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Originally Posted by Really?
Right. First you mentioned it's common to have 100K USD Basic to START WITH (which is definitely not true) and when it's convenient you picked a third year salary. By the way the article describes the pay in the U.S. You can't project it to Singapore otherwise every analyst in the world will want to come to Singapore for income tax arbitrage (30 to 40 percent difference). Income tax (state and federal) and various city taxes (for those who live in NY city) will easily reach between 40 to 50 % of your salary + bonus.
Also why should someone here be paid as high as the ones over in the U.S.? There is no such thing as Institutional Investors ranking or what have you here in Singapore (and even if there is, it's far from prestigious, and those people who are paid pretty highly by their third year should at least be in the running by then for II spots).
By the way I work at a top buy side firm so I think I know what the standard pay and work is for the industry.
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Dear Guest (11:13 AM 24/5/10)
I have a very close friend whose internship renumeration package, stress INTERNSHIP (i.e. 3rd year local university student, thus NO bonus. Just basic pay.), is worth S$9,000 (9k) per month in Private Wealth Management. I cannot and will not say which bank, but it's one of the Bulge Bracket Banks, if you know what I mean. As a matter of fact, it is true that it seems ridiculous to non-bankers, BUT it is not abnormal in the highly lucrative front-office investment banking&private banking.
In my case, I'm not paid as well as my friend despite being a graduate. However, I will get bonuses, and that will make my first year's package to be worth at least S$100,000 (100k) at the end of the first 12-months cycle, and this is the norm in this industry. Thus, S$250k for 3 years' worth of experience is perfectly credible too.