SIM-UOL fresh grad starting pay

Originally Posted by Unregistered

Graduated from sim uol in 2013 and started my career in the banking industry.

2013-2015 in US private bank :in ops headcount but a support function sitting with FO (main reason why I’m hired into my 2019 role) and was drawing 3k, pathetic increment to 3.1k even after 2.5yrs service
2015-2019: hopped to another US private banking. Pure ops role sitting in changi earning 3.8k-4.2k
2019: hopped to local private bank FO role, a very junior advisory role with no sales target..
Started 5.3k (total com ard 95k)and got adjusted to 7k recently.

I was lucky that my first hiring mgr was a private uni grad so no discrimination, 2nd hiring mgr was local uni grad but doesn’t believe that ops role needs a local degree. My current hiring mgr no longer look at my degree.

My advice is, find a role that gives u many learning opportunities and apply for a junior FO role but don’t be like me stayed in ops for 6yrs before I decided that’s enough. And I’m not suggesting being in FO is a definition of success. I know of people who go into banking ops and just getting by each day and I know people with strong leadership skill climb up the ops mgmt. it all boils down to your character and how determined you are.

HI, that's a very good attitude that you have. For us UOL grads, our degree is really worth less than a local uni's.... for the first few years! What happens after that really depends on your own skills, capabilities and attitude u bring to the work place.

I also have the same experience that the hiring manager's background makes a big difference. In my first job I was interviewed directly by the big HR dowager, who herself was an overseas grad.. I got the job thankfully. My staff recently sat in another interview with the group IT department.. and she was shocked that the hiring manager when choosing between 2 candidates discarded the overseas grad one just because the other chap was from NUS. In my work I have come across many SIM (UOL, RMIT) grads who cmi and are destined to get stuck at earning $3-4k per month. That being said, I have also come across some local uni grads who flatter to deceive too.

Like I said at the end of the day your paper will only get you through the front door, what you do next will determine how successful you are (or not).

What is your annual salary now? Monthly is a bit difficult to judge.

Originally Posted by Unregistered

HI, that's a very good attitude that you have. For us UOL grads, our degree is really worth less than a local uni's.... for the first few years! What happens after that really depends on your own skills, capabilities and attitude u bring to the work place.

I also have the same experience that the hiring manager's background makes a big difference. In my first job I was interviewed directly by the big HR dowager, who herself was an overseas grad.. I got the job thankfully. My staff recently sat in another interview with the group IT department.. and she was shocked that the hiring manager when choosing between 2 candidates discarded the overseas grad one just because the other chap was from NUS. In my work I have come across many SIM (UOL, RMIT) grads who cmi and are destined to get stuck at earning $3-4k per month. That being said, I have also come across some local uni grads who flatter to deceive too.

Like I said at the end of the day your paper will only get you through the front door, what you do next will determine how successful you are (or not).

What is your annual salary now? Monthly is a bit difficult to judge.

I still remembered in my first role when I joined my team, I was discriminated by local grad team mates, even was told by a FO director that he wouldn’t hire me if he’s the interviewer. It really hurts but over the years I proved him wrong. While I’m a little stupid, I was at least sincere in doing my work, didn’t mind the long working hours, no patterns too (during my time there’s already many strawberry fresh grads)

U can assume 7k basic with 2.5mth bonus.. nothing fancy compared to the many over here claiming 5figures basic per mth.. but I think my story represents a majority of uol grads who struggled the first few years, and at times felt very lost. All I want to share is at the end of the day, ask yourself, what do you want.. if that role can helps to accumulate experience for your dream job, learn to bite the bullet and press on. if that role is a waste of time just learn to move on, no point working for people who don’t appreciate you.

Originally Posted by Unregistered

Graduated from sim uol in 2013 and started my career in the banking industry.

2013-2015 in US private bank :in ops headcount but a support function sitting with FO (main reason why I’m hired into my 2019 role) and was drawing 3k, pathetic increment to 3.1k even after 2.5yrs service
2015-2019: hopped to another US private banking. Pure ops role sitting in changi earning 3.8k-4.2k
2019: hopped to local private bank FO role, a very junior advisory role with no sales target..
Started 5.3k (total com ard 95k)and got adjusted to 7k recently.

I was lucky that my first hiring mgr was a private uni grad so no discrimination, 2nd hiring mgr was local uni grad but doesn’t believe that ops role needs a local degree. My current hiring mgr no longer look at my degree.

My advice is, find a role that gives u many learning opportunities and apply for a junior FO role but don’t be like me stayed in ops for 6yrs before I decided that’s enough. And I’m not suggesting being in FO is a definition of success. I know of people who go into banking ops and just getting by each day and I know people with strong leadership skill climb up the ops mgmt. it all boils down to your character and how determined you are.

This is very admirable and commendable. Congratulations on all your hard work and I hope your efforts bear you greater fruits in future.

Originally Posted by Unregistered

I still remembered in my first role when I joined my team, I was discriminated by local grad team mates, even was told by a FO director that he wouldn’t hire me if he’s the interviewer. It really hurts but over the years I proved him wrong. While I’m a little stupid, I was at least sincere in doing my work, didn’t mind the long working hours, no patterns too (during my time there’s already many strawberry fresh grads)

U can assume 7k basic with 2.5mth bonus.. nothing fancy compared to the many over here claiming 5figures basic per mth.. but I think my story represents a majority of uol grads who struggled the first few years, and at times felt very lost. All I want to share is at the end of the day, ask yourself, what do you want.. if that role can helps to accumulate experience for your dream job, learn to bite the bullet and press on. if that role is a waste of time just learn to move on, no point working for people who don’t appreciate you.

