What do you spend your salary on ?

Originally Posted by Hermit

What happens to the average-performing ones, those who do not become MDs when they are at 45-55 years of age?

Average performers do not even reach SVP, much less MD.

For non-hipos, provided you dont get retrenched, the normal rank should be VP1 at around 50 years old.

My cousin (45 years old) is a VP in FX sales. Always travelling in the region to entertain clients... very high flying lifestyle. How much is he paid ? He always talk very big about himself leh .....

Yup, you won't hit Director unless you are good. If you are an average performer, you will retire as a VP at best. It depends on your role. In ops, the best you might end up is AVP.

If you are in the front office, and your performance is mediocre for 20 years. High chance you will get retrenched when the next cycle comes. Why? You are just not worth the 20 years of increment when your value-add is stagnant. Also, to allow new blood to move up the ladder. If you are mediocre, you have a longer life-span at middle/back-office.

Bottom-line: Front office jobs in banks are like high beta (risk) roles in high beta industry. You want a high incremement, high variable compensation you must continually improve and stay competent.

If your mentality is to stay average. You have a better chance at survival in back-office. Or best, move to civil sector.

Originally Posted by Unregistered

Average performers do not even reach SVP, much less MD.

For non-hipos, provided you dont get retrenched, the normal rank should be VP1 at around 50 years old.

I don't like the hao lian bit and I do enjoy deflating the egos of those show-offs. But if you want to know an honest answer (and if the details you give below are true), read further:

1. Depends whether local or foreign bank and the segment of clients he cover. Nevertheless, at 45 years old and as a VP, he should be drawing a base pay between $18-30k per month. This is pretty standard for a VP at age 45, regardless of role. A variable bonus of 6-24 months (depending on performance of individual and performance of bank) is common. As a rough gauge, a VP total pay package (base + variable) is about S$250-500k per year. This will consist of cash and a mix of options. If your cousin tells you that he is getting shares, likely his total compensation has exceeded S$250k per year. If not, something is fishy.

Originally Posted by Unregistered

My cousin (45 years old) is a VP in FX sales. Always travelling in the region to entertain clients... very high flying lifestyle. How much is he paid ? He always talk very big about himself leh .....

Originally Posted by Unregistered

My cousin (45 years old) is a VP in FX sales. Always travelling in the region to entertain clients... very high flying lifestyle. How much is he paid ? He always talk very big about himself leh .....

one way to gauge is his lifestyle. what car does he drive (and how many cars), what house he lives in, holiday destinations, etc.

a high flying banker would probably at least be driving a merc/bmw/audi, live in freehold semi-d, and go to europe/japan for holidays

Originally Posted by Unregistered

one way to gauge is his lifestyle. what car does he drive (and how many cars), what house he lives in, holiday destinations, etc.

a high flying banker would probably at least be driving a merc/bmw/audi, live in freehold semi-d, and go to europe/japan for holidays

So would high flying property agents and financial planners.

Other telltale signs of SG top 1% (or about top 20000 households):

Bling bling level - PP watches, cartier jewellery, wife/gf chanel/Hermes bags

Travel - flies business/first on own money (not corporate)

Home - i definitely agree esp in SG.. own your own landed or condo worth above 3M.

Car - Many middle class drive stretch to drive bmw/merc.... maybe if drive maserati, porsche, aston martin, RR then can count.. Must cost at least 450K and up mah... Quite likely own another jap car/bmw/merc for everyday use

[alwaysnforever]

yes bmw and mercs are all to common now. aston martins, ferraris and lambos and those high end mercs and bmws are still only pretty much exclusive to those who are truly rich.

Agree. Merc/Bmw alot of people can buy. $200k loan just stay in 4-RM HDB instead of 5-RM can already lo.

Car must be $500k and above then can considered well to do.

But having said that, alot of rich people don't really show off.

Still, if a banker earns enough.. he will definitely show it It is just in the nature of bankers to Hao Lian!

Talk about Semi-D. It is really possible lor. Two years ago, this investment banker (<30 years old) married his colleague (even younger). Both worked in the same dept of an offshore bank. They are both Singaporeans, local grad, family not well to do. Their 3-4 years of savings enough for them to buy a freehold semi-D (prime location), get married and go honeymoon. Both are pretty quiet, humble type. Not the typical image of investment banker. Unfortunately the wife (a really nice lady) caught some blood disorder. Fell very sick...

Originally Posted by Unregistered

one way to gauge is his lifestyle. what car does he drive (and how many cars), what house he lives in, holiday destinations, etc.

a high flying banker would probably at least be driving a merc/bmw/audi, live in freehold semi-d, and go to europe/japan for holidays