Originally Posted by Unregistered

I work in the industry and would like to add some value to this forum and society..

1. Don't believe figures published by recruitment agencies as most of the time, they are inflated in their own interests. Why? They get paid commissions based on % of their candidates' salaries. The higher the salaries, the higher their revenues. So collectively, they have an incentive to publish high figures.

2. HS and U*B have the most inflated job titles in banking IMO. Someone in his late twenties or early thirties can be a VP but making only 4-5k/mth. Similarly, some Chinese/Jap banks can pay their FO (ie. Involved in IB/Markets) 4-6k/mth. But I believe the poster who said he's a Director/SVP and making 20k/mth and his wife is making 17k/mth as a VP in Compliance. The reason is because it depends on the specific bank name and the no. of years of experience. Also, a Director is a VP in some banks, but a SVP is others. A SVP is a team lead of VPs, and many people finish their career as a VP and not SVP. Obviously, to be a team lead and making 20k like that guy, you need some substance and leadership. And a VP can make anywhere from 6k to 20k, depending on bank, age, starting salary, the role's orbat etc.

3. In some roles like "Buyside Quant funds" and FO roles in big names, it is industry standard to pay 8-10k/mth for entry level salary. To get into such roles, your profile is typically a first class in local uni, a Masters in a quantitative subject like Maths/Comp Sci/Physics etc or you grad from top Ivy league universities. Most people do not make the cut, thus these salaries are the exception rather than the norm.

4. Most people who talk about their high salaries do not mention about the sacrifices they have to make. There is No Free Lunch in This World. Do you know that FX sales/trading desks in banks operate in every single public holiday in the world except 1st January? Plus many global banks are cutting headcounts everywhere. There is no job security. Today you make 10k as a fresh grad. You dunno if you still get a salary tomorrow.

5. Lastly, the average pay in banking is indeed higher than most other industries. However, not everyone makes big bucks in banking. If you think that's the case, you will be sorely disappointed.