Update: USA TODAY had a Sept 12 article on the Changing USA in which the census shows that 15 million American drivers go to work by 6 a.m., 18.9 million Americans are considered “house poor” and the “globalized/booming/divergent” economy is taking a significant toll on family life in the United States. Will Singapore become like that? Or have we already cross such a threshold? How can we call ourself a functional society then? Or is functional merely a function of dollars and cents? How about “dollars and sense” instead?
This survey below confirms not only the upswing of the Singapore economy for knowledge-holders, aka university graduates in Singapore, but also represent an increasing overt interest of young Singaporeans towards purchasing opportunities to purchase even more. In a sense, the increasing participation of these graduates directly into the financial sector might also augmented the power base of political elites in Singapore - the deep alliance between foreign, local banks and powerholders in our polity.
What are the consequences of so many of our young man and women joining the banking and finance industry. Let’s do a thought experiment here.
1) Banking and Finance requires enormous amount of time from its participants. It is not unheard of for people to work 18 hours in Singapore. Some work American or European times.
2) Will the lack of time mean lesser quality time with family and friends - posing deep challenges to the fundemental fabric of Singapore society?
3) Will it also mean the lowering of marriage and birth rates correspondingly?
4) Moving to a “civic/civil society” discourse, how many of these university graduates - articulate, wordly and let’s say “liberal” as they may be - participate in some form of public discourse on the future of Singapore? Any time for public service, even if you throw millions of dollars at them?
5) Is a society that is based on digits and efficiency going to move more into such a direction that prides itself on extreme figures analysis? Will the debate between humanism and economic efficiency have less resonance among graduates in Singapore in the future? Will finocrats replace technocrats?
6) Will the gulf between the elites and ordinary people widen as the minimal interactions that they will have with each other cause future misunderstandings?
7) Will religious and societal organizations become even more money-minded?
Isn’t there a consideration among young Singaporeans in understanding the trade off between money, personal time and job satisfaction in Singapore?
SINGAPORE : Most entry-level university graduates in Singapore prefer to look for jobs in the banking and finance sector.
They include even those doing engineering and other non-business studies.
This is according to an online survey of 2,835 entry-level graduates across the three main local universities.
The 2007 JobsFactory Employers of Choice Survey found that seven out of the top 10 preferred employers were financial institutions.
The most popular private sector employer was Citibank, followed by Credit Suisse First Boston, with Deutsche Bank and JP Morgan & Chase tied in third position.
Barclays Capital Global Services came in at 6th position, Merrill Lynch at 7th and Goldman Sachs at 10th spot.
Local banks were not rated as highly as their foreign counterparts. DBS Bank was at the 14th position, UOB 29th, and OCBC 43rd.
Last year’s top employer, Singapore Airlines, lost to the banks to take 5th position.
Meanwhile, oil companies ExxonMobil and Shell were placed 8th and 9th respectively in the overall rankings.
When asked what makes an employer of choice, the respondents cited “good career growth and opportunities” and “values its people” as the top two criteria.
This was followed by “attractive pay, bonuses and other monetary compensation”.
(more…)