The writer of this article wishes to remain anonymous.
For the coming batch of fresh graduates, there will be no doubt that employment will be the biggest worry on their minds. With the financial crisis, companies will be facing serious cash flow problems due to stricter lending policies by the banks. Not only are the banks (one of the biggest employers in the past) cutting the number of graduate hires, corporations in other industries will also be doing the same. In addition, retrenched workers will inevitably be fighting for a smaller number of jobs with fresh graduates.
There are serious implications to the graduate glut this employment season. For one, we are sure that many graduates will be forced to take on temporary contract assignments. What about the graduates who fail to find any decent employment? Are they expected to work on temporary assignments for say, $6 – 7 dollars an hour? How will this pay enable them to pay for sustainable support for their retiring parents and their marriage plans?
A decision to take on an undergraduate degree programme is an expensive one. The opportunity cost is 3 to 4 years of experience and wages applicable to an A level holder or a diploma holder. Assuming the prospect works for $1500 a month for that 3 to 4 years (including a compounding rate of 4% to take into consideration inflation rate and real growth rate of money), the amount could be up to $73,000. Along with this opportunity cost, we add the tuition fees of approximately $30,000 for a 3 to 4 year course in a local institution and we discover that the real cost of undertaking a graduate programme is about $100,000 SGD. With this amount of investment, how do you expect any graduate to even consider marriage, child birth or taking care of retiring parents? To add to this amount, we know to consider that a tuition loan charges the graduate interest soon after his graduation, therefore the expected amount might increase even more!
As an undergraduate leaving school in the coming month of May, I worry about landing a job and facing the huge tuition loan ahead. At the age of 24, I also wonder how long before I can even start thinking about getting married and having my first child. In this light, I can confidently say that the birthrate will not increase. The quality of life, which is heavily dependent on job security, will be affected. With more stress and uncertainty, our work efficiency will also be affected.
The process of graduate recruitment is at best, at a crawling pace. The graduates and the retrenched are now fighting for a smaller pool of jobs. I wonder if the government will address this pressing issue soon. On a final note, finding employment, to a graduate, is not just about finding financial independence. It is the answer to one’s social and emotional security, the solution to retire their tuition loans and the only tool to start a family and to support their retiring parents.
———–
About the author
The writer is a first class honours student from a local university with double majors in Banking and Finance and Marketing. He remains jobless at the point of writing this essay. Graduate recruitments programmes usually end around November to early January period.
I take back all my comments about lawyers.
Recently, I spoke to a friend I knew in law. He’s the son of a security guard. He doesn’t drive his father’s car. He takes the bus to school. He works hard giving tuition himself, instead of taking half of the first month of an honest tutor’s pay as a tuition coordinator.
He works hard to maintain a B average. When asked about his results, he gives thanks to God instead of taking pride in himself. He intends to work hard to qualify for a 2nd Upper so as to be able to join the Legal Service, to do the work that nobody wants to do, instead of joining a big firm to fight for a partnership.
He does not have a scholarship. Being in a top JC and qualifying for law is already good enough, considering that he does not have the money to spend on expensive home tuition as all the rich kids do, neither does he have the psychological security of financial support from his family.
He did not go to OCS, but spent his NS in an elite unit that incorporates training in real fighting. He is regularly called up for reservist.
He believes in Justice, and intends to devote his life fighting for it. He does not throw his parents’ money away by drinking or partying.
He is the only person I know in real life who I really admire. If you, like him, can devote your life fighting for justice, doing the work that nobody wants to do, instead of earning big bucks in the private sector, then you have my respect and my blessings.
There are still jobs aplenty in the civil service. And the original writer (first class honours student from a local university with double majors in Banking and Finance and Marketing) is just a selfish person if all he or she can think about is that cushy job selling investment products as a “private banker”.
There are still plenty of public service jobs like social workers and teachers that our government (still the very best in Asia) support and maintain.
For NUS students, there are only 2 weeks left of holidays. We are young, happy and smart people. Perhaps it’s time we did the things we wanna do this holidays while we are still students, instead of posting comments on blogs.
Chung Ren Long
Majors in banking and finance are worthless. The world is better of without the likes of you. It is indeed a good thing to see these charlatans get screwed by the financial meltdown. To the writer, you should have picked a real major, not something that doesn’t generate any real value. Wall street has been changes forever and has made the likes of you irrelevent. Good riddance.
