Banking - Back Office

The figures are correct. MBB in Singapore typically pays about 6K, and is definitely lower than FO roles in AM, IB, S&T etc.

Originally Posted by Unregistered

generally to get into a b-school in US, a typical candidate worked in a client facing role, or was part of an amazing start-up story or did social enterprise with very clear impact and so on.

I have been researching this for quite a bit.

Graduates from consulting and financial services graduates typically comprise about ~30% in total of a school's admits.

There is still enough legroom to get to B-School if you provide a compelling enough reason. I actually think good graduate programs that structure you well for management is also something that sets you up for B-school.

Originally Posted by Unregistered

I have been researching this for quite a bit.

Graduates from consulting and financial services graduates typically comprise about ~30% in total of a school's admits.

Where does this 30% number come from?

From the incoming class profile of top b-schools like harvard, wharton etc.

Originally Posted by Unregistered

From the incoming class profile of top b-schools like harvard, wharton etc.

What I mean is the 30% number is published where? Or is this your personal guess?

Originally Posted by Unregistered

What I mean is the 30% number is published where? Or is this your personal guess?

I just looked at the trifecta of business schools HWS.

Here you go:

://.hbs.edu/mba/admissions/class-profile/Pages/default.aspx

://mba.wharton.upenn.edu/admissions/class-profile/

s://.gsb.stanford.edu/programs/mba/admission/evaluation-criteria/class-profile

If you exclude PE from financial services, it's about ~30%. I think that schools like Wharton (and others with a finance bent like NYU/Columbia) would probably be closer to 50% though.

Originally Posted by Unregistered

Got that. I was asking pay for MBB in Singapore after 2 - 3 work experience and MBA. Supposing the candidate paid US$150k for his MBA, he needs to pull in a high pay. From what I gather, considering tax and living expenses, I say S$11k.

You mean a mba grad who worked elsewhere after finishing b-school? Unfortunately, thats even harder than trying to join as a fresh grad.

Check out victor cheng, reddit consulting and wso. You will find that is true.

Originally Posted by Unregistered

Yeah.. MA from one of those banks I have listed. All of us had to spend some time in Operations so we made some friends in Ops and they shared with us their lives.

I would say that Ops are pretty overworked and underpaid. Pity though because they contribute significantly to the bank. Thats why when I was in ops, I realise everyone was *ahem* sensitive topic. . Non-Singaporeans. The Singaporeans there are mainly those from *ahem* another sensitive topic.. SIM / Part-time degrees. Poly. Those who didn't do well in NTU/SMU/NUS. Or those from unrelated courses like arts.

Alot of uncles and aunties also. Those in their late 30s, 40s. No more bargaining power. Bank treats them like ****.

How bad? I saw one uncle receive $500 bonus a few years ago when I was in the department. He was late 50s and his wife had cancer. He actually retired already but the cancer wiped out his entire savings. Went back to work in OPS. No more bargaining power. . probably paid $2k? Needed the bonus badly as he hoped to bring his wife for a short trip to Malaysia.

When he went into the room. He didn't say anything. When he came out he couldn't hold back anymore and cried. Initially I admitted in my mind I was "LOL", because of Bonus cry is abit extreme right? Then when I talked to him and he told me what he needed the money for I felt very bad. I spoke to the department head and the department head told me that actually this year NO BONUS. The $500 came out from his own pocket.

Then I realise... I'm never going to stay in Ops. Work till 40 then what? No progression. No more bargaining power. Got young and cheap grads + FT to replace you anytime. Not happy leave la.. the bank happier!

Sorry abit off topic.. just remembered this incident and got abit emotional writing this.

Chanced upon this and so shocked and sad to read this stay strong, those in ops!

Originally Posted by Unregistered

Yeah.. MA from one of those banks I have listed. All of us had to spend some time in Operations so we made some friends in Ops and they shared with us their lives.

I would say that Ops are pretty overworked and underpaid. How bad? I saw one uncle receive $500 bonus a few years ago when I was in the department. He was late 50s and his wife had cancer. He actually retired already but the cancer wiped out his entire savings. Went back to work in OPS. No more bargaining power. . probably paid $2k? Needed the bonus badly as he hoped to bring his wife for a short trip to Malaysia.

When he went into the room. He didn't say anything. When he came out he couldn't hold back anymore and cried. Initially I admitted in my mind I was "LOL", because of Bonus cry is abit extreme right? Then when I talked to him and he told me what he needed the money for I felt very bad. I spoke to the department head and the department head told me that actually this year NO BONUS. The $500

wow the department head is a true leader

Hi all, I’m a mid-career applicant to Citibank who just got offered a role that is situated somewhere in between MO and BO. Read through the thread and it sounds like progression is slow in Citi. What happens if I get stuck at the same rank (VP/SVP) for many years and remain there till retirement? Will I keep getting salary increments every year? Or will I eventually hit a pay cap and no more increments till I get promoted.