How much are you earning per annum?

Originally Posted by Unregistered

There's quite a big range. A 30-year-old male lawyer (or a 28-year-old female) would draw more than $8,000 in one of the big four firms. In an offshore firm, the same lawyer would be drawing close to or more than $10,000 depending on the firm and where he is based. In the medium-sized firms, they will be drawing between $7,000 to $8,000 and of course, the remainder working in even smaller firms will draw less than that but still easily above $5,000. By extrapolation, the average male lawyer should be earning about $7,000 at 30 (28 for a female).

I don't know enough 35-year-old lawyers to comment on their average pay.

This is fairly spot on.

Originally Posted by Unregistered

i see, thanks for the advice. it's gonna be a gamble as i'm sure you'd agree. if i have a top US undergrad degree, is it possible to break in without going for an MBA? i'm told that BBs have a very structured recruiting program so if i'm not in school, the only way to land an interview is to have someone you know in a BB push your resume.

yes, a top undergrad degree is definitely going to help. but, assuming that you already have a few years of working experience, it would be hard pressed for the bb to take you in for the annual analyst class because you are too old and overly experienced. your lack of a graduate degree, and relevant experience also preclude you from the associate class. But that doesn't mean u cannot break into a bb: you simply need to apply to individual positions that open up from time to time, and hopefully have something to show, like maybe CFA.

good luck.

Originally Posted by Myth Buster

Nobody is held accountable for what is written here, some use pseudo names and some contributors dont even bother to use them. But there is a common human behaviour, something which I observed in my classmates. Let me explained.

My classmates and I are now in our 50s, and we made it a point to meet every year to catch up. Initially the turn up was good, but as the years wore on, fewer and fewer turn up. And who usually turn up? They were the ones who have made good in life.

Likewise, I am inclined to believe that those who participated in the forum here are doing well and want to "boast" about their incomes.

Yes, there will be those who dont make such incomes and thus find the income claims here not believable, but the fact is that the income gap in Singapore is huge. If you are on the right side of the divide, you will find the claims here believable.

i agree. btw, i'm the 33yo, 6 year experience 300k guy.

there is a huge discrepancy in compensation between sectors, and even within the same sector, the same discrepancy exists for different roles. So for example, for the same number of years of experience, the banking guy tend to make more than the engineering guy. i have a female colleague whose job is more administrative than profit-generating. but at the age of 28, she was already making over 100k (i don't know the exact figure, but it is definitely over 100k because she is only getting $100 payout this 1 May; she is 30 this year, and the payout is based on AY 2010's gross income, which references to her total remuneration from 2009). And she is only the average performer with a basic degree from a local university. What % of the guys break 100k at 30 (adjusting for 2y ns). She is not high achiever; she is simply in an industry that pays more.

Now compare her remuneration with mine, since we are both from the same firm. At 30, I probably made twice her salary, and still do now. So why the discrepancy when we belong to the same firm? Well, we have different roles. She is administrative, I am business facing.

When I was an undergrad, I used to think that working for a stat board, and eventually drawing a salary of 8k would be great. Then I worked for a bank, and realized that 8k is easily within reach, since associate class at BB have pretty much known starting base salary of 95k to 115k. So I worked towards that, and my salary was doubled when i graduated. the economy didn't help my cause, but with the nyc experience under my belt, i returned to singapore on a different remuneration package.

Some may read the wage raise as unbelievable. I understand that, because I wouldn't because too if i weren't from the industry, or if you told me this when i was an undergrad. But now that I have experienced it, it can tell you categorically that to make 100k a year is not difficult at all in Singapore; you just need to be in the right industry, and have the right knowledge. Knowledge pays in today's economy.

Originally Posted by Unregistered

yes, a top undergrad degree is definitely going to help. but, assuming that you already have a few years of working experience, it would be hard pressed for the bb to take you in for the annual analyst class because you are too old and overly experienced. your lack of a graduate degree, and relevant experience also preclude you from the associate class. But that doesn't mean u cannot break into a bb: you simply need to apply to individual positions that open up from time to time, and hopefully have something to show, like maybe CFA.

good luck.

