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18-03-2018, 11:41 PM
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Quote:
Originally Posted by UserJ
Hey guys! I would like to seek some career advice as I am in a dilemma right now of which path/jobs should I take.
Just to share more about myself, I am currently unemployed as my contract has ended about 1 month ago. I have been working for more than 1.5 years as a compliance officer/executive. (Non banking/FI industry) 1 year contract and followed by 6 months contract in different companies.
Job scope comprises, reviewing transactions/documentation for any fraud or suspicious activities and to prevent from any non compliant issues to the organisation rules and regulations, regulatory reporting, review cases/complaint from APAC region and to give appropriate recommendation/training to staffs and as well as taking part in risk assessments exercises.
Initially, I am thinking of stepping in my foot into banking industry to develop my career in the Aml side however I do know that it is hard to even get shortlisted as I do not have the relevant skills. (unless through referral or by luck.
However during this 2 months of intense job search, my current situation is;
1st company: UK MNC non banking/FI industry doing compliance related work, went for 1st interview with HR, 2nd interview with 2 managers and last interview with Finance Director. HR got back and say that I am on their top list so far however still need to screen last candidate before confirmation
Salary wise: briefly discuss that they can offer around $4k~, PB around 1-2 months the most.
2nd company: US MNC doing Aml compliance related work, PEP, Sanctions, alerts, Adverse Media list, watch list screening for name matching and etc..
went for 2 interviews as well and it turn out to be great.
Salary wise: around $3.4- $3.7, unknown for bonuses
3rd company: Bank doing kyc role. name screening with the list that was given by authority, on-boarding, CDD, documentation checks. (through referral)
Salary wise: yet to be discussed but I am assuming around $2.8 - $3.2
4th company: Bank doing business compliance related work, kyc documentation check, name screening, STRs, etc..
Salary wise: $3k~
The above jobs that i mentioned were all on contract basis, given that only the first 2 positions are highly converted to permanent role.
I heard a lot from my friends that are currently working in banks said that Kyc is going to be outsourced or even automated in about 3~ years time and was wondering if it is ideal to enter into the banking industry right now or should I steer away from it.
I know that I may seem to be indecisive of what I want but
I sincerely hope that I could get some advice from the seniors that are currently or had experience working in this related field about the prospect of choosing such industries to work in.
Thanks in advance guys!
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Second sound the best. U need the widest exposure while taking a respectable pay. Don’t get short changed at local banks and the job scope sounds too ops to be honest. Negotiate the highest u can get. 1st 1 sounds like those job which u start off earning decent but not enough stuff to put on your resume. Rmb to not compromise and accept some Low paying job - lower 4K is quite Low at this point to be honest
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19-03-2018, 10:38 PM
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yeah you should actually ask for 5k per month since its a contract role, i am sure they would give it to u
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19-03-2018, 10:58 PM
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Junior Member
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Join Date: Mar 2018
Posts: 4
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Career advice
Quote:
Originally Posted by Unregistered
Second sound the best. U need the widest exposure while taking a respectable pay. Don’t get short changed at local banks and the job scope sounds too ops to be honest. Negotiate the highest u can get. 1st 1 sounds like those job which u start off earning decent but not enough stuff to put on your resume. Rmb to not compromise and accept some Low paying job - lower 4K is quite Low at this point to be honest
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Thank you so much for replying, I believe that all banks need relevant banking exp to negotiate for higher pay. At this point of time, the best that they can offer me is around 3k given that I do not have any banking Exp. (previously drawing low 3 as well) And yes you are right, it is under ops role but is a stepping stone to go into banking compliance.
currently 1st job and 3rd job offer pay difference around $700 (after nego) . 2nd job still need more time to get back to me. (but I think chances are low already).
Just need to pray for the best and hope that I do not regret my final decision!
Thanks
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19-03-2018, 11:01 PM
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Junior Member
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Join Date: Mar 2018
Posts: 4
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Career advice
Quote:
Originally Posted by Unregistered
yeah you should actually ask for 5k per month since its a contract role, i am sure they would give it to u
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Haha 5k will be a huge jump from my last drawn man! I am just hoping that they will give me a revise package after conversion to perm
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19-03-2018, 11:10 PM
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Quote:
Originally Posted by UserJ
Hey guys! I would like to seek some career advice as I am in a dilemma right now of which path/jobs should I take.
Just to share more about myself, I am currently unemployed as my contract has ended about 1 month ago. I have been working for more than 1.5 years as a compliance officer/executive. (Non banking/FI industry) 1 year contract and followed by 6 months contract in different companies.
