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Advice needed: where to go with FCH?

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  #21 (permalink)  
Old 18-02-2015, 10:13 AM
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Based on my exp in recruitment, I would say roughly 90-100k all-in for junior VPs who just got promoted and your figures are quite there for more seasoned VPs, i.e. 120-150k annual is very common for most mid career VPs (around mid 30s to early 40s type) in the BO or MO space.

SVP pay will be more varied. The lowest I have seen is 130k and the highest so far for non-sales / FO type is close to 400k. A typical SVP is usually around early to mid 40s average pay about 250k.

These numbers are not bad, enough for a someone to lead an upper middle class lifestyle, but those who think they are going to drive a Ferrari from their District 9 landed garage & rub shoulders with the elites and socialites by being a VP/SVP in Compliance, KYC, Risk Management, HR, IT, Marketing etc. are in for a nasty shock.

All figures are annual inclusive of bonus and allowance.
This is by far the most sensible post on banking pay in the forum.

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  #22 (permalink)  
Old 18-02-2015, 12:29 PM
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But the public sector does allow you to reach those figures even as a non-scholar as long as your individual performance is strong. There are non-scholars who can reach DD level before 40 if CEP and performance is high enough. DDs are paid anywhere 12-15k on a 17 mth package in a ministry, that is 200-250k. Unless you really believe those 1 liner post promising mega riches in a bank, then I have nothing to add.

Sure, a non-scholar will not reach perm sec level and get that $1.5mil pay, but over $200k is definitely attainable if you are good and play your cards right. What I'm trying to tell you is that if you are good, lots of places including the public sector and many other industries in the private side can be potentially rewarding. There is no need to get all hung up on joining the banks which for most of the non-sales positions are only average in pay compared to others.
Thanks for sharing. I would like to ask if a non-scholar climbing to MX10 is reasonably achievable, or is it an exception like Gates/Zuckerberg? I read from many sources that as long as I'm not a scholar my CEP would be abysmal save for a miracle.

It came across to me as being similar to a dead-end engineering job with little prospects but higher, stable pay.

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@OP: I wrote the last post. Didn't see that you would be graduating next year - in this case, you should apply aggressively to internships (preferably big brands in the field you are interested in).
Thank you. Hope you're doing well now. I'll have to decide my target industries soon!

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  #23 (permalink)  
Old 18-02-2015, 12:43 PM
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Apologies, I'm referring to MX9 in the above post.

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  #24 (permalink)  
Old 18-02-2015, 02:16 PM
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Originally Posted by aeipathy View Post
Thanks for sharing