product training necessary for their role to help them develop their careers,' said Mr Arulraj.
In addition, about 70 fresh graduates will be joining the bank next Monday under the MAS scheme. This batch will go through a one-month structured training with the focus on providing them with a fundamental knowledge of the bank's products and the financial industry, he said.
Stanchart also hired an additional 50 graduates in the first half of 2009, most of whom are in sales, he said.
DBS Bank to date has got about 1,200 applications from fresh graduates for jobs under the MAS scheme, for which it has 80 positions, said Edna Koh, a bank spokeswoman.
'DBS supports what MAS wants to achieve through this initiative,' said Ms Koh.
Positions are offered across the departments, including consumer banking, technology & operations, investment banking and wealth management.
'We are offering around 80 positions and we have hired approximately half the number already,' she said.
'In addition, we will continue to hire fresh graduates for our management associate programme this year. The size of the intake has not been finalised, but in the past, DBS typically recruits about 50 graduates for this programme each year.'
OCBC Bank said that it is taking in fresh graduates under the MAS scheme.
- The Business Times
Jun 28, 2009
Fresh grads have it tough
FRESH university graduates will face a tougher search for jobs and lower starting pay this year due to a hiring freeze and retrenchments brought about by the economic downturn.
Although some students have been getting job offers as early as seven months before graduation, the overall mood is downbeat.
While all three local universities - the National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU) - have yet to compile official employment statistics for the class of 2009, they are already preparing their students for the grim prospects.
'These are indeed challenging times, with fewer job opportunities for fresh graduates than in previous years,' said Mrs Ruth Chiang, director of career services at SMU. 'We have advised our graduates to be more realistic in their expectations and cast their nets wider.'
Competition for jobs has also stiffened in line with the contraction in positions available. Fewer employees are participating in career fairs while an increasing number of graduates are taking part, according to Mr Lim Der Shing, chief executive of JobsCentral.com.sg.
The job portal's annual online career fair for graduates saw 50 participating employers compared with 78 last year while student job seekers numbered a record 19,000, up from last year's 16,000.
A recent Ministry of Manpower report suggested that pessimism in the job market appears to have subsided, with a greater number of firms expecting hiring to go up, although the majority still expect employment numbers to fall.
Graduating students are adjusting their expectations accordingly.
'There is some pessimism... some friends are feeling hopeless after going for interview after interview with no results. But generally people have accepted the situation,' said Ms Shahirah Mohd Ansari, a graduating student from NUS.
Fresh graduates have also taken up non-permanent positions while waiting for the economy to pick up.
- The Straits Times
Although some students have been getting job offers as early as seven months before graduation, the overall mood is downbeat.
While all three local universities - the National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU) - have yet to compile official employment statistics for the class of 2009, they are already preparing their students for the grim prospects.
'These are indeed challenging times, with fewer job opportunities for fresh graduates than in previous years,' said Mrs Ruth Chiang, director of career services at SMU. 'We have advised our graduates to be more realistic in their expectations and cast their nets wider.'
Competition for jobs has also stiffened in line with the contraction in positions available. Fewer employees are participating in career fairs while an increasing number of graduates are taking part, according to Mr Lim Der Shing, chief executive of JobsCentral.com.sg.
The job portal's annual online career fair for graduates saw 50 participating employers compared with 78 last year while student job seekers numbered a record 19,000, up from last year's 16,000.
A recent Ministry of Manpower report suggested that pessimism in the job market appears to have subsided, with a greater number of firms expecting hiring to go up, although the majority still expect employment numbers to fall.
Graduating students are adjusting their expectations accordingly.
'There is some pessimism... some friends are feeling hopeless after going for interview after interview with no results. But generally people have accepted the situation,' said Ms Shahirah Mohd Ansari, a graduating student from NUS.
Fresh graduates have also taken up non-permanent positions while waiting for the economy to pick up.
- The Straits Times
Apr 6, 2009
Job fair draws 800 grads
FRESH graduate Wang Wei Xiang will jump at a job that pays $2,000 a month, even though it is $500 less than the average starting pay.
The 26-year-old, who has a degree in business management from Singapore Management University, is even willing to be an intern for $700 a month.
His overriding concern is that the job gives him experience in human resource and organisational development.
Mr Wang's flexible stance on pay is typical among the 800 new graduates who attended a job fair on Monday.
Altogether, 28 organisations offered more than 6,000 jobs at the fair organised by Young NTUC, the youth arm of the National Trades Union Congress.
They included the Agency for Science, Technology and Research, integrated resorts Marina Bay Sands and Resorts World at Sentosa, as well as pre-school operator NTUC First Campus.
