MAS for Mid Career Professionals

How rigid are the offers made by HR for mid careers?

Any chance of them rescinding the offer if i try to nego?

Originally Posted by Unregistered

HK does have better regulators, which i think are more focused and understand the industry and key risk they are trying to control. Please ask your policy colleagues who they have been referring to in juris scan.

And one Binance doesnt make all the difference. Binance ran into issues in many financial hubs because hubs do not want to be associated with them to protect their reputation.

The factor that you state, some are important qualities in a good regulator so not sure what you are saying. Educated workforce is not unique to SG. One thing bad about Singapore people is that they tend to think too well of SG's attractiveness

Hello bro, I am also in a policy-making department and the reason why HK is in the juris scan is because it is a financial hub just like Singapore. It doesn't mean that all financial hubs in the juris scan necessarily have "better" regulation.

I am well-aware of the differences and I can confidently say that the HK regulations are not as good as strong as ours for my scope of work (which is a massive part of the financial sector affecting all Singaporeans).

You don't understand the paradox of being a "good" regulator. Regulators that have very strict regulations obviously run the risk of companies setting up shop elsewhere. On the contrary, those are not strict, ceteris paribus, are more attractive to be in because they can run with lower capital requirements, lower compliance costs, etc. Companies most certainly do not come to Singapore just because MAS is a strict regulator. They come to Singapore because of many other qualities that Singapore has as a whole.

The factors that I stated are important qualities in a country; these qualities are obviously not confined to MAS. Strong rule of law, stable government, low corruption are qualities that were painstakingly built up by the entire country under the leadership of the past and present era. Companies set up shop here because these qualities are evident across the country; they are not evident in MAS alone. MAS is not some paragon of virtue that shines brilliantly while the rest of Singapore is engulfed in darkness.

Originally Posted by Unregistered

How rigid are the offers made by HR for mid careers?

Any chance of them rescinding the offer if i try to nego?

MAS base pay is set to 75% of certain benchmark.

so for mid-career joining from financial services sector, a 15-20% cut on base pay is the norm.

if you factor in bonus, which is around 1 month + 0.5-1 month, you can expect 30-40% cut to your total pay for joining MAS.

just nego, keep the above in mind, and see what the HR says.

Originally Posted by Unregistered

How rigid are the offers made by HR for mid careers?

Any chance of them rescinding the offer if i try to nego?

Public sector is for retirement, esp if you're mid career hire

When is promotion or redesignation ah? July?

Originally Posted by Unregistered

MAS base pay is set to 75% of certain benchmark.

so for mid-career joining from financial services sector, a 15-20% cut on base pay is the norm.

if you factor in bonus, which is around 1 month + 0.5-1 month, you can expect 30-40% cut to your total pay for joining MAS.

just nego, keep the above in mind, and see what the HR says.

O wow, seriously? There are people willing to join for that big a pay cut?

I can't even imagine changing jobs for +10%, let alone taking a cut

Originally Posted by Unregistered

O wow, seriously? There are people willing to join for that big a pay cut?

I can't even imagine changing jobs for +10%, let alone taking a cut

If you're in your late 40s and planning to relax soon. Taking a slight pay cut is alright for stability and work life balance.

Originally Posted by Unregistered

MAS base pay is set to 75% of certain benchmark.

so for mid-career joining from financial services sector, a 15-20% cut on base pay is the norm.

if you factor in bonus, which is around 1 month + 0.5-1 month, you can expect 30-40% cut to your total pay for joining MAS.

just nego, keep the above in mind, and see what the HR says.

Actually.... How is the benchmark determined?

I understand it's 75% of private sector, but the pay can differ across different functions and banks.

75% of DBS back office vs 75% of GS front office has completely different meaning

Originally Posted by Unregistered

Hello bro, I am also in a policy-making department and the reason why HK is in the juris scan is because it is a financial hub just like Singapore. It doesn't mean that all financial hubs in the juris scan necessarily have "better" regulation.

I am well-aware of the differences and I can confidently say that the HK regulations are not as good as strong as ours for my scope of work (which is a massive part of the financial sector affecting all Singaporeans).

You don't understand the paradox of being a "good" regulator. Regulators that have very strict regulations obviously run the risk of companies setting up shop elsewhere. On the contrary, those are not strict, ceteris paribus, are more attractive to be in because they can run with lower capital requirements, lower compliance costs, etc. Companies most certainly do not come to Singapore just because MAS is a strict regulator. They come to Singapore because of many other qualities that Singapore has as a whole.

The factors that I stated are important qualities in a country; these qualities are obviously not confined to MAS. Strong rule of law, stable government, low corruption are qualities that were painstakingly built up by the entire country under the leadership of the past and present era. Companies set up shop here because these qualities are evident across the country; they are not evident in MAS alone. MAS is not some paragon of virtue that shines brilliantly while the rest of Singapore is engulfed in darkness.

I disagree. We often get management requests to look into areas that our financial hubs have initiated reforms and changes in. If other regulators are not doing right or perhaps better, we need not agonise over what they are doing and seek to even consult them to study their policies and practices. The point is, there is no "best" and no point trying to be best but you got to be in the league. And nothing was previously said about a good regulator being the strictest one so again an imaginary argument.

Your so called country attributes are felt exactly through the regulators. Which part of the governmt do the FIs interact with most often? MHA? MinLaw? Financial Regulators exercise public powers so rule of law applies to them. So does low corruption and policy stability. You are imagining an argument of "paragon of virtue" when the initial point is a simple one: you need a decent regulator and central bank for the sector to thrive.

There are of course sub quality officers in MAS ...

Originally Posted by Unregistered

Actually.... How is the benchmark determined?

I understand it's 75% of private sector, but the pay can differ across different functions and banks.

75% of DBS back office vs 75% of GS front office has completely different meaning

MD once said it’s not benchmarked against investment banks. More like local bank back office