I have worked as a discretionary trader in Hong Kong Equity market for more than 3 years. Since there is a structural changes in the market where I participated, I decided to quit my job and restart my career in the financial field.
I applied a wide range of entry positions from front office to back office in the field , however the response rate is really low, which is approximately 40 to 1 ratio.
I don't know why... the respond rate is so low.
I wonder if the current unemployment rate is it really around 3.2% and I would like to ask for advice in job hunting.
I don't mind to start my career path again from entry level, but it seems that the employer are not interested in me. I have a bachelor degree major in finance with minority in accountancy. I believe my education background should be enough for me to qualified most of the position in the field. I really don't know what is going wrong.
Posted Tuesday 17th April 2012 12:55:00 AM
I totally feel you man~! I am almost 27 yrs old. I have been working in global engineering consultancy for 3 years, both in the UK and HK. And i quit my job and pursued a master in real estate. I am very clear about what i wanted and did everything that i can for the requirement, for property development or commercial real estate industry. I have graduated for 4 & a half months now, sent out so many applications. Failed 3 interviews, as before i thought with my strong education and experience, i thought that i would have a total advantage against other fresh graduates for the position. But sadly not at all, those employers only mention your experience is 'irrelevant' and i feel that most employers would rather want a total 'white paper' to fill in their junior position. the HK society is easily label you must do engineering because you have an engineering degree. But is it too late to ask for going for my dream and interest for my career now? i am still unemployed and decided to give up changing my field very soon. complete waste of my master years.
Stan Ho - Career Doctor
Posted Friday 25th November 2011 02:50:00 PM
Dear Jerry Thanks for your questions. Applying for posts from front office to back office: What exactly do you want? Front office and back office jobs vary with very different skill set requirements. For instance, junior front office jobs in the investment banking department require solid analytical and excel skills, while those junior level roles in the sales and private banking departments call for more solid inter-personal and client facing experience. To start with, you should ask yourself which areas can better leverage your discretionary trading experience, and focus on applying for jobs in those areas. Underestimating the competition in the market The unemployment rate is totally not relevant in your job search consideration – it is the level of competition that matters. For junior level positions, bachelor degree graduates of years from 2011, 2010, 2009 and 2008, and full-time master degree graduates of recent years are all competing for the same jobs. Besides, junior positions (for instance first year analyst positions for investment banks) are typically offered to the summer interns who have proven themselves in their summer jobs already. Whether you mind or do not mind starting your career from an entry level is totally not relevant. Quitting the job before landing another job I would also like to use your situation to illustrate one important point in the job search: never quit a job before you land another job. This is particularly the case for the financial markets, when there are many deal flows and trading volume in a particular month, and then the market can be completely quiet the next month (or even months at a time). When you currently have a job, at least you have time to think about which banks and job functions you can consider and apply for the corresponding jobs. Job search can be a time consuming process and hence you could still earn your salary during your job search. If you quit your job, recruiters or interviewers will question why you left your current role before landing another job. You will also lose your leverage in the salary negotiations in such circumstance as your salary is basically zero. More importantly, the longer job search required in today’s volatile market would give people the impression that you are out of touch with the market and the unnecessary psychological pressure on you will increase.
Posted Tuesday 22nd November 2011 07:15:00 PM
Actually I face the same problem. After a few years in the PR and communication field, I am now very certain I want a career on translation or journalism. I am prepared to compromise my pay and start anew, but it seems that the market has thrown me out. I am quite puzzled now but I cannot deceive myself that I can survive in a job that I am not quite interested in.