About 12,000 are expected to graduate from the local universities this year, said NTUC assistant secretary-general Josephine Teo on Monday. But at least 1,000 of them may find themselves jobless even after six months, should their employment rate hit the 87 per cent level of the 2003 Sars period, said an NTUC statement yesterday.
Mrs Teo, who is adviser to Young NTUC, highlighted to the graduates at the fair the large number of jobs on offer, saying it shows there are still many opportunities despite the downturn.
Young NTUC plans to hold three networking sessions on specific industries to help the new graduates find jobs.
It also started an online employment advisory service for undergraduates and new graduates on Monday, at www.youngntuc.org.sg.
- The Straits Times
The 26-year-old, who has a degree in business management from Singapore Management University, is even willing to be an intern for $700 a month.
His overriding concern is that the job gives him experience in human resource and organisational development.
Mr Wang's flexible stance on pay is typical among the 800 new graduates who attended a job fair on Monday.
Altogether, 28 organisations offered more than 6,000 jobs at the fair organised by Young NTUC, the youth arm of the National Trades Union Congress.
They included the Agency for Science, Technology and Research, integrated resorts Marina Bay Sands and Resorts World at Sentosa, as well as pre-school operator NTUC First Campus.
About 12,000 are expected to graduate from the local universities this year, said NTUC assistant secretary-general Josephine Teo on Monday. But at least 1,000 of them may find themselves jobless even after six months, should their employment rate hit the 87 per cent level of the 2003 Sars period, said an NTUC statement yesterday.
Mrs Teo, who is adviser to Young NTUC, highlighted to the graduates at the fair the large number of jobs on offer, saying it shows there are still many opportunities despite the downturn.
Young NTUC plans to hold three networking sessions on specific industries to help the new graduates find jobs.
It also started an online employment advisory service for undergraduates and new graduates on Monday, at www.youngntuc.org.sg.
- The Straits Times
Mar 16, 2009
More S'pore grads jobless
MORE graduates have joined the jobless ranks as companies hit by the economic downturn shed workers.
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago, according to the Ministry of Manpower labour market report released on Monday.
But the below secondary educated formed the largest group of unemployed residents at 21,300, or 31 per cent. Many of them were 40 years or older, making up 15,400 or 22 per cent of all unemployed residents.
'Consequently, long term unemployment for locals at both ends of the education spectrum more than doubled over the year. As at December 2008, 12,900 of the unemployed residents had been looking for work for at least 25 weeks, up from 8,700 in December 2007,' said MOM.
They formed 0.7 per cent of the resident labour force, higher than 0.5 per cent a year ago.
Fewer vacancies
There were 26,100 job vacancies in December, down by 27 per cent from September, and 30 per cent from a year ago.
Many industries reported fewer vacancies than a year ago. The major exception was community, social and personal services, supported by public sector hiring.
Together with higher unemployment, the seasonally adjusted ratio of job vacancies to unemployed persons fell for the fourth straight quarter to 51 openings for every 100 job seekers in December, said MOM. This is comparable to the level in December 2005.
Nominal earnings rose over the year by 2.4 per cent in the fourth quarter, lower than the 5.5 per cent in the preceding quarter. This cut the earnings growth in 2008 to 5.4 per cent over the 6.2 per cent in 2007.
After discounting for inflation which stood at 6.5 per cent in 2008, real earnings declined by 1.1 per cent for the year, after rising by 4 per cent in 2007.
Dragged down by the contraction in output, labour productivity fell by 12 per cent in the fourth quarter, deeper than the 9 per cent drop in the earlier quarter. In 2008, productivity slid by 7.8 per cent, following the decline of 0.8 per cent in 2007.
'This reflected slower GDP growth and strong employment gains in the first half of 2008,' said MOM.
- The Straits Times
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago, according to the Ministry of Manpower labour market report released on Monday.
But the below secondary educated formed the largest group of unemployed residents at 21,300, or 31 per cent. Many of them were 40 years or older, making up 15,400 or 22 per cent of all unemployed residents.
'Consequently, long term unemployment for locals at both ends of the education spectrum more than doubled over the year. As at December 2008, 12,900 of the unemployed residents had been looking for work for at least 25 weeks, up from 8,700 in December 2007,' said MOM.
They formed 0.7 per cent of the resident labour force, higher than 0.5 per cent a year ago.
Fewer vacancies
There were 26,100 job vacancies in December, down by 27 per cent from September, and 30 per cent from a year ago.
