SIM-UOL fresh grad starting pay

Originally Posted by Unregistered

Graduated in 2006, since then I have jumped in between a few industries, but all the jobs are more or less related to marketing.

Job#1: $3,200 (first drawn) $4,900 (last drawn)
Job#2: $5,800 (first drawn) $6,700 (last drawn)
Job #3: $8,000 (only stayed for 4 months)
Job #4: $8,850 (first drawn) $10,740 (current)

Are you working in a creative agency ?Marketing jobs do not pay that well as compared to the other job functions

[jobhunter1234]

Originally Posted by Unregistered

Graduated in 2006, since then I have jumped in between a few industries, but all the jobs are more or less related to marketing.

Job#1: $3,200 (first drawn) $4,900 (last drawn)
Job#2: $5,800 (first drawn) $6,700 (last drawn)
Job #3: $8,000 (only stayed for 4 months)
Job #4: $8,850 (first drawn) $10,740 (current)

That's quite a good starting salary for UOL. Within 6 years you managed to jump to 10k? Care to share how your pay rise so fast in your first job from 3.2 to 4.9..that's like a close 50% jump.

Hi. I am currently a 3rd year banking and finance student. Unsure of what class of honours I will get, hopefully 1st or 2nd upper.( totally unsure as I am taking 5 papers this May)

Here is the thing, I have been applying for jobs such as analysts in various banks and stat boards but haven't even been called back for interviews yet. I have the ability to articulate and am quite confident of passing the interviews. BUT getting to the interview itself seems hard!

I have no banking experience at all, no internship and have just temp positions like admin role in finance dept after alevel.

The only advantage I have but have no idea how to put across to HR in my resume is that I have FIRST hand trading experience. I currently own a portfolio and it has been doing pretty well(appreciation and dividends wise). I had applied for a trainee position at SCB but the global abstract test result I guess wasnt good enough as they said application unsuccessful. Its like the first rejection and I dont feel too good.

Would anyone be able to help as to why I cant even get to the interview stage!

I think there are just too many generalisations and lumping of different job functions.
please be more specific about job functions e.g cost centres like treasury operations, trade finance operations, remittance operations, cashmanagement, or units deemed necessary like internal audit, accounts, middle office, branch ops, systems testing, faciities/property mgmt, or units deemed the "bread winner" like the RMs, MAs, Corp banking, private banking, investment banking, etc etc etc
there are just too many variations in Banking and Finance and u have to be specifc.

I will focus more on Operations as i came from an operations background.
thisis for candidates who wish to go into Bank Operations.

Operations usually offers lesser (than profit earners like Relationship Managers or banking associate) as we all know, they are called back-end, as they are classified as Cost centres, they make no profits, and bonus is dependent on the various business unit's performances and allocation.


Pay offers as usually goes:
1)fresh grad from SIM-UOL (FT,PT) - usually offered 2.4-2.8k, depending on your prev job exp. and/or how u present yourself.
2) usually it will be a contract, and with claims of confirmation (supposedly) at end of contract if good performance, but there is no guarantees
3) the confirmation usually will give u a better increment, e.g >150-300
4) of course, increment is also based on performance in that 1 year.

in fact it seems to be similar throughout most banks in singapore based on findings from friends.

summary- Performance matters, anyway, everywhere
you can decide for yourself if u want to get measly 50-100 increments or in excesses of 250

*btw, UOL students can sound less superior than local grads but eventually how they climb is based on performance, the cert is only the starting base platform.

Zzzz my starting pay in 2005 as a SIM-UOL fresh grade was only $1,800 for a operations 6-month contract role...terribad. Got converted to perm after the 6 months and increment to $2,000 only wahahahaha

Anyway after that networked around and i moved to middle office credit risk after 2 years.

Originally Posted by Unregistered

Many foreign banks? Assistant vice president?

Thomas Leung | LinkedIn

Harvard, MBA. Took two years to become associate (one rank lower than assistant vice president). Morgan Stanley.

You must be better than a Harvard MBA.

Hi I have been in the bank before, I strongly disagree with a Fresh Grad being given the position of AVP at the start. With a Degree, be it UOL or Local, you cannot start at AVP level, you need alot of experience to reach there. Unless you are on the management trainee program, where they groom you to be a manager. Only then you will be on a quicker path, and honestly, I think only Local uni grads with very high grades will be chosen for the program.

