MAS for Mid Career Professionals

[Soul]

Hi, any one can offer advice about getting in to MAS as a mid career professional?

Profile early 30's about ten years working
Degree (honours 2nd upper)
Mainly sales background in banking

Cons: been moving jobs around 2 years but generally above average performer.

I understand the process can take a few months?

Generally the JD advertised doesn't say too much and they ask for 1-3 years experience min required.

I put a friend as referral who's an AD.. But I doubt that helps.

Originally Posted by Soul

Hi, any one can offer advice about getting in to MAS as a mid career professional?

Profile early 30's about ten years working
Degree (honours 2nd upper)
Mainly sales background in banking

Cons: been moving jobs around 2 years but generally above average performer.

I understand the process can take a few months?

Generally the JD advertised doesn't say too much and they ask for 1-3 years experience min required.

I put a friend as referral who's an AD.. But I doubt that helps.

You need to be more specific about your exp, can't tell much if you just say 10 years sales exp & mid career. At least let us know what jobs & seniority level you are on for the past few years.

Also what job did you apply for in MAS?

As for your AD friend referral (I assume he is from MAS or other stat board?), better not put it. AD is just a fancy title for an assistant / entry level manager & it looks kind of silly putting someone who is probably more junior then you as a referral.

[Soul]

Hi j@x,

Thanks for your reply

1) My last role was a team lead role in retail banking serving the high net worth client space (e.g. for example within the portfolio, we managed AUM ranging from from 200k to 10m). Generally the duties would include sales and advisory of investments, business development efforts for client acquisition, training, AML oversight, KYC and ensuring regulatory compliance of documentation.

2) Applied for role in Business Development under Financial Sector Development

3) by the looks of the car and landed property, I'm quite certain my friend who works at MAS isn't in a junior role maybe different departments have a different pay scale or grade? However that isn't my rationale for wanting to join MAS.

Originally Posted by Soul

Hi j@x,

Thanks for your reply

1) My last role was a team lead role in retail banking serving the high net worth client space (e.g. for example within the portfolio, we managed AUM ranging from from 200k to 10m). Generally the duties would include sales and advisory of investments, business development efforts for client acquisition, training, AML oversight, KYC and ensuring regulatory compliance of documentation.

2) Applied for role in Business Development under Financial Sector Development

3) by the looks of the car and landed property, I'm quite certain my friend who works at MAS isn't in a junior role maybe different departments have a different pay scale or grade? However that isn't my rationale for wanting to join MAS.

Hmm... seems like you were a priority / private banker previously. Not sure what exactly is your motivation for joining MAS, but I'm fairly certain they will not be able to come close to matching your remuneration, so I hope you are prepared for some serious pay cut.

I can see some skill portability in terms of experience, but am not very sure MAS exact requirement for this job, so I would say there's a decent chance although my personal opinion is they are a little apprehensive over people from foreign banks. They are also quite into the nature of your degree, so your chances will be better if it's the 3 local U or the Tier 1 U in Australia & it is Finance related.

I don't want to speculate on how your friend finances his car & property, but I am fairly certain AD is a junior position in MAS, this is applied uniformly throughout all departments. Many departments don't even have managerial grade, it's Associate straight to AD. The high potentials would have already reached AD in their late 20s.

In fact based on your experience you should also be applying for an AD level position as well. If you have applied for something below like Manager / Associate, they are likely to scrutinize and probe you on your over qualifications and your motivation to take a paycut & job downgrading.

[Soul]

Hi J@x,

Thanks for your reply.

1) Yes I'm prepared to take a pair cut. Money was never a huge motivation for me in the first place. Let's just put it this way, I averaged 13-14 hour at work and often worked weekends. Health wise and family it wasn't positive. For expected salary I put in a number that was about 10% lesser than my last drawn basic. I was afraid of being priced out before getting an interview.

2) I have a degree majoring in finance however that was through an EQIUS accredited university in Ireland. I'm in the process of enrolling to Manchester Business School's Global MBA program. But I don't think that will make jack of a difference.

3) any reason why they are apprehensive about hiring from foreign banks? I have heard about private sector poaching MAS staff though..

4) thanks for your insights maybe I got my friend's designation wrong. But anyway a few other questions I want to ask

5) is there a good chance getting an interview? Or does HR have a pre-determined cut off eg min 2:1 degree. No distance program degree. Etc
The website also states its ok to apply for multiple roles. Is that true?

Do you think other areas such as financial sector supervision would be a good fit also?

you were a pte banker for 10 years & quote an expected salary that is only 10% below last drawn for a MAS BD job!?!?!?

either you are one super poorly paid pte banker or your CV is already in the rubbish bin. you will need at least 50% reduction to be pay competitive, that is assuming you are applying for a AD job.

Originally Posted by Unregistered

you were a pte banker for 10 years & quote an expected salary that is only 10% below last drawn for a MAS BD job!?!?!?

either you are one super poorly paid pte banker or your CV is already in the rubbish bin. you will need at least 50% reduction to be pay competitive, that is assuming you are applying for a AD job.

Not totally impossible.

Since he is a team leader in the FO of a foreign bank & 10 years work experience, his last job is maybe a higher end VP. Without bonus basic salary should be 12k - 15k in the market.

He mention reduce asking pay by 10%, so that will be 11k - 13.5k, that is roughly the range of a Director in MAS like a small department head, so still possible.

But chances are quite low since he doesn't have a branded degree or prestigious MBA, besides it is very rare for MAS to hire early 30s people into Director level.

[Soul]

Thanks all. You guys are either very optimistic or I'm grossly underpaid. Are those numbers just base and excluding variable?

What's a fair salary base for an AD level role then?

I'm looking at AD level roles not director level though. But you mentioned the requirement of a branded degree or MBA to even get a chance?

Guess I'm should stick the the private sector huh?

Read carefully. He was doing retail sales previously. If not a PFC in some neighborhood branch, then probably investment product team.

6-8k max was his last drawn.

Hmmm....

How much was your last drawn ?

Are you on bonus or commission ?

I guess 10 yrs experience maybe can ask for around 10k ? but also must depend on your last drawn and whether you are on bonus or commission.