Friday, August 22, 2014

Planning to study Law ?

Overseas law graduates who earn a second-lower honours degree will continue to be allowed to practise in Singapore without having to cross extra hurdles, despite a predicted glut of lawyers here.
But a review of which foreign universities should be recognised is being finalised, and the findings are expected to be released soon.
Law Minister K. Shanmugam recently warned of an oversupply of lawyers in the next three years, and attributed this to the sharp rise in Singaporeans going abroad, mainly to Britain, to pursue law.
In Britain, the number of Singapore law students more than doubled from 510 in 2010 to 1,142 last year. In 2009, a rule was relaxed to allow foreign-trained lawyers with second-lower honours to take the Bar exam without extra years of legal work experience. Previously, they needed two years.
The rising number of law graduates from abroad has made it harder for them to get a six-month practice training contract - a requirement for entry to the Bar. The contract allows them to get on-the-job training at a law firm.
Every year, there are around 500 contracts on offer. Most go to the 400 or so local law graduates from the National University of Singapore (NUS) and Singapore Management University, leaving the rest for their foreign-educated peers.
NUS law dean Simon Chesterman told The Straits Times that demand for a law degree is high here. He said the faculty received 4,000 applicants for 250 places this year.

"The numbers going overseas cannot be easily controlled as more parents and students can afford it," he said. "But that doesn't guarantee you a job in the profession. Students have to manage their expectations, unless they have a first-class honours degree from Oxford or Cambridge."

Saturday, January 4, 2014

Financial Planning Ratios

Net Worth        
Difference between Total Assets and Total Liabilities.
Total Assets includes Cash, FD, Shares, Unit Trusts, Car, Home
Total Liabilities includes any Loan (Credit Cards, Car Loan, Home Mortgage, Overdraft ..etc ).

Liquid Assets        
Cash and other resources that can be easily converted to cash typically within one year. Eg. savings account and fixed deposits

Monthly Expenses        
How much you spend every month.




Liquidity Ratio = Liquid Assets / Monthly Expenses   
- Guideline is Greater or Equal to 3-6 months.
- Shows how many months your current liquid assets can sustain existing monthly expenses, assuming monthly income is suspended (job lost).

Liquid Assets to Net worth
= Liquid Assets / Net Worth   
- Guideline is Greater or Equal to 15%.
- Shows what amount of net worth is in Liquid Assets

Savings Ratio = Savings & Investments / Total Income   
- Guideline is Greater or Equal To 10%.
- Shows the percentage that you are saving with current income

Debt-to-Asset Ratio = Total Liabilities / Total Assets   
- Guideline is Less or Equal To 50%.
- Shows how much of your assets are financed by debt. Therefore the lesser the better.

Debt Service Ratio = Annual Loan Payments / Annual Take Home Pay (after CPF)   
- Guideline is Less or Equal To 30%.
- Shows how much Take Home Pay is being used to pay off your loans

Investment Assets to Net Worth Ratio = Investment Assets / Net Worth   
- Guideline is Greater or Equal to 50%.
- Shows how much you have devoted to accumulating money especially for purposes like
Retirement or Long-Term goals.
- Another guideline to note is that this ratio should increase as you get older.

Solvency Ratio
= Net Worth / Total Assets   
- Shows how much of your assets really belong to you