gauravku Wrote: ------------------------------------------------------- > > @aks2010 - I have already tried at major BB banks > in Mumbai, I received some calls from the captive > centers of MS and BoA, however, the quality of > work they were offering was not very good, the > interview went well and he asked me about various > valuation models and the approach, in the end he > asked me whether I know how to read annual report > as I will have to update models for the analyst > sitting in EU, now this is a disgrace. Also, I > have applied to two of the investment bank in > India and also to some of the PE firms, but I have > not yet heard back from them. The job scenario is > really very grim throughout I believe. There are > less options to choose from. > Guess it is just a crunch time. This could be a very interesting week though…
@sumz- On their website, under the research tab you can find 4-5 sections with research reports on economy, companies etc. Just have a look at them, they are good. Following is the link for the research on economy. http://www.falcom.com.sa/insider.aspx?link=ecoresearch_en Also, following is the link to their career section. http://www.falcom.com.sa/insider.aspx?link=careers_en I had submitted my resume here, this is the ID for their HR department, but I got a call from someone in research. I have not yet heard back from them. Will keep updated. Also, in current situation, people seeking a career in finance don’t have many options.
aks2010 Wrote: ------------------------------------------------------- > gauravku Wrote: > -------------------------------------------------- > ----- > > > > > @aks2010 - I have already tried at major BB > banks > > in Mumbai, I received some calls from the > captive > > centers of MS and BoA, however, the quality of > > work they were offering was not very good, the > > interview went well and he asked me about > various > > valuation models and the approach, in the end > he > > asked me whether I know how to read annual > report > > as I will have to update models for the analyst > > sitting in EU, now this is a disgrace. Also, I > > have applied to two of the investment bank in > > India and also to some of the PE firms, but I > have > > not yet heard back from them. The job scenario > is > > really very grim throughout I believe. There > are > > less options to choose from. > > > > Guess it is just a crunch time. This could be a > very interesting week though… This indeed is going to be an interesting and sad week for investment professionals. I didnot had ever imagined repercussions could be so severe. This was really something uncalled for…
aks2010 Wrote: ------------------------------------------------------- > gauravku Wrote: > -------------------------------------------------- > ----- > > > > > @aks2010 - I have already tried at major BB > banks > > in Mumbai, I received some calls from the > captive > > centers of MS and BoA, however, the quality of > > work they were offering was not very good, the > > interview went well and he asked me about > various > > valuation models and the approach, in the end > he > > asked me whether I know how to read annual > report > > as I will have to update models for the analyst > > sitting in EU, now this is a disgrace. Also, I > > have applied to two of the investment bank in > > India and also to some of the PE firms, but I > have > > not yet heard back from them. The job scenario > is > > really very grim throughout I believe. There > are > > less options to choose from. > > > > Guess it is just a crunch time. This could be a > very interesting week though… This indeed is going to be an interesting and sad week for investment professionals. I didnot had ever imagined repercussions could be so severe. This was really something uncalled for…I feel the pain…
June07_guy Wrote: ------------------------------------------------------- Living > standard is generally much better than Europe and > the States, i,e, better homes, better streets, > bigger malls and supermarket, etc. this is total BS. they don’t even have a sewer system in Jeddah where I spent one year.
sumz Wrote: ------------------------------------------------------- > …if it is an > entry-level it should be around 10,000 riyals per > month as a package (excluding insurance and your > annual ticket)…dont agree for anything less than > that…depending on qualification, middle level > should be at least 15-22k per month… > > Again, big misrepresentation of cost of living. 10,000 Riaals will put you right on the poverty line, and that’s assuming they’re taking care of your housing bill ( the deal I had included housing, plane tickets, health insurance, and 50 days paid vacation!). There is a big misconception that this country is flush with oil dollars, you have to realize that outside of the royals family ( about 30,000 individuals), the rest of the population lives very modest lives. You’ll probably live in what they call “compounds”, which offer similar amenities as most appartment complexes in the US, but that’s where the comparison ends. Honestly, unless you’re muslim and would like to take a year or two near Mekha, I don’t see why you would want to go there.
