Sgx

I find it hard to believe too. I'm AVP and already making 17k a month. I am sure my boss's boss (SVP) is earning around 100k a month (1.2m a year excluding bonus).

Come on, if not for this pay, why would so many rush to be in banking? I don't even have a Cfa or MBA yet, but have been very lucky to go straight into fund management after school.

I work at an European bank.

Originally Posted by AVP

I find it hard to believe too. I'm AVP and already making 17k a month. I am sure my boss's boss (SVP) is earning around 100k a month (1.2m a year excluding bonus).

Come on, if not for this pay, why would so many rush to be in banking? I don't even have a Cfa or MBA yet, but have been very lucky to go straight into fund management after school.

I work at an European bank.

A couple of points:-

1) European Banks usually use Associate Director designation instead of VP designation, except for local positions, which will not pay global scales (hence $17k p.m. is not possible, even for VP positions, much less AVPs)

2) Unless the fund management arm pays a lot more than the i-banking or treasury arm, the payscale above is not possible on a pre-bonus basis, and I find it unlikely that banks will keep drastically different base pay payscales for fund management function

3) $17k p.m. is possible on a post bonus basis, assuming 1-yr or more bonus, but not likely in the coming year

So, in summary, a few potential points of doubt above, but $17k p.m. is possible at AVP level but only including bonus. In that case, presenting it in this manner is highly misleading given the amount of pressure on bonuses nowadays, where zero bonuses are increasingly becoming a possibility.

I always find all these experts coming here to claim inside knowledge of salaries of AVP/VP/SVP etc in the banking industry dubious. I am not from banking, but let’s think through this logically.

Anyone who can spout with confidence about pay bands, average bonuses of the banking industry has to first have access to hard verifiable data of a large sample size. This means he/she must have worked in HR function that deals with pay in at least a few banks to be able to claim industry pay knowledge.

What are the chances that any of them are on this forum? Close to zero. So what can most people realistically know about banking pay & bonuses?

1. Their own
2. A few close friends

The rest is all unverifiable rumors, bar room bravado BS, recruiters with agenda and casual chit chat with peers [i.e. all not verifiable]

But looking at the people talk here all sound maciam like industry expert on pay, but realistically they can’t know that as they don’t really have a sample size more than 5 that can provide verifiable info.

[poorman]

heh, all 'hard facts' about salary in this forum must be taken with a pinch of salt man.

Especially so when it comes to Banking matters.

Think about it, you honestly think Banking people are so free as to come into forums like these at work and brag about the pay and their benefits?

Pay is good at banks and rightfully so because of the long hours and high-stress environment with tight deadlines.

Read the last part again: "high-stress environment with tight deadlines".

That should give you a hint of the credibility of "Vice-Presidents, Directors etc." that come here.

Originally Posted by poorman

heh, all 'hard facts' about salary in this forum must be taken with a pinch of salt man.

Especially so when it comes to Banking matters.

Think about it, you honestly think Banking people are so free as to come into forums like these at work and brag about the pay and their benefits?

Pay is good at banks and rightfully so because of the long hours and high-stress environment with tight deadlines.

Read the last part again: "high-stress environment with tight deadlines".

That should give you a hint of the credibility of "Vice-Presidents, Directors etc." that come here.

Very obvious you've never worked in a bank.

FACT: there are some very high-earning employees who are VERY free.

Originally Posted by Unregistered

Very obvious you've never worked in a bank.

FACT: there are some very high-earning employees who are VERY free.

My point still stands even if some of the people here are really bankers who are very free. So what? They can only know for sure their own pay and maybe 1 or 2 more close colleagues.

So where do they get all this industry knowledge of pay from? From 3 data points (inc himself)?

Originally Posted by Unregistered

My point still stands even if some of the people here are really bankers who are very free. So what? They can only know for sure their own pay and maybe 1 or 2 more close colleagues.

So where do they get all this industry knowledge of pay from? From 3 data points (inc himself)?

If you've worked in a bank, you will have many more data points. Some bank CEO salaries are public info, so you can use simple common sense to extrapolate more data points between AVP and CEO. Sometimes you hear comments like "I only make a quarter of what CEO makes" and you collect more data. And you have other colleagues, ex-colleagues in other banks to exchange info. Some lucky friends will move faster than you and share with you more info.

Simple data collection. Just like in school, you exchange info on grades and marks.

You should continue to work in wherever you are, and collect that miserable pay check month in month out.

Originally Posted by Unregistered

If you've worked in a bank, you will have many more data points. Some bank CEO salaries are public info, so you can use simple common sense to extrapolate more data points between AVP and CEO. Sometimes you hear comments like "I only make a quarter of what CEO makes" and you collect more data. And you have other colleagues, ex-colleagues in other banks to exchange info. Some lucky friends will move faster than you and share with you more info.

Simple data collection. Just like in school, you exchange info on grades and marks.

You should continue to work in wherever you are, and collect that miserable pay check month in month out.

Excuse me, in most countries, listing rules requires only the disclosure of GCEO & 4 more senior executives. For a foregin bank, even the President & Head of Asia Pacific is not senior enough to be disclosed, much less the AVP/VP/SVP who are a few notches below.

GCEOs of finance industries generally make >$10M a year, so how does one extrapolate to concluding that the salary band of a VP is between $150k - 250k? Do these VPs go around telling others they make 2% of their GCEO? Why not 2.5%,1.5% or 3%?

Jeez have some sense of proportion before spouting nonsense.

Originally Posted by Unregistered

Excuse me, in most countries, listing rules requires only the disclosure of GCEO & 4 more senior executives. For a foregin bank, even the President & Head of Asia Pacific is not senior enough to be disclosed, much less the AVP/VP/SVP who are a few notches below.

GCEOs of finance industries generally make >$10M a year, so how does one extrapolate to concluding that the salary band of a VP is between $150k - 250k? Do these VPs go around telling others they make 2% of their GCEO? Why not 2.5%,1.5% or 3%?

Jeez have some sense of proportion before spouting nonsense.

Why don't you just assume everyone makes $2k a month. Happy?

Just ignore him lah, obviously just a troll out to stir shlt.

Actually if people serious in understanding market pay for a job, besides going to HR can actually look for the management consulting firms. I once paid Hewitt (now called Aon) to do a job pricing for me to make sure that a Shanghai offer I had was reasonable.

The probelm is they charge $$$ (USD550 for my case) & most people who are at junior level really no point in spending the money.

Originally Posted by Unregistered

Excuse me, in most countries, listing rules requires only the disclosure of GCEO & 4 more senior executives. For a foregin bank, even the President & Head of Asia Pacific is not senior enough to be disclosed, much less the AVP/VP/SVP who are a few notches below.

GCEOs of finance industries generally make >$10M a year, so how does one extrapolate to concluding that the salary band of a VP is between $150k - 250k? Do these VPs go around telling others they make 2% of their GCEO? Why not 2.5%,1.5% or 3%?

Jeez have some sense of proportion before spouting nonsense.