Usually for a start, Fresh Uni grad will be hired as Executive, at most Senior Executive if you have experience. Or Analyst. But whatever the position, you are only a Junior Executive. And as of now, March 2013, the Banking sector is still lousy, they are still not hiring, only some telemarketing positions or branch sales position. (My own job-looking experience at the moment).

Originally Posted by Unregistered

please, meritocracy is something that the elites tell the masses to give them hope. there is still an elitist mentality in stat boards, ministries and even some TLC companies. i think the culture is still deeply ingrained since much of their management were from the Admin service or generals or scholars themselves.

Hi, I strongly agree to this, Lets just face it, I have so many SIM Fresh Grads doing UOL and RMIT degrees, (I'm also one) who still havent found a proper job in the bank, and wont be able to get a job in Govt sector. (I've applied for so many)

A few interviews I have been to, the HR manager sometimes use local uni to compare with me, showing how elitist they are. We will always be on a lower level when applying for jobs. So tell me what can i do? Accept a low paying job?

Originally Posted by Unregistered

I hear a lot of anecdotal stories from friends who recruit in their current companies that there is a dearth of quality local graduates, even in MNCs and GLCs.

Back 5-10 years ago fresh grads were still willing to slog it out for a few years while climbing the corporate ladder. Nowadays most young grads expect to immediately land "manager" and above titles with high salaries and huge bonuses without having any relevant experience. Many have resorted to becoming entrepreneurs, and in most instances you known where the source of funding is from. (Hope I don't sound too sour grapes with this!)

Hence many companies have to resort to FTs. Sad but true.

Hi, I strongly disagree with you, I am willing to slog it out for a few years or more, provided the pay is reasonable. But there is no "proper" job for me in the banks except telemarketing and branch sales, as of today (23/3/2013). I am willing to gain experience and in fact I dont want to be a manager when i'm not ready.

I tried to apply for a position of auto loans officer, says their requirements is only O/N levels and above. (because I cant find any other openings.. so i sent that application) And today in my email, they rejected me, with no interview. I dont know the reason, I have a UOL degree, I am willing to start at a lower position, even a lower (but reasonable pay).

So can anyone tell me, am i not being humble enough? Can the banks fire the FT and let me work in their position? I dont mind getting their 1800 - 2000SGD

Originally Posted by Unregistered

What is the career you want? If it is for the hope that somehow you will get "real" banking jobs, then I say forget it, UOL pt degree is no hope even for local banks.

Stories about some small guy that make it big without a first class degree by entering through some admin BO function are largely urban legend. Every year there are scores of dissappointed fc honors from NUS/SMU who didn't get into the lucrative jobs, UOL chances are even slimmer.

Fact is UOL pt degree needs a lot of luck to even land a normal corporate finance job in MNC. You should invest ur time & effort down this route which has at least 30% chance success than waste precious time on some <1% success banking fantasy.

Hi, sorry going back to page 21 of this forum.
I do agree with what is said, many Fc students are only getting a normal finance job, and not some great job paying 4k-5k and above. My friend who is Fc, earns 6-8k because he is in the sales line and based on commission. But joining the bank sales, you dont necessarily need Fc, even a pass can land you the job, sometimes they even hire diploma holders, as long as you are "presentable/handsome/pretty" - This is the real world.

But in the current market, maybe you'll have to accept an even lower position/pay as hundreds of students are fighting for that few positions out there.

Originally Posted by Unregistered

Hi. I am currently a 3rd year banking and finance student. Unsure of what class of honours I will get, hopefully 1st or 2nd upper.( totally unsure as I am taking 5 papers this May)

Here is the thing, I have been applying for jobs such as analysts in various banks and stat boards but haven't even been called back for interviews yet. I have the ability to articulate and am quite confident of passing the interviews. BUT getting to the interview itself seems hard!

I have no banking experience at all, no internship and have just temp positions like admin role in finance dept after alevel.

The only advantage I have but have no idea how to put across to HR in my resume is that I have FIRST hand trading experience. I currently own a portfolio and it has been doing pretty well(appreciation and dividends wise). I had applied for a trainee position at SCB but the global abstract test result I guess wasnt good enough as they said application unsuccessful. Its like the first rejection and I dont feel too good.

Would anyone be able to help as to why I cant even get to the interview stage!

Your qualifications are probably blocking your way. I am a final year major in engineering and I have already went to interviews with 4 different banks (I failed all of them). =(

The fact is that you gotta realize there are simply too many business grads around even in the local unis. NUS+NTU+SMU+overseas probably add up to 2000. If you include engineering majors like myself, you can see how competitive it is for these positions. Most undergrads have internship in banks etc.