I got an update today, the individual wants me to do a complete valuation for the company. This is a bit tiring, last week I had spent two full nights to prepare the report and send it to him in two days (I had sourced the target price and some financials from Reuters’ but the rest of the report and analysis was from the annual reports and my outlook, it was a 20 page report), if I have to do the entire analysis, I need to have insights from their management regarding future sales, investments, acquisitions etc. to forecast the income statement and balance sheet and then have to spend a lot of time preparing the detailed model. I am confused whether I should spend that much time, the opportunity cost is increasing as I have a lot of work in my current organization as well. Do they ask to do so much befor hiring for ER? I mean does the company asks candidates to do everything it expects him to do at office without absorption? @mo - I am not a muslim, but as of now, for me the most impotant issue is to get experience in front office. I am stuck in a back office and want to move out. I am a 2009 CFA level 3 candidate but am not able to use the skills and knowledge I have gained from my L1 and L2 studies, I feel the pain everyday, since the L2 results were declared. Its helpless situation, have contacted a number of employers and alumni but no one is willing to hire now. The situation is very grim and this opportunity is a ray of hope to move to FO and have some handson experience. Though I believe its getting difficult to convert.
gauravku Wrote: ------------------------------------------------------- > Do they ask to do so much befor hiring for ER? I > mean does the company asks candidates to do > everything it expects him to do at office without > absorption? Not really. I guess they are driving you crazy bcoz you live outside the country and they want to make sure you are competent enough. afterall, they’d spending thousands to sponsor you. > I am stuck in a back office and want to > move out. I am a 2009 CFA level 3 candidate but am > not able to use the skills and knowledge I have > gained from my L1 and L2 studies, As i mentioned, Saudi or any GCC country’s stock market is pretty irrational and all the forecasts and analysis of the market gets wasted…so in effect, you won’t be able to utilise the knowledge here as well.
mo34 Wrote: ------------------------------------------------------- > sumz Wrote: > -------------------------------------------------- > ----- > > …if it is an > > entry-level it should be around 10,000 riyals > per > > month as a package (excluding insurance and > your > > annual ticket)…dont agree for anything less > than > > that…depending on qualification, middle > level > > should be at least 15-22k per month… > > > > > > Again, big misrepresentation of cost of living. > 10,000 Riaals will put you right on the poverty > line, and that’s assuming they’re taking care of > your housing bill ( the deal I had included > housing, plane tickets, health insurance, and 50 > days paid vacation!). I was referring to this ‘entry-level’ range of 10k/month for someone who is a fresh graduate with little or no experience, it can go up to 14k for someone who is qualified from a good uni in Western country. >There is a big misconception > that this country is flush with oil dollars, you > have to realize that outside of the royals family > ( about 30,000 individuals), the rest of the > population lives very modest lives. You’ll > probably live in what they call “compounds”, which > offer similar amenities as most appartment > complexes in the US, but that’s where the > comparison ends. gaurav’s in india…so lifestyle is certainly better than there…i gave my comments accordingly
sumz Wrote: ------------------------------------------------------- > > Not really. I guess they are driving you crazy > bcoz you live outside the country and they want to > make sure you are competent enough. afterall, > they’d spending thousands to sponsor you. > > I understand, its always very difficult for companies to hire from outside and sponsor their travel VISA etc. and they should try to be assured about the credibility and ability of applicants. I would have done the same if I were in their place. Will try to work on it if I get enough time. > > As i mentioned, Saudi or any GCC country’s stock > market is pretty irrational and all the forecasts > and analysis of the market gets wasted…so in > effect, you won’t be able to utilise the knowledge > here as well. One of the questions for you here would be that, how difficult it is to move from there to the UK, the US, Japan, HongKong or Singapore from there once someone gains some experience in finance? I understand that the market is different in SA as compared to developed nations. The fundamental question I would like to ask here is that, whether it will be better for someone to switch to investment industry in developed markets (and also to do am MBA from top 10 after 3-4 years of work ex) from India (in back office) or from SA (with an experience in FO)? Can this add to diversity? Again I am asking something in advance. I have not heard back again from them and am not sure whether they are optimistic about me or not. This is just to have an idea about options. @mo - As sumz rightly said, I am currently based in India and I am underpaid in India standards and heavily (around 4-5 times lesser, without inflation adjustment) underpaid as per US standards. Outsourcing is all about cost cutting.