I am from Hong Kong. My situation is almost the same as you. Two words for you — good luck.
What about those with arts degree?
Worse than toilet paper?
There is definitely jobs for grads but…………….
My friend from NUS is working as a telephone operator (CSO) $6.50/hr for 2 months. There are study loans to service, so no choice.
Think about it….
whatever la. Go to MOE website and apply for teaching, or apply for police aka home team. Those with 2nd upper even in philosophy or english literature can apply for foreign service. Save up all your money every month and live as you have lived as a student and then repay your loans.
Don’t cry father cry mother here.
55) NUS friend on December 30th, 2008 2.37 am
You have no NUS friend. NUS exams ended one month ago.
You can teach, you can join the civil service, you can do this and that.
Goh Chok Tong, Ivan Lee, Eunice Olsen were all arts grads.
It’s not what you study. It’s what you do with your life. Refusing to take that teaching job just because you think you’re hot stuff or because you rather wait for a job to sell miniminibonds is just selfish.
Majors in banking and finance can teach maths and accounting.
http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSSIN42535420081229
sharks man! another singapore Retrenchment has been announced!!!!!!
Philips to cut around 100 staff in Singapore?
fish man! another singapore Retrenchment has been announced!!!!!!
http://www.channelnewsasia.com/stories/singaporelocalnews/view/399294/1/.html
MOE steps up recruitment drive with 7,500 new jobs
MOE steps up recruitment drive with 7,500 new jobs
MOE steps up recruitment drive with 7,500 new jobs
http://sg.news.yahoo.com/cna/20081230/tap-294-moe-steps-recruitment-drive-7500-231650b.html
60) MOE on December 30th, 2008 7.43 pm
erm… how to know how many of these jobs eventually occupied?
how to know how many of these jobs left?
any idea? thanks.
[i]Mr LP (loh poh) on December 30th, 2008 11.06 pm 60) MOE on December 30th, 2008 7.43 pm
erm… how to know how many of these jobs eventually occupied?
how to know how many of these jobs left?
any idea? thanks.[/i]
this one the easiest proporganda
remembered last week
when the 154th media published
jobs was availiable for the older worker
i take one look @ the headline
i says
this over 40s bloke must be from dbs/lehman inc….
woah wow
my 3rd eye vision was 100% accurate
he did worked for a bank recently before kannaed retrenched
and which bank just retrench which worker?
so this socalled 7500 availiable vacancies
are meant to
assit the ex-banker/sellers to be receptionists for government run agencies
such as hospital/educations whatsoever
unless you want to says
our government agencies should be run by china women prc or indian speakin slanged staff
heck maybe even tagalor accent will do
Start creating your own business while looking for a job. It’s the “only hope”.
P.S. What about those who aren’t even graduates? They may be in a much worser position!
To all the graduating students in the following year,
Do not despair, as I was in a similar situation when I graduated with my basic degree in 2001 when the Asian economies were still struggling after the Asian Financial Crisis. At that point I was not sure what I wanted to do because I was studying in a foreign university and returning to Singapore wasn’t appealing.
I did consult a few people about what to do and the best approach for me at that point was to further my studies. I did just that with the encouragement of my wife (galfriend back then) and have not looked back since. Getting a postgraduate education is important because it will differentiate you from the competition and it is extremely competitive to find work now. Instead of trying to aim for a job with S$100K a year salary, invest your time and effort to brand yourself differently and sell yourself in an industry which you will enjoy working in. Also do not limit yourself to just Singapore because you are really limiting your ability by doing that.
Here is an alternative viewpoint:
To everyone who thinks “oh no, no job”, you have been extremely short-sighted because what you need is MONEY, not a job. Instead of crying over how companies are turning you away, look at other ways to make MONEY.
You can start very small, think about the skills you already have, and whether anyone will pay for your skill. And that’s the start of a business. It can just be temporary, if you still want to work for a company later on. At least you have some money to tide over.
It’s pointless to think about how much money you’ll make, when you mull over your career. Such people have no real skills to offer a society, and this recession is kicking them out of the system. Aim to provide real, lasting value to others. Improve lives. Then people will pay you to give them value.
@angry_one is right (#68) —-> think about how to give people value (service or solution) and people will in turn pay you to get just that.
