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

Originally Posted by Unregistered

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.

Pretty sure there is. Just that it's so high, most people either retire/leave the firm/get let go/get promoted before they reach it.

Have a genuine question for the person in MO/BO here. As someone who has been in the finance industry since graduation, are you genuinely contented? Guessing that you were the one mentioning about the elites in high finance vs the normal folks + how it is impt to be cognizant of these people and their respective earning power.

Always been told that comparison is the thief of joy so would just like to get your perspective, given that you have ~5 YOE in MO/BO @ multiple bulges.

Originally Posted by Unregistered

Have a genuine question for the person in MO/BO here. As someone who has been in the finance industry since graduation, are you genuinely contented? Guessing that you were the one mentioning about the elites in high finance vs the normal folks + how it is impt to be cognizant of these people and their respective earning power.

Always been told that comparison is the thief of joy so would just like to get your perspective, given that you have ~5 YOE in MO/BO @ multiple bulges.

Sorry sir, if you're referring to the comments from another thread, that would not be me. Can add my 2 cents, if you're interested nonetheless.

I did investment banking internships before graduating, and I knew it was not for me. Earning 10k as an intern for 15-18 hour weeks made me extremely miserable. I had no time for family, friends, dating, and personal hobbies. So I took on a job which didn't require so much time, but still paid decently well.

True that, you need to know what other people are earning, so that you do not get shortchanged. Your career is yours to own in the end. Fight for better pay/look out for better jobs if you feel you are underpaid for your role. Outside of your role though, there will always be someone who earns more than you, who puts in a different kind of sacrifice. Bankers need to find leads/close deals, sales/traders worry about their numbers. In turn, these bankers/traders envy going to the buy side as employees. Buy side employees hope to open a hedge fund...it goes on.

I guess, know what your worth is, but no need to compare with people doing completely different things.

Originally Posted by Unregistered

Sorry sir, if you're referring to the comments from another thread, that would not be me. Can add my 2 cents, if you're interested nonetheless.

I did investment banking internships before graduating, and I knew it was not for me. Earning 10k as an intern for 15-18 hour weeks made me extremely miserable. I had no time for family, friends, dating, and personal hobbies. So I took on a job which didn't require so much time, but still paid decently well.

True that, you need to know what other people are earning, so that you do not get shortchanged. Your career is yours to own in the end. Fight for better pay/look out for better jobs if you feel you are underpaid for your role. Outside of your role though, there will always be someone who earns more than you, who puts in a different kind of sacrifice. Bankers need to find leads/close deals, sales/traders worry about their numbers. In turn, these bankers/traders envy going to the buy side as employees. Buy side employees hope to open a hedge fund...it goes on.

I guess, know what your worth is, but no need to compare with people doing completely different things.

Thanks for the response! Do you, however, feel contented and fulfilled in your role?

Originally Posted by Unregistered

Thanks for the response! Do you, however, feel contented and fulfilled in your role?

Hi TS - I was the one who shared the salary comparison between normal and elite banking folks.

Regarding your BO to FO question - Anything is possible but the odds are heavily stacked against you. So far I tried applying a few times with my FO peer recommendation but to no avail. HR once feedbacked to me that since I do not come from a top tier Uni / MBA from the "list", chances are slim. Mind you NUS NTU and SMU are not in it that's why most of us local uni graduates ended up in MO/BO grad programme.

Am I contented with life? - Financially comfortable yes but not rich. Suburban 3 BR condo and normal conti (BMW 3 series / Merc C class) are easily attainable after 5-7 years if your parents are self sufficient.

Originally Posted by Unregistered

Hi TS - I was the one who shared the salary comparison between normal and elite banking folks.

Regarding your BO to FO question - Anything is possible but the odds are heavily stacked against you. So far I tried applying a few times with my FO peer recommendation but to no avail. HR once feedbacked to me that since I do not come from a top tier Uni / MBA from the "list", chances are slim. Mind you NUS NTU and SMU are not in it that's why most of us local uni graduates ended up in MO/BO grad programme.

Am I contented with life? - Financially comfortable yes but not rich. Suburban 3 BR condo and normal conti (BMW 3 series / Merc C class) are easily attainable after 5-7 years if your parents are self sufficient.

Jesus. 7 YOE with normal conti and condo is easily top 10% in SG alr I reckon. Kudos to you!

Care to share your salary/career trajectory including the exact function you are in?

Originally Posted by Unregistered

Jesus. 7 YOE with normal conti and condo is easily top 10% in SG alr I reckon. Kudos to you!

Care to share your salary/career trajectory including the exact function you are in?

Is this legit? 7 years in MO/BB can buy conti and condo?

Originally Posted by Unregistered

Is this legit? 7 years in MO/BB can buy conti and condo?

That poster is defo trolling - IB / S&T FO? Yes possible for sure. MO / BB? Keep dreaming.

Originally Posted by Unregistered

That poster is defo trolling - IB / S&T FO? Yes possible for sure. MO / BB? Keep dreaming.

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.

Originally Posted by Unregistered

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.

Think you would be able to do it comfortably with 7-8 YOE, provided you hit VP in BB.