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Understand that the tricky part of MO/BO now is to go beyond BAU to add value to projects (e.g. IA projects). Do you have any tips for someone that is just starting out (essential skills/software to pick up perhaps)? |
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Talk about Python being the next 'in'-thing is still a little bit immature. Use of Python outside IT Technology and quantitative trading/risk is still pretty sparse. BBs are building new teams embedded within the many divisions (like Operations/Finance/HR), where these people have some sort of coding/automation background, to help uplift the process of those divisions. So while Python is not a must for now, banks are starting to favour people who have both functional and core programming skillsets. This trend should last for at least the next few years. |
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If you're wondering whether MO/BO affords a certain lifestyle, then you should already know so many factors play into that. You can do your own calculations and figure it out for yourself. |
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To the person in MO/BO, do you know the salary range/bands for VPs/EDs? |
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Newly promoted VPs can start from high 8s/low 9s per month, usually happening within 6 or 7 YOE. Not aware of a hard ceiling for VP/EDs; being mindful that most people retire or leave the firm at this level. Very few make it to MD, and the salary transition from VP to MD is quite a sensitive topic for people at that level. With that said, I have heard of mid level VPs with >15 YOE earning >20k a month. |
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Rather than compare across titles, use YOE as a benchmark to decide how much one should be earning. Unlike local banks, people can hit VP in 5 or 6 years if good. With the lower number of years, your salary wouldn't have had enough time to catch up. To illustrate, a local bank AVP with 8 YOE can be earning as much as a BB VP with 5 YOE. And if another newly promoted BB VP has 7 or 8 YOE, naturally his pay would be higher than the aforementioned BB VP with 5 YOE. Contrary to what many people think as title inflation, there is some justification to BB employees (from FO to BO) getting promoted to VP faster than at local/european banks; they simply work a lot harder and do a lot more for the same number of YOE (*cue number of hours clocked a week*). Some BBs have ED as a rank between VP and MD. Some don't. So I can't give you a fair comparison. |
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