Hi there, I am currently studying under a scholarship, but I am open to leaving in the middle of my bond if a good BB opportunity arises. I note that you mentioned a graduate degree would be required for an associate position if I lack relevant experience. I am currently considering whether to go for a one year Masters programme in finance. Would that be counted as a grad program for an associate role? I'm worried that I may be overly degreed and too old for an analyst role, yet denied an associate role because my grad school wasn't an MBA.

Originally Posted by Unregistered

Hi there, I am currently studying under a scholarship, but I am open to leaving in the middle of my bond if a good BB opportunity arises. I note that you mentioned a graduate degree would be required for an associate position if I lack relevant experience. I am currently considering whether to go for a one year Masters programme in finance. Would that be counted as a grad program for an associate role? I'm worried that I may be overly degreed and too old for an analyst role, yet denied an associate role because my grad school wasn't an MBA.

You should consider breaking the bond now.

Originally Posted by Unregistered

You should consider breaking the bond now.

would if i could, but my family can't pay for it. I'll have to work a few years and save up for it.

Originally Posted by Unregistered

i agree. btw, i'm the 33yo, 6 year experience 300k guy.

there is a huge discrepancy in compensation between sectors, and even within the same sector, the same discrepancy exists for different roles. So for example, for the same number of years of experience, the banking guy tend to make more than the engineering guy. i have a female colleague whose job is more administrative than profit-generating. but at the age of 28, she was already making over 100k (i don't know the exact figure, but it is definitely over 100k because she is only getting $100 payout this 1 May; she is 30 this year, and the payout is based on AY 2010's gross income, which references to her total remuneration from 2009). And she is only the average performer with a basic degree from a local university. What % of the guys break 100k at 30 (adjusting for 2y ns). She is not high achiever; she is simply in an industry that pays more.

Now compare her remuneration with mine, since we are both from the same firm. At 30, I probably made twice her salary, and still do now. So why the discrepancy when we belong to the same firm? Well, we have different roles. She is administrative, I am business facing.

When I was an undergrad, I used to think that working for a stat board, and eventually drawing a salary of 8k would be great. Then I worked for a bank, and realized that 8k is easily within reach, since associate class at BB have pretty much known starting base salary of 95k to 115k. So I worked towards that, and my salary was doubled when i graduated. the economy didn't help my cause, but with the nyc experience under my belt, i returned to singapore on a different remuneration package.

Some may read the wage raise as unbelievable. I understand that, because I wouldn't because too if i weren't from the industry, or if you told me this when i was an undergrad. But now that I have experienced it, it can tell you categorically that to make 100k a year is not difficult at all in Singapore; you just need to be in the right industry, and have the right knowledge. Knowledge pays in today's economy.

care to share ur deg? from where? job scope? bank?
Thanks!

Originally Posted by Unregistered

would if i could, but my family can't pay for it. I'll have to work a few years and save up for it.

If you can find a good job just before graduation, beg borrow and sting to break the bond. Don't let the moral obligation nonsense affect you- those sprouting the nonsense aren't too moral themselves. learn to be selfish learn to pray to the money god.

Job:Judge
Pay:300k annum

Originally Posted by Unregistered

If you can find a good job just before graduation, beg borrow and sting to break the bond. Don't let the moral obligation nonsense affect you- those sprouting the nonsense aren't too moral themselves. learn to be selfish learn to pray to the money god.

lol believe more, i did consider that... i am not concerned about moral obligation - it's a contract no more magical than any other contract. it's just that the LD is really too large, how do you borrow 400k?

i plan to spend nothing on myself during the first 2-3 years of work. have already started scrimping and saving in college. should be able to muster 200k with some help from my parents, by the 3rd year of bond - just enough to break.