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Singapore EP for UK resident

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steve2309
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Singapore EP for UK resident

Postby steve2309 » Sat, 22 Aug 2009 8:47 am

Hi All,

Wonder if anyone could help me out on this.....

Been offered a job with top investment bank out in Singapore to whom I have worked for since 2004. Various financial controller roles which are moving to Singapore and I have 5 yrs experience behind the relevant roles.

Instead of Uni, which I had unconditional offers for, I joined this investment bank straight from school in a school leaver type programme.

My issue, I have my Highers (equiv to A levels to an extent! Scottish!), IAQ certificate and began my CIMA foundation exams to which I have passed 2 of the 5 at foundation level.

The salary is excellent, just short of the 5k SGD per month, and at 22 it is an excellent offer.

Will i struggle for an EP without the completion of CIMA and a Honours Degree from a recognised UK Uni?

Or the fact I have the relevant experience with a tier 1 investment bank be sufficient along with salary? It is a global front runner.

I know fellow guys from work who have went out without a single professional qualification to there name and only a few GCSEs. But because the bank is a global front runner, they appear to get the EP no problem.

Which concerns me when I read the numerous rejections I see in the forums.

Any opinions, advice etc would be appreciated... I open this up to the forum!

Cheers
S

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Strong Eagle
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Postby Strong Eagle » Sat, 22 Aug 2009 9:23 am

What does the MOM self assessment test say?

http://sat.mom.gov.sg/

I'd say you have a pretty good shot IF the bank does a good job of explaining why you are so invaluable... for example you know the risk systems, trading protocols, etc.

Having said that, if Shakespeare were alive today, he would not have referred to lawyers, he would have referred to investment bankers.

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sundaymorningstaple
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Postby sundaymorningstaple » Sat, 22 Aug 2009 9:29 am

Well, Steve, to be honest, we are all in uncharted territory here at the moment. I've been in these parts since '82 and this is the 5th recession that I've weathered and by far the worst.

Now, having got that off my chest, the Financial Sector is not my strong suite so I really don't have any hard evidence, but. Based on requirements only, I would have to say a 'qualified' yes.

A P1 Employment Pass required a minimum basic salary of 7K/mo (this is, of course, a arbitrary figure as they have to place a minimum "somewhere" or everyone will be saying, 'well my salary is only 300/mo less than than, why not me? Under these guidelines you would not qualify.

P2 Employment Passes requires recognised qualifications and a minimum salary of 3,500/mo. This one, while you qualify on the income side, you don't have recognised qualifications so again, you would not qualify.

However, a Q1 pass is right up your alley as it requires a Fixed monthly salary greater than 2,500/mo - You qualify.

Recognised qualifications. Oops! No go but.......

"In lieu of recognised qualifications, we may also consider compensatory factors such as skills and years of experience (we recommend a minimum of five years relevant work experience)"

So, with the "In lieu of" factor thrown in, I would say you were a shoe-in especially as your parent company is transferring you which also makes it considerably easier.

So I can see you easily getting "At Least" a "Q" Pass, and because of a few other underlying factors, I would be willing to almost bet you would come up with a P2 pass.

Good Luck,

sms

steve2309
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Postby steve2309 » Sat, 22 Aug 2009 8:51 pm

Thanks for both replies.....

Its all a bit of a mini-mare for myself. Pushing on with cima, this time next year could of been better.

Then again, the bank came to me to ask and to be honest, I dont think the 'S' pass would be something the bank would push for.

Basing it on the fact of the number of roles the bank provide to the local economy, I would expect that a situation such as mine, would have to be case by cae for a P2. I agree with you both that I do not tick all the boxes for the P2. And also, i read stories that 1t application is pretty much a mark against a set criteria without any consideration 'outer scope' so to speak??

As for the self-assessment, this is where i found this interesting. If you earn above $5k per month, regardless of qualifiction, your pretty much sorted for at least a P2.

