What is your definition of "Make It"? All MDs in the bank (international bank) earns at least $500K (for someone from Ops) and up to $3million (for the CEO). $500K will place you at the top 5% revenue earner in Singapore.

In the past yes, but now because of title inflation a lot of jr MD make <$500k. CEO usually is >$3million though now there are many CEO earning less because of title inflation. Many heads of small bank subsidiary are also called CEO now.

Mid Career Switch into Compliance
 

Hi all,

I have been in operations in a foreign private bank for the past 6-7 years and finally have a shot at promotion to the AVP/VP level (although no guarantee).

However I was recently asked by my compliance officer if I would like to switch roles and join them. Unfortunately, they can only take me in with my current rank as I do not have any experience in compliance.

My current function within ops is in the midst of some reorg and will consolidate and merge with other functions over the next 1-2 years. With all the negative news about banks cutting jobs in operations/offshoring etc (e.g scb), I am skeptical that even if I get promoted, the long term career prospects don't seem good compared to compliance. I currently see many compliance/regulatory/risk roles available in many banks and think moving into compliance will be good for my long term career prospects.

However, I am in a dilemma if it would be stupid to give up a promotion in ops just to move into compliance. Any thoughts?

You don't mind me being blunt here, but were you somehow underperforming or offended some higher ups in your bank? It is quite unusual for someone to work in a foreign bank after 7 years and still only "have a shot" at being AVP.

What exactly do you mean by "have a shot"? Has the boss or HR informed you formally that you will be promoted to AVP soon? To me in the banking industry it's all smoke & mirrors - either you get an official letter informing you of your promotion or you are not promoted. Having a shot count for nuts. There are countless people told every year they are being reviewed for promotion/transfer to FO which in the end nothing happen.

My advise is you make decision as if there is no promotion and just compare your current job and the new job as if they are the same rank.

Hi,
No worries. No, I was not underperforming. In fact I had managed and delivered a system migration successfully and had excellent performance for my appraisal. But I was in a big settlement team and reporting to someone with the same rank as me. Plus I was not "visable" with senior management and not favored by my function head to be promoted. FYI my bank does not have AVP rank but starts from non officer, authorized officer then associate director. I'm currently at the AO rank.

I moved out of the settlements team after 6 years into a client servicing role. Hence I had to wait another 1 year plus for my new function head to put me up for promotion to AD. This time round, things look more positive and thus I'm in a dilemma if I get promoted, should I give it up to move into compliance?

I intend to sign up for ICA diploma in compliance or AML after i'm done with my part time degree in BA since i feel that it is quite hard for me to get a job and anyone can easily overtake my place. Anyone can advice which compliance or AML better? what are the difference? Thanks in advance :)

I'm never a fan of operations, largely because I am lazy and don't like long hours. I think it happens a lot in operations. For AML, there are a lot of aspects that are moving towards operational as well, at least in my opinion. Only a few large banks have specific teams performing specific roles, like transaction monitoring, name screening, etc.

If the role with compliance/AML allows you to be exposed to different aspects and not be limited to an operational side of it, it might be a better option than staying in operations. Many banks are moving operational functions to low cost centers and retaining only a small team locally.

You have to evaluate the possibility of that happening to your team, and the other options available. You should also work out how many people are in the compliance/AML team, and how many are at the same level as you. This will help you evaluate your career path as well.

Having said that, don't assume that you will automatically move to be a AVP/VP or Associate Director after 2 years doing compliance or AML, or you would be able to get that position in another bank.

After reading all the replies, its kinda demoralizing after knowing that most of the guests here are uni grads/fresh uni grads and earning a decent amount of income from AML/Compliance job.

I am a 27 years old fresh local diploma grads currently ending my 8 months contractual AML role in a local bank drawing 2.1, how far would I go to in terms of dollar and cent? Would I be able to command a higher income gradually to be on par with uni grads within 2.5 years (like a 10% increment) along the way with broad base experience?

I would classify 2.1k job as general administration that just happens to be in an AML/Compliance department. I seriously doubt you are in a "AML/Compliance" job per se.

By banking standards you are considered very old at 27 with only a junior officer or clerical rank (somemore only a short term contractor), it is almost impossible to compete in the AM/Compliance space with those 22-25 year old students with a nice honors from local universities just based on work performance.

Try to play a bit of politics and network to get some senior guy to be your godfather so that he/she can sponsor your career growth. Otherwise all you are going to get is perpetual contract renewal with little or no pay increase.

Yes im very old as i came from ite then ns.

I wish to clarify with you that doing screening of names, suspicious transaction review, cdd etc are considered as general administation role? I guess its more of an ops role bah. I was offered perm role and still deciding if i should accept or not as i wish to learn more.