300k is no problem for compliance for most compliance folks at age 35. That why you see many lawyers switching to become compliance for half the workload but with 75% of their legal pay
Fresh grad @ 25: 4K - Analyst 3 years exp @ 28: 6k - Associate ( at this point, a stint in MAS banking supervision can be a good detour) 5 years exp @ 30: 10k - AVP 10 years exp @ 35: 15k-20k - VP/SVP at a mid-tier bank (with one job-hop) overseeing one line of business product compliance advisory, or one in specialized field e.g. financial crime, regulatory compliance, etc Quote:
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Anyone knows which is a better place to start in order to progress further under the aml/financial crime compliance umbrella, kyc or transaction monitoring?
Why is it that someone a few pages back wrote to gain experience in aml then jump over to kyc?? |
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FCC houses aml/cft advisory, which encompasses control measures like TM/ payments scrning/ kyc. If u r a fresh grad or someone with no prior relevant exp, kyc will be a easy for u to get into.. |
Bonus is not as good as FO, but the total compensation is very good. I know AML MDs in early 40s are paid in total SGD600k+. This comp is as good as front office Executive Director level who brings in 10mm revenue/yr for the Firm.
From efinancialcareer "You can earn USD$340k (£224k) after 10 years in anti-money laundering You’ll have to wait longer for gigantic pay in anti-money laundering, but it will come. AML used to be a bit of a backwater in compliance, but with giant fines at HSBC and Standard Chartered it’s suddenly become a hot topic. Tomas Strelczak, compliance recruitment manager at Robert Walters, says anti-money laundering pay has increased faster than other areas of the compliance market in recent years. “It’s an incredibly in-demand area, a lot of teams are building out headcount considerably,” he tells us." |
You are slightly out of touch with the market. There has been at least 10% pay rise in last 2 years for most compliance staff to prevent jumping ship. Many are re-negotiating for a pay raise, or banks will counter-offer easily at this level. Talk to a seasoned head-hunter who can advise you better.
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Any constructive feedback on securing AVP pay/positions other than the MAS route? Currently in a mid-size compliance setup doing more aml-focused work |
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2017 : 15% increase to 8.2k - grade jump to avp. Job-hop to another setup for another 20% hike to reach 10k Try to move to FO compliance advisory work. This requires upgrade in financial knowledge to level of CFA, and u get faster pay jump but with higher stress. |
I am sim graduate with no honours, take a contract job in aml in 2009. After 6 yrs in aml in trade finance transaction, and with 2 job hop, getting 10.5k now as AVP. I think my secondary school mates who got into SMU, avoided compliance as it was considered back-waters, now they are regreting as they feel stuck in deadend audit 12hrs/day jobs
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