You will save a lot of money in SA. It is easy to move there from UK/US/etc, provided you find an employer seeking talent (with ability to recruit foreigners). If you have experience in Europe/North America, you are very much appreciated in the Saudi market. If you could find a good job in the developed markets, which compensates you well, go for it. The only reason you should come to SA is if you do not have that option. Most people don’t nowadays. Other than that, you must decide wether the tax-free salary makes up for the lack of social life in SA.
any updates gaurav?
.
good to hear from you sumz… As I had mentioned previously, he had asked me to preare a draft analyst report and a valuation model for one of the companies in SA. I had prepared the report (18 pages, in around 15 hours, for reference) and a detailed DCF model (around 8-10 hours) and had mailed back to him. I had also forwarded him some other samples of my work done at my current organization (with names of clients and other critical information removed). I had sent the documents on 16th night (India time), had two straight night outs for that :-(. I got a reply from him on 18th (Thursday last week), wherein he thanked me for the urgent response and said that he was sorry for the delay from his side, he also said that he was a bit occupied with work and will get back to me in a couple of days. I had replied to that mail thanking him and expressing my concern that the current state of financial market is jittery. However, after that mail I have not yet heard back from him. I am thinking of contacting him again, may be this weekend. What do you suggest? The situation is really depressing. Have also applied to other places and sent my resume to recruiters and alumni, but as usual, no responses. This is painful.
…
Be happy that he contacted you back after the submission of your drafts/reports. he might be genuinely busy and needs to check your work, so it is normal for it to take time…also you might know it is ramadan and eid season here…things do get slow…so do write now asking for a response, but don’t worry if you dont hear back good luck
Update on the interview call I had from the Saudi Arabia based Investment Bank (Falcom Financial Services). I had two rounds of interview and they gave me the final offer. Following are the highlights. Please comment whether its appropriate. Position - Research Analyst Department - Research Base Salary - 7500 SAR per month (90k SAR p.a. = $24030) Leave - 26 working days excluding public holidays Working hours - 40 per week, plus overtime Housing and commuting allowance - 1875 SAR per month Commuting allowance - 1000 SAR per month Tickets - Annual round trip economy class to home city Taxes - None Medical coverage - Covered City - Riyadh Please note that currently I am based in India and am working as a Senior Business Analyst with an outsourcing firm, however, the work is not very much aligned with the CFA curriculum (I am June 2009, Level3 candidate). I believe it doesn’t include bonuses. However, I don’t have any idea what bonuses are like in Saudi Arabia. And as per the earlier posts this salary structure is not at par with expectations.
I know nothing about the salary expectations and averages in SA, BUT let me just say, it would be an extremely different environment to go into, and a different one that could be extremely difficult to live in and adjust to, if at alll for that matter. So if you are in research, do a lot of research on the country before going first, otherwise you will giv eup the already decent sounding job you have and be very unhappy. But then again, it really could be a nice change over there and really good to experience something different. And I wish you all the best in what ever decision you make, and congratulations on getting an offer
hmm…offer is bit lower than i expected myself… well, not bad if you are single…i dont know exactly how you are living like in india…so hard to compare i agree with maddane that environment is very different and racist-like…nevertheless, if i was given a choice to forever live in saudia or pakistan (where i belong to)…i’d choose saudia…but yes riyadh is not one of my fav city in saudia…jeddah and dahran are better do ask them about bonuses and do ask about whether there is any room for negotiation… overall, i have heard good things about Falcom…it is one of the top local financial services firm all the best!
If your experience is less than 3 years (say you are less than 22 years old), this may be an average salary. If you have 5+ years, I would expect you should be making at least $33k overall package. I know some people working there with 10+ years of experience making above $60k in similar positions. About the country, it’s mostly modern with better living than most other countries, but you have to be willing to experience a different culture, in fact much different than most countries. I don’t agree with there being any real discrimination against foreigners.