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Since he is not accounting trained he probably is not doing audit or tax
Likely in the advisory services e.g Risk Management, Corporate Finance. Quote:
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I will be starting my work in one of the foreign bank ops in changi business park. Anyone can advice on the yearly increment and promotional increment?
My starting salary is 3.8k-4.2k |
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Yes I'm a fresh grad
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yearly ard 10%, after 5 yr, you shld be getting assistant vp which starts at 10k. after another 5yr, you shld be vp which starts at 16k. another 5yr, you shld be director which starts at 25k. most back-office ppl will get stuck here for the rest of career. only 1 or 2 could reach MD when sky is the limit. bonus around 4-5mth onwards only issue is changi is a boring place and has no visibility to senior management. try to ask for transfer in 1yr to role located in one raffles quay |
Im not working in CS. But may I know if the pay scale is similar in other foreign banks?
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Is this the normal route of advancement for foreign banks, or does it only apply for outstanding performer. Seems kind of fast-tracked for one to be able to make 10k after 5 years, especially as TS stated he's in ops. That being the case I would see most of the ops folks earning $10k or more in foreign banks... Seems unlikely to me, though it might be true. I'm from local bank and it sucks if that is really true. |
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The career track i mention is quite average as it takes 10yr to reach vp. If u r good, u reach vp in 6yr - only seen this in trading or risk mgt |
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In my bank (local bank), when u look at those with more than 10 years of experience, there are heaps more below the rank of VP compared to VP. To reach a VP within 10 years is definition not considered average, at least, thats my opinion. I've been working for 8 years. Considered average-good performer with 4 months bonus for the past few years. Current rank is AVP and I dun think VP is in sight for the next 2 years. I should think it will be more difficult to attain VP rank in foreign banks. Anyone can ascertain this? |
CBP = Citi?
Anyway, AVP starting pay is not $10k. Not after 5 years and not in Ops. I think yearly increment 3-10%, without promotion, bonus 1-3 mths will be more accurate. I'm an AVP in front office, foreign bank and I just barely crossed $10k on my 5 year mark. So Ops take 30-40% lesser at least. |
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Cimb, maybank, anz, boc, kbc, icici, rabo |
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$10k/mth base salary is very very high for someone with 5 yrs work exp only (assuming), except for sales&trading / priority bankers who included commissions Thanks for clarifying |
I am joining SCB soon under ops but I don't any business background. Anyone know what should I prepare/self-study before I start work? Like what are the impt things to know, eg. computer skills, financial knowledge etc........
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Hi guys. I'm looking to get a degree in economics and finance in SIM-UOL. What are the prospects of such a degree and what kind of starting salary I can get as a fresh grad. Thanks for the help
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kingmad fliet
With all the banking crisis since 2008, I wonder how banks are still able to pay so much to its employees. Would there not be a pay freeze or pay reduction for majority of financial sector people since 2008 till now?
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Current - $7.3 |
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Heard that in some banks, some VP level employees (with ~10 years experience) in middle or back office are making around 5k only.
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mean your annual increment for the past 6 years is 15-16% every year?!?! so much, i tot the norm is 3-5% increment only |
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6% is consider GOOD performer already |
I think it would be useful to provide salary for every year from the day you started working in the bank to current salary. Then it is possible to see the rate of change in salary.
Based on most of the replies here, 3-6% increment is reasonable. Typically, promotion is twice the annual increment - 6-12% . So using these figures, you can estimate what an average graduate employee will be earning in a bank from starting pay of 2.5k to 3k. Of course this is for the average worker and not for bankers working in front office or in profit centres. Have to take into account the economy also because that could mean certain years couldhave pay freeze or smaller increments. |
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Base (S$) per month:
BO= backoffice 2006 - 3.75k (BO) 2007- 4.2 (BO, promotion) 2008 - 4.5 (BO) 2009 - 4.5 (BO, pay freeze, promotion) 2010 - 5.5k (pay adjustment for 2010. Including for 2009 promotion w/o increment) 2010 - 6.2k (switched to front office on 1-yr contract) 2011 - 8.0k (converted to perm) 2012 - 10.5k (promotion) |
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My switch from back to front is the only thing I consider as an outlier. The rest were normal type of increments / promotions.
I consider my promotions pretty quick but considering they are junior level promotions and I have decent honors (degree), nothing impressive. Quote:
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Why did you assume no promotion? |
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9-6?? or every day work 12-14hrs every weekend burn?? Got work life balance?? |
Current rank is AVP
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Depends on what rank I will hit after 10 years. From Junior ranks to AVP is one leap.
From AVP to VP is difficult. VP to D even more difficult. I would say base case I will be a VP at the end of the next 10 years. (or SVP). The cap will be around S$25k. Bullish case will be I hit D. For that, I am not so sure what's the income cap. Probably a good guess will be S$30-35k. The higher you go up, the more your variable will make up your total comp. Quote:
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In BO, it is about 9-8+. No need to work weekends.
In FO, hours are shorter. 9-6. But different kind of stress. Have to manage P&L. No need to work weekends either. When I wanted to move from BO to FO. I hangout with the desk guys after work, almost every night, or at least whenever they ask. When I wanted to convert from temp to perm. I make sure I am first in office (even if it means being in at 7.30am). I make sure I buy coffee for everyone on the desk. After work, I make sure I am available for every after work activity. After I get my perm, I can now afford to work-life balance. So it really depends on how driven you are towards your goal. What's your game plan to achieve your objective, etc. Quote:
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