Many industries reported fewer vacancies than a year ago. The major exception was community, social and personal services, supported by public sector hiring.
Together with higher unemployment, the seasonally adjusted ratio of job vacancies to unemployed persons fell for the fourth straight quarter to 51 openings for every 100 job seekers in December, said MOM. This is comparable to the level in December 2005.
Nominal earnings rose over the year by 2.4 per cent in the fourth quarter, lower than the 5.5 per cent in the preceding quarter. This cut the earnings growth in 2008 to 5.4 per cent over the 6.2 per cent in 2007.
After discounting for inflation which stood at 6.5 per cent in 2008, real earnings declined by 1.1 per cent for the year, after rising by 4 per cent in 2007.
Dragged down by the contraction in output, labour productivity fell by 12 per cent in the fourth quarter, deeper than the 9 per cent drop in the earlier quarter. In 2008, productivity slid by 7.8 per cent, following the decline of 0.8 per cent in 2007.
'This reflected slower GDP growth and strong employment gains in the first half of 2008,' said MOM.
- The Straits Times
Feb 17, 2009
Job seekers less choosy now than in 2003, though younger ones can be unrealistic
WITH the lessons of at least one downturn behind them, not as many older job seekers this time are being choosy. Younger job seekers, however, are a different matter — with many still lacking a sense of urgency.
“For more mature job seekers who experienced the last recession, they are definitely aware of what is happening to the economy and how they need to more flexible,” said Ms Lynne Ng, regional director of Adecco South East Asia.
Recruitment firm Chris Allen Search partner Christopher Leong added that mature workers with families also face a heavier financial burden, and are hence more willing to adjust expectations. “Younger workers might still have firm ideas of what their career is going to be. Sometimes they will have unrealistic expectations about pay, or wanting to stay in the same line,” he said.
Experienced workers are also more aware of how to make use of the same skills in different fields. “They can see that entering a new industry doesn’t mean starting from nothing,” said Mr Leong.
During this month’s debates in Parliament, Central Singapore mayor Zainudin Nordin noted that at least 75 people a month turn down good jobs, even as the number of job seekers swelled from an average of 400 a month between January and October, to 800 last month.
But while acknowledging that picky job seekers do exist, employers Today spoke to observed that most job seekers appear more open to trying new fields and adjusting their expectations to land jobs, compared to the 2001 and 2003 downturns.
A more comprehensive training and referral network that has better prepared job seekers and enabled employers to find workers who are the right fit, said Ms May Foo, vice-president for human resources and capability development at Apex-Pal International. The company is “keen” on hiring those who have been through preparation and training courses, as they tend to be more positive.
Still, some pickiness is to be expected initially with job seekers struggling to move out of their “comfort zones”, while some resist training as financial concerns drive their interest in landing a job first, said a North West CDC spokesperson.
With counselling, though, job-hunters usually come around to their limitations. Since the last recession in 2003, the Workforce Development Agency has set up centres at the five CDCs staffed with career counsellors.
Each consultation session usually lasts 30 to 40 minutes. “We used to spend an hour with each client, but now we see so many more cases, we had to cut down,” said North East CDC senior manager Brenda Lim, adding that last week, the centre saw 50 new cases every day.
Even as the severity of the current recession is making job seekers more realistic, there is also “more information in the media now and a lot more awareness of where to go for help,” noted Ms Lim.
- TODAY newspaper
“For more mature job seekers who experienced the last recession, they are definitely aware of what is happening to the economy and how they need to more flexible,” said Ms Lynne Ng, regional director of Adecco South East Asia.
Recruitment firm Chris Allen Search partner Christopher Leong added that mature workers with families also face a heavier financial burden, and are hence more willing to adjust expectations. “Younger workers might still have firm ideas of what their career is going to be. Sometimes they will have unrealistic expectations about pay, or wanting to stay in the same line,” he said.
Experienced workers are also more aware of how to make use of the same skills in different fields. “They can see that entering a new industry doesn’t mean starting from nothing,” said Mr Leong.
During this month’s debates in Parliament, Central Singapore mayor Zainudin Nordin noted that at least 75 people a month turn down good jobs, even as the number of job seekers swelled from an average of 400 a month between January and October, to 800 last month.
But while acknowledging that picky job seekers do exist, employers Today spoke to observed that most job seekers appear more open to trying new fields and adjusting their expectations to land jobs, compared to the 2001 and 2003 downturns.
A more comprehensive training and referral network that has better prepared job seekers and enabled employers to find workers who are the right fit, said Ms May Foo, vice-president for human resources and capability development at Apex-Pal International. The company is “keen” on hiring those who have been through preparation and training courses, as they tend to be more positive.
