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  #251 (permalink)  
Old 18-06-2021, 10:59 AM
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Lay person here. Just curious, why are bankers and finance workers paid so much? Do they contribute in multiples of the scientists and doctors to society who make a positive difference in this world? Think Lehman mini bonds anyone?
There is no link between private sector pay and making "positive difference in this world" as you put it. How much do maids taking care of infants or old people make? How much would you be prepared to pay such a maid? So don't think too hard about this. The world is what it is. And it's not just finance people. Programmers in Google or Facebook get paid similar packages (probably even more when you account for how well the stocks have done), and really how much of a "positive difference" do they make?

I don't know about scientists, but I reckon doctors particularly specialists get a good deal in Singapore and many parts of the world. It is relatively well-paying, though perhaps not among the highest, with excellent job security. When you have job security you can lever up significantly with less worry than if you were in a job with less job security. Borrow to the hilt to buy a property in your early 30s, and by the time you pay off the loan in your 50s, you will have a very nice nest egg. Or even move up the property ladder over time, with job security on your back.

In finance, there is much less job security. I don't know about Singapore, but in NY or London, historically only about 0.20-0.25% of entry-level FO analysts make it to VP. Then maybe about 1/3 of VPs make it to Director and (even rarer) MD level. Nowadays there are more opportunities in the so-called "buy-side", but I would think that the ex-bankers who go on to become buy-side "partners" are not much more common. These are probably the same people who would have become Directors or MDs if they stayed in banking.

To tell you of a personal experience, I started a new role at a bank several years back, and the person whose cubicle was on my left was fired on my 3rd day on this new job. Another person whose cubicle was across from mind was asked to leave about 6 months later. The person on my left ultimately found a role on the buy-side after maybe a year, but I don't know about the one across from me. This bank eventually (years later) made me redundant too, and they paid me off with a year's salary. I did manage to find a higher-paying job at another bank after about 8 months (they really wanted a person with my experience and skills), but not everyone may be so lucky.

Many people who leave finance do so for good reasons. Many of them do move to other well-paid roles outside of financial services, with corporates for example, though the pay will be less than in "high finance". But there is probably better job security in the likes of Nestle than Goldman. Hours and stress are probably much lower too. That's worth money too, though the value will differ from individual to individual.

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  #252 (permalink)  
Old 21-06-2021, 01:14 AM
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Well, hi guys! What do you actually think about financial advisors?! I haven't yet used the services of a financial advisor, and I do not really know what consists this job of, however my parents keep on saying that it is a really well payed job, and I could become a great specialist in this field. My parents have been using the services of a certain financial advisor for their entire lives, and they consider that it is exactly what I have to do. Actually, my parents' money, have been managed by [URL="s://.riseprivate.com/"]Rise Private[/ for their entire lives!
Financial advisors is 100% different than high finance. Without being disrespectful, financial advisors role is pretty much just sales roles.

Just like any sales roles, if you're good at selling, you can get paid alot. I know FAs who comfortably bring hom 20k++ way more than people at FOs, but yea you have to be a good seller. Plus it is a really competitive industries. There are so many FAs around, literally your only selling point against other FA is your soft skills.

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  #253 (permalink)  
Old 21-06-2021, 09:54 AM
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Financial advisors is 100% different than high finance. Without being disrespectful, financial advisors role is pretty much just sales roles.

Just like any sales roles, if you're good at selling, you can get paid alot. I know FAs who comfortably bring hom 20k++ way more than people at FOs, but yea you have to be a good seller. Plus it is a really competitive industries. There are so many FAs around, literally your only selling point against other FA is your soft skills.
To be fair FO is largely a sales role too. They need to sell their products to generate revenue. That's why it's called front office.

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  #254 (permalink)  
Old 21-06-2021, 01:01 PM
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...I don't know about Singapore, but in NY or London, historically only about 0.20-0.25% of entry-level FO analysts make it to VP.
Hi, I wrote the above. There's a big mistake in that statistic. It should be either 0.20-0.25 OR 20-25%. It's not so bad as in 0.25%!
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  #255 (permalink)  
Old 28-06-2021, 05:44 PM
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hey guys any updates on how m&g investments is? posted previously bu t not many responses..
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  #256 (permalink)  
Old 28-06-2021, 06:15 PM
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hey guys any updates on how m&g investments is? posted previously bu t not many responses..
Try starting a thread. M&G isnít high fin.
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  #257 (permalink)  
Old 28-06-2021, 07:33 PM
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To be fair FO is largely a sales role too. They need to sell their products to generate revenue. That's why it's called front office.
Agree salespeople sit in the FO. Think OP was saying itís not as intellectually challenging as other roles say IB and research
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Old 28-06-2021, 08:23 PM
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wow what's with the current hiring boom especially for juniors
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  #259 (permalink)  
Old 28-06-2021, 09:59 PM
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Originally Posted by Barthola View Post
Well, hi guys! What do you actually think about financial advisors?! I haven't yet used the services of a financial advisor, and I do not really know what consists this job of, however my parents keep on saying that it is a really well payed job, and I could become a great specialist in this field. My parents have been using the services of a certain financial advisor for their entire lives, and they consider that it is exactly what I have to do. Actually, my parents' money, have been managed by Rise Private for their entire lives!
I know them, they are really great, however I do not really consider advisors as high finance
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Old 28-06-2021, 10:42 PM
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wow what's with the current hiring boom especially for juniors
I noticed this too, anyone more senior has colour on this demand? My guess is suppressed appetite in 2020 and possibly government restrictions on hiring of foreigners? Bunch of traineeships last year were suddenly replaced with these FT openings.
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