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05-06-2021, 10:16 PM
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Quote:
Originally Posted by Unregistered
The prices for condos/cars can range from affordable to crazy rich asian. With 5-6 YOE, I could use all my liquid assets + CPF to afford the downpayment on a 1.5m condo by myself if I want, but is it prudent? Probably not. I think you need to define what you want in life, and do the calculation for how much you need.
I can give you the numbers, and you can decide whether it's enough for you. Starting salaries for BB MO/BO are generally between 4k-5k. Apply an annual growth rate to this number (You can use the numbers I shared, or you can apply your own), and decide when you would want to buy a house/car.
I think "good performer" can mean many things, depending on your level/role. Some of the questions bosses may ask are: Are you contributing to huge projects? Are you increasing efficiency such that the team can reduce its headcount budget? Are you delivering value to the firm (like cost savings) that goes beyond what they are paying you? Can you communicate with senior management? Can you manage the juniors under you?
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Am really super appreciative of your insights, thanks man!
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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05-06-2021, 10:42 PM
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Quote:
Originally Posted by Unregistered
Am really super appreciative of your insights, thanks man!
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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Despite all the talk of automation, you'll find that even BBs have a lot of struggle moving away from legacy systems and excel. Learn a bit of Excel VBA; almost everyone from FO to BO/MO are still stuck using spreadsheet macros: It may make your life easier, or even impress your bosses.
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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06-06-2021, 10:07 AM
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Quote:
Originally Posted by Unregistered
The prices for condos/cars can range from affordable to crazy rich asian. With 5-6 YOE, I could use all my liquid assets + CPF to afford the downpayment on a 1.5m condo by myself if I want, but is it prudent? Probably not. I think you need to define what you want in life, and do the calculation for how much you need.
I can give you the numbers, and you can decide whether it's enough for you. Starting salaries for BB MO/BO are generally between 4k-5k. Apply an annual growth rate to this number (You can use the numbers I shared, or you can apply your own), and decide when you would want to buy a house/car.
I think "good performer" can mean many things, depending on your level/role. Some of the questions bosses may ask are: Are you contributing to huge projects? Are you increasing efficiency such that the team can reduce its headcount budget? Are you delivering value to the firm (like cost savings) that goes beyond what they are paying you? Can you communicate with senior management? Can you manage the juniors under you?
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What about your bosses? Do the VPs/Directors in MO/BO usually stay in private and drive to work?
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06-06-2021, 02:55 PM
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Quote:
Originally Posted by Unregistered
What about your bosses? Do the VPs/Directors in MO/BO usually stay in private and drive to work?
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This is not a well-thought out question. Sharing yes or no does not answer any questions about the job. Yes could mean they are earning well, their spouses are rich, their family is rich, etc. No could mean anything either.
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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06-06-2021, 08:22 PM
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Quote:
Originally Posted by Unregistered
This is not a well-thought out question. Sharing yes or no does not answer any questions about the job. Yes could mean they are earning well, their spouses are rich, their family is rich, etc. No could mean anything either.
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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Haha I think the person who asked that kind of question won’t even get in
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06-06-2021, 08:39 PM
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Quote:
Originally Posted by Unregistered
Haha I think the person who asked that kind of question won’t even get in
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I’m actually in tech, just curious about earning power at more senior levels is all.
To the person in MO/BO, do you know the salary range/bands for VPs/EDs?
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06-06-2021, 09:52 PM
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Quote:
Originally Posted by Unregistered
I’m actually in tech, just curious about earning power at more senior levels is all.
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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06-06-2021, 10:56 PM
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Quote:
Originally Posted by Unregistered
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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Wow, always thought the starting for junior VPs is around 10k for BBs. Roughly how many VPs actually make the cut for ED?
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06-06-2021, 11:18 PM
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Quote:
Originally Posted by Unregistered
Wow, always thought the starting for junior VPs is around 10k for BBs. Roughly how many VPs actually make the cut for ED?
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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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07-06-2021, 01:20 PM
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Quote:
Originally Posted by Unregistered
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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Wow I didn't know that there isn't salary ceiling for VP/EDs. I used to assume that your pay was tied to your rank.
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