Still, some pickiness is to be expected initially with job seekers struggling to move out of their “comfort zones”, while some resist training as financial concerns drive their interest in landing a job first, said a North West CDC spokesperson.
With counselling, though, job-hunters usually come around to their limitations. Since the last recession in 2003, the Workforce Development Agency has set up centres at the five CDCs staffed with career counsellors.
Each consultation session usually lasts 30 to 40 minutes. “We used to spend an hour with each client, but now we see so many more cases, we had to cut down,” said North East CDC senior manager Brenda Lim, adding that last week, the centre saw 50 new cases every day.
Even as the severity of the current recession is making job seekers more realistic, there is also “more information in the media now and a lot more awareness of where to go for help,” noted Ms Lim.
- TODAY newspaper
Feb 16, 2009
Fired even before they are hired
Heard this? You are fired even before you are hired.
For final-year economics student J. Lim, this was not funny - she was 'retrenched' even before she started work.
The National University of Singapore (NUS) student was overjoyed when, in September last year, an American bank wrote to say she would be hired as an investment banking officer when she graduates in July this year.
Ms Lim, 23, even made plans to use her first pay cheque for a holiday in Europe. But in December, another letter arrived. 'The letter stated that the bank was freezing its headcount and thus had to withdraw its job offer,' she said.
The Sunday Times learnt that at least three other yet-to-graduate university students share her plight. The cushy bank jobs they thought they had nailed after their internships did not materialise.
The fallout from the global downturn is seeing new graduates - many with high expectations - chasing jobs also being eyed by retrenched experienced workers willing to take a pay cut.
A Sunday Times poll of 100 graduating students from the three local universities - NUS, Nanyang Technological University (NTU) and Singapore Management University (SMU) - found that one in two is 'afraid of graduating this year'. Between May and July, 12,000 of them are expected to be in the job market.
Ms Joan Tay, director of career services at the NUS Business School, said: 'In the light of the current economic downturn, coupled with significant job cuts and hiring freeze around the world, graduating students must brace themselves for a tight job market and moderate their salary expectations.'
Students are already doing so. The poll found one-third of them have changed their plans or expectations over the past year due to the economic gloom.
NTU electrical and electronics engineering student Yeoh Kuan Seong, 23, will not seek a career in engineering as the crisis has badly hit the manufacturing industry. He will start work as a technologist in Deutsche Bank when he graduates in July.
Mr Yeoh, at least, has a job waiting for him. NTU banking and finance student Neo Poh Lin, 25, has sent resumes to at least 10 banks since last September but has not got replies from most of them.
'None of my friends has got a job yet, not even those tipped to get first-class honours,' he said.
For now, Mr Neo is looking to take on part-time sales jobs until the economy gets better.
NUS economics student Eric Chen, 25, who hopes to land a job in finance, has been making cold calls for job openings every other day since last November. He has also sent out more than 100 resumes, all to no avail.
'The finance industry now has an influx of professionals aged below 30 who were retrenched from the foreign banks. How can we new graduates compete with them?' he said.
Meanwhile, some of those who are not yet in their final year have 'backup' plans.
Ms Xu Jieyi, 22, a third-year SMU student doing a four-year double degree in accountancy and economics, will graduate in December next year. But she is taking a part-time diploma course in professional make-up artistry. Her parents paid $4,000 for the five-month-long course which started this month.
'Hopefully, this will be the additional source of income after I graduate,' she said.
- The Straits Times
For final-year economics student J. Lim, this was not funny - she was 'retrenched' even before she started work.
The National University of Singapore (NUS) student was overjoyed when, in September last year, an American bank wrote to say she would be hired as an investment banking officer when she graduates in July this year.
Ms Lim, 23, even made plans to use her first pay cheque for a holiday in Europe. But in December, another letter arrived. 'The letter stated that the bank was freezing its headcount and thus had to withdraw its job offer,' she said.
The Sunday Times learnt that at least three other yet-to-graduate university students share her plight. The cushy bank jobs they thought they had nailed after their internships did not materialise.
The fallout from the global downturn is seeing new graduates - many with high expectations - chasing jobs also being eyed by retrenched experienced workers willing to take a pay cut.
A Sunday Times poll of 100 graduating students from the three local universities - NUS, Nanyang Technological University (NTU) and Singapore Management University (SMU) - found that one in two is 'afraid of graduating this year'. Between May and July, 12,000 of them are expected to be in the job market.
