After being offered a six-month internship opportunity by BNP Paribas, Jiang Wentao suspended his studies at a university in Singapore during the semester to seize this "once in a lifetime opportunity". Jiang Wentao, who started his internship at the bank in March, has suspended his studies for two semesters in order to have more direct contact with the financial industry. This 24-year-old accounting undergraduate may graduate later than many of his peers at Singapore Management University, where more and more students are willing to adjust their higher education study time to accumulate coveted work experience. It even has a name: internship stacking. Jiang Wentao said that in the long run, it is worth it; he only took one course this spring, but had to pay full tuition of SGD 5,750 (USD 4,260). "The job market is now difficult, but the internship has given me a starting point for my career," he said. Students in places like London and New York are competing fiercely for opportunities to enrich their work experience, which has been highly competitive for years, but ambitious bankers in Singapore are going further, willing to postpone their graduation for several months or years. Corrine Ong, director of the Office of Career Services and Placement at Singapore Management University, said that graduate recruitment is highly competitive and that an internship is an opportunity that can give you a head start. About 15 years ago, when Ong first entered the higher education field, internships were few and far between - now universities offer as many as eight internship opportunities for students. "Unfortunately, it's become a race," she said. The number of people applying for internships has skyrocketed. Competition for those seeking finance jobs at major banks such as Goldman Sachs and JPMorgan is more intense than ever. The number of applications for internships at these companies has exploded. Compared to 2023, Goldman Sachs' internship program in Singapore received 31.5% more applications this year, roughly the same number as in the past few years. The bank received more than 5,000 applications for its 2024 internship program, of which only 1.4% were selected. A spokesperson said. Mary Erdoes, head of JP Morgan Asset and Wealth Management, said at an investor day in May that there were 4,000 internship vacancies worldwide, with 0.493 million applications. Brandon Coate, the new Asia-Pacific head of entry-level business at JPMorgan, said the number of people applying for summer internships in 2024 increased by about 15% year-on-year. "Competition has reached a new level," said Eric Sim, a career coach and former banker at UBS. He said that over the years, those with internship experience were clearly more likely to receive job offers, especially in the banking industry. This trend has led students to believe that the more internships they have, the greater their chances of getting a job will be. Emma Lee said she has a spreadsheet to keep track of her internship applications. During her undergraduate years, she completed six internships ranging from three to six months. "Some of these big companies only offer six-month internships," Lee said. She previously suspended her studies to intern at BNP Paribas. In her last year in school, the 23-year-old applied for more than 20 internships and received four replies. Lee is now interning at a bank, and she has to make up for seven courses in her final semester - almost twice the normal load - to graduate on time.

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Jiang Wentao

Students in places like London and New York are competing fiercely for opportunities to enrich their work experience, which has been highly competitive for years, but ambitious bankers in Singapore are going further, willing to postpone their graduation for several months or years.

Corrine Ong, director of the Office of Career Services and Placement at Singapore Management University, said that graduate recruitment is highly competitive and that an internship is an opportunity that can give you a head start. About 15 years ago, when Ong first entered the higher education field, internships were few and far between - now universities offer as many as eight internship opportunities for students. "Unfortunately, it's become a race," she said.

The number of people applying for internships has skyrocketed.

Competition for those seeking finance jobs at major banks such as Goldman Sachs and JPMorgan is more intense than ever. The number of applications for internships at these companies has exploded.

Compared to 2023, Goldman Sachs' internship program in Singapore received 31.5% more applications this year, roughly the same number as in the past few years. The bank received more than 5,000 applications for its 2024 internship program, of which only 1.4% were selected. A spokesperson said.

Mary Erdoes, head of JP Morgan Asset and Wealth Management, said at an investor day in May that there were 4,000 internship vacancies worldwide, with 0.493 million applications. Brandon Coate, the new Asia-Pacific head of entry-level business at JPMorgan, said the number of people applying for summer internships in 2024 increased by about 15% year-on-year.

"Competition has reached a new level," said Eric Sim, a career coach and former banker at UBS. He said that over the years, those with internship experience were clearly more likely to receive job offers, especially in the banking industry. This trend has led students to believe that the more internships they have, the greater their chances of getting a job will be.

Emma Lee said she has a spreadsheet to keep track of her internship applications. During her undergraduate years, she completed six internships ranging from three to six months. "Some of these big companies only offer six-month internships," Lee said. She previously suspended her studies to intern at BNP Paribas. In her last year in school, the 23-year-old applied for more than 20 internships and received four replies. Lee is now interning at a bank, and she has to make up for seven courses in her final semester - almost twice the normal load - to graduate on time.

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