P.S. Why isn’t anyone covering the really POOR PEOPLE?? Those that do not own houses, and are living on charity and living day by day because they have a daily-rated low-pay job or some sickness. GRADUATES can take care of themselves…..somehow!!!
Lee Kuan Yew recently regained my respect when he visited Nanyang Poly’s IT & engineering departments. The way to get people out of poverty is to educate their children with technical knowledge that adds real value. And Lee Kuan Yew also seems to have stepped down from his “graduate marry graduate good, graduate marry non-graduate bad” position.
I remember during JC, some expat and local scholar teachers in the english literature department were continually telling me that I had to get the point of the poem. Getting the point of the poem was something that you have, not something that can really be taught. It’s elusively unteachable. After browsing the textbook for a module in English Language, I realized that learning the rules of grammar may be a more straightforward way of mastering English than getting the point of the poem, whose writer may very well be suffering from bipolar disorder.
As for the really poor people, it’s a highly complicated situation. Go to any kopitiam at night and you will see some lonely, schizoid alcoholics drinking alone. These may very well be fathers. With lower inhibitions, going home to abuse their children and wives may be more likely. Their alcoholism may be triggered by unemployment or having had alcoholic fathers themselves. It’s a vicious cycle. Their children can only be saved by technical education that provides real value to society. Their wives can only be saved by lawyers who are willing to work for low fees to settle the divorce case. Social workers may be able to point them to kind lawyers and cheap tuition, but their counseling methods need to be empirically tested to ensure that they are doing more good than harm. This form of empirical research is time-consuming and unprofitable for achieving tenure: why do a tedious longitudinal study when you can get published doing a far simpler study? So, really, there are too many problems to be tackled effectively by our government.
Remember the time when every MP was excited about getting hip, happening and gay expats to Singapore? Remember them dancing as the hip hop post-65s? Casinos? Big money? Everyone striving to become private bankers who are just glorified personal assistants of the filthy rich? Undergrads and some grads working as escorts for the F1 tourists?
There is actually very little that the government can do to improve our globalized economy. Singapore is a small, tiny island in Southeast Asia. Perhaps, if the economy does eventually improve, it may turn out to be a good thing if this downturn wakes our government up to emphasize the correct things in society.
As for the really poor people, it is really unprofitable for any of us to help them. More likely than not, we’re more concerned about helping ourselves. Currently, the Minister for Community Development, Youth and Sports and the Minister for Education happen to be 2 doctors. It would be good for the poor people if these 2 doctors remember that being a doctor is not just about gaining societal status and secure employment – it is also about helping people. It would also be good if these 2 doctors take more proactive measures and utilize the empirical training they have received to implement scientifically sound policies for their respective ministries. These research can be seen from any undergraduate library account or the research of current faculty members in Singapore.
As for the economy, I think the whole world is looking towards Obama’s inauguration, and his economic policies that he will use his charisma and political intelligence to pass through Congress. Unfortunately, economics is not a strictly empirical science; there are many different schools. And in the meantime, there is the self-fulfilling prophecy and the paradox of thrift at work before said policies. As individual members of this global society, there is actually very little we can do besides working hard and keeping our spirits up.
I have never lost respect for SPM LKY but I wished he took a more active approach rather than leaving things run by some dimwits in government. lol
@NUS UNDERGRAD (#71) :-)
If my analysis is to be correct, Obama WON’T be able to save the situation in the next 2 years or so! There was a better candidate, who’s a doctor and knows about the real corruption that pollutes our environments and destroys poultry (bird flu etc). If he was voted, he could help decrease medical costs GREATLY! USA lost a chance of having a better president. Obama is great too, but in my opinion he would be my second choice if I am an American with voting rights.
“As individual members of this global society, there is actually very little we can do besides working hard and keeping our spirits up.”
Yes – so chin up and support one another morally!
http://www.economist.com/science/displayStory.cfm?story_id=12887207&source=hptextfeature
you dont need a doctor to be in charge. you need someone who is able to lead AND who listens to the scientists. Obama fits that description; he understands how science works:
“I wish the country had fewer lawyers and more engineers.” – The Audacity of Hope by Obama
“When science teachers insist on keeping creationism or intelligent design out of their classrooms, they are not asserting that scientific knowledge is superior to religious insight. They are simply insisting that each path to knowledge involves different rules and that those rules are not interchangeable.” – The Audacity of Hope by Obama
The village idiot who he’s taking over from does not understand how science works.