Ms Joan Tay, director of career services at the NUS Business School, said: 'In the light of the current economic downturn, coupled with significant job cuts and hiring freeze around the world, graduating students must brace themselves for a tight job market and moderate their salary expectations.'
Students are already doing so. The poll found one-third of them have changed their plans or expectations over the past year due to the economic gloom.
NTU electrical and electronics engineering student Yeoh Kuan Seong, 23, will not seek a career in engineering as the crisis has badly hit the manufacturing industry. He will start work as a technologist in Deutsche Bank when he graduates in July.
Mr Yeoh, at least, has a job waiting for him. NTU banking and finance student Neo Poh Lin, 25, has sent resumes to at least 10 banks since last September but has not got replies from most of them.
'None of my friends has got a job yet, not even those tipped to get first-class honours,' he said.
For now, Mr Neo is looking to take on part-time sales jobs until the economy gets better.
NUS economics student Eric Chen, 25, who hopes to land a job in finance, has been making cold calls for job openings every other day since last November. He has also sent out more than 100 resumes, all to no avail.
'The finance industry now has an influx of professionals aged below 30 who were retrenched from the foreign banks. How can we new graduates compete with them?' he said.
Meanwhile, some of those who are not yet in their final year have 'backup' plans.
Ms Xu Jieyi, 22, a third-year SMU student doing a four-year double degree in accountancy and economics, will graduate in December next year. But she is taking a part-time diploma course in professional make-up artistry. Her parents paid $4,000 for the five-month-long course which started this month.
'Hopefully, this will be the additional source of income after I graduate,' she said.
- The Straits Times
Jan 31, 2009
Undergrads on the job hunt are spooked by grey clouds on economic horizon
UNDERGRADUATE May Zhang has given herself six months to find a job in the corporate world upon graduation; failing which, she may open a cafe with her boyfriend.
While she will graduate only in July — she has yet to take her final-year exam — Ms Zhang is already starting to worry about whether she will land her dream job with a communication consulting firm.
“I’m worried because there are fewer jobs available and we hear stories about friends who got retrenched after they found a job after graduation last year,” said Ms Zhang, 23, who is doing a double major in economics and corporate communications at the Singapore Management University (SMU).
But instead of leaving everything to chance after graduation, Ms Zhang has already mapped out her plans post-SMU.
“I’ll try to use the six months after graduation to find a job. There’s no point waiting to find the dream job because I can start my own business,” said Ms Zhang, who has already sent out resumes to three companies.
The avid baker, who started an online blogshop selling cupcakes one-and-a-half years ago, is considering opening a cafe with her boyfriend. She said: “I’ve always thought of setting up my own cafe. It’s an opportunity now to start my business.”
Like Ms Zhang, many final-year undergraduates interviewed by Weekend Xtra are also starting to worry — not about getting their dream job, but getting a job at all. Never mind that graduation is a good six months away.
At this time last year, most final-year students would have been more concerned with project deadlines, revising for their exams and less stressful matters, like planning their post-graduation holidays.
But with Singapore possibly facing the worst recession in its history, many undergraduates are putting worries about their job prospects at the top of their lists. Some 15,000 students are expected to graduate from Singapore’s three universities in July.
Said Dr Helen Chai, assistant dean of undergraduate admissions and the director of BBA programmes at the NUS Business School: “I think students are in tune with the current times and they are well-prepared for the situation ... They are exploring their options to enhance their career versatility, including the school’s concurrent masters programmes.”
For some, being well-prepared means sending out their resumes now instead of in April, when the exams are over, to give themselves a headstart over their peers.
It also means paying more attention to job advertisements in newspapers and career talks held by their universities.
Some undergraduates told Weekend Xtra that they are also lowering their job expectations, and that they are ready toaccept a lower salary or work in an industry that is not their first choice.
NUS civil engineering final-year student Yang Chang Han, said: “I’m planning to job hunt now; I had wanted to start after my exams. I’ve heard of people who have looked for a job for six months and are still jobless. Hearing their stories scares me.”
When asked whether his friends are also worried, Mr Yang, 25, said: “The question that we ask each other now is — ‘Have you found a job?’” He added that he is also willing to lower his pay expectations to $2,500, from his original target of $3,000.
Ms Jessie Loy, 23, is considering teaching as a career, even though she did not set out to be a teacher when she opted for mass communications at the Nanyang Technological University (NTU).
She said: “Recently, there was a teaching award seminar by the Ministry of Education and I thought I’d be one of the few ones from my course to attend it. But there were quite a lot of my coursemates there; they said they were checking it out as a potential back-up because they don’t know how the economy will be once they graduate.”
