Working in a bank

Originally Posted by Unregistered

Total 5 years working exp
2 years in TB Ops
1 years in Project Management

2 years in Tresury Sales covering FX and Fixed Income (NOW)

Basic 6.8K basic
Revenue Target about 1mio.
Revenue YTD as of 30 Nov 2013 = 1.5mio
Comm YTD as of 30 Nov 2013 = 79,874.58

Just had appraisal with boss last week, he said will fight pay rise for me.
But chances are very low due to current market condition.
Last year pay increment was 5%.

thanks for sharing. may i know if this is a foreign bank? big name investment bank?

Originally Posted by Unregistered

Reviving this once popular thread..

Care to share what's your salary increment % and bonus this year?
can include BO/Mid/FO

Me, 8% increment, small asset management firm

Abt 6 mths bonus

FO
5%
~1.5 months.

Originally Posted by Unregistered

thanks for sharing. may i know if this is a foreign bank? big name investment bank?

It is not local banks.
It is not the investment banks.
One of the foreign Banks.

Originally Posted by Unregistered

thanks for sharing. may i know if this is a foreign bank? big name investment bank?

Yes, it is a big-name foreign investment bank.

i read some of the posts in amusement, but i have to break the myth about FO.

In banking, especially FO, you need to know someone who knows someone. i was a local uni fresh graduate with a degree not from finance, but work in foreign bank FO right after graduation in a markets role. dont waste your additional time doing a masters if your intention is to make your way into FO, unless you really love studying. you are much better off spending some time doing more networking

FO is about relationships, and less about your masters or phd, to be honest. and imho, fresh graduates are better off not thinking how much salary they are getting in future. Banking is not that rosy an industry, and the trajectory is not as predictable as it seems.

Hi,

Anyone can share whats the bonus like for IB FO nowadays? For VP and below

Thanks

Can't give my name or my bank but i work in a big IB FO as a trader. Born bred Singaporean with double in finance and math, learn programming on my own and traded retail for the last 6 years before i graduated.

Age: Early - Mid 20's
Basic about 140k PA
Bonus 3 -6 mths or as a % of P&L
Target around 3mm Rev yearly

Just fyi. I trade multiple asset classes

Originally Posted by Unregistered

Hi,

Anyone can share whats the bonus like for IB FO nowadays? For VP and below

Thanks

Average of 6 months.

Originally Posted by Unregistered

i read some of the posts in amusement, but i have to break the myth about FO.

In banking, especially FO, you need to know someone who knows someone. i was a local uni fresh graduate with a degree not from finance, but work in foreign bank FO right after graduation in a markets role. dont waste your additional time doing a masters if your intention is to make your way into FO, unless you really love studying. you are much better off spending some time doing more networking

FO is about relationships, and less about your masters or phd, to be honest. and imho, fresh graduates are better off not thinking how much salary they are getting in future. Banking is not that rosy an industry, and the trajectory is not as predictable as it seems.

This is a good post.

Many (especially in Singapore; less so in North America and Europe) still think the best and only way to get into front office at an investment bank is to bust your ass to get a 4.0 GPA and have multiple leadership positions in a gazillion clubs. Yes, these are important, but they only get you through the door and perhaps only that first interview. You're on your own after that...your grades and accomplishments will not help you much without you performing in the interview.

Relationships are really (almost) everything in this industry (especially front office but also to a lesser extent, other functions). I could have a 2.9 GPA but if I network well, build relationships with people in the industry...I can still get a job in an investment bank. I really hope this changes in Singapore (I'm born and bred Singaporean but did much of my studies abroad) but Singaporean university graduates are simply rigid like that; majority of them are not flexible enough to understand that employers are not looking solely at grades and accomplishments. If I'm going to have to work with you for 12-15 hours a day 5-7 days a week...I really want you to be someone I would enjoy working with. Not just a programmable human being whose IQ and grades are off the charts. Also, ALOT want to become bankers because it pays the "best"...my advice is if you're in for the money, find something else because I can almost guarantee that you'll leave soon enough. You have to love your job in this industry if you're to stand any chance of staying.

Case in point, I'm not sure if anyone knows but the BBs operating in Singapore (think GS, JPM, CS, MS etc) actively hire their interns and fresh analysts from top universities outside of Singapore (Ivy leagues, top UK, Canadian, European universities etc). With NUS' and local universities' top notch rankings, you would think graduates would place better at these places...but no. I'm not saying that Singaporean students don't make it but they are a small minority at the BBs. i.e. a BB in Singapore will hire 7 for their front office summer analyst positions...and only 1 will be a Singaporean university student. This has been my experience from outside Singapore as a Singaporean...if someone has a different experience please feel free to correct me.

Originally Posted by Unregistered

Can't give my name or my bank but i work in a big IB FO as a trader. Born bred Singaporean with double in finance and math, learn programming on my own and traded retail for the last 6 years before i graduated.

Age: Early - Mid 20's
Basic about 140k PA
Bonus 3 -6 mths or as a % of P&L
Target around 3mm Rev yearly

Just fyi. I trade multiple asset classes

Hi, thanks for your honest sharing. So 3-6 mths bonus is the norm these days for IB FO? Excluding the MDs and outliers

Thanks