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Anyone work in JPM/GS/Morgan Stanley back office before?

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  #61 (permalink)  
Old 11-10-2021, 02:57 PM
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Is this range for local grads only or it doesn't matter? even though i have an annual salary growth of 17%, i was just getting this amount after a few years of experience. my starting pay as a fresh grad was only 2.5k at a big bank MO but not BB. seeing this is demoralising lol
This number is for fresh grads. Once you get through the door, they don't distinguish whether you are local uni or private. If you have prior experience, naturally u can command more.

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  #62 (permalink)  
Old 11-10-2021, 03:21 PM
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I'm not the poster of that claim, but I work in BB MO/BO.

Depends how expensive you want your condo and car to be.
At a base salary of slightly >100k per annum. Within 5-6 years, I am able to afford downpayment for a 1.5m condo + a decent continental car by myself if I want.

Of course, tanking the monthly installments is a challenge if you're doing it by yourself (about 40-50% of your take home pay will go to loan/mortgage payments), but definitely doable.
The mortgage will make you miserable every month. Once retrenched, you need to think of a way to survive.

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  #63 (permalink)  
Old 11-10-2021, 03:49 PM
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Is this range for local grads only or it doesn't matter? even though i have an annual salary growth of 17%, i was just getting this amount after a few years of experience. my starting pay as a fresh grad was only 2.5k at a big bank MO but not BB. seeing this is demoralising lol
Why so low only 2.5k? Seems way below market for a degree holder at big bank MO.

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  #64 (permalink)  
Old 11-10-2021, 04:08 PM
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Why so low only 2.5k? Seems way below market for a degree holder at big bank MO.
started out as contract then converted to perm and got an off cycle pay raise to peg salary to market. but even so, i was just getting 3.2k with 1 year of experience. am doing KYC and looked into the compliance thread, this seems to the norm i think? that's why was surprised that BB MO/BO pays 4 to 5k for fresh grads. even my ex-colleagues who jumped to BB was just getting that amount after 2 to 3 years of experience - probably due to their low starting pay.
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  #65 (permalink)  
Old 23-10-2021, 11:03 AM
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Hey anyone with an idea of how's the culture and work life balance as a trainee with SocGen? Had an offer from them but still have yet to decide whether to accept. Also, what's the chances of being converted after 2 years?
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  #66 (permalink)  
Old 23-10-2021, 10:25 PM
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started out as contract then converted to perm and got an off cycle pay raise to peg salary to market. but even so, i was just getting 3.2k with 1 year of experience. am doing KYC and looked into the compliance thread, this seems to the norm i think? that's why was surprised that BB MO/BO pays 4 to 5k for fresh grads. even my ex-colleagues who jumped to BB was just getting that amount after 2 to 3 years of experience - probably due to their low starting pay.
BB MO/BO 4-5k fresh grad yes usually for those in the grad programme which is highly selective anyways. Can't compare with other ppl who may perhaps start MO/BO entry level in other banks and then hop around to reach BBs.


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  #67 (permalink)  
Old 24-10-2021, 11:06 AM
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Yeah definitely doable. 5-6 years for high performers usually Around 120-160k already total compensation. Quite dangerous if going solo as bb axe people fast and furious if underperform. Assuming combine with wife who draws an average salary say 5k per month and mortgage would be a breeze. Conti car is definitely easily within reach.

Disclaimer: only for US big 3 BBs
Absolute rubbish... There's a reason why a bulk of the ops people are looking to move into FO. There's a slim chance of a 120k maybe for 1 out of 100 ops monkeys. To the people looking to move into BB ops, please just go to glassdoor and search operations analyst salaries. Take the average and Add in 1-5% increment yearly for accurate salary trajectory.
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  #68 (permalink)  
Old 24-10-2021, 01:19 PM
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There is a reason why FO are paid higher besides them bringing in the money…When I was in FO in a BB, there are severe compliance restrictions on trading. buy 1 stock need so many approval, by the time approval is here, the stock price already priced in all the factors.

So I choose to move away from FO, no regrets.
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  #69 (permalink)  
Old 24-10-2021, 03:10 PM
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There is a reason why FO are paid higher besides them bringing in the money…When I was in FO in a BB, there are severe compliance restrictions on trading. buy 1 stock need so many approval, by the time approval is here, the stock price already priced in all the factors.

So I choose to move away from FO, no regrets.
Rubbish. Don't know which backward company you work for but my compliance approves within the same day.
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  #70 (permalink)  
Old 26-10-2021, 06:11 PM
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Rubbish. Don't know which backward company you work for but my compliance approves within the same day.
I work for one of the 3 banks listed here. Lol u only need to get compliance approval? Then MAS should close down your bank soon. And also dont forget about the 30 day holding period. U absolutely can't buy stocks like DWAC for a quick fortune and thrill when there are such restrictions lol.

For me I simply cant take away trading from my life, it helps to bring joy and destress me from work, so choosing to go away from FO is a natural choice.
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