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Local bank's practices on corporate title AVP/VP

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Old 15-09-2018, 06:02 PM
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Default Local bank's practices on corporate title AVP/VP

Hi,

Sorry if its a noob question.

For someone without experience working in a bank and applying to a local bank (DBS) with close to 4 years of related exp (3 yrs 8 months), would that qualify for AVP rank? Is there a min number of years of related work experience to be considered for AVP rank or is it discretionary?

I understand also that bank HRs will do benchmarking, but assuming I do manage to be considered for the position, how will the benchmarking be done in consideration of bank title and pay? Glassdoor shows min pay for AVP level is 7k, but my last drawn was 4.4k - should I put 7k as min expected salary?

Thanks.



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Old 15-09-2018, 06:11 PM
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Originally Posted by rapdec87 View Post
Hi,

Sorry if its a noob question.

For someone without experience working in a bank and applying to a local bank (DBS) with close to 4 years of related exp (3 yrs 8 months), would that qualify for AVP rank? Is there a min number of years of related work experience to be considered for AVP rank or is it discretionary?

I understand also that bank HRs will do benchmarking, but assuming I do manage to be considered for the position, how will the benchmarking be done in consideration of bank title and pay? Glassdoor shows min pay for AVP level is 7k, but my last drawn was 4.4k - should I put 7k as min expected salary?

Thanks.
You will probably be an analyst or associate.

AVPs are inflated titles for some banks. If you are AVP with less than 5 years, it is inflated title.

My friend is also an AVP title in a US bank. 8 years exp and close to 10k.

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Old 15-09-2018, 06:14 PM
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You will probably be an analyst or associate.

AVPs are inflated titles for some banks. If you are AVP with less than 5 years, it is inflated title.

My friend is also an AVP title in a US bank. 8 years exp and close to 10k.
I applied for, and being actively considered for a position advertised at AVP/VP level. So if I am offered the position, it will be at associate level at most?

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Old 15-09-2018, 06:18 PM
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On a related note, just curious - do local banks offer AVP titles for fresh grads?

Foreign banks like JPM offer AVP titles for top students straight out of school. Not sure if that is the case for local banks.
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Old 15-09-2018, 06:23 PM
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I applied for, and being actively considered for a position advertised at AVP/VP level. So if I am offered the position, it will be at associate level at most?
This is definitely inflated title. An actual AVP requires at least 6 years and above. Your new salary should be in the 5k range which is a far cry from the actual AVP 8k and above.

Dont be distracted by these titles.

My title is analyst but I am getting 6k range. Not in banking btw.
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Old 15-09-2018, 06:27 PM
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This is definitely inflated title. An actual AVP requires at least 6 years and above. Your new salary should be in the 5k range which is a far cry from the actual AVP 8k and above.

Dont be distracted by these titles.

My title is analyst but I am getting 6k range. Not in banking btw.
So even if they give the title, the salary will not be benchmarked to what other AVPs are making?
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Old 15-09-2018, 06:35 PM
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So even if they give the title, the salary will not be benchmarked to what other AVPs are making?
You are right. Title is to make the person feels good. Everyone is an AVP in the banks.

If you can go for VP or SVP or directorship.

Most important thing is the compensation not title.

at most 5k range for your experience.
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Old 15-09-2018, 09:55 PM
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Banks will always look at your last drawn (mostly on your fixed, a lot less consideration for your variable) when deciding on your offer. For local banks (middle/back office roles), there's always an internal equity and HR matrix they have to follow, and it's very rare to see increments of above 20% unless you're grossly underpaid for your level and experience. For foreign banks, there still are the elements I mentioned above but the range widely differs from bank to bank.

Some banks tag the corporate titles to your salary, and some tag it to your level of experience. For all banks, all positions come with some sort of range. For banks with pay structures that sometimes result in an overlap, they tend to do a combination of both when considering what to assign you.

Using myself as an example, I'm in Compliance (considered middle office in most banks) with about 5 years of banking exp, and my title at a Jap bank previously was AVP, drawing 5.5k. I'm now at a European bank where I'm classified as an associate drawing 7.5k. From what I know, I have a ex-colleague with 8 years of exp, in the same place I am currently, in a backoffice function, drawing the same amount as me but with an AVP title.

So take that how you will..


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Old 15-09-2018, 10:00 PM
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Does HR have the final say in assigning salary, or does the EVP/ED have an input to what you can/should be drawing since he/she is the head of the department and its logical that they have better sense of the ability of the candidate to contribute to the team?

Thanks.
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Old 15-09-2018, 10:13 PM
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Banks will always look at your last drawn (mostly on your fixed, a lot less consideration for your variable) when deciding on your offer. For local banks (middle/back office roles), there's always an internal equity and HR matrix they have to follow, and it's very rare to see increments of above 20% unless you're grossly underpaid for your level and experience. For foreign banks, there still are the elements I mentioned above but the range widely differs from bank to bank.

Some banks tag the corporate titles to your salary, and some tag it to your level of experience. For all banks, all positions come with some sort of range. For banks with pay structures that sometimes result in an overlap, they tend to do a combination of both when considering what to assign you.

Using myself as an example, I'm in Compliance (considered middle office in most banks) with about 5 years of banking exp, and my title at a Jap bank previously was AVP, drawing 5.5k. I'm now at a European bank where I'm classified as an associate drawing 7.5k. From what I know, I have a ex-colleague with 8 years of exp, in the same place I am currently, in a backoffice function, drawing the same amount as me but with an AVP title.

So take that how you will..

Is your annual salary including bonus better in the European Bank now as compared to the Jap Bank?

Heard that European bank bonuses are lower.
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