Factual Local Bank Salaries - DBS , UOB , OCBC (A commoner climbing up the ranks) - Page 16 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Factual Local Bank Salaries - DBS , UOB , OCBC (A commoner climbing up the ranks)

Reply
 
Thread Tools
  #151 (permalink)  
Old 04-07-2020, 07:59 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Any idea how much does an analyst with about 1-2 years exp earn in local bank FO?
Not IB but S&T.
I'm not in local bank. Fresh in s&t, 10k base per month.

Reply With Quote
  #152 (permalink)  
Old 06-07-2020, 11:35 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
no wonder i got into ocbc.. my looks cui hehe
Speaking of looks, there's a big difference between the quality of girls in MO/FO vs BO

Reply With Quote
  #153 (permalink)  
Old 06-07-2020, 12:04 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Hi all very interesting discussions and views. I am a private uni grad (SIM-UOL) in big 4 audit close to 1 year now. I got in through networking/cold-emails for an internship & a conversion as I knew that was my best chance. It helps that I have very good CCAs records & leadership skills. I would like to ask how do I go into a MO/FO BBs/local/foreign banks? Big 4 audit doesn't teach much, it's menial work. I know being from a private uni is quite disadvantage in Singapore but I am just trying to be sincere, honest & hardworking to have a rewarding career. Appreciate any honest insights and views. Thank you.
You have 2 choices.

1) Since you have <2 years of work experience, try applying for banking graduate programmes and hope they notice you for your Big 4 experience.

2) Ask your manager for possible transfer to Financial Services audit.

Reply With Quote
  #154 (permalink)  
Old 06-07-2020, 12:59 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Happen to chance upon this forum. Very interesting information and discussion. Thought I will throw in my views as well, hopefully freshies will not make similar mistakes some of my peers made when they graduated from uni. I have worked in the financial industry about 7 years, moved around different foreign banks and spent some time in HK as well, and fortunately not in BO - thanks to my internship experience in a local bank ops during uni time, it helped steer my career away from Ops / BO, almost went into this function like many other local grads.

Singapore is like support centre hub, so many of the bank jobs tend to be more ops / BO related, and there are lesser FO opp cuz we are not like HK with very active IPO / debt market, so it is very easy to land yourself in Ops / BO in SG.

Like what some people said, do not join BO when you are a fresh grad (especially if your ultimate goal is to get out of BO and into other functions), no matter it is BB or local bank or what not, once in BO, it is close to impossible to get out of the BO no matter where you go. Your salary will remain depressed and much lower than other functions. BO is also unfortunately where all the cuts tend to go too as these functions tend to be more easily replaced or streamlined with automation and AI etc. With the rapid development in AI / digitization in banking, it will be too complacent for any of us to say our jobs will nt be replaced by machines in the near future. But it is a double whammy for BO. Low salary + high risk of job cuts....

And anyway banking is going sunset, if you can, consider other industries like tech while it is not too late. For me, i am kinda stuck in banking, having already spent sizable amt of time in this industry, part of me wish that i have the ability to acquire new knowledge and jump into another industry, but i cannt stand going thru the study, start career anew as a junior staff and then move up....
Yep BO is a dead end. Even tech side. Local banks continue to use very dated legacy systems, so most of the tech skills you pick up will be pretty useless, unless you're looking to jump to another local bank. If you are a fresh grad eager to apply your newly-acquired Python skills, you will be sorely disappointed. Most of the programming languages local banks use for their systems and software were born before you, and so do not reflect current best practices in programming. Moreover, these languages are highly obscure and closed-source, making them useless for anything else and consequently not valued by the market. To top it all off, local banks tend not to develop their own banking systems in-house. Instead, they outsource it to IT vendors. So in all likelihood, you will end up as a glorified IT vendor manager.

