SMU Fresh Grads Make $4k to $10k

I don't get it. If you know that some of your seniors earn 2.4k (very low), and some earn 10k+ (very good), then you know that industry is the major factor in that, why don't you all go to that 10k+/month industry?
Why are there still graduates going to the 2.4k/month industry?
Don't tell me that it's because you "love" the 2.4k/month industry.
Is it because of competition? In that case all the best, brightest students will surely go to the 10k industry right? Then why the summa cum laudes are still getting an average of 3.5k?
This 3.5k is average some more, meaning that, assuming some of the cum laude guys are earning 10k, there are a lot, lot more cum laude guys earning below 3.5k to bring the average down to 3.5k.
Which proves what I've suspected all along: when it comes to money, school smart doesn't pay. Street smart and networking do

I agree with some of what Howcome have said and here're some fresh commentaries to that.

few things we tend to forget:

- the number of people earning that amount of money (little)

- the type of people earning that kind of money (high-profilers)

So when you hear a comment saying that I know people like them, and you hear the same from 20 other people, it is still highly probable we are talking about the same group of people.

Another thing about the choosing of industry. There's a limit on the number of finance students in the school. Not everyone are summa cum laudes as well. Most of the students will not be summas going into investment banking or consulting. However, most summas will not be be taking up 3.5k jobs as well. And there you go, the natural distribution of valuable jobs based on academic rankings.

Lastly, Howcome talked about being street smart and having networks. That is probably the most important point of all. People whom I know earning in excess of 5k a month have gotten their jobs or interview opportunities due to their participation in competitions, be it academic or sports. Some gotten them just because they frequent particular golf courses. Guess what, you may need to be financially equipped first.

Hi

I am a SMU alumni as well. Graduated 3 years ago. I believe al has given a pretty accurate summary of the situation for us.

Would like to comment on Howcome's question below

Howcome:
"why don't you all go to that 10k+/month industry?
Why are there still graduates going to the 2.4k/month industry?"

This is because the side of banks that pay so well, "the Front Office" is EXTREMELY hard to get in because, as u have described already... everyone wants to get in for the pay... think that is pretty self-explanatory

why study so hard ?

be a monk.
earn 600k+ per year.
--------
Straits times 20th may:
Top monk's 2001 earnings - $660,000
AN ONGOING legal battle between a Buddhist temple and its former business partner has thrown light on the big pay cheques and business interests of its top monk.

A court was told that the Venerable Meow Ee, 41, of the Leong Hwa Chan Si Temple in the Novena area, had been earning $100,000 a year in the last few years; his bumper year was 2001, when he took home $660,000.

lol. i read that piece of news as well.

Anyway, seriously speaking, why are we 'jealous' or 'disbelieving' of the 10k/month earners? I truly believe that most of them earned their rights to their remunerations. Knowing some of them personally, they are not only intelligent, they have sufficient EQ as well. Many a time, we often condemn a smart person for his/her arrogance and lack of friends. Well, these people are probably not in the 10k/month zone. And i'm not talking about commission-based salaries. So there, envy them but use them as a goal, not beating bags.

Second point, 10/k a month is not THAT high. Of course it's crazy for a fresh graduate but just look at the little shops around Singapore. Some of them are earning in excess of 30k a month without any qualifications at all. My relatives, though low in education levels, own their businesses (in fixing cars, selling audio sets, selling PCs, hair salons etc) and still manage to stay in condos or private estate.

So my point is? If you can't join the 10/k guys in investment banking or consultancies, start your own business.

Anyway the Straits times said the average pay was $3040. Not $3500. Can we have a poll? Is $3040 in today's cost of living enough for you to live VERY COMFORTABLY? Pls give your comments. Btw, starting pay doesn't mean your next year pay will automatically go up. Starting pay can also mean it might be your highest pay in many years to come. Not to think so is naive and inmature. There are only 2 guarantees in life; death and taxes. Salary is never guaranteed to go up automatically.

Pass degree pay
'This is just about the $2,350 starting salary for graduates with a pass degree entering the civil service.' MR CHU SINGFAT: 'Singapore Management University reports that last year's graduates' average starting pay was $3,040. The top 20 per cent got $5,600 on average. This implies that the remaining 80 per cent got an average starting pay of about $2,400. This is just about the $2,350 starting salary for graduates with a pass degree entering the civil service.'

If by "very comfortably" you mean having a car, and all those other amenities that you mentioned, no need to poll everybody can figure out the answer already: no.
But "very comfortably" differs from person to person. What one thinks is very comfortable is not your idea of very comfortable. So just agree to differ lor.
Anyway like I said, if we use your definition, then no need to poll we all also know that it's not enough.

There are people who own flats, cars, wives and children living on a 3k salary. Of course, I guess they don't take annual holidays in Europe or eat at restaurants every weekend. But like what Howcome says, it is sufficient for them; it's a matter of managing one's expectations.

For many of my friends with a polytechnic diploma (I was a poly grad), they are willing to slog the additional hours (shift work) for a monthly remuneration of 3k to 5k and believe it to be sufficient. For the friends I know in university, they find it to be barely adequate for 'survival'; having to 'give up' luxuries like insurance, investments, condominiums and cars. Different people have different needs and wants and the education system have nurtured this expectation in us, subjected to adaptations to our workplace environments.

It amuses with the stupidilty of certain replys around here with those comparing a SMU degree to a beer girl or a poly diploma perhaps they seem to miss out on the fact that 3.5K is a starting pay and a degree holder climbs the career ladder way faster than any of the former with limitless opportunties.