Of Scholars and Scholarships

This is a view I expressed at Ephriam Loy's blog after several postings about why rich people should not get scholarships.

Scholarships and scholars are always touchy subjects in Singapore. I am a US Fulbright Fellows (ok, so I am not of the PSC calibre or "Singapore Scholar" route), so permit me to add a few words here. I believe scholarship should award the best and the brightest regardless of economic well-being.

Here is the reason:- At which point do you draw the line between a person is too rich (and hence should not deserve it) and a person is too clever (and hence deserve it)? Do you measure by networth or cash? Many HDB owners are richer than the condo and BMW heroes who are in huge debt. Then again, the condo heroes are professionals and they can argue they are economically stronger. Then again, the middle income folks will say that they are richer because of their frugal spending habits. And when you tell them the richer folks' kids d'ont get scholarships, both groups will out poor each other.

I am just illustrating the difficulties of a policy of awarding scholarships by adding economic well-being as a criteria. There is really no right or wrong answer here.

Here is a personal story. When I was in NTU, my grades were good enough for the NTU scholarship (co awarded with the financial institutions). I was already an entrepreneur then (before entrepreneurship is fashionable.) I wrote my own "How to pass EXAM" guides (yup, the arrogance of it) as an undergraduate and sold it to my classmates. I would go to the lecture hall (while the "normal and cool" folks announce the next interhall competitions) and borrow the mike from my bemused professors, and start marketing my guidebook and they are obviously a hit among desperate students.

So during the interview, the NTU panelists asked, "You dont look poor? So why do you need a scholarship?" I answered that I did not know family background is a criteria. However, I really come from a middle income family. One reason why I am applying this scholarship is that I needed extra money to expand my exam guide business in NTU. And here is my flipchart. (Powerpoint was not invented then.) I will demonstrate why I deserve it and why the money will be put to good use." Just like those American comedies "Revenge of the Nerds". The panelists laughed the high class derisive laugh and coldly, "We dont need to see your presentation. This is not what a scholarship is really about! You may leave.." "But surely I deserve a chance to show -" "Get out". When I walked out with my head bowed like a dog, I heard them laughing and laughing and laughing...

To rub salt on wounds, the next candidate who walked in, was a friend of mine and she was a daughter of a very well to do family. When the question came about family background, she said "Although I come from a rich family, the scholarship is about prestige and a recognition of my hard work.. blah blah blah.. and I will work harder to do the school proud.." all the old crappy stuff that was pleasing to dinosauric ears. But she won the scholarship and I was kicked out unceremoniously.

The lessons here, upon reflection, are many.

Firstly, I needed to learn humility here. Come on, by selling exam guides, I was demonstrating I have hacked and beaten the exam system. For the record, I did. But academic staff does not want to hear things like that. You do not wave Viagra pills in front of the impotent. It is rude. And remember it happened in 1990s. Thinking out of the box was not 'in' at that time.

Two, the concept of entreprenuership was ahead of its times then. Had I appeared today in such interviews where everyone blindly follows the govt's call for entrepreneurship, it would have been a walk in the park. In every meeting, now educators lament the lack of entrepreneurship and worship the few business heroes in their institutions. Weathervanes change, compasses stay focus.

Three and more importantly, once you have those fuzzy criteria, then you can award or reject anyone you deem too rich, too poor, too ugly, too sexy etc.

Having said that, there must be opportunities in Singapore whereby poorer or middle income families can get scholarship, bursaries and loans. The criteria and objective must be clearer here. So I envision a two-scheme approach. One type of scholarship is really for the best and the brightest. Another scheme is for the financially needy and the rich need not even apply. And if you are poor and smart, you can apply to both types of scholarships. If you are rich, you only can apply for the first type and compete purely on brains, performance and vision.

I think that system is not unlike what we have now. The reality is that the rich and the connected will tend to do much better in the first type of scholarships due to their well-rounded exposures and access to resources but hey, I never dare write off anyone these days. With the internet access, everyone has a fair shot these days.

Oh there is a SWEET SWEET ending to my story. For years, I dreamt of doing a middle finger to the NTU panelists who asked me to walk out as if I was a criminal who stepped on their imaginary OB markers. Remember the scene from Matrix, Keannu Reeves (NEO) said, "How about I show you the middle finger and you spare me the Gestapo stuff?" (See so much for my lessons in humility.) When I was CEO in Institute of Banking and Finance, I got the wonderful opportunity to be invited back in NTU to hand pick the same scholarship's candidates. I became the panelists. The circle is complete. Heaven has a warped sense of humour.

And a candidate walked into the room - he ran his own funds, conducted his own investment courses and needed the scholarship money to expand his various businesses although he was not poor nor rich. It was like meeting Harold Fock Version 2.0 enhanced. And all the panelists were fawning over him as if he is the next best thing since sliced bread. Of course, I gave it to the entrepreneurial young man. His time has come. And i told the story to the panelists and I could hear the polite laughter..

But i often wondered. Am I not doing what I accused others of doing? Maybe I should award the scholarship to some boring scattie-cat introvert who wanted to be a government scholar, wished to spend his whole life in a government job, hated risks and hated the idea of entrepreneurship.. Maybe, that is ultimate contrarian. Maybe this is the new breed that will inherit the Earth while all the heroic deal-makers, greedy money hunters and cool technopreneurs all get wiped out in the next Great Depression. Thankfully, that option was not available as no such candidate matched my imaginary profile that day.

Oh, and to the panelists who mocked and kicked me out the first time, I forgive you for being a weathervane. We are all creatures of our present environment, dictated by what is acceptable and influenced by the opinion leaders, and thanks to you guys, I have worked harder and faster to win. I don't take things for granted. I fight to my last breath and I assemble a bunch of like minded fighters and winners to hunt together as a pack. And here is my middle finger anyway, got to complete what you set up to do when you grow up :-)

Harold Fock

Least you think I have no respect for NTU, that is incorrect too. It is one of the best things in my life - to get a financial education. My professor David Goh was instrumental in shaping my value investment views and you know how precious is that? Priceless! Dean Tan was always on the look out for me. And I have a bunch of money hunters I met in NTU that are still great friends today. My company is listed thanks to the NTU connection and Contact Singapore in Boston. So in life, you ride out your difficulties and thank heavens and your family, staff and friends when good things happen. Simple as that.

Comments

[Ranjeeta]

Meritocracy is great. I think it is fair but when I read about one of our prime minister's son or a millionaire son's getting a scholarship, I do get angry. That scholarship could have help fulfilled someone else's dream who was not born into a family that can afford so much. Yes, it is hard to draw the margin which rich kids should not get it. But as a society, it is hardly a fair game to begin with when the rich compete with the poor. One is born into a family that can afford tuition, extra books, wisdom from the successful parents, and the other has to make do with whatever he can get. Maybe one day our society with get fair enough (hopefully through education and enlightment)that the rich kids will not opt to apply for the scholarships unless they are willing to forego/donate their family inheritance (so as to prove they can make it on their own).

[SSLS]

Dear Harold,
I really liked your article and found it excellent.
I am a scholar from a well to do background but my parents believe in self-sufficiency and independence, so I earn my own keep. So you're right, circumstances are different.

And I like your advice on life, riding out difficulties. I will keep that in mind.
Cheers,
Shawn

[Jeffrey]

Scholarship in Singapore is not just about meritocracy. It is about a career path planned for the scholar even before he graduates. It is about a system that installs Mandarins in positions of power even though he/she may not be the best fit for the job. There are many "failed" scholars in office, but they will simply be shuffled from one GLC to another, to the detriment of the populace.

[Tessa]

People should read this.