Ops side is no better. Lots of manual processing work. Filled with boomers as well. That generation's mindset is dominated by a focus on making an honest living through hard work, and not so much about developing skills. However, the reality is that today's economy is a skills-based one. Data entry and manual checking are not skills you want to be developing.
Reply With Quote
  #155 (permalink)  
Old 06-07-2020, 11:39 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Yep BO is a dead end. Even tech side. Local banks continue to use very dated legacy systems, so most of the tech skills you pick up will be pretty useless, unless you're looking to jump to another local bank. If you are a fresh grad eager to apply your newly-acquired Python skills, you will be sorely disappointed. Most of the programming languages local banks use for their systems and software were born before you, and so do not reflect current best practices in programming. Moreover, these languages are highly obscure and closed-source, making them useless for anything else and consequently not valued by the market. To top it all off, local banks tend not to develop their own banking systems in-house. Instead, they outsource it to IT vendors. So in all likelihood, you will end up as a glorified IT vendor manager.

Ops side is no better. Lots of manual processing work. Filled with boomers as well. That generation's mindset is dominated by a focus on making an honest living through hard work, and not so much about developing skills. However, the reality is that today's economy is a skills-based one. Data entry and manual checking are not skills you want to be developing.
hais sucks then, how? now cant find job lei. i will be starting in a ops role soon in some grad program. gg sia, the thing is i didnt study finance, but some chapalang business degree.

how would i be able to transit into back/front? was thinking about going for masters in finance, but i cant seem to justify the cost. damn expensive sia even for local.

55k nus, 45k smu - somemore now the job market is bad. so should i just take the job first?
Reply With Quote
  #156 (permalink)  
Old 06-07-2020, 11:48 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
hais sucks then, how? now cant find job lei. i will be starting in a ops role soon in some grad program. gg sia, the thing is i didnt study finance, but some chapalang business degree.

how would i be able to transit into back/front? was thinking about going for masters in finance, but i cant seem to justify the cost. damn expensive sia even for local.

55k nus, 45k smu - somemore now the job market is bad. so should i just take the job first?
Which bank and how much you have been offered?

If it’s me I will not take. OPS easy replaceable with digital transformation. It’s a dead end. Experience also not transferable.
Reply With Quote

  #157 (permalink)  
Old 07-07-2020, 12:56 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Which bank and how much you have been offered?

If it’s me I will not take. OPS easy replaceable with digital transformation. It’s a dead end. Experience also not transferable.
Most of not all “traditional” ops work are now being outsourced to places which are cheaper.

For BBs, ops grad scheme are very different now - you’re very focused on delivering high priority transformation projects (workflow automation, data analytics automation, tech/general strategy etc). So essentially, you’re the one driving the transformation.

At the end of the day, it all depends on your attitude and willingness to learn & future proof yourself.
Reply With Quote
  #158 (permalink)  
Old 10-07-2020, 06:03 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Most of not all “traditional” ops work are now being outsourced to places which are cheaper.

For BBs, ops grad scheme are very different now - you’re very focused on delivering high priority transformation projects (workflow automation, data analytics automation, tech/general strategy etc). So essentially, you’re the one driving the transformation.

At the end of the day, it all depends on your attitude and willingness to learn & future proof yourself.
Yes BBs' ops tend to be more focused on delivering value through transformation. However this thread is about the 3 local banks, and the ops depts in all 3 are heavily focused on 'traditional' ops. Even their grad schemes (DBS GA and OCBC GTP) are not exempt. Many fresh grads in local bank ops end up doing very manual and low value-added tasks that are at high risk of being disrupted. Many of them are lured by the decent pay, but imo that's being very short-sighted. If I'm a fresh grad, I'd rather take up one of those SGUnited traineeships in a tech firm to pick up some real tech skills and position myself for a well-paying tech job with good progression and career prospects than languish in a local bank's tech dept. It is well-known that local tech talent avoid local banks. Consequently, the fresh grad programmes of these banks are filled with non-CS grads as they have great difficulty attracting CS grads. Another consequence is that the tech depts are filled with foreign talent (no prizes for guessing the number 1 nationality). Even Prof Ben Leong of NUS advises fresh grads against doing tech at a local bank. All in all, be it ops or tech, unless you're about to retire, avoid local bank BO at all cost.
Reply With Quote
  #159 (permalink)  
Old 10-07-2020, 06:18 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Yes BBs' ops tend to be more focused on delivering value through transformation. However this thread is about the 3 local banks, and the ops depts in all 3 are heavily focused on 'traditional' ops. Even their grad schemes (DBS GA and OCBC GTP) are not exempt. Many fresh grads in local bank ops end up doing very manual and low value-added tasks that are at high risk of being disrupted. Many of them are lured by the decent pay, but imo that's being very short-sighted. If I'm a fresh grad, I'd rather take up one of those SGUnited traineeships in a tech firm to pick up some real tech skills and position myself for a well-paying tech job with good progression and career prospects than languish in a local bank's tech dept. It is well-known that local tech talent avoid local banks. Consequently, the fresh grad programmes of these banks are filled with non-CS grads as they have great difficulty attracting CS grads. Another consequence is that the tech depts are filled with foreign talent (no prizes for guessing the number 1 nationality). Even Prof Ben Leong of NUS advises fresh grads against doing tech at a local bank. All in all, be it ops or tech, unless you're about to retire, avoid local bank BO at all cost.
Not too sure about local banks tbf