Based on this, I am just short, as you point out, there has to be a guideline somewhere though. Just tricky times, as I am caught in no mans land at the moment. My UK role is in process of being back filled, flights are booked and 1st month accomodation sorted for singa.... nothing like getting ahead. Obv my bank has confidence that I aint feeling since reading the forums!

Visa app when in on Fri there from an external company my bank use. This unsettles me as I read recent issues of where these companies were known to use incorrect job titles etc. All I can do at the moment is wait, but being classed as a "technical matter" expert I hope it goes through.

As I say, I have colleagues with no A levels, only GCSE equiv to whom have went over there on P2 based on experience alone. Then again, that was then and this is now and nobody really knows where the goal posts are.

Guess all i can do is wait and see..... looking back, there are parts of my app i would like to change.

Last question though, does the emloyer have a large influence on the decision or is that immaterial should you not possess the qualifications for the P2? Here's hoping.

Cheers,
S

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Postby sundaymorningstaple » Sat, 22 Aug 2009 11:22 pm

That was primarily the reason for my comment about being sent over by the parent company (it's a big help - behind the scenes). Additionally, the fact that you are coming from the UK doesn't hurt! :wink:

Even if the P2 doesn't materialize it's okay starting with a Q1 as it's still an EP and not an S pass which I doubt you employer would try to use as well. If there is already a track record with the employer and staff coming over on P2's them the odds are really in your favour. But one can never tell.

sms

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Postby steve2309 » Sat, 22 Aug 2009 11:31 pm

Understood.... thanks for the feedback.

Will just need to wait and see the outcome on the application, bit of a waiting game.

I thought the Q pass and S pass were along the same lines. Cleared that up.

Lets see what comes of it. As I say, I have my eggs all in the one basket with regards to my experience being with a tier global investment bank. Thats what I am relying on getting me through and hoping my sal will be high enough too. At 22, I am only going to get stronger academically with Cima and experience.

Thanks again for your feedback. First class.

Cheers
S

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Postby littlegreenman » Sun, 23 Aug 2009 4:58 am

sundaymorningstaple wrote:Now, having got that off my chest, the Financial Sector is not my strong suite so I really don't have any hard evidence, but. Based on requirements only, I would have to say a 'qualified' yes.


Ha! This is my turf. So let me share my knowledge while I am waiting at my transfer flight from DXB at 1am and the alarm for the baggage claim can be heard from here, a floor above and it doesn't seem to ever stop.

A friend of mine with UK degree in business and 5 years work experience has tried to get a job in Singapore and he was told by several job agencies that they do not take any foreigners on who are looking for middle office roles in banking as the EPs do not get granted any more. It is a different issue with front office roles but mid-office looks quite bleak as there are plenty of unemployed locals with the necessary knowledge looking for MO jobs in finance. Having said that, you didn't let us know yet what exactly you are doing and if your company can come up with a good reason why they are transferring you as opposed to your position going to a new hire I think that should work in your favour. It is still important for companies to transfer there staff internally and I think the government is aware of that as otherwise they would not be as attractive for multi nationals.

steve2309
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Postby steve2309 » Sun, 23 Aug 2009 8:18 am

lol Dubai... I am supposed to be flying Glasgow Dubai, Dubai Changi! The joys... but business should be comfortable. If I get at least a Q1.

Well the role is Equity based, specialising on the dividend element of the PnL. Dont want to shout about the bank, as dif banks have very dif strategies in relation to it.

All of us in finance know the banter on how straight fwd a div is, but can safely say, start involving a few swaps and tax havens and not quite as simple.

I am in agreement though, my role would be MO. But then again, why would my bank make me a an offer if they believe the MOM would be an issue? They would be competent for that. I think if you are looking for a MO role without an offer, then yes perhaps struggle. But on MOM, Product Controllers are something that is not highly experience by locals.

As I said prev, just need to keep my fingers crossed at the moment. I will be supporting two locals in my role, so kind of hoping that goes for me too.

Guess there is no definite answer at the mo... external vendors deal with my application on behalf of my employer, just hope they get it right!

Cheers again!
S


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