Another option that more undergraduates are considering is furthering their studies, such as pursuing a Masters degree.
Ms Qian Xiao Hui, 21, is considering doing a Masters in Financial Engineering if she doesn’t get a job when the banks make their customary hiring rounds in February. The final-year banking and finance student at NTU said: “I don’t want to compete in the bad job market. Education is an investment.”
Although the private sector may not be hiring as much as they used to, the public sector remains a good place for undergraduates to seek their first jobs. Finance Minister Tharman Shanmugaratnam announced in his recent Budget speech that the Government would open up 18,000 new public sector jobs over the next two years across different ministries and statutory boards for all levels of employees.
Still, despite such openings, the job market will still be a tough year for fresh graduates, given the high number of job losses expected this year, said Mr Alvin Liew, an economist at Standard Chartered Bank.
Professor Michael Heng, from NTU’s School of Electrical & Electronic Engineering, said that while the job market may be tight, graduates who are flexible in their job hunt should have no problem finding a job.
He said: “You need to see your skills differently. If you see yourself as having a capability and not just having hard skills, you have no problem finding a job. Paywise, you still have to adjust expectations, but if you do well in your job, there’ll be no problem getting pay increments.”
Despite the bleak outlook, some students already have jobs waiting for them come July — thanks to the help given by their respective universities.
Mr Colin Teo, a final-year student at NTU’s Nanyang Business School, took up an offer from the school to intern at one of the Big Four accounting firms last June.
The 24-year-old said: “I signed up for it because I already felt the signs when the sub-prime crisis started and the US dollar started to weaken. I know I had to do an internship at one of the Big Four to secure a job.”
He approached his internship company last November for a job and got an offer ahead of his peers. Given the tough economic climate, Mr Teo said: “It’s better to be somewhere now than nowhere. It’s barely six months to graduation and some people are not even getting job offers. But they are not in total despair; they are still taking things in their stride.”
- TODAY newspaper
While she will graduate only in July — she has yet to take her final-year exam — Ms Zhang is already starting to worry about whether she will land her dream job with a communication consulting firm.
“I’m worried because there are fewer jobs available and we hear stories about friends who got retrenched after they found a job after graduation last year,” said Ms Zhang, 23, who is doing a double major in economics and corporate communications at the Singapore Management University (SMU).
But instead of leaving everything to chance after graduation, Ms Zhang has already mapped out her plans post-SMU.
“I’ll try to use the six months after graduation to find a job. There’s no point waiting to find the dream job because I can start my own business,” said Ms Zhang, who has already sent out resumes to three companies.
The avid baker, who started an online blogshop selling cupcakes one-and-a-half years ago, is considering opening a cafe with her boyfriend. She said: “I’ve always thought of setting up my own cafe. It’s an opportunity now to start my business.”
Like Ms Zhang, many final-year undergraduates interviewed by Weekend Xtra are also starting to worry — not about getting their dream job, but getting a job at all. Never mind that graduation is a good six months away.
At this time last year, most final-year students would have been more concerned with project deadlines, revising for their exams and less stressful matters, like planning their post-graduation holidays.
But with Singapore possibly facing the worst recession in its history, many undergraduates are putting worries about their job prospects at the top of their lists. Some 15,000 students are expected to graduate from Singapore’s three universities in July.
Said Dr Helen Chai, assistant dean of undergraduate admissions and the director of BBA programmes at the NUS Business School: “I think students are in tune with the current times and they are well-prepared for the situation ... They are exploring their options to enhance their career versatility, including the school’s concurrent masters programmes.”
For some, being well-prepared means sending out their resumes now instead of in April, when the exams are over, to give themselves a headstart over their peers.
It also means paying more attention to job advertisements in newspapers and career talks held by their universities.
Some undergraduates told Weekend Xtra that they are also lowering their job expectations, and that they are ready toaccept a lower salary or work in an industry that is not their first choice.
NUS civil engineering final-year student Yang Chang Han, said: “I’m planning to job hunt now; I had wanted to start after my exams. I’ve heard of people who have looked for a job for six months and are still jobless. Hearing their stories scares me.”
When asked whether his friends are also worried, Mr Yang, 25, said: “The question that we ask each other now is — ‘Have you found a job?’” He added that he is also willing to lower his pay expectations to $2,500, from his original target of $3,000.
Ms Jessie Loy, 23, is considering teaching as a career, even though she did not set out to be a teacher when she opted for mass communications at the Nanyang Technological University (NTU).
