Starting salary

Originally Posted by Unregistered

For those skeptical,

Starting pay for

Bulge Bracket Investment Banks

Jr Trader : 9k ~
Investment Banking Division : 11 ~ 13k (DB 13k, DB = Deutsche Bank not DBS just in case)
Equity Research : 9k ~ (GS tactical research 9k)
Asset management : 9k ~ (JPM sales 9k)
Backoffice roles : 4k ~ (JPM GS Barclays UBS etc, not including local banks)

Consulting firms (Top class)

Oliver Wyman : 9k ~ (McK, BCG and Bain probably pays more)

If you think all these are BS then by all means live your live deluded.

What he is saying is true for back office Bulge Bracket investment bank. starting upwards from 4k. WHY? my brother is working there 5k per month back office.

he jump from 1st company at 3.3k
to second company at 4k
now at this IB paying him 4.8k

Originally Posted by Unregistered

What he is saying is true for back office Bulge Bracket investment bank. starting upwards from 4k. WHY? my brother is working there 5k per month back office.

he jump from 1st company at 3.3k
to second company at 4k
now at this IB paying him 4.8k

Most back office staff with 4-5 years experience in IB already getting above 10k, we are not talking about DBS or UOB here...

Originally Posted by Unregistered

Most back office staff with 4-5 years experience in IB already getting above 10k, we are not talking about DBS or UOB here...

Uob ocbc back office with local uni degree, by 30 yo getting 7.5K by 35 yo getting 10 K gross is quite commonplace

Originally Posted by Unregistered

Hi, I'm doing an NTU double degree program (engineering and econs), expected to graduate with second upper for both degrees this year.

I'm most likely joining a foreign bank as IT support specialist. Could anyone advise what's a reasonable starting pay to ask for?

Thanks in advance!

IT support progression will be limited. Better choose another field instead.

Originally Posted by Unregistered

Uob ocbc back office with local uni degree, by 30 yo getting 7.5K by 35 yo getting 10 K gross is quite commonplace

usually 5-6 years can reach 10k already. most vp/svp who reach 40 already drawing >30k.

Originally Posted by Unregistered

usually 5-6 years can reach 10k already. most vp/svp who reach 40 already drawing >30k.

I highly doubt this. Maybe this was true 20 years ago. Back office is all about cutting costs nowadays. Promotions are scarce ever since 2008. I have friends in the back office who are not promoted even after 2-3 years. Drawing a salary of 3.6-4k even after 3 years. Even after promotion they will draw less than 5k. Ur salary amount is more indicative of middle office/front office

usually 5-6 years can reach 10k already. most vp/svp who reach 40 already drawing >30k.

This is inaccurate. 6 years is possible, but it is not the norm. For that to happen, the analyst must be firstly, starting in a BB, and be promoted to associate/junior AVP within 2 years, senior associate/full AVP in the next two years. Then, by the sixth year, VP. From my observations, this only really occurs 1 in 40 people. (in other words, not every graduate batch has such a high performing flyer.

SVP in back office does not draw 30k. They draw 20-25k. Perhaps pre-2008 the total compensation could be >30k, but it is definitely not the case now. Bonuses are now generally less than 1 month for most back office roles in a BB. In any case, only 1 in 8 people actually make it to SVP. Most plateau at VP. Making to SVP by 40 for male Singaporeans in the back office is also considered very, very, good and not common.

By the way, this differs from bank to bank, but VP starts at 12k-15k. Therefore, I'm not very sure where you are getting your sources from. I can only speak for back office in technology, and technology pays higher than operations on average, therefore I'd like to know which "back office" role you are referring to.

Originally Posted by Unregistered

This is inaccurate. 6 years is possible, but it is not the norm. For that to happen, the analyst must be firstly, starting in a BB, and be promoted to associate/junior AVP within 2 years, senior associate/full AVP in the next two years. Then, by the sixth year, VP. From my observations, this only really occurs 1 in 40 people. (in other words, not every graduate batch has such a high performing flyer.

SVP in back office does not draw 30k. They draw 20-25k. Perhaps pre-2008 the total compensation could be >30k, but it is definitely not the case now. Bonuses are now generally less than 1 month for most back office roles in a BB. In any case, only 1 in 8 people actually make it to SVP. Most plateau at VP. Making to SVP by 40 for male Singaporeans in the back office is also considered very, very, good and not common.

By the way, this differs from bank to bank, but VP starts at 12k-15k. Therefore, I'm not very sure where you are getting your sources from. I can only speak for back office in technology, and technology pays higher than operations on average, therefore I'd like to know which "back office" role you are referring to.

Exactly. Back office promotions are hard to get. Exactly like what this poster said. Back office promotions usually take 3-4 years for one rank. Takes people more than 10 years to reach vp

You guys are making me embarrassed of myself.
Personally, I've been working two years in front office serving largest mnc institutional clients in one of our local banks here. It's the front office (non retail) that everyone is saying how hard to set foot in. Looking at my pay scale, I feel so ashamed. Total year package is probably 55k for the first 2 years as an analyst here.

Of cos bulge brackets pay much better but didn't know to such ridiculous extent that a back end is earning and promoting so fast than me in a local FO. Might as well do simple ops than killing my brain cells doing so much analytical work.

Not sure how much truth is there here, but back end jobs are ultimately going to India or less developed countries

Originally Posted by Unregistered

Most back office staff with 4-5 years experience in IB already getting above 10k, we are not talking about DBS or UOB here...

haha. i think you know your stuff.

my bro is at the TOP american bank. he's paid 5k back office.

1st job 3.3k
2nd job 4k
3rd job 4.8k

all in 3 years. can you tell me how do you justify the additional 5k increment ?