Job scope comprises, reviewing transactions/documentation for any fraud or suspicious activities and to prevent from any non compliant issues to the organisation rules and regulations, regulatory reporting, review cases/complaint from APAC region and to give appropriate recommendation/training to staffs and as well as taking part in risk assessments exercises.
Initially, I am thinking of stepping in my foot into banking industry to develop my career in the Aml side however I do know that it is hard to even get shortlisted as I do not have the relevant skills. (unless through referral or by luck.
However during this 2 months of intense job search, my current situation is;
1st company: UK MNC non banking/FI industry doing compliance related work, went for 1st interview with HR, 2nd interview with 2 managers and last interview with Finance Director. HR got back and say that I am on their top list so far however still need to screen last candidate before confirmation
Salary wise: briefly discuss that they can offer around $4k~, PB around 1-2 months the most.
2nd company: US MNC doing Aml compliance related work, PEP, Sanctions, alerts, Adverse Media list, watch list screening for name matching and etc..
went for 2 interviews as well and it turn out to be great.
Salary wise: around $3.4- $3.7, unknown for bonuses
3rd company: Bank doing kyc role. name screening with the list that was given by authority, on-boarding, CDD, documentation checks. (through referral)
Salary wise: yet to be discussed but I am assuming around $2.8 - $3.2
4th company: Bank doing business compliance related work, kyc documentation check, name screening, STRs, etc..
Salary wise: $3k~
The above jobs that i mentioned were all on contract basis, given that only the first 2 positions are highly converted to permanent role.
I heard a lot from my friends that are currently working in banks said that Kyc is going to be outsourced or even automated in about 3~ years time and was wondering if it is ideal to enter into the banking industry right now or should I steer away from it.
I know that I may seem to be indecisive of what I want but
I sincerely hope that I could get some advice from the seniors that are currently or had experience working in this related field about the prospect of choosing such industries to work in.
Thanks in advance guys!
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Actually you should go for the 2nd MNC company. I used to have close to 2 years of experience from banking. After which I joined a MNC where I got 50% increment. Currently I have almost 4 years experience. Drawing low 6k. With bonus will be low 7k.
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19-03-2018, 11:20 PM
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Junior Member
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Join Date: Mar 2018
Posts: 4
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Quote:
Originally Posted by Unregistered
Actually you should go for the 2nd MNC company. I used to have close to 2 years of experience from banking. After which I joined a MNC where I got 50% increment. Currently I have almost 4 years experience. Drawing low 6k. With bonus will be low 7k.
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If 2nd US mnc company offer me I would definitely accept it. Wow with just 2 years experience in banking can get you an 50% increment in MNC? That's really impressive to me. It will be a huge achievement for me if I'm able to reach your pay range in the next 2-3years time!
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19-03-2018, 11:35 PM
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Quote:
Originally Posted by UserJ
If 2nd US mnc company offer me I would definitely accept it. Wow with just 2 years experience in banking can get you an 50% increment in MNC? That's really impressive to me. It will be a huge achievement for me if I'm able to reach your pay range in the next 2-3years time!
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That is because it is the top few MNCs in the industry which is known to be a good paymaster.
Only then I realised that the banks are not good paymasters. Just be wise with your choice.
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20-03-2018, 11:18 AM
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[QUOTE=Unregistered;105872]
Quote:
Originally Posted by Unregistered
do you happen to be working in a insurance firm?[/QUOT
nope, i'm working on a project in a local bank. The project is outsourced to a company which the bank uses its product for KYC.
clearing backlogs for the bank. Feel like i'm expandable after the project lol. Not sure what are my chances in a bank after this contract role.
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Hi I roughly know which company is that as I have went for the interview. Do you mind sharing me what is the salary package like and how many experience do you currently have before you gotten the job please?
Thanks!
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20-03-2018, 09:33 PM
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[QUOTE=Unregistered;105963]
Quote:
Originally Posted by Unregistered
Hi I roughly know which company is that as I have went for the interview. Do you mind sharing me what is the salary package like and how many experience do you currently have before you gotten the job please?
Thanks!
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no compliance experience. its a 6 months contract and maybe extendable depending on the amount of work that need to be clear. mid 2k. i join weeks back and i'm one of the last few ppl that joined. u managed to get in?
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20-03-2018, 10:59 PM
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[QUOTE=Unregistered;105984]
Quote:
Originally Posted by Unregistered
no compliance experience. its a 6 months contract and maybe extendable depending on the amount of work that need to be clear. mid 2k. i join weeks back and i'm one of the last few ppl that joined. u managed to get in?
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Hmm the position that I interviewed was a 1 year contract highly convertible, but job scope sounds totally the same as yours haha.
Don't think I an able to wait for them as they mentioned that they only can get back to me by next week.
Currently, I have already accepted another bank offer. (6 months contract).
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