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-   -   AML/Compliance/KYC professionals come in! (https://forums.salary.sg/income-jobs/3243-aml-compliance-kyc-professionals-come.html)

Unregistered 01-12-2016 04:36 PM

Quote:

Originally Posted by Unregistered (Post 92664)
To further add, the bonus could also be different. BB bonus is lower comparatively to normal banks. There is no way to compare starting pay. I get 3K with 4 to 5 months bonus vs 4K with 1 to 2 months bonus.

Thanks for pointing that out. Figures on a p.a. basis is also fine.

I expect that these junior positions typically have less than 3 months bonus so the base salary would be a good indicator of the annual package.

Quote:

Originally Posted by Unregistered (Post 92678)
To clarify, you did not receive a 4000 offer for a summer intern pay in COMPLIANCE. So don't take the same measuring yardstick for all analyst jobs in bulge bracket. A compliance analyst role for someone with 0 experience like yourself does not start out at 4k salary lol. Hate to burst your bubble!

To clarify, I did. And by offer I mean that I have finished the interviews and received a formal acceptance letter, not an informal offer. I have not started on the internship but my title includes the word compliance. I do not have any prior experience and I am NOT an anomaly, my schoolmates have received similar offers.

Given that your 5th year projection barely matches the amount that my friends and I have been offered at the 1st year/internship, I initially thought that you misread my post.

I am intrigued that you are so determined to hold on to your beliefs, especially when it is clear that you either conjured the information by yourself or have the knowledge but decided to mislead others. A third possibility is that your confidence is placed on an unreliable source of information that provides such a large discrepancy in information.

Perhaps you work in a recruitment agency and wish to lower the expectations of job seekers (second scenario). Or you have been misguided by the recruitment agencies (third scenario).

If it helps you to sleep better, applicants need to be on track to graduate with 2nd upper/1st class. Which is not a big deal, considering that almost half of the students in the 3 business schools meet this criteria.

Quote:

Originally Posted by Unregistered (Post 92681)
Woah. So much burn.

You sure you talking about back end KYC/AML/Compliance role?

I am not sure what defines back end. I do not have a law degree. However, I expect to be tasked to more challenging work than those in the range that the previous poster has quoted after a few months into the job. My job has no FO element inside.

Unregistered 01-12-2016 04:38 PM

Quote:

Originally Posted by Unregistered (Post 92705)
If you can get into a MA program, why would you want to end up in compliance. Generally the personality needed to get into a MA program is already more suitable for a FO position. The salary ceiling for a FO role is definitely higher than for compliance too.

Considering that most IB and markets positions pay above 9k for entry-level while most MA programs pay below 5k, there is a discrepancy in the talent that a bank is hiring for both programs.

The reason why many of those capable MAs that could get FO positions decided to do MA is because they are not interested in the long hours, so even the capable MAs may not end up in FO by their own choice.

Unregistered 01-12-2016 05:34 PM

I was the poster that was telling you the unrealistic trajectory of your increments. However, in his defense, a starting 4k salary is actually quite common. There are a bunch of fresh graduates in my bank (hint: European) that are tagged to Compliance on a training stint for the next 2 years or so. I understand that their starting salary is around this range.

However, none of them expect, and none of their seniors were awarded the sort of increments that this young man is expecting. As I had mentioned, the only way in the middle/back office world that you will get those sort of figures, is if you jump banks. Otherwise, no chance for such yearly increments.

Unregistered 01-12-2016 11:50 PM

Burst your bubbles
 
To the young local graduate to be, please be realistic and do not make a joke out of us, Singaporeans.

The foreigners are trying, desperately if I may, to hit us at every angle to take our jobs. Compliance is one of the last few standing roles in the financial sector that has yet to suffer badly from such influx of overpaid big trumpets.

Background of myself, been in the industry for over 15 years and presently the head of compliance for a division of a foreign bank.

I do pay the fresh grads entry at $4k or more depending on their performance at the interview but there is almost no way I will be able to give the 20% or more increment you are looking for annually. Beyond realistic, that is just being ignorant of the current market conditions. Yes, Compliance is in demand and jobs are aplenty for us.

BUT, the market wants 3-5 years experience or oatherwise 12 years and above. To breach that 1st layer, you need to get a decent 3-5 years in ONE place. that would mean u should be looking at 5%-8% MAX each year depending on the overall bank performance and ur own kpi.

p/s: just because u have 2nd uppers or 1st class aint mean nothing to me as the hiring manager, I would readily hire a merit holder from part time degree program if he is more willing to learn and yet be realistic on demands.