She said: “Recently, there was a teaching award seminar by the Ministry of Education and I thought I’d be one of the few ones from my course to attend it. But there were quite a lot of my coursemates there; they said they were checking it out as a potential back-up because they don’t know how the economy will be once they graduate.”
Another option that more undergraduates are considering is furthering their studies, such as pursuing a Masters degree.
Ms Qian Xiao Hui, 21, is considering doing a Masters in Financial Engineering if she doesn’t get a job when the banks make their customary hiring rounds in February. The final-year banking and finance student at NTU said: “I don’t want to compete in the bad job market. Education is an investment.”
Although the private sector may not be hiring as much as they used to, the public sector remains a good place for undergraduates to seek their first jobs. Finance Minister Tharman Shanmugaratnam announced in his recent Budget speech that the Government would open up 18,000 new public sector jobs over the next two years across different ministries and statutory boards for all levels of employees.
Still, despite such openings, the job market will still be a tough year for fresh graduates, given the high number of job losses expected this year, said Mr Alvin Liew, an economist at Standard Chartered Bank.
Professor Michael Heng, from NTU’s School of Electrical & Electronic Engineering, said that while the job market may be tight, graduates who are flexible in their job hunt should have no problem finding a job.
He said: “You need to see your skills differently. If you see yourself as having a capability and not just having hard skills, you have no problem finding a job. Paywise, you still have to adjust expectations, but if you do well in your job, there’ll be no problem getting pay increments.”
Despite the bleak outlook, some students already have jobs waiting for them come July — thanks to the help given by their respective universities.
Mr Colin Teo, a final-year student at NTU’s Nanyang Business School, took up an offer from the school to intern at one of the Big Four accounting firms last June.
The 24-year-old said: “I signed up for it because I already felt the signs when the sub-prime crisis started and the US dollar started to weaken. I know I had to do an internship at one of the Big Four to secure a job.”
He approached his internship company last November for a job and got an offer ahead of his peers. Given the tough economic climate, Mr Teo said: “It’s better to be somewhere now than nowhere. It’s barely six months to graduation and some people are not even getting job offers. But they are not in total despair; they are still taking things in their stride.”
- TODAY newspaper
Jobs: Youth's top worry
A LACK of job opportunities was the top concern among young Singaporeans at a dialogue last night to discuss the just-unveiled Budget.
There were also concerns about the impact of the Budget on future generations as the Government was, for the first time, dipping into the reserves to fund programmes.
Held at the Singapore Polytechnic Graduates' Guild, the two-hour dialogue, titled 'Is this a youthful enough Budget?', was organised by the Young PAP (YP), the youth wing of the People's Action Party. It is the first of six dialogues planned for the year.
It drew some 50 students and professionals who gave their views on the $20.5 billion Budget introduced on Jan 22.
It did not take long for YP vice-chairman Christopher de Souza, who led the discussion, to find out that getting and keeping a job was their top concern.
The first two questions of the night - out of 20 posed - came from two jobless, fresh graduates who were fretting about their job prospects in the downturn.
One said she was worried that with no working experience, job seekers like her stood little chance with employers looking for experienced workers.
Mr De Souza, who is in charge of YP's political education group, said there were still jobs available. He cited the public sector's recent announcement of 18,000 job openings at various ministries and agencies.
But another fresh graduate from the Singapore Management University went further and asked whether Singapore should introduce 'protectionist measures' to take care of Singaporeans first.
Mr De Souza's response: Singapore, being a highly open economy, cannot push for protectionist measures in areas like trade. 'But I think there's a certain amount of merit in what you described as protectionism vis-a-vis jobs. I think we can afford to put Singaporeans first in this economic climate,' the MP for Holland-Bukit Timah GRC said.
He said he may raise the issue at next week's Budget debate in Parliament: 'Perhaps we have to look at the quota mechanism for the number of Singaporeans you have to employ before you can employ a foreigner. Because you're right, we have to take care of Singaporeans and their jobs first.'
But he was quick to add that a fine balance had to be struck as foreigners here did create value and contributed to growing the Singapore economy.
Bedok North resident Cai Tianhao noted that more low-skilled, jobless Singaporeans were seeking help from MPs.
Mr De Souza said the Government would continue to help the needy but would avoid the path of welfarism.
Citing the Workfare Income Supplement scheme, which gives an income boost to low-wage workers, he added: 'It (welfarism) is dangerous and certainly not encouraged by the Government. That's why it's Workfare, not welfare. So you work, you get your fare, and that will continue to be the way.'
- The Straits Times
There were also concerns about the impact of the Budget on future generations as the Government was, for the first time, dipping into the reserves to fund programmes.
