Banking - Back Office

Hi,

Can anyone advice how to get into Back or Middle Office?
Can't find any positions for Fresh Graduates on the Bank website.

Thanks

Originally Posted by Unregistered

Hi,

Can anyone advice how to get into Back or Middle Office?
Can't find any positions for Fresh Graduates on the Bank website.

Thanks

You need to know someone who knows someone.

[Fantasista]

Originally Posted by Unregistered

You need to know someone who knows someone.

This is so true. Of course, luck does play a part.

Up this thread to create awareness for BO in bank.

Anyway kind soul willing to share their increment/promotion road-map for these recent years?

Originally Posted by Unregistered

Up this thread to create awareness for BO in bank.

Anyway kind soul willing to share their increment/promotion road-map for these recent years?

If you are young, and you want to try making it big, learn not to hate on sales. I would advise you guys to try the front office. Yes, selling loans, insurance policies, financial plans. Put your pride down and service the public. Too many fresh graduates are hating on Personal banking roles, including myself. The base salary for PBAs range from 2.7k-3.3k. I would say it is a decent start.

The young generation of graduates nowadays, avoid sales and try to get their foot into BO or MO. Yes, it may be comfortable in the MO, generally no overtime, collect the base salary, smooth working life. However, in the BO, most companies, will require you to perform overtime, you have the lowest cut of bonus, and your increment is pathetic. BO and MO are cost centres, not profit generators (FO). Start for fresh graduates in BO and MO are 2.5-3K depending on the company.

If you are hoping to own a decent car by 28 and comfortably pay off the monthly loan, BO and MO is not for you. When i say decent car, i mean a car thats averaging 80-90K in price.

Lets put it this way, if you are in FO, and you top sales or close to being top, you get comm+basic allowing you to earn more. And if you don't do well in sales, you are still drawing a basic salary at market rate.

Originally Posted by Unregistered

Hi,

Can anyone advice how to get into Back or Middle Office?
Can't find any positions for Fresh Graduates on the Bank website.

Thanks

y would anyone ask for advise to get into back office? for the sole purpose of telling relative u work in bank during cny?

average pay, long work hours, low prospect (work ur way up to the top is a myth) and face the full blunt of economic cycle and the constant threat of being outsourced.

Originally Posted by Unregistered

y would anyone ask for advise to get into back office? for the sole purpose of telling relative u work in bank during cny?

average pay, long work hours, low prospect (work ur way up to the top is a myth) and face the full blunt of economic cycle and the constant threat of being outsourced.

cos not everyone can be a CEO or a hotshot trader in FO.

Originally Posted by Unregistered

cos not everyone can be a CEO or a hotshot trader in FO.

I cant agreed more. Let's just stick with the thread topic, shall we? It would be more beneficial if someone in Bank BO to share its career progression and salary trend (Bonus and basic).

I have been working in a bank's BO for about 4 years plus. Honestly speaking, even within BO itself, the department that you are working in will determine your pay. Some departments pay higher and some pay way much lower e.g Remittance, Payment Processing dept etc.

My starting pay was $2600 4 years back. Long hours, high volume and always the dept to get the blame when things go wrong.

Of course, there are good sides to being in a BO too. You learn alot about the products and the processes. Most importantly, strive to build up your product knowledge while in BO. It will greatly help you in future.

Originally Posted by Unregistered

I have been working in a bank's BO for about 4 years plus. Honestly speaking, even within BO itself, the department that you are working in will determine your pay. Some departments pay higher and some pay way much lower e.g Remittance, Payment Processing dept etc.

My starting pay was $2600 4 years back. Long hours, high volume and always the dept to get the blame when things go wrong.

Of course, there are good sides to being in a BO too. You learn alot about the products and the processes. Most importantly, strive to build up your product knowledge while in BO. It will greatly help you in future.

Thanks for sharing. Do you mind sharing your salary over the 4 years and average bonus? Local or foreign bank?

It seems like you're in the operation side. How about the technology side? Any better or worse?