Starting salary

Originally Posted by Unregistered

That means your variable bonus is 5 months (excluding 1mth AWS). Thats very good bonus i must say.

I'm in the finance industry, started off in a global bank in mid 2007 but moved to another finance institution (not a bank) 1 year ago. Currently at $4400/mth basic. No AWS and VB is only around 2 months.

Is 5 months (inclusive AWS), in local GLC (Listed Blue Chip Engineering company), but the annual increment(2-4%) and promotional increment(4-6%) is very low.

Your annual package = (12 + 2) x 4400 = 61600 is better. Your basic is higher.

Higher basic is better, if you jump ship to another company let another 20% increment = 4400 x 1.2 = 5280

If I jump ship by 20%, I would only getting 4080, not even reaching your current 4.4k

I would prefer to get higher basic less bonus than to get low basic high bonus.

I think at my current $4400/mth in the finance industry (with almost 4 yrs exp), its really considered very average. I think my peers in other industries are either getting around the same basic as me, or lower basic but much more bonus. So in the end, i don't feel as if the banking and finance industry is paying much higher than other industries.

But i'm in a BO role. So can't expect too much as well...

Originally Posted by Unregistered

That's a pretty good pay! How about your peers? Are they all getting around the same pay? What's your "guesstimate" of the average pay among all your peers?

Yup, haf to agree it's good pay. it depends on what industry you go to aft you grad. diff industry, diff starting pay. i think 3.1-3.5k is a good estimate of average pay.

Originally Posted by Unregistered

I think at my current $4400/mth in the finance industry (with almost 4 yrs exp), its really considered very average. I think my peers in other industries are either getting around the same basic as me, or lower basic but much more bonus. So in the end, i don't feel as if the banking and finance industry is paying much higher than other industries.

But i'm in a BO role. So can't expect too much as well...

by the way, just curious,

How much is the annual/yearly increment in the financial industry base on your 4 experiences in there?

how many % or any figures?
mine is 2-4% for AI

Originally Posted by Unregistered

by the way, just curious,

How much is the annual/yearly increment in the financial industry base on your 4 experiences in there?

how many % or any figures?
mine is 2-4% for AI

I got 4% this year without promotion. Sucks.

Originally Posted by Unregistered

by the way, just curious,

How much is the annual/yearly increment in the financial industry base on your 4 experiences in there?

how many % or any figures?
mine is 2-4% for AI

I can tell you, annual increment varies alot in the finance industry. Why do i say so? Because different banks have different increment scheme. And sometime even within the same bank, it also varies between different businesses. I'm only speaking about BO roles.

It could well range from a low 2% to a high 10% without promotion. If promoted, it could be in the range of 15%. It's not big numbers, contrary to many people's belief.

Below is my pay advancement through the years in the banking industry. Bank hopped twice, once in Jul 05 and another in Aug 06.

Mar-04 $2,350 (Fresh Grad)
Mar-05 $2,610
Mar-06 $2,900 (Job Change)
Mar-07 $3,500 (Another Job Change)
Mar-08 $4,400 (Promotion)
Mar-09 $4,400 (Sucky year with no increment due to economy crisis)
Mar-10 $4,575
Mar-11 $5,700 (Promotion)

This should give u a rough idea of what to expect for normal annual increment and promotional increment.

Originally Posted by Billi

Below is my pay advancement through the years in the banking industry. Bank hopped twice, once in Jul 05 and another in Aug 06.

Mar-04 $2,350 (Fresh Grad)
Mar-05 $2,610
Mar-06 $2,900 (Job Change)
Mar-07 $3,500 (Another Job Change)
Mar-08 $4,400 (Promotion)
Mar-09 $4,400 (Sucky year with no increment due to economy crisis)
Mar-10 $4,575
Mar-11 $5,700 (Promotion)

This should give u a rough idea of what to expect for normal annual increment and promotional increment.

Nice, your first promotion got u $900 (ie 25.7%) increment. And 2nd promotion got you $1,125 (ie 24.6%) increment. That's very good promotional increment. Are you in BO or MO?

I graduated in 2009 and suffered the impact of the global financial crisis. Starting pay was $2,615 on contract at a foreign bank.

Got a perm position with another bank six months later, with only $235 increment in basic but with incentives. Annual salary in 2010 was $75k after incentives. I think it is good enough considering I am not a high achiever in university and not in the hot jobs like IB or trading.

Now with 2 years experience, I am joining another bank for better career prospects and because I am not too comfortable with a incentives based job. Annual package is $48k before variable bonus.

Originally Posted by no direction

fr what i see.. bank is the place where money are..

me starting pay 1.5k. nw 2.7 after 6 yrs as executive.. but still consider low.. as now starting pay for poly grad already 1.8-2k liao.

Sama Sama Bro...Dip Holders...

Started out in '07 with a $1.6k in a SME den jump to $1.8k + comm in Credit Bureau in '08 b4 joining bank recently on a basic $3k + comm as an AM,Personal Financial Services