how much were you currently drawing previously in your engineering job? And, how much you expect to be drawing if u were to get a BO/MO job with an IB?
If you were to land a job in those areas, what are your expectations going forward, say, the next 5-7years? And you wld be around early 40s by then.

Gotta manage your expectations realistically, cus things isnt that rosy as you think it is.
But i would say, in general, someone with 5years of BO exp (i.e trade settlements, etc) would likely to be paid more than someone with equivalent exp in the engineering field. Of course, this can be debated and doesn't apply to every single eng jobs out there, but rather just an avg across the board in SG. However, don't expect to be able to walk into any BMW / Merc showroom and point to any newest import models you fancy without batting an eyelid. Better paid doesnt mean very well paid.

Like previous posters said above, dont be disillusioned by big names,etc (well... still they do matter to some extent..), if you have proper academic papers and solid working exp previously, why not explore other opportunities? BO in banking is the function that could easily be outsource any chennai, poland, china, philp,etc. Even being in the MO doesnt mean you are safe, you will still face the risk of being layoff, axed due to restructuring, etc. Talking about industry volatility, banking is probably 1 of the top few ones alongside with the manufacturing line.

If you have family commitments, consider your options carefully. I've seen many people diving into the banking field and in the end have to leave because they couldnt make it. It is a cut throat environment, even in the BO/MO you'll def have psycho colleagues out to make life miserable for others and such scenarios are more prevalent in banking.

Bro, if you manage to get a job in banking next time, make sure to play the 'game' smartly and shrewdly