Students compete to join prestigious clubs as a stepping stone for their future.

At universities in Singapore, students are racing to secure a place in finance clubs - which are considered a "springboard" to enter the prestigious banking industry later.

The sluggish job market in the banking and finance hub has intensified competition for finance students. (Source: The Straits Times)

To be selected, they had to go through multiple lengthy interview rounds and work intensely for hours on end on presentations.

“The level of competition is incredibly intense,” shared Maya, a former social science student at the National University of Singapore (NUS) who now works at a global payments company. Even so, she believes all that pressure is worth it.

"Without that club, I wouldn't have been able to convince the employer when they had thousands of candidates to choose from," she said.

Intense competition is understandable given the financial sector in Singapore is cutting back on hiring. Finance clubs have therefore become a crucial element on students' resumes, alongside grades, advanced courses, and ongoing internships.

According to statistics, the number of business and management graduates in Singapore has steadily increased over the past decade, surpassing 3,500 in 2023. Although 84% of these graduates found employment last year, that rate was still lower than two years prior.

Risks from trade wars, volatile financial markets, and the rise of artificial intelligence are making career prospects in the banking industry even more uncertain – especially in Singapore, where finance is seen as the clearest path to success for young people.

According to SCMP , major banks in Singapore such as Citigroup assert that they evaluate candidates based on multiple criteria. However, Ernest Phang, Head of Human Resources at OCBC Bank (Ocean Bank of Singapore), said that participation in financial clubs can be an "important indicator" reflecting a candidate's competence, leadership spirit, and commitment.

The road in is full of challenges.

Rachel Ng, currently a broker at an investment bank, said she applied to investment and advisory teams as early as her freshman year of college because she was worried she wouldn't find a good internship.

“My classmates started internships at prestigious banks thanks to participating in a case study competition and having connections from clubs. I realized that if I wanted to be like them, I had to join a club too,” Rachel, 23, recalls. However, getting in was difficult, but maintaining a position in a club was even harder.

At Singapore Management University (SMU), the student-managed investment fund accepts only about 20 members each year from over 200 applications – meaning an acceptance rate of only about 10%. Applicants must present a financial analysis, give a presentation on a stock, and participate in a coffee chat to gauge the "feel" of the management team.

Once accepted, team members have a packed schedule with meetings lasting 3-8 hours each weekend. They receive training in building financial models, designing presentations, and learning from successful alumni.

This club draws inspiration from renowned student funds abroad, such as Harvard University's Black Diamond Capital Investors – considered one of the most successful student-run hedge funds in the United States.

This year, SMU's fund members were further inspired when alumni contributed S$130,000 (approximately VND 2.9 billion) to invest in the best ideas selected by the council (comprising faculty and alumni).

Sacrificing youth to make an impression.

Dylan Liew, who founded the student advising club at NUS in 2018 after studying in the US, has now graduated and works in the field of advising. He said he once built a team of over 60 students providing advising services to organizations.

"The club is a great story to tell to potential employers. They see that I founded an organization, and that's enough to convince them I have the ability to handle the job," he said.

However, the pressure was also considerable. Maya recounted that during her time in the consulting club, she often spent 12 consecutive hours "camping" in Zoom rooms to edit slides before client meetings. While on an exchange program in Europe, she also frequently had to stay up until midnight to meet with clients due to a 7-hour time difference.

"I should have been enjoying my exchange program, but every week felt like torture because I was worried about not finding a job after graduation," shared Maya, 24.

Despite the tension, the demand to join these financial clubs shows no sign of waning.

“It’s unfortunate, but there are so many students with very high GPAs attending good schools these days. So you need something to stand out. If joining a club makes you more confident during interviews, then why not?”, commented Bethan Howell, Director of Recruitment at Selby Jennings in Hong Kong.

Source: https://baoquocte.vn/sinh-vien-chay-dua-vao-cau-lac-bo-danh-gia-de-lam-ban-dap-cho-tuong-lai-320728.html