@73 NUS_undergrad I think you are mis-informed, like 95% of our Singapore population. Before you flame me for sounding pompous – please read this first.
Ever wondered why ppl still create water-filters when our water is already “very clean”?
Ever wonder why wild birds are blamed – smoke and mirrors – so you don’t see the actual culprits behind bird flu? Ever wondered why small poultry operators were closed down instead of the BIG BIRD JAILS where the sick birds were found? (And guess what chickens are jabbed with? Your scientists-invented steroids!)
Ever wonder why those with Diabetis type 2 are still fed insulin injections when a change of diet is all it takes to make the disease sufferer well again?
Ever wonder why people still get bone diseases when we’re drinking cows’ milk supposedly strong in calcium? Ever wonder why cows nowadays do not live beyond 3 years or so?
Does Obama understand all these better than a doctor who understands and see the the suffering (and deaths) of the people on a daily basis? Does Obama has as much as influence and probable authority to change how the nation (the world) saves the lives of people instead of THINKING ABOUT MONEY FIRST? (I am not saying Obama doesn’t care but he doesn’t know as much as the OTHER voted-out candidate.)
Don’t take my word for it. You can read more here:
Danger of fluoride in water (it’s only good for teeth not the body!)
Ref: http://www.mercola.com/article/water.htm
Hormone-treated cows live no more than 3 years and are cause of cancer
Ref: http://articles.mercola.com/sites/articles/archive/2000/09/10/milk-cancer.aspx
The list goes on and on. Google for Mike Adams and he will tell you the hypocrisies of the pharmaceutical world who are only interested in telling you you need drugs. The sad thing is most drugs do not cure. And most people are fooled into thinking that prescribed drugs can cure!
My mum was once taking 9 types of drugs. The first one caused dizziness. 2nd “medicine” neuralised dizziness but made her nauseous. 3rd drug neautralised nausaeu but is likely to leave her with gastric. The 4th drug…the cycle goes on.
Many medicals do not tell you GO BACK YOU ARE CURED NOW! But they will tell you, come back again for your prescribed drugs if you want to live!!!
There are many ethical and good scientists around but most of them support pharmaceutical companies who create these drugs (out of which are mostly quite useless or do not have any longterm studies to prove they do not harm consumers if taken longterm).
I remember the first anti-flu vaccination coming out only a month after the 2nd bout of SARS started in Hong Kong!! How long do you think they’ve been planning to sell you things by targeting your fear of illness or disease?
If you think cows’ milk and soy milk is healthy – re-think. Ancient people ferment soya beans for a reason before they consumed soya bean products. Nowadays even unfermented soya bean products from some organic shops get sold. SAD STATE.
Even the FDA (USA) is bribed into approving drugs that should not been passed under the radar. Many “health associations” support food which are not healthy for consumption because they are paid to smile and say good things.
Scam scam sham! Even the present global recession is caused by BUSH (yes, George Bush) – he helped his friends – the big MNCs and pharmaceutical firms to squander money from honest hardworking people’s bank accounts and forcing Lehman Brother Minibonds to crash and putting the blame on the bonds’ crashing.
Google for WHO IS A FAILURE and find out whose name is there!
Re-think! Research! And you will find the truth! What USA decides, Singapore and most of the rest of the world follows! DANGEROUS!
If political leaders do not see the truth from the lies, how can they protect and form policies for the benefit of their countries?
Go to my blog and read why the encouraged American breakfast is one of the number one killer (heart disease and obesity): http://www.myqute.com/2008/11/worlds-biggest-lies-fallacies-exposed-this-info-may-save-you/ Look at LIE # 3! And why you shouldn’t trust every TV ad you see about food.
I trust I have given you some good info but it would be up to you to find the truth.
May you have a more enlightening 2009!
the writer has a perceived view that degree grads should not be working $6-7/hr jobs…..man…its a JOB….its a JOB….and does’nt that mean….u’re belittling those who are working such $6-7 jobs…..u’ve already declared….TEMP job..and yeah …its supposed to be temp…and its supposed to tide u over this temporary period!
eclipse083 You are right! That’s why I asked what about those who are non-graduates?? There are many people who are in worser conditions!
Now then I realised my previous comment was so longwinded!!! lol