Working in a bank

Originally Posted by Unregistered

It's always good to try hard. But don't forget the other poster who said 98 to 99 percent of wannabes will fail - probably exaggerating but it shows how hard it is.

After trying hard, you must know when to take 2 steps back and re-evaluate your aspirations. Sure, we all like inspirational stories. I like one on the old grandma finally getting a degree, but i do not want to spend all my life chasing something so elusive.

I am the one who said 98 to 99 percent of wannabes will fail. Whether exaggerating or not is not the issue here, the issue is it is real hard to get into front office and earn tons of money, esp those with no (front office) background and connection. I guess the reality is not far from it. The banking sector works like a Pyramid, with front office on the top, middle office in the centre and back office forming the base with regard to the number of people and of course also with the compensation. If you think about a bank say DBS, abt 13,000 employees, front office if use loosely (including all RM etc) is maybe 1000, if we are talking about strictly the dealing room (about a football field) (treasury trader and sales only), then maybe around 120 maximum only. For UOB, (half a football field) around 80 among 8000. For Credit Suisse or Barclays Singapore, dealing room is like 3,4 classrooms with maximum 50 people among around 1000 or so employees. Dealing room can range from a classroom size e.g SSGA, Armundi, Man Financial to a football field like DBS/HSBC/JP Morgan Chase but whatever it is, it represents around 1% of the total banking operation employees which is why I said 98% to 99% will fail even if you succeed in getting into the bank. Of course, the above statistics may be wrong as the numbers are pure off hand and from my memory so those in the know please do not criticize me for wrong info. Also, those in other FO jobs like Investment Banking (M&A advisory), Corporate Finance also do not work in dealing room..

For all those clueless about what exactly is Investment Banking:

YouTube - Investment banking

learned about this from a friend, it is a conference organised by LSE students. I think it should interest current students who want to get to know IB more

Asia Investment Banking Conference 2011

Originally Posted by Unregistered

this might also be pushing it a little. with 3 years of experience I would say 200k SGD all in, including housing allowance. but you'll exceed it in no time.

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.

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.

your IB must be a smallish firm from one of the developing countries, no? either that, or your expat boss doesn't wanna hurt your feelings.

my ex-manager in IT from a smallish bank leading a smallish team is already getting $200k++.

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.

Thats because you and your manager are working in BACK OFFICE.

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?

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?

Brokerages like Kim eng do but they don't pay well. Aberdeen is a fund manager, and its not easy to get into the buy side. I'm in sell side ib, at a bb firm, and to be frank, I would prefer to be in the buyside, but couldn't find a way in.

Originally Posted by Unregistered

Brokerages like Kim eng do but they don't pay well. Aberdeen is a fund manager, and its not easy to get into the buy side. I'm in sell side ib, at a bb firm, and to be frank, I would prefer to be in the buyside, but couldn't find a way in.

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

Originally Posted by Unregistered

Brokerages like Kim eng do but they don't pay well. Aberdeen is a fund manager, and its not easy to get into the buy side. I'm in sell side ib, at a bb firm, and to be frank, I would prefer to be in the buyside, but couldn't find a way in.

I see...Do they only get the cream of crops such as first class or magna cum laude?

What is a good way to get analyst experience for a local uni grad?