npTribune, 14 Nov 2008, Kenneth Cheong
With a shaky world economy and a shrinking job market, business graduates say they are going for degree courses instead
Business graduates in Singapore are feeling the chilling effects of the global financial crisis with the onset of a gloomy job market, with some deciding to go for further studies to wait out the downturn.
Ng Sze Chun, 23, a Business Information Technology student who graduated with a 3.1 grade point average, had wanted to apply for a job in the finance industry after finishing National Service in September.
“I was sending out a flurry of emails to companies I saw in the papers that were interested in hiring people,” he says.
Two months later, the prospect of a job is still bleak. He now intends to sign up for a degree course at the Singapore Institute of Management and is hoping to graduate with majors in Finance and Economics.
Finance and banking multinational companies in Singapore recently cut jobs to cut costs, according to news reports in October and November.
Among the list of afflicted companies are DBS Bank, axing more than 450 staff locally; AIA Singapore, retrenching 20; Merrill Lynch another 20; while Standard Chartered is cutting 35 jobs.
It comes as no surprise why students like Ong Jieying, 20, an Accountancy student now in a private school, would “rather study than work”, despite a $9,000 tuition fee.
What we can do
Mr Phillip Lau, the Director of the School of Business & Accountancy, remains optimistic that Singapore will be able to pull through this recession.
He brings up factors such as the nation’s “strong reserves” and “diversified investment portfolios”.
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