Quote:
Originally Posted by QXP
If you need to ask then you shouldn't be thinking of moving. It seems you have neither the passion, interest nor the faintest clue of what the banking / finance industry is about other than hearsay of great riches.
Also as an additional note, your description of your company's progression is only partially correct. While the 6% / 12% increment depending on performance ranking might apply in the initial phase, all companies will eventually start capping or reducing such increments once you approach the high end of their prescribed ranges.
There will come a time where your promotions fail to keep pace with your increments and you will find your salary progression slowing down due to salary caps. Otherwise an above average performer that gets averagely 9% p.a. will end up drawing 100k monthly by the time he retire.
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Thanks for sharing. It is indeed true that I do not have much idea about the financial sector and thats why I chose to create this thread to hear more about what others with more exposure have to say.
Again, I agree with the capping of the increments but for the first 10 years of career i'm quite sure this increment is more or less around what i described. Our ranking system are structured such that as a new bird we are rank at a site level. With promotions, the supervisors and managers are ranked in the national level. Executives and up will be ranked at the regional/global level. So it is really not easy for someone to be ranked in the top for 30 years consecutively.. and of cos, at such a level.. maybe the increment doesn't seem that important anymore..
I'm being more down to earth by targeting the 100k/annum after 10 years.. and wonder if its easier to meet this pay check in the financial sector within a shorter time, and over a longer or equivalent span..