Product control in Singapore market rate?

[d211uk]

I'm a senior AVP in product control in a top tier bank in London earning £68k base, ACA qualified. I wanted to move to Singapore for personal reasons, and managed to get an internal move to my equivalent team in our Singapore office. I'm being offered Sgd120k, but recruiters are telling me the market rate is sgd140k for a senior AVP, which is what I thought. Does anyone know what the market rate is? I'll be making about sgd1k loss a month on my flat in London so really need as much as is reasonable.

Originally Posted by d211uk

I'm a senior AVP in product control in a top tier bank in London earning £68k base, ACA qualified. I wanted to move to Singapore for personal reasons, and managed to get an internal move to my equivalent team in our Singapore office. I'm being offered Sgd120k, but recruiters are telling me the market rate is sgd140k for a senior AVP, which is what I thought. Does anyone know what the market rate is? I'll be making about sgd1k loss a month on my flat in London so really need as much as is reasonable.

Considering you are from a top tier bank, I would have expected them to at least offer you a VP rank (Sg titles are more inflated). Most European or American staff who come over usually get at least 30% on top of what they are drawing as part of the relocation compensation.

It seems your bank is cutting your pay; unless you are desperate to move here it doesn't make sense to me. You are going to incur substantial relocation costs, give up on pension contributions, have to rent a condo and car etc.

[d211uk]

Thanks- I am the one pushing to move which is why they won't throw money at me, but they should still pay the market rate. What is the market rate? They don't just give internal promotions like that in a large bank- you have to go through the process which is once a year in January, and you also have to be operating at that level and with a "platform" before. I currrently don't have the platform but this role could give me that.

I just want to know how much an experienced AVP should expect to be paid in Singapore. Is sgd120k to low?

Originally Posted by d211uk

Thanks- I am the one pushing to move which is why they won't throw money at me, but they should still pay the market rate. What is the market rate? They don't just give internal promotions like that in a large bank- you have to go through the process which is once a year in January, and you also have to be operating at that level and with a "platform" before. I currrently don't have the platform but this role could give me that.

I just want to know how much an experienced AVP should expect to be paid in Singapore. Is sgd120k to low?

No idea. In sg titles are meaningless, it doesn't mean anything. I have seen AVP go below 70k in some banks.

To me if you are the one desperate to move here then you have to accept whatever the bank gives you. They are not going to up your salary just because you think the market is higher.

I think your salary is inline with an internal move. Long gone are the days where they do an FX conversation and add a premium on top - considering the number of professionals trying to exit their home markets and get into SG and HK.

Will your bank pick up your relocation expenses? You may also get a higher bonus in SG, depending on which bank you are working at. I would say that an AVP would max out at around 130-140k with VP starting at around 160-180k. You aren't that far off. If they aren't covering anything, try for $130k. I mean it's what you wanted rather than them needing you in SG, right?

AVP can try to negotiate for 150k, that is usually the higher end for this rank.