Banks' Pay and Bonuses

Originally Posted by Unregistered

Your obviously know nothing about the reality of the industry.

Could you share the realities that you know about banking hotshots and/or the industry in general?

Originally Posted by Unregistered

Could you share the realities that you know about banking hotshots and/or the industry in general?

like I've mentioned up in the thread earlier...front office interns in most BBs are paid a pro rated amount pegged to a first year analyst's pay. amount is public...they were recently increased to 85k USD p.a...or about 115k SGD. this is close to 10k SGD per month.

never judge banking industry ppl's pay/net worth based on their lifestyle, its their culture to project a high flyer wine & dine lifestyle. a lot of times its not even their money, just claiming from co.

i have seen enough bank guys try to BS talk big only to get busted out of job then kbkb dun even have money to tide through 1 mth.

LOL, I have never seen so much sour grape kuku losers. Go ASK anyone working in BB FO positions! The intern pay is $10k/mth. If you don't know or lack the access, go to any local Uni career services or attend one of the talks hosted by the big banks.

Don't be a joke, pls.

Originally Posted by Unregistered

LOL, I have never seen so much sour grape kuku losers. Go ASK anyone working in BB FO positions! The intern pay is $10k/mth. If you don't know or lack the access, go to any local Uni career services or attend one of the talks hosted by the big banks.

Don't be a joke, pls.

true on the 10k and above bit.

so many sour grapes here.

but you reap what you sow. it's hard, hard work.

Originally Posted by Unregistered

true on the 10k and above bit.

so many sour grapes here.

but you reap what you sow. it's hard, hard work.

You guys didn't study finance in uni? If you did, you would have heard quite a few stories like that. There are certain banks that pay full-time salary for interns. Positions are few and competitive since you can imagine everybody wants to get the 10k internship for a chance to be converted to a perm role after graduation. Perhaps you hung out with the average students and didn't hear about such things. Most interns get 800/month.

Originally Posted by Unregistered

You guys didn't study finance in uni? If you did, you would have heard quite a few stories like that. There are certain banks that pay full-time salary for interns. Positions are few and competitive since you can imagine everybody wants to get the 10k internship for a chance to be converted to a perm role after graduation. Perhaps you hung out with the average students and didn't hear about such things. Most interns get 800/month.

Exactly. Some people just cannot reconcile reality with their own less-than-stellar situations. So they try to convince themselves and, unsuccessfully, others who know way more than they do.

Originally Posted by Unregistered

Exactly. Some people just cannot reconcile reality with their own less-than-stellar situations. So they try to convince themselves and, unsuccessfully, others who know way more than they do.

Yup, it's true that they earn that much. However, the number of places available is extremely low. It's very difficult to obtain those positions; you need to be the top few in the entire cohort in Singapore. Furthermore, even when you managed get into it, it can be really competitive inside as you're competing against top-notch people.

In addition, these positions tend have an "up-or-out" structure. That is, you need to perform well, if not you're out. This is because Front Office positions are essentially revenue-generating positions. You're at mercy to: (1) the general economic conditions which tend to be volatile and (2) your peers (both within your bank and other banks) for the same clients. There's no reason why the bank should keep you if you're not able to generate revenue for the bank.

Hence, the environment will be really stressful.

[I'm the above poster] Having said that, if you're good, you can really earn a lot of money as long as the economic condition isn't too bad. Nevertheless, the financial industry is changing a lot over the years, which has caused a substantial reduction in compensation. This is due to: (1) Increased regulations; (2) Decreasing spread/commission by FO personnel; (3) Increasing competition. All these have led to lower margins and lower revenues, which eventually would lead to lower income earned by these FO personnel.

Hence, think and do your due diligence before you leap into it. The financial industry isn't as rosy as you may think it is to be.

Originally Posted by Unregistered

Yup, it's true that they earn that much. However, the number of places available is extremely low. It's very difficult to obtain those positions; you need to be the top few in the entire cohort in Singapore. Furthermore, even when you managed get into it, it can be really competitive inside as you're competing against top-notch people.

In addition, these positions tend have an "up-or-out" structure. That is, you need to perform well, if not you're out. This is because Front Office positions are essentially revenue-generating positions. You're at mercy to: (1) the general economic conditions which tend to be volatile and (2) your peers (both within your bank and other banks) for the same clients. There's no reason why the bank should keep you if you're not able to generate revenue for the bank.

Hence, the environment will be really stressful.

Not sure what the exact figures are for local students but all the bulge brackets that operate here tend to hire aggressively from top schools from outside of Singapore (ivies and top US/European/Canadian universities). I think it's inherently easier to get hired by a BB if you study at a top university elsewhere. If you're a local student in a front office function at a bulge bracket, you'll not only be competing against other top local students but also top students from around the world...period.