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In tougher job market, aspiring bankers skip class to ‘stack’ internships

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Goldman Sachs had 31.5 per cent more internship applications in Singapore this year, and graduate recruitment is now so competitive that “internships are where you can get the foot in the door”.

Already a subscriber?When BNP Paribas offered Aloysius Kang a six-month internship, he withdrew from his Singapore university classes in the middle of the semester to take the “once-in-a-lifetime opportunity.”

In the city, which has expanded as a wealth hub catering to rich families across Asia as Hong Kong battled a downturn in investment banking, it’s common to do multiple internships prior to graduation. “There’s a new level of competitiveness,” said Eric Sim, a career coach and former UBS banker. Over the years, it’s become evident that those with internships are more likely to get a return offer, especially in banking, he said. This trend leads students to think that the more internships they do, the higher chance of getting the job.

reported earlier this month. Deutsche Bank and HSBC also joined global rivals in making several rounds of job cuts in Asia due to a slump in deal-making in the region, Bloomberg previously reported.

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