Starting salary

Originally Posted by Unregistered

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

What FO are you in? 55k all in does seem a little low. Now of course all this nonsense number about 10k monthly etc are ******** la, but 55k all in is what a good grad in BO will probably earn in its first year. In fact OCBC and DBS ops grad program earns that amount in the first year.

Originally Posted by Unregistered

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 ?

It's horseshit... You don't earn so much in the back office la. 30k by 40? Yeah right.

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

To be fair, some of the information above are incorrect, and some are right. It is more or less true that back office in bulge brackets pay quite well comparatively against median graduate salaries, but the promotion progression has been exaggerated as mentioned in a couple of posts above.

Second, the strength of local banks is that it offers job security and arguably less stress. BBs pay more because their trading units and IB units generate comparatively larger revenue and they offer a wider range of services.

To say that local FO loses out to BO is not really the case however. Bonuses have not been factored in and you are not looking at a 10 year horizon. In the end, if you want to do finance, a local FO will give u much more exit options than BO at a top BB.

Despite saying this however, id like to clarify your comment on back office jobs. You cant really lump all back office jobs together: while its true that ops in general are outsourced (in many cases they are automated more though), bank IT is fast becoming inhoused by the foreign banks that can afford to build tech. Many of the foreign banks have realized the problems of outsourced development and have chosen to build their own core tech talent... however, as IT and finance are two very different careers, if you want to be in finance, its much much better to be in a local FO role than BO at a top bank, as mentioned.

Originally Posted by Unregistered

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

You are not FO lah. Probably just some support job for FO bankers as your pay is less than half of what a real FO fresh grad will make.

You are not FO lah. Probably just some support job for FO bankers as your pay is less than half of what a real FO fresh grad will make.

To be fair, FO at a commercial/retail bank is quite different from FO at an investment bank. Anyways, front office merely means revenue-generating/client-facing (whichever definition you pick). To use the word "real" is kind of rude :/.

Local u.

Fch. Starting salary 3.8K in 2010.

no honours. 4.1k starting in jun 2017

Originally Posted by Unregistered

no honours. 4.1k starting in jun 2017

What degree?

Refer to a job site at ://.mintly.in. You can have more no of job vacancies for sales and marketing jobs.

Originally Posted by Unregistered

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 ?

For bulge bracket banks BO the compensation goes something like this:
Yr 1 - analyst: 5000 (fresh grad role)
Yr 3 - associate: 8000 (1st yr associate)
Yr 6 - VP: 15-16k

Hitting 10k at 4-5 yrs is definitely possible.