High Finance Thread

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Originally Posted by Unregistered

6 years working experience, first as a Sec sch math teacher and then in various policy roles in in civil service. Math degrees and Masters and was a govt scholar but I know all this don’t really count for much. Have some tech skills like coding and data visualisation. Looking to switch to banking/finance industry as a mid career. Decided to take CFA and now studying level 2. Quite like what I’m learning as well as do my own investing on the side.

1. What are the prospects for a mid career like me who has no prior relevant experience? Will it be as if I’m a fresh grad?
2. What other skills do I need to beef up in my CV?
3. My current salary is about 100k. Will I expect to take a cut when I make the jump?

Thanks!

The biggest hurdle would probably be the lack of experience combined with your age (given that you have worked FT for quite a while already)

1. I'd recommend buy-side equity research/investment. IB/PE/HF would be quite a stretch imo given their stringent pedigree requirements and the stiff competition from BB bankers or PE/Asset Management Investment Professionals.

You'd probably have to go for more junior roles in smaller firms (local boutique investment firms/family offices)

2. Pass CFA Level 2. Beef up your technical skills (3-statement financial modeling, investment due diligence, investment thesis formation). Show interest in the industry (pick a few sectors of interest such as Healthcare/Energy and know them inside out).

3. Most probably have to take a significant cut for the roles mentioned in point 1, but it depends. Can go to mycareersfuture for examples of some of these roles and their corresponding salary range.

Does anybody have information about the comp for local bank IB (DBS, OCBC, UOB)?
Particularly at the analyst and associate levels.

Originally Posted by Unregistered

6 years working experience, first as a Sec sch math teacher and then in various policy roles in in civil service. Math degrees and Masters and was a govt scholar but I know all this don’t really count for much. Have some tech skills like coding and data visualisation. Looking to switch to banking/finance industry as a mid career. Decided to take CFA and now studying level 2. Quite like what I’m learning as well as do my own investing on the side.

1. What are the prospects for a mid career like me who has no prior relevant experience? Will it be as if I’m a fresh grad?
2. What other skills do I need to beef up in my CV?
3. My current salary is about 100k. Will I expect to take a cut when I make the jump?

Thanks!

Your profile sounds a hell lot like mine. Was a chem teacher and completed the CFA. Left the moment my bond ended and somehow bumbled my way into buyside

1. Your prospects are worse than a fresh grad honestly. Many grad programs aren't even open to you. You'll need a fair amount of luck and networking to get yourself somewhere simply because teaching has literally no tangible skills that can be transferred.

2. Financial modelling and writing pitches. You will be asked to prepare a pitch for interview or you might want to send one out along with your CV.

3. Absolutely yes. I had a huge pay cut myself and I wasn't at 100k yet. You're looking at going back to fresh grad levels so you need to think very carefully if this is for you.

Originally Posted by Unregistered

The biggest hurdle would probably be the lack of experience combined with your age (given that you have worked FT for quite a while already)

1. I'd recommend buy-side equity research/investment. IB/PE/HF would be quite a stretch imo given their stringent pedigree requirements and the stiff competition from BB bankers or PE/Asset Management Investment Professionals.

You'd probably have to go for more junior roles in smaller firms (local boutique investment firms/family offices)

2. Pass CFA Level 2. Beef up your technical skills (3-statement financial modeling, investment due diligence, investment thesis formation). Show interest in the industry (pick a few sectors of interest such as Healthcare/Energy and know them inside out).

3. Most probably have to take a significant cut for the roles mentioned in point 1, but it depends. Can go to mycareersfuture for examples of some of these roles and their corresponding salary range.

Do you even know what you are talking about… PE and HF are buyside roles.

Anyone have a sense on the current comp and career progression for the different high finance roles?

i.e. Investment Banking, Sales and Trading, Asset Management

Originally Posted by Unregistered

Anyone have a sense on the current comp and career progression for the different high finance roles?

i.e. Investment Banking, Sales and Trading, Asset Management

Hey, you'll need to further narrow down into scope (FO/MO/BO) and the tier of the bank (BB, boutique, local)

Originally Posted by Unregistered

Hey, you'll need to further narrow down into scope (FO/MO/BO) and the tier of the bank (BB, boutique, local)

FO local bank IB

Originally Posted by Unregistered

Hey, you'll need to further narrow down into scope (FO/MO/BO) and the tier of the bank (BB, boutique, local)

I’m looking at FO, BB

Investment Banking / sales and trading / asset management
What’s the starting pay like nowadays and what should one roughly expect to earn in 5 years?

[sampz]

Originally Posted by Unregistered

I’m looking at FO, BB

Investment Banking / sales and trading / asset management
What’s the starting pay like nowadays and what should one roughly expect to earn in 5 years?

For BBs & some other MMs, IB & S&T pre 2021 (there was recently a raise) both pay fresh grads a base salary of 9.5-10k/mth, with bonus ranging quite widely. This much I can personally confirm from my own experience, though there will be a raise to somewhere around 11-12k/mth for 2022 fresh grads & summer interns.

Heard stories of IBD bonuses hitting up to 100-120% of base for top buckets at stronger banks, but the norm is likely slightly below, maybe 80%? S&T bonuses tend to be a bit lower on average, given that they work 60-70% of IBD hours, have heard stories of 40-60% base being the norm. But these bonus stories are just based on hearsay, I haven't received my first bonus yet. Still, yearly all-in compensation (pre-raise) should have been safely about 200k++ for IBD, and 160k++ in S&T.

In 5 years, associates/AVPs should expect to more or less have doubled their total comp, but variance will be a bit high. For example, a good trader could possibly have already been made VP and be managing 10++m of PnL yearly, while many others could be getting mediocre bonuses due to poor performance, meaning they are likely to leave/be culled soon. Can't give meaningful figures here, as simple average figures are vulnerable to survivorship bias.

Don't know how much AM pays in Singapore