Quote:
You guys are making me embarrassed of myself.
Personally, I've been working two years in front office serving largest mnc institutional clients in one of our local banks here. It's the front office (non retail) that everyone is saying how hard to set foot in. Looking at my pay scale, I feel so ashamed. Total year package is probably 55k for the first 2 years as an analyst here.
Of cos bulge brackets pay much better but didn't know to such ridiculous extent that a back end is earning and promoting so fast than me in a local FO. Might as well do simple ops than killing my brain cells doing so much analytical work.
Not sure how much truth is there here, but back end jobs are ultimately going to India or less developed countries
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To be fair, some of the information above are incorrect, and some are right. It is more or less true that back office in bulge brackets pay quite well comparatively against median graduate salaries, but the promotion progression has been exaggerated as mentioned in a couple of posts above.
Second, the strength of local banks is that it offers job security and arguably less stress. BBs pay more because their trading units and IB units generate comparatively larger revenue and they offer a wider range of services.
To say that local FO loses out to BO is not really the case however. Bonuses have not been factored in and you are not looking at a 10 year horizon. In the end, if you want to do finance, a local FO will give u much more exit options than BO at a top BB.
Despite saying this however, id like to clarify your comment on back office jobs. You cant really lump all back office jobs together: while its true that ops in general are outsourced (in many cases they are automated more though), bank IT is fast becoming inhoused by the foreign banks that can afford to build tech. Many of the foreign banks have realized the problems of outsourced development and have chosen to build their own core tech talent... however, as IT and finance are two very different careers, if you want to be in finance, its much much better to be in a local FO role than BO at a top bank, as mentioned.