Held at the Singapore Polytechnic Graduates' Guild, the two-hour dialogue, titled 'Is this a youthful enough Budget?', was organised by the Young PAP (YP), the youth wing of the People's Action Party. It is the first of six dialogues planned for the year.
It drew some 50 students and professionals who gave their views on the $20.5 billion Budget introduced on Jan 22.
It did not take long for YP vice-chairman Christopher de Souza, who led the discussion, to find out that getting and keeping a job was their top concern.
The first two questions of the night - out of 20 posed - came from two jobless, fresh graduates who were fretting about their job prospects in the downturn.
One said she was worried that with no working experience, job seekers like her stood little chance with employers looking for experienced workers.
Mr De Souza, who is in charge of YP's political education group, said there were still jobs available. He cited the public sector's recent announcement of 18,000 job openings at various ministries and agencies.
But another fresh graduate from the Singapore Management University went further and asked whether Singapore should introduce 'protectionist measures' to take care of Singaporeans first.
Mr De Souza's response: Singapore, being a highly open economy, cannot push for protectionist measures in areas like trade. 'But I think there's a certain amount of merit in what you described as protectionism vis-a-vis jobs. I think we can afford to put Singaporeans first in this economic climate,' the MP for Holland-Bukit Timah GRC said.
He said he may raise the issue at next week's Budget debate in Parliament: 'Perhaps we have to look at the quota mechanism for the number of Singaporeans you have to employ before you can employ a foreigner. Because you're right, we have to take care of Singaporeans and their jobs first.'
But he was quick to add that a fine balance had to be struck as foreigners here did create value and contributed to growing the Singapore economy.
Bedok North resident Cai Tianhao noted that more low-skilled, jobless Singaporeans were seeking help from MPs.
Mr De Souza said the Government would continue to help the needy but would avoid the path of welfarism.
Citing the Workfare Income Supplement scheme, which gives an income boost to low-wage workers, he added: 'It (welfarism) is dangerous and certainly not encouraged by the Government. That's why it's Workfare, not welfare. So you work, you get your fare, and that will continue to be the way.'
- The Straits Times
Jan 19, 2009
NTUC says more youths aged under 30 will start feeling impact of downturn
More youths aged under 30 will start to feel the impact of the recession as the year progresses.
The unemployment rate for this group of youths was 4.1 per cent recently but NTUC said it is likely to go up this year.
However, the labour movement said, the figure is still far better than those in other countries at the moment.
And, among the 55,800 unemployed in Singapore, about 31 per cent of them are youths. The present economic downturn is the first major one for many young adults.
To help prepare them if they get the axe, NTUC's Employment and Employability Institute (e2i) held a retrenchment simulation exercise.
NTUC said there are about 6,000 immediate job vacancies across all sectors at the moment. But the main challenge when it comes to young adults is managing their own expectations.
NTUC Assistant Secretary General, Josephine Teo, said: "The terms and conditions of employment may not be what they expect. So the purpose of this activity (retrenchment simulation exercise) is also to help them to understand that challenges are now different and therefore they also have to adjust their expectations accordingly."
Despite the downturn, Defence Minister Teo Chee Hean said Singapore could still rely on its strong dollar and reserves.
"Because if the whole economy is in doubt or it collapses and nobody even believes in your currency anymore - like it has happened in some countries like Iceland - then we're really in deep trouble," he said.
- Channel News Asia
The unemployment rate for this group of youths was 4.1 per cent recently but NTUC said it is likely to go up this year.
However, the labour movement said, the figure is still far better than those in other countries at the moment.
And, among the 55,800 unemployed in Singapore, about 31 per cent of them are youths. The present economic downturn is the first major one for many young adults.
To help prepare them if they get the axe, NTUC's Employment and Employability Institute (e2i) held a retrenchment simulation exercise.
NTUC said there are about 6,000 immediate job vacancies across all sectors at the moment. But the main challenge when it comes to young adults is managing their own expectations.
NTUC Assistant Secretary General, Josephine Teo, said: "The terms and conditions of employment may not be what they expect. So the purpose of this activity (retrenchment simulation exercise) is also to help them to understand that challenges are now different and therefore they also have to adjust their expectations accordingly."
Despite the downturn, Defence Minister Teo Chee Hean said Singapore could still rely on its strong dollar and reserves.
"Because if the whole economy is in doubt or it collapses and nobody even believes in your currency anymore - like it has happened in some countries like Iceland - then we're really in deep trouble," he said.
- Channel News Asia
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