Why Bankers in Asia Now Need Second Job

More and more banking professionals, both here in Asia and globally, are taking on new roles in completely different sectors. But I’m not talking about the old trend of people quitting banking altogether; I’m referring to those who are staying in the sector and doing at least one additional job on the side.

During my time as a senior banker I had a career involving speaking, lecturing and writing. Why did I do this? Why might you want to consider having a second job yourself? And how can you make a success of a side career? Let me explain.

Why have multiple jobs?

1. Your skills won’t be wasted

Most people have multiple skills and talents. In my view, it’s a pity that you only use your intelligence and skills within one sector.

2. You get fulfilment

Banking is a cutthroat and political business, especially since the financial crisis when a lot of the ‘fun’ was taken out of the industry and redundancies became more commonplace. You may get a high salary and bonus, but you probably don’t get fulfilment from your job. Having a side gig – in an area you’re passionate about – allows you to get some more meaning in your life.

3. You mix with different people

One of the main advantages of an additional career is that you get to talk to people who you wouldn’t come across in banking. I always found it fascinating to have conversations about non-finance topics – for example, I would frequently mix with marketing people to talk about digital marketing.

4. Your banking career improves

Your side gig can help you become a better banker. Because of my work at Renmin University, clients regarded me not just as a banker but as a teacher, which is a respected position in China. Some of my students even referred their bosses to me. Your second job can get you a foot in the door with people who would otherwise be tricky to meet. If you own a restaurant on the side, for example, host special meals for potential clients.

5. Extra income

It shouldn’t be your primary objective, but some additional income is always welcome.

How to make a success of your side job

1. Try it at your bank first

Your colleagues are a great testing ground for your second-job idea. If they don’t like what you’re doing, you probably shouldn’t go ahead. If you want to set up a baking business, see if your workmates actually enjoy eating your cakes. If you’re interested in public speaking, take advantage of speaking opportunities at your bank. If you’re a budding singer, find out if your bank runs an annual talent show.

2. Profile yourself on social media

I’ve learned from experience that the more effort you put into social media marketing, the better. It will increase the chances of business opportunities coming to you. And remember, you’re no longer just a banker. LinkedIn has been effective for me. I let readers know that I am also a speaker and a lecturer. Organisations such as the CFA Institute and NUS have engaged me to speak and teach as a result.

3. Get your boss to be supportive

It’s essential to have a good relationship with your bosses, otherwise they might use your new job against you. You want your boss to be thinking: “you perform so well here that it’s good that you’re doing something else as well. I was very lucky that all my bosses (except for one, who thought I was moonlighting) have been very supportive.

4. Ensure your banking job always takes priority

It’s possible that your side gig could eventually become your full-time career, but while you’re still employed, under no circumstance should the bank think that you’re not performing well because of outside commitments. I used much of my own annual leave to teach and speak, which further ensured that my bosses couldn’t fault my commitment to the bank.

5. Charge a fee and declare it

If you get paid, you know it’s a proper side job and not just a hobby. When I first started lecturing, I was tempted to tell the university not to pay me, to avoid the hassle of declaring my fee to compliance and HR. But I decided to charge, and went through the long and painful approval process imposed by the bank. It is worth the time and effort! The fee proved to myself that I could cut it as a lecturer.

Eric Sim is a former UBS investment bank managing director who’s now the founder of career training school Institute of Life. He’s also a guest lecturer at Renmin University.

(This article first appeared on efinancialcareers)