Banking - Back Office

Would like to seek advice how to enter bank industry, BO or MO with no relevant exp and econs degree? I had 2 years exp in other field though.

Sent many direct applications to banks but no replies though. Is recruitment agency a better option?

Originally Posted by Unregistered

Would like to seek advice how to enter bank industry, BO or MO with no relevant exp and econs degree? I had 2 years exp in other field though.

Sent many direct applications to banks but no replies though. Is recruitment agency a better option?

Read this: ://forums.asiaone.com/showthread.php?t=70540#1

And you'll know why.

Sorry for broken link:

It's on Asia1 forum titled: Back-office Barclays staff in SG busy calling recruiters

://forums.asiaone.com/showthread.php?t=70540#1

i have worked 6 years in a large foreign investment and there is a degree of variance across different firms. My friends are mostly in banking and i can probably share what I know

For back office, generally speaking:
first 2-3 years - ~45-65K PA, incl bonus of 1-3 months. I heard bonus is higher in local banks (there are people with 0 bonus in my firm), but base is lower (40-60K).
after the initial few years, you should get promoted to the next level or salary will be stuck, as there is usually a cap for entry level positions (non-officers, analysts etc) and that cap will hover around 60K.

Once promoted, you will be in the middle-tier category which makes up a large part of bank office folks. These are the ones who have been promoted but yet to make VP. I myself was drawing ~75K (5 years experience) back then. Bonus around 20K. I have heard of people being stuck in this rank for >15 years, so pay really differs greatly. Lower end is 60K, high end up to 180K PA, both exlucding bonus.

Earlier this year i switch roles and am now drawing 100K basic - if you dont change firms or roles, expect to be stuck with a crappy increment annually. The banking industry rewards people who switch firms. Sad but true.

Originally Posted by Unregistered

i have worked 6 years in a large foreign investment and there is a degree of variance across different firms. My friends are mostly in banking and i can probably share what I know

For back office, generally speaking:
first 2-3 years - ~45-65K PA, incl bonus of 1-3 months. I heard bonus is higher in local banks (there are people with 0 bonus in my firm), but base is lower (40-60K).
after the initial few years, you should get promoted to the next level or salary will be stuck, as there is usually a cap for entry level positions (non-officers, analysts etc) and that cap will hover around 60K.

Once promoted, you will be in the middle-tier category which makes up a large part of bank office folks. These are the ones who have been promoted but yet to make VP. I myself was drawing ~75K (5 years experience) back then. Bonus around 20K. I have heard of people being stuck in this rank for >15 years, so pay really differs greatly. Lower end is 60K, high end up to 180K PA, both exlucding bonus.

Earlier this year i switch roles and am now drawing 100K basic - if you dont change firms or roles, expect to be stuck with a crappy increment annually. The banking industry rewards people who switch firms. Sad but true.

sadly, one needs to job hop around to get higher pay increment. are you in the back office or middle office?

Originally Posted by Unregistered

if you dont change firms or roles, expect to be stuck with a crappy increment annually. The banking industry rewards people who switch firms. Sad but true.

agree.....

Originally Posted by Unregistered

i have worked 6 years in a large foreign investment and there is a degree of variance across different firms. My friends are mostly in banking and i can probably share what I know

For back office, generally speaking:
first 2-3 years - ~45-65K PA, incl bonus of 1-3 months. I heard bonus is higher in local banks (there are people with 0 bonus in my firm), but base is lower (40-60K).
after the initial few years, you should get promoted to the next level or salary will be stuck, as there is usually a cap for entry level positions (non-officers, analysts etc) and that cap will hover around 60K.

Once promoted, you will be in the middle-tier category which makes up a large part of bank office folks. These are the ones who have been promoted but yet to make VP. I myself was drawing ~75K (5 years experience) back then. Bonus around 20K. I have heard of people being stuck in this rank for >15 years, so pay really differs greatly. Lower end is 60K, high end up to 180K PA, both exlucding bonus.

Earlier this year i switch roles and am now drawing 100K basic - if you dont change firms or roles, expect to be stuck with a crappy increment annually. The banking industry rewards people who switch firms. Sad but true.

Yup, diploma level. 2 years plus banking ops exp drawing about 50k p.a. Thinking of doing a part time degree and waiting for a right time to jump

Hi

Anyone knows about the dbs graduate program for sme banking? will I only end up as a relationship manager?

s://.dbs.com/careers/fast-track-success/graduate-associates/default.page

These days front office earn also lesser than back.
Employers market. Everyone wants to be in FO(non sales)

BO can pay so well? Looks like the monetary prospect is not that bad after all.