But some MO/BO in BBs are definitely not a bad place to start. Some are no longer looking at other FS companies as their competitors, but are gradually looking at tech/fintech companies as their competitors instead.
Reply With Quote
  #160 (permalink)  
Old 10-07-2020, 08:25 PM
Unregistered
Guest
 
Posts: n/a
Default

wow so many successful people here...while im a fresh grad w second upper in business local uni just trying to start a banking career with no opportunities haiz
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Local Vs Foreign Bank Jobs Income and Jobs 18 01-02-2018 07:34 PM
jump from foreign bank to local bank arrownarrow Income and Jobs 4 30-07-2017 06:35 PM
DBS vs UOB vs OCBC: Among these 3 local banks, which is the best to work in? dreamzknight Income and Jobs 11 05-07-2016 09:54 PM
SPF : What are the salaries of an ASP and above ranks. curious_george Income and Jobs 2 22-06-2015 10:16 AM
$3.5K for an IT role in a local bank unknown Income and Jobs 11 14-03-2014 02:13 PM

» 30 Recent Threads
ITE Polytechnic Scheme ( 1 2 3... Last Page)
311 Replies, 369,406 Views
Career as Teacher ( 1 2 3... Last Page)
10,853 Replies, 6,671,423 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,322 Replies, 4,985,049 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,458 Replies, 784,826 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,330 Replies, 1,142,533 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,806 Replies, 1,045,463 Views
Why Is Having a Google Virtual...
1 Replies, 6,777 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,240 Replies, 3,399,905 Views
JP Morgan ( 1 2 3... Last Page)
199 Replies, 173,491 Views
GovTech ( 1 2 3... Last Page)
5,163 Replies, 2,164,886 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,050 Replies, 440,812 Views
Mining Industry ( 1 2 3... Last Page)
80 Replies, 74,522 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,340 Replies, 4,772,726 Views
Civil Service Current Estimated... ( 1 2 3... Last Page)
171 Replies, 309,595 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
680 Replies, 388,842 Views
Compare civil service salary ( 1 2 3... Last Page)
16,343 Replies, 12,458,270 Views
Lawyer Salary ( 1 2 3... Last Page)
21,015 Replies, 10,331,433 Views
ST Electronics ( 1 2 3... Last Page)
3,768 Replies, 1,545,471 Views
Is getting a PMP worth it ?
4 Replies, 7,174 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
207 Replies, 134,729 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,922 Replies, 2,903,587 Views
Nparks ( 1 2 3... Last Page)
39 Replies, 34,436 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,828 Replies, 4,657,650 Views
Constituency Manager (People... ( 1 2 3... Last Page)
989 Replies, 814,037 Views
Julius Baer Graduate Program 2023 ( 1 2 3)
21 Replies, 14,835 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,385 Replies, 2,325,082 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
752 Replies, 358,828 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,464 Replies, 1,375,797 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,260 Replies, 613,928 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,123 Replies, 3,739,141 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 04:54 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2