Youth Unemployment: How SEC blew my mind

I am one of the 52 young graduates recruited under the maiden Young Professionals Programme (YPP) of the Securities and Exchange Commission (SEC), and this is my testimony. The SEC recruitment advert was published in December 2010 in Nigerian national dailies and spread via online job search blogs and fora. One requirement was a minimum […]

I am one of the 52 young graduates recruited under the maiden Young Professionals Programme (YPP) of the Securities and Exchange Commission (SEC), and this is my testimony. The SEC recruitment advert was published in December 2010 in Nigerian national dailies and spread via online job search blogs and fora. One requirement was a minimum of second-class upper (2’1) bachelor’s degree in economics, law, accounting, finance, statistics, information technology, and risk management. As I later understood, the SEC in spite of being the apex capital market regulatory authority in Nigeria, had shortage of manpower in those critical mandate areas. I completed an online application form on a web page hosted by Philips Outsourcing. I had completed other job applications on that same day and hoped for the best.

In February 2011, I was pleasantly surprised when I received a text message and an email invitation from Philips Outsourcing to sit for an aptitude test. I was particularly impressed that I received an SMS even though I was not in the country. It was something that I had never experienced with all the other organizations I had previously applied to. My test centre was in Ikeja. The aptitude test itself was well organized and was concluded before 12 pm – a rarity if you a young Nigerian and a serial test candidate. Test centres are usually a rowdy combination of shortlisted and unsuccessful candidates, the latter ‘trying their luck’ or bribing a recruitment official for an opportunity to take the test.

It was a long and anxious wait (about six months) between the aptitude test and the time I was informed that I had passed it. At a point I thought I had not been contacted because I had no connections in Philips outsourcing. Friends further discouraged me as they all had the same concerns – did I have any connections? Did I know anyone in government, especially at the top? Everyone believes that getting a job in Nigeria especially “a government job” was on a man-know-man basis. I had no connections but I had hope.

And my optimism paid off. I was contacted via email on July 23, 2011 that I had passed the aptitude test and was scheduled for an assessment / interview on the 10th of August 2011at Protea Hotel located off Ajose Adeogun, Victoria Island, Lagos. The assessment would involve an in-tray task to test organizational and prioritizing skills; a presentation on Ponzi schemes – Bernard Madoff case study; an interview and a group task analysis of the case study with relevance to Nigeria. The assessment was conducted by the SEC Human Resources staff and two independent recruitment agencies – Philips Outsourcing and Human Leadership Resources. At my assessment centre, we were about 12 (twelve) and I was the only lawyer. The other skill-tests represented were finance, economics, accounting and computer science.

The assessment was a whole-day event. We had a light breakfast before the assessment commenced and were subsequently ushered into a hall. We were addressed on the SEC mission, vision, values, and how the Young Professionals Programme was birthed. We proceeded to the first assessment stage, which was the in-tray task. This involved prioritizing different scenarios reflective of work and extra-curricular activities – creating a work – life balance. It was also reflective of issues bordering on integrity and subordination.  After we concluded the task, we had to pick numbers to represent the order in which we would be interviewed. I was number 10. We were split into two groups. I was in the second group.

In the second stage, a 3-man team of assessors interviewed us individually. Though I was nervous when it was my turn to be interviewed, I tried to overcompensate with a maniacal smile throughout the interview. First, I had to defend how I prioritized each scenario in the in-tray task. Subsequently, I was given five minutes to make my presentation on the Bernard Madoff Ponzi scheme case study. I was then interviewed on my educational background and work experience. I explained how my background in law and especially how the knowledge I gained from a master’s degree in law was relevant to the SEC. I gave examples of my ability to work under pressure, prioritise, keep confidential information, follow proper office procedure, and submit to authority.

I wondered if all of this was a mere show. Following the interview, we were given time to relax and get to know the other SEC hopefuls better. Everyone expressed their pleasure, some surprise, at the level of organization and professionalism displayed by the SEC and Phillips Outsourcing during the entire recruitment process. We were all in agreement that given the fastidious assessment process, the SEC was the place to be.

The last assessment stage was the group task. The two groups were switched between the two teams of assessors. In my group were five hopefuls. We were asked three questions on the Bernard Madoff Ponzi scheme case study bordering on lessons to be learned by the SEC as regulators of the capital market.

Shortly afterwards, my circumstances changed. Exactly six days after the assessment – August 16, 2011, I got a job at a reputable law firm in Lagos. On November 2, 2011, a colleague at work congratulated me on receiving my SEC job but I told her I had not heard from the SEC. She advised me to check my email as a friend of hers had received an offer from SEC. I checked my email and the first unopened message in my inbox was titled ‘Offer of Appointment’ from Ali M. I felt exhilaration! The four-month wait prior to receiving the appointment offer had been filled with anxiety. I had signed up with an online job vacancy forum where other SEC hopefuls exchanged experiences on the recruitment process. We also expressed doubts as to the possibility of being successful given that none of us had any internal contacts in the SEC. When the appointment offer eventually came, I was a bit hesitant to mention it to my fellow ‘forumites’ lest they suspect me of using ‘long leg’ to get the job or big contacts on the outside. In fact, it was difficult to convince unsuccessful forumites that the recruitment was merit-based because every Nigerian youth expects “man-know-man” to be the extra factor even if you have been shortlisted on the basis of a second-class upper bachelor’s degree.

The appointment offer was such a relief and a blessing. One year after the advert, we joined the SEC at the Abuja office on Monday, December 5, 2011. On the resumption date, I was excited and looked forward to meeting the other successful Young Professionals on my first day as an SEC employee. We were 52 in number – the best and brightest.

We underwent an intensive six-week induction programme, which covered fixed income, equities, alternatives, derivatives, bonds, commodities trading and other capital market matters. We also received training on financial statements and reporting, lifecycle of a trade, corporate governance, and risk management. The induction programme was very rewarding because it gave me better insight into the operations of global capital markets and how they contribute to the growth of an economy. It has also developed my teamwork skills and enabled me to interact with young and experienced professionals from other fields.

Isi is of SEC Nigeria, Abuja