Working in a bank

Originally Posted by Unregistered

it's quite easy actually. i'm from buy side private equity. doesn't even need a degree.

damn. really?i'm keen to get into PE..there ain't many PE firms out there right?

[Nimbus]

Originally Posted by Unregistered

Hi, I know tops banks such as Goldman only look for the cream of the Ivies. How about other companies such as Kim Eng Securities or Aberdeen. Do they take in local grads for analyst roles?

Normal local grads -> No chance
First class honours -> Maybe got chance
First class honours + SGX Scholarship -> Confirm got chance

Originally Posted by Unregistered

200k? 400k? you guys on drugs man? I am working in an IB and in my team, I am the only Singaporean. The rest of my team mates are expats including my Manager, who has about 8-12 years experience in the business. Even his ENTIRE yearly package is lesser than 200K. So please, it is good to be optimistic, but it is better to be realistic.

Load of BS, trying to spread lies and suppress wages eh?

Originally Posted by Nimbus

Normal local grads -> No chance
First class honours -> Maybe got chance
First class honours + SGX Scholarship -> Confirm got chance

Wow that is indeed very discouraging. Seems like it is quite difficult for a grad to get some analyst experience..

Hi guys,

Hoping to seek some opinions/advice here.

Abit about myself: I'm almost 30, local uni, currently working in a bank, drawing about SGD4100/mth,

and looking forward to get married next year.

I'm thinking of switching to prop trading in a small firm soon..but that would mean getting a huge pay cut as typically the base salary would be very low (but upside potential due to profit sharing). And if i don't succeed, in my next job search, the employer is most likely gg to offer me based on my last basic salary which is very low. (I believe employers do not look at your no. of years of work experience, but rather your last drawn salary and thereby giving you a % above that)

Should I take the plunge? If I do not, and just stick to my job over the next few years, i think i'll be earning a very decent salary in banks. If you were in my position, would you risk your career to take up a, say $2k or less trading position with profit sharing?

Any advice/opinions much appreciated, esp. those who's been there, done that.

seems like yr job is getting monotonous over the years. yes i will, provided i have no family to look after and i have the youth to try new things. i think it is good to try new things. most people save up over the years in banking and later start new business.

if u haf a family to commit, then don't.

Originally Posted by Advise

Hi guys,

Hoping to seek some opinions/advice here.

Abit about myself: I'm almost 30, local uni, currently working in a bank, drawing about SGD4100/mth,

and looking forward to get married next year.

I'm thinking of switching to prop trading in a small firm soon..but that would mean getting a huge pay cut as typically the base salary would be very low (but upside potential due to profit sharing). And if i don't succeed, in my next job search, the employer is most likely gg to offer me based on my last basic salary which is very low. (I believe employers do not look at your no. of years of work experience, but rather your last drawn salary and thereby giving you a % above that)

Should I take the plunge? If I do not, and just stick to my job over the next few years, i think i'll be earning a very decent salary in banks. If you were in my position, would you risk your career to take up a, say $2k or less trading position with profit sharing?

Any advice/opinions much appreciated, esp. those who's been there, done that.

I wouldn't accept the job offer. If you need new challenges, you can always do something outside of work.

[Liverpool]

Originally Posted by Advise

Hi guys,

Hoping to seek some opinions/advice here.

Abit about myself: I'm almost 30, local uni, currently working in a bank, drawing about SGD4100/mth,

and looking forward to get married next year.

I'm thinking of switching to prop trading in a small firm soon..but that would mean getting a huge pay cut as typically the base salary would be very low (but upside potential due to profit sharing). And if i don't succeed, in my next job search, the employer is most likely gg to offer me based on my last basic salary which is very low. (I believe employers do not look at your no. of years of work experience, but rather your last drawn salary and thereby giving you a % above that)

Should I take the plunge? If I do not, and just stick to my job over the next few years, i think i'll be earning a very decent salary in banks. If you were in my position, would you risk your career to take up a, say $2k or less trading position with profit sharing?

Any advice/opinions much appreciated, esp. those who's been there, done that.

I have a fren who went that route and quit, he's now back at his own job. He was scalping SGX stocks everyday and he said its hard because SGX is not NYSE.

depends on your passion. U may want to trade at night first, and if you are consistent then take the plunge. But then again if u can do well consistently on ur own, u wun want to join a prop firm just to trade.

wats ur job in the bank, maybe can internal transfer and do some trading related function or at least something related like Treasury functions which you can trade currencies and other stuff to hedge the bank's position.

Originally Posted by Advise

Hi guys,

Hoping to seek some opinions/advice here.

Abit about myself: I'm almost 30, local uni, currently working in a bank, drawing about SGD4100/mth,

and looking forward to get married next year.

I'm thinking of switching to prop trading in a small firm soon..but that would mean getting a huge pay cut as typically the base salary would be very low (but upside potential due to profit sharing). And if i don't succeed, in my next job search, the employer is most likely gg to offer me based on my last basic salary which is very low. (I believe employers do not look at your no. of years of work experience, but rather your last drawn salary and thereby giving you a % above that)

Should I take the plunge? If I do not, and just stick to my job over the next few years, i think i'll be earning a very decent salary in banks. If you were in my position, would you risk your career to take up a, say $2k or less trading position with profit sharing?

Any advice/opinions much appreciated, esp. those who's been there, done that.

What is your degree and your job in the bank?

My opinion is that if your degree makes it hard for you to get into a bank, it will be better to stay inside and do some part time trading.

Sometimes if you leave a bank, you might find it hard to get back in.

Thanks everyone for your feedback. Glad i asked this question, didn't expect negative response from all..

Im in middle office and not a business/engin grad. As im exposed to market sensitive info, i cannot trade on my own acc.

Im not sure how much a fairly good/ average trader would make in a prop firm (given the profit splitting and all those misc fees), but i would imagine it to be much more than the 2k base salary..just like good brokers and insurance/property agents. Successful ones will definitely make a lot. But the flip side is that im gg to be axed and lose my pants if i dun make the cut..

After reading thru everyone's comments, i guess it's probably safer to do something not so interesting in banking but which allows me to make 100k/annum in 10 years' time..(i hope)