Not too bad at $100k pa.. what's most important is that you have a good attitude. My wife and I are both UOL grads but we have local grads reporting to us, some even older than ourselves. So it doesn't really matter once you establish yourself.

Originally Posted by Unregistered

What are you doing in the FO private bank role? Are you in a team servicing UHNW clients/a particular clientele or..? Curious as to what skills were deemed as relevant to your current Fo role (since you were in a supporting role in 2013-2015)

If you stayed and grinded in ops, 8 years prolly enough to make junior VP drawing >10k base with better WLB. Unless you really wish to earn 20k++ kind which you will probably reach if you keep grinding in FO.

I have very similar story like the lady who moved into PB FO. 6 years in operations after grad from UOL in 2013. Moved to sales & trading by luck, you need to know many VPs don't draw even 10k base in BBS, and bonus is usually less than a month. I left as an AVP, and got a 23% pay increment moving to an FO analyst position....

Originally Posted by Unregistered

I have very similar story like the lady who moved into PB FO. 6 years in operations after grad from UOL in 2013. Moved to sales & trading by luck, you need to know many VPs don't draw even 10k base in BBS, and bonus is usually less than a month. I left as an AVP, and got a 23% pay increment moving to an FO analyst position....

Mind sharing how you transition? Am curious to know!

To my knowledge, BB Ops VPs start >10k unless you are junior (eg 6 YOE to VP) with avg bonuses of 1.5 to 2 months. Have a few close friends in BB ops and was told this.

Originally Posted by Unregistered

Pro Tips from a SIM Alumni:

OUT: Employers that deem SIM as a less valuable degree
A) Public Service
B) Local Banks
C) Pretty much any local company.
D) Big Asset Mgmt/ Hedge funds (they only hire 1-2 local grads. They very much prefer big US brand names for the connections)

IN: Employers with HR based overseas. They don’t differentiate SIM from NUS etc
A) Many foreign banks
B) Smaller Boutique Funds
C) Fintech Companies

The sad fact is that the biggest discriminator or degree value are our own people - because they know the system.

Would place foreign banks under the 'out' category. Their HR departments are still based in Singapore and they still discrimate against SIM students especially for front and middle office roles. Big Asset Management / Hedge funds are definitely out though, even local uni grads have a hard time breaking in.

Originally Posted by Unregistered

Graduated from sim uol in 2013 and started my career in the banking industry.

2013-2015 in US private bank :in ops headcount but a support function sitting with FO (main reason why I’m hired into my 2019 role) and was drawing 3k, pathetic increment to 3.1k even after 2.5yrs service
2015-2019: hopped to another US private banking. Pure ops role sitting in changi earning 3.8k-4.2k
2019: hopped to local private bank FO role, a very junior advisory role with no sales target..
Started 5.3k (total com ard 95k)and got adjusted to 7k recently.

I was lucky that my first hiring mgr was a private uni grad so no discrimination, 2nd hiring mgr was local uni grad but doesn’t believe that ops role needs a local degree. My current hiring mgr no longer look at my degree.

My advice is, find a role that gives u many learning opportunities and apply for a junior FO role but don’t be like me stayed in ops for 6yrs before I decided that’s enough. And I’m not suggesting being in FO is a definition of success. I know of people who go into banking ops and just getting by each day and I know people with strong leadership skill climb up the ops mgmt. it all boils down to your character and how determined you are.

Great advice and sharing.
I graduated around same time as you. All the best.

Originally Posted by Unregistered

Pro Tips from a SIM Alumni:

OUT: Employers that deem SIM as a less valuable degree
A) Public Service
B) Local Banks
C) Pretty much any local company.
D) Big Asset Mgmt/ Hedge funds (they only hire 1-2 local grads. They very much prefer big US brand names for the connections)

IN: Employers with HR based overseas. They don’t differentiate SIM from NUS etc
A) Many foreign banks
B) Smaller Boutique Funds
C) Fintech Companies

The sad fact is that the biggest discriminator or degree value are our own people - because they know the system.

This has to change, but it would require a massive team effort.

PM Lee gave an excellent suggestion to SUSS students previously on how to level the playing field which in my view is applicable for SIM too. The school itself has to maintain high standards and students study hard, which I think this is already a given. But more importantly, Alumni/graduates like yourself have to do well outside and fly the flag high (sort of like crediting your success to the education and nurture you received at SIM) so people know what SIM graduates are capable of and will acknowledge SIM is a good place, and will send their kids there.

This is a long-term project, but it can be done, as it had been done before with other universities.

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Originally Posted by Unregistered

Mind sharing how you transition? Am curious to know!

To my knowledge, BB Ops VPs start >10k unless you are junior (eg 6 YOE to VP) with avg bonuses of 1.5 to 2 months. Have a few close friends in BB ops and was told this.

No... Ops VP hardly start above 10k. Unless your friends are in tech.... If not no way.