What does TR stand for?

Fresh grads typically start out at that range, no doubt. The main concern is that your pay has stayed relatively stagnant after 2 years, which is not a good sign. In a non front-office banking role, the key is to jump and jump often in order to secure big increments. Don't be afraid of being labeled a job hopper at this juncture of your career, it's the norm for junior executives nowadays to have a nomadic CV.

The CS compliance programme is a load of crap designed to pay minimal sum for a group of people to 'immerse' themselves in the compliance culture aka cheap labour to support their core compliance function.

Looking back, 18% is actually a fairly satisfactory increment that BAML is offering you. Although you are still below the supposed average, I think this is a fair deal that they have for you.

With regards to bank increments, don't bother. It varies between 1-7%. Pathetic.

TR:Thomson Reuters. I was offered a role before graduation and I thought this might be a good chance to get into financial crime/compliance industry. however I was shocked to see 0 or 4% increment after my first year. really thanks for your insight. Are you from the compliance industry?

I know how you feel. I have a similar background, my 1st job out of graduation was at a investment research firm specializing in alternative assets, as a research analyst. The starting pay was 2850. I am now with a European bank's Compliance Control/Advisory team. In total, I have moved 3 times with a little less than 3 years working experience and am drawing >1.75x my 1st paycheck.

Banks do not reward loyalty within the same function, will not recommend people in our shoes to stay committed in a firm for an extended period of time. After all, we are not the 'elite' IBs or part of sales/trading. We have to create and generate uplifts in our incomes with what we have.

The starting pay was 2850. I am now with a European bank's Compliance Control/Advisory team. In total, I have moved 3 times with a little less than 3 years working experience and am drawing >1.75x my 1st paycheck.

wow which means you change job every year?? I hope to emulate your career some day. however how do you build your expertise and skills if you move regularly especially in compliance where there is so much to learn?

I stayed at the research analyst role for 6 months before moving onto a Client Onboarding/KYC role for about 9 months. Moved onto another KYC role and stayed there for 17 months. Not really 1 year per job la.

KYC is not compliance. KYC is operational by nature, whereas Compliance is more control and in some teams, advisory-based. Tbh, KYC is not difficult to pick up and excel in. If you can do well in school and have good command of English, which at TR I'm sure you must have, you can easily become proficient in the essential skills within a year. I believe BAML's AML team is one and the same with their KYC team?

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yes that is right. They do more of kyc aml remediation and COB. they also have internal / external auditing projects hence i feel good opportunities to learn. I didnt ask them if they send their employees for acams exam. do you think acams and ICA diploma are vital in these field? according to some, these are merely certs.

looks like you did contract jobs? banks are now hiring contract employees for the aml kyc obligations and the base salary is higher too so that could be the reason why he earns more than you now. contract jobs are good way to get experience if you are keen in compliance in the future. good luck!

I have no doubts you will learn a lot there. Whether it's about KYC/AML or the banking sector in general, it will be a decent learning experience. If you are looking to break into Compliance, or establish a career in Compliance, Compliance certs are almost a necessity for promotions and could be the difference between you and the other candidates. I'm looking to take my ICA Diploma within the next 12 months, just not decided on which specialty yet.

And to answer the above post, my first job out of graduation was a permanent role which I gave up to move into a contractual KYC role. My subsequent roles were in a permanent capacity.

Currently in a global bank doing TM

However, because of the compressed aml function here, am parked in compliance doing all(most?) levels of alert clearing, up to investigation/review of escalated STRs and subsequent lodgement

would like to inquire if the above exp is relevant for a move to advisory, or would onboarding/CDD knowledge still be necessary

Hi,

As a fresh grad, is it a good idea to source for these contract jobs through public job portals such as Indeed.com, jobstreet and so on? Or is it much wiser to browse the individual firms career websites to find said contract jobs?