Which area do u guys think have better long term prospects?
AML investigations, regulatory or kyc? |
aws/bonus for local banks
I'm a fresh grad with an offer for an entry level compliance role at a local bank. i have been shown the written offer recently and realized that the bank does not pay AWS and yearly bonus is purely based on performance.
Is this the case for most banks in sg? I'm also wondering if it is more likely to be a bank-wide policy or a clause just catered to fresh grads because of our inexperience. More specifically, what kind of performance-based bonus would I be expecting as a fresh grad? I'm not expecting an extravagant figure, but is getting average ~1-2 months a long stretch in compliance? I have a few more days to decide whether to accept the job, and ive pretty much set on taking it. Just wanted to see if anyone here could provide some insights regarding this. Thanks! |
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I think most banks do this nowadays, they like to omit the bonus part and just tell you it's based on performance so they don't have to commit to anything. |
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Your bonus is dependent your performance and bank performance. |
Thanks for the above two replies. The role is a perm position at a local bank. I guess I'll be accepting the offer this week if this is what banks are doing more or less, as the other terms seem fine to me.
Just hoping that my performance will be enough to earn me 1-2 months at least, in the compliance function. |
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Anyway just curious what sort of compliance function will you be doing? :) |
AWS has been phased out in most banks for graduate level employees, which is a good thing. The component is now part of your annual 12-month package, instead of 13-months.
The only big bank that I am aware is still on a 13-month package is HSBC. This is for their Band 7 aka Assistant Manager (glorified title), which most grads in their middle/back office start out as. This sucks as it might affect your future jumps and convincing your next employer to look at your remuneration on a annual basis and not a monthly basis. |
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And for the previous poster who replied about AWS. Well it's good to hear that it's not just my offer without aws. But on the other hand it just means my offered monthly pay is actually lower than what it seems as the "13th month" is sort of factored in. Gotta work hard for that bonus and promotion then! |
Hi feel like most of yall very easy to find compliance jobs in bank! Im a local dip holder trying to find a role in banks but to no avail. I have no banking exp. pls enlighten me ): and which uni are y'all mostly from! Im taking a pte degree now...
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This experience will definitely help you upon your completion of your degree, transition into a permanent role and the broader compliance sector will be slightly easier as well. |
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