MAS for Mid Career Professionals

MAS claims they mark to 75th percentile of financial sector pay. I think they must be referring to bank teller's pay package.

Comments here are quite accurate. Big open wound and the management is using plaster to patch. Don't believe the management about work prioritisation anymore.

MAS is quite half hearted about the work it does and falls prey to big words and empty trends like ESG and DeFi without dedicating resources to study the regulatory risks and rewards. It is ridiculous that the one and only central bank and integrated financial regulator faces a brain drain and tries to save on salaries for staff doing, by definition, cutting edge and forward looking work for Singapore as financial centre.

Hi, I was invited for an interview 2 weeks ago and have yet to hear back from MAS (the HR person said they will revert in 1-2 weeks). Any idea what to expect?

Originally Posted by Unregistered

MAS claims they mark to 75th percentile of financial sector pay. I think they must be referring to bank teller's pay package.

Comments here are quite accurate. Big open wound and the management is using plaster to patch. Don't believe the management about work prioritisation anymore.

MAS is quite half hearted about the work it does and falls prey to big words and empty trends like ESG and DeFi without dedicating resources to study the regulatory risks and rewards. It is ridiculous that the one and only central bank and integrated financial regulator faces a brain drain and tries to save on salaries for staff doing, by definition, cutting edge and forward looking work for Singapore as financial centre.

Definitely not paying competitively.

Yep just got an offer from a FI. 15% increment.

Anyone knows whats the increment from AD2 to DD1?

Originally Posted by Unregistered

MAS claims they mark to 75th percentile of financial sector pay. I think they must be referring to bank teller's pay package.

Comments here are quite accurate. Big open wound and the management is using plaster to patch. Don't believe the management about work prioritisation anymore.

MAS is quite half hearted about the work it does and falls prey to big words and empty trends like ESG and DeFi without dedicating resources to study the regulatory risks and rewards. It is ridiculous that the one and only central bank and integrated financial regulator faces a brain drain and tries to save on salaries for staff doing, by definition, cutting edge and forward looking work for Singapore as financial centre.

Agree with this! The workload is high and during offer stage, need to manage expectation as the offer might not be high and they tend to take your last drawn salary +2-3%. HR also position it as that is their max budget for the role. Also to caution about the portion on bonus as MAS only pay 1 bonus a year tt is 1.5 mths or lesser. So total package should be around 13.5 months.

Originally Posted by Unregistered

Anyone knows whats the increment from AD2 to DD1?

Like any normal yearly increment.

Originally Posted by Unregistered

MAS claims they mark to 75th percentile of financial sector pay. I think they must be referring to bank teller's pay package.

Comments here are quite accurate. Big open wound and the management is using plaster to patch. Don't believe the management about work prioritisation anymore.

MAS is quite half hearted about the work it does and falls prey to big words and empty trends like ESG and DeFi without dedicating resources to study the regulatory risks and rewards. It is ridiculous that the one and only central bank and integrated financial regulator faces a brain drain and tries to save on salaries for staff doing, by definition, cutting edge and forward looking work for Singapore as financial centre.

I personally think the salaries are competitive.

Private sector is definitely not a bed of roses too.

But the work processes here can greatly be improved.

Long story short is that MAS is very unwilling to spend money, yet expects to accomplish many great things. You simply cannot train a taxi driver to win an F1 race for you, especially not when he still needs to drive his taxi on a regular basis. You need to hire decent drivers, get a decent vehicle, and hire a good team.

It is quite irreconciliable to me as well that the "Agile" concept keeps being promoted, yet most processes here are everything but Agile. If you want to be Agile, you have to trust your staff and give them more leeway to explore. Instead, many promising things here are killed (along with staff enthusiasm) before they even start because, being the risk-adverse people they are, the bosses always focus on the downsides more than the upsides. They think about the risks but not about the potential. With this kind of culture, I really feel we should just forget about the whole Agile concept. New staff who come in wanting to do the right thing just become part of the machinery in a matter of months.

Originally Posted by Unregistered

I personally think the salaries are competitive.

Private sector is definitely not a bed of roses too.

But the work processes here can greatly be improved.

Long story short is that MAS is very unwilling to spend money, yet expects to accomplish many great things. You simply cannot train a taxi driver to win an F1 race for you, especially not when he still needs to drive his taxi on a regular basis. You need to hire decent drivers, get a decent vehicle, and hire a good team.

It is quite irreconciliable to me as well that the "Agile" concept keeps being promoted, yet most processes here are everything but Agile. If you want to be Agile, you have to trust your staff and give them more leeway to explore. Instead, many promising things here are killed (along with staff enthusiasm) before they even start because, being the risk-adverse people they are, the bosses always focus on the downsides more than the upsides. They think about the risks but not about the potential. With this kind of culture, I really feel we should just forget about the whole Agile concept. New staff who come in wanting to do the right thing just become part of the machinery in a matter of months.

In private sector, change process are handled by a dedicated change management team where the staff are trained in six sigma and are experienced in driving change initiatives. In MAS, change projects are arrow-ed to fresh grads and staff with 0 change management knowledge and experience. Expected to deliver outcomes similar to professionals and this is in additional to usual BAU work.

Originally Posted by Unregistered

I personally think the salaries are competitive.

Private sector is definitely not a bed of roses too.

But the work processes here can greatly be improved.

Long story short is that MAS is very unwilling to spend money, yet expects to accomplish many great things. You simply cannot train a taxi driver to win an F1 race for you, especially not when he still needs to drive his taxi on a regular basis. You need to hire decent drivers, get a decent vehicle, and hire a good team.

It is quite irreconciliable to me as well that the "Agile" concept keeps being promoted, yet most processes here are everything but Agile. If you want to be Agile, you have to trust your staff and give them more leeway to explore. Instead, many promising things here are killed (along with staff enthusiasm) before they even start because, being the risk-adverse people they are, the bosses always focus on the downsides more than the upsides. They think about the risks but not about the potential. With this kind of culture, I really feel we should just forget about the whole Agile concept. New staff who come in wanting to do the right thing just become part of the machinery in a matter of months.

Agreed. MAS needs to learn to take more risks