Unregistered 02-12-2016 01:45 AM

I really doubt a SUMMER INTERN FOR COMPLIANCE will be 4k, graduate program is likely but for internship (unless IBD), 4k is hard to believe

Unregistered 03-12-2016 01:40 PM

Actually he is not lying, GS pays their interns full time pay i.e. 4K even for ops role.

Scb internship for all roles close to 3k
Cs tech and ops internship 2.5k
BAML ops internship 1.5k
JPM internship 3K

Unregistered 04-12-2016 10:29 AM

Quote:

Originally Posted by Unregistered (Post 92744)
Actually he is not lying, GS pays their interns full time pay i.e. 4K even for ops role.

Scb internship for all roles close to 3k
Cs tech and ops internship 2.5k
BAML ops internship 1.5k
JPM internship 3K

I am in SCB now and the above at least for SCB is 100% BS. SCB doesn't even offer all fresh grads at 3k or above and they pay internship for all roles close to 3k? Absolute rubbish!

Unregistered 06-12-2016 02:13 PM

Quote:

Originally Posted by Unregistered (Post 92722)
To the young local graduate to be, please be realistic and do not make a joke out of us, Singaporeans.

The foreigners are trying, desperately if I may, to hit us at every angle to take our jobs. Compliance is one of the last few standing roles in the financial sector that has yet to suffer badly from such influx of overpaid big trumpets.

Background of myself, been in the industry for over 15 years and presently the head of compliance for a division of a foreign bank.

I do pay the fresh grads entry at $4k or more depending on their performance at the interview but there is almost no way I will be able to give the 20% or more increment you are looking for annually. Beyond realistic, that is just being ignorant of the current market conditions. Yes, Compliance is in demand and jobs are aplenty for us.

BUT, the market wants 3-5 years experience or oatherwise 12 years and above. To breach that 1st layer, you need to get a decent 3-5 years in ONE place. that would mean u should be looking at 5%-8% MAX each year depending on the overall bank performance and ur own kpi.

p/s: just because u have 2nd uppers or 1st class aint mean nothing to me as the hiring manager, I would readily hire a merit holder from part time degree program if he is more willing to learn and yet be realistic on demands.

I was the poster repeatedly telling the young chap to check his increment expectations. Not sure why everyone else is so stirred up by the starting pay when his increment expectations was more insane.

Unregistered 06-12-2016 09:27 PM

Quote:

Originally Posted by Unregistered (Post 92798)
I was the poster repeatedly telling the young chap to check his increment expectations. Not sure why everyone else is so stirred up by the starting pay when his increment expectations was more insane.


I agree. The starting pay is actually reasonable for some banks but there's no way you can get such increment every year.

Unregistered 09-12-2016 02:33 AM

I am a new poster. Been ~6 years in the banking since graduation and last 2 years in Compliance. Always been in foreign banks.

During my local engineering university days (more than 7 years back) we already knew mates drawing 4 - 4.8k for internship at BB (e.g. UBS) for IT or middle office functions. Even heard of 8-10k internships from those IB folks in business schools. Which drawn me to apply for banking and got into a Grad Prog starting at 4.8k. Later found out we are paid 4.4 - 4.8k for the whole same batch, which is dependable purely on the interview performance, which also kinda determines our future likely landing spots.

Right now when we do catch up for gossips, the majority of us (mostly middle/back office incld Compliance) are making 6-8k. The higher range-rs are those that jumped ship before. And of course, a rare few are making more in the 10k++ range due to the nature of their role.

So the rumors about joining a MAP and make 10k++ in 5 years, is remotely true. It does happen but not to the majority of MAs and definitely not in this economic climate.

The head of compliance's post is a wake up call. Locals need to stop bickering and start helping one another. Be realistic and stop tarnishing Singaporeans' reputation. Else we will continue to see foreigners holding higher posts and giving high post/salary/increment to other foreigners while we job-hop around the lower positions.

Advise to fresh graduates: Relationship is critical to your banking career. It is much easier when there are many commonalities (e.g. nationality). Aim to perfect it as early as possible because that will be what keeps you at the top. One easy way is to give your buddy a hand. I know it is very basic but I just do not see it practiced often. Look at the big picture and understand who is your real competition.

The purpose of this forum is to share and give advise. So let's uphold the spirit. There is nothing to gain from misleading others.


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