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Private Sector vs Public Sector

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Old 28-03-2011, 12:48 AM
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Default Private Sector vs Public Sector

Hi all.

I'm a 33 yo guy currently earning $5.7k in the finance industry. After I graduated from NTU accounting with 2nd upper honours, I've got 2 job offers, 1 from a stat board and another from the finance industry. I took up the finance, even though it is of slightly lower pay. Now that I'm 33, I'm beginning to wonder if I have made a mistake. I'm considered an slightly above average worker... with bonus of about 4-5 months on average. Will like to check out the opinions of you guys if those working in civil service can get around $5.7k a month at the age of 33. I've got a friend who graduated together with me (NTU accounting 2nd upper as well) and took up the offer from a ministry and then transfered to stat board. From my convo with him, he seems to be earning about $8-10k a month. Is this possible, or is he overstating his pay? Appreciate all comments...
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Old 28-03-2011, 01:32 AM
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Quote:
Originally Posted by androidguy View Post
Hi all.

I'm a 33 yo guy currently earning $5.7k in the finance industry. After I graduated from NTU accounting with 2nd upper honours, I've got 2 job offers, 1 from a stat board and another from the finance industry. I took up the finance, even though it is of slightly lower pay. Now that I'm 33, I'm beginning to wonder if I have made a mistake. I'm considered an slightly above average worker... with bonus of about 4-5 months on average. Will like to check out the opinions of you guys if those working in civil service can get around $5.7k a month at the age of 33. I've got a friend who graduated together with me (NTU accounting 2nd upper as well) and took up the offer from a ministry and then transfered to stat board. From my convo with him, he seems to be earning about $8-10k a month. Is this possible, or is he overstating his pay? Appreciate all comments...
hi it seems a bit high... i guess 8 yrs is likely to have 2 to 3 promotions in govt... even then my estimate would be 6k+ for a above average performer....


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Old 28-03-2011, 09:39 AM
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Your salary seems a bit low for someone in finance with 8 years experience... Have you not made avp/associate?
Anyways... Finance is so broad, perhaps you can share if you are in a local/foreign/investment bank? Also, what is your job function? Operations? Tax?
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Old 28-03-2011, 10:13 AM
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Default Low Pay

I am currently an AVP, and I do think my pay is low. That probably has to do with the fact that I stuck with 1 local bank throughout my career, aided with some bad circumstancial timing that prevented earlier promotion. Also, I'm working in a cost centre in consumer banking so naturally, I do not expect expectionally high pay as others.

So what do you reckon someone working in my position should be reasonably getting? May be its time to consider some drastic action.

Also, can some folks in civil service advice on the rough pay of an above average performer who's been working for 8 years or so. Is $8k-$10k realistically attainable considering the fact that my friend is on a non-scholarly route.
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Old 28-03-2011, 11:16 AM
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yes it is possible. There are many routes other than the scholar route in the civil service. He could be a MA, or a hi potential MX. 8k to 10k is high for normal performers, but if u are a high flyer and get your MX10 early, 8 to 10k is definitely possible.
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Old 28-03-2011, 11:18 AM
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I have a friend working in MHA..dealing with project management.. 1st class hnrs from NUS EE.. local scholar.. his starting pay 6 years back in 2005 was $3550 (this is raw basic pay excl bonus and excl AWS). promoted twice... from what i gather from our conversations..his pay is roughly $6k plus now and he is well above average performer.. even in another 2 years I don't think his pay can hit 8-10k.. so my feel is that your friend might be inflating his pay...
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Old 28-03-2011, 04:03 PM
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Well, I guess he could possibly be earning $7-$8k at MX10 realistically as a high performer, with possibly 5 months bonus in total to have a total annual package of about $120k. I guess for a high performer, this is achieveable. Any civil servants out there can confirm this? Or better still, if u manage to achieve this, can share your experience?

Should I decide to try out for a position in a Stat board, with relevant working experience, will I be able to negotiate for a competitive pay package? From the other thread about civil servant pay, I gathered that there are some people who experienced a paycut just to get a job in civil service. Is this prevalent for people trying to hop from private to public sector. At my age and with my experience, what would my rank realistically be? MX10 or MX11?
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Old 28-03-2011, 06:53 PM
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Consumer banking... Local bank... BO... 8years... Your pay sounds just about right for an average performer with that profile..
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Old 28-03-2011, 11:29 PM
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Dude, you gotta jump from your bank.
A fresh grad earns close to 5k in mine.
Promo = about 15% increment. Otherwise, about 3%.
BUT bonus is <1 mth.
Do your calc and decide whether you are remunerated reasonably.
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Old 29-03-2011, 12:19 AM
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Dude, you gotta jump from your bank.
A fresh grad earns close to 5k in mine.
Promo = about 15% increment. Otherwise, about 3%.
BUT bonus is <1 mth.
Do your calc and decide whether you are remunerated reasonably.
Which bank is this? I work in an investment bank and they pay 4k max for BO fresh grads
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