Congratulations on your graduation! Now that you have obtained your degree, what’s next?
Here’s the thing, fresh graduates of the year 2017 might be in for some difficult time when it comes to job hunting. In the March Quarter of 2017, Singapore’s seasonally adjusted unemployment rate stood at 2.2%, making it the highest since the end of 2010.
We went on and interviewed some fresh graduates, who were fortunate enough to land themselves a job or an internship, on the challenges face and their biggest worry when it comes to personal finance.
Jun Rong, 25
What is your degree major in?
I attained a degree in Economics from NUS.
What is the position and the company you will be kicking off your career with?
I am currently training to be a POEMS Dealer at Phillip Capital.
What are some of the challenges you faced when applying for a job?
Finding a job in my area of interest, slow responses for applications, having to start applying for a job even before I graduate and hence, the need to juggle with school work.
What do you plan to allocate your first paycheque?
I will be investing in Stocks/Equities.
What is your biggest worry when it comes to personal finance?
There is always this constant worry about potential housing loan, future expenses.
Nicholas Woon, 25
What is your degree major in?
NUS Economics
What is the position and the company you will be kicking off your career with?
I’m an Associate (Property Agent) with ERA Realty Network Pte Ltd.
What are some of the challenges you faced when applying for a job?
I had to take the RES Course and exam which was quite stringent. Took me 6 months before I got my license. My current job requires me to pay quite a huge sum to kickstart the career. For example, I had to pay for the RES course, exam, license fees, sales course which amount to a few thousand dollars.Â
What do you plan to allocate your first paycheque?
I will treat my loved ones to a good meal and pay off my student loan if I can.
What is your biggest worry when it comes to personal finance?
Property agents are self-employed. I have no basic pay and it is 100% commission based. I do not get CPF contributions so being in this job, I know what are the savings I need before I can purchase a house. It is not a small amount so I need to start planning now.
Amanda, 23
What is your degree major in?
Political Science from Faculty of Arts and Social Sciences – NUS
What is the position and the company you will be kicking off your career with?
Ministry of Foreign Affairs as a Foreign Service Officer
What are some of the challenges you faced when applying for a job?
The main challenge I faced is the lack of responses from companies while applying for positions.
How do you plan to allocate your first paycheque?
My plan will be to give my family and friends a treat.
What is your biggest worry when it comes to personal finance?
My biggest worry will be to not be able to invest wisely or to plan for my future.
Qiurui, 23
What is your degree major in?
I graduate with a degree in Business Management
What is the position and the company you will be kicking off your career with?
I will be starting my Internship at Group M.
What are some of the challenges you faced when applying for a job?
Unsure of where to kick start a career as there seem to be so many different paths to choose from.
Also, having to face rejections and companies not getting back to you. Many full-time roles require years of experience, hence it can be challenging for a fresh graduate to find a suitable job of interest.
How do you plan to allocate your first paycheque?
I will Treat my family to a good meal, save a portion of it and spend the rest on daily necessities.
What is your biggest worry when it comes to personal finance?
Not sure how much to put aside for savings and how much to invest.
Ching Yun, 23
What is your degree major in?
I attained a degree in Economics/Finance
What is the position and the company you will be kicking off your career with?
I am a Portfolio Analyst at Natixiss.
What are some of the challenges you faced when applying for a job?
Finding a job with interesting job scope while at the same time offering good benefits. Some companies focus too much on grades.
How do you plan to allocate your first paycheque?
I will be giving a portion of it to my parents as “pocket money”. A portion to treat my friends to dinner, and save up the remaining.
What is your biggest worry when it comes to personal finance?
My main worry will be, not being able to save enough. Putting my money into the wrong savings account with lower rates adds on to the worry too.
Justin, 25
What is your degree major in?
My degree is in Psychology.
What is the position and the company you will be kicking off your career with?
I’m an Operations executive at NTUC Fairprice.
What are some of the challenges you faced when applying for a job?
Generally, the slow responses for applications.
What do you plan to allocate your first paycheque?
I will be investing a percentage in REITs and ETFs. Setting aside for savings, the rest will be my day-to-day expenses.
What is your biggest worry when it comes to personal finance?
The fear of not being able to buy a house.
Vanessa Chua, 23
What is your degree major in?
My degree is in Life Sciences
What is the position and the company you will be kicking off your career with?
I’m an HR executive at credence RCG
What are some of the challenges you faced when applying for a job?
Employers don’t want to shortlist you for interview 
What do you plan to allocate your first paycheque?
I will be giving S$500 to my parents, putting S$1000 into savings and the rest for expenditure.Â
What is your biggest worry when it comes to personal finance?
Not enough money to buy flat and retire!
Source: Seedly