With banks and buy-side firms still laying off staff and the recession hitting the corporate sector, is a government job now the only way to get your iron rice bowl? We talk to five financial markets professionals in Singapore and Hong Kong about why they have been applying for public sector positions.

Better job security, shorter hours and more meaningful work are the main reasons why these bankers, who asked not to be named, are considering a career change.

One Singapore financier says slaving away at an i-bank is becoming less attractive in the new age of curtailed bonuses.

“The astronomical salaries and bonuses are over in the banking sector and we will never see that again, especially under government scrutiny. And as there is no incentive for me to work as hard with the hope of a pot of gold at the end of the rainbow, I might as well look into the public sector,” he adds.

But if the good times return, will public sector converts be lured back to banking? Opinion within the five interviewees is divided.

Those with kids think a public sector career is one for life, offering stability and allowing them more time with their families.

But childless bankers view government jobs as short-term moves to ride out the financial storm and keep unemployment at bay. One says he will “definitely” move back when markets improve.

The bankers mentioned the Hong Kong Monetary Authority, SPRING Singapore and the Monetary Authority of Singapore as some of their top choices for employment.

Sovereign wealth funds Temasek and GIC are attractive options for those who want a half-way-house between the financial and public sectors. One banker is thinking of lecturing at a university while pursuing a PhD.

Contributed by efinancialcareers.hk – 27.03.09