A university degree in Singapore no longer guarantees success?
Outstanding unemployment rate of graduate
The recent statistics by the Ministry of Manpower (MOM) showed that the graduate unemployment is currently 4.3% in Singapore, the highest since 2009.
Having a university degree used to guarantee one a high paying job in Singapore (and in Japan, too) back to the 80s and 90s.
Local finance information website DollarsAndSense.sg reported that getting a degree is no longer sufficient to secure a job.
The article explains the reason using the statistic data as of 2014 published by Singstats:
there were about 81,000 full time university students in Singapore. On the other hand, there were total of 190,000 secondary school students in the same year. That means, for every 2 secondary student, there is an university undergraduate. That is, we already have too many degree holders.
It concludes that a degree (whether it’s full-time or part-time, local or overseas) does not help you stand out from your competitors.
So how are they able to increase the employability and stand out from their peers?
It advises the following 4 to strengthen your potentiality.
1) Know what you want to do.
Saying that you want to be an investment banker or a management consultant is not an answer. You need to have clear idea what it is that you want to do.
2) Understand the industry you are planning to enter
It is no point if the sector you intend to enter is not hiring fresh graduates at all. For example, the gas and oil industries are the one affected heavily by the recent slow economy. You need to be aware of the job opportunities in the sector of your preference.
3) Have multiple internships
Now an internship is considered to be taken as an extended interview to get a job. If you can impress your boss or colleagues, there would be a great change for you to join the team when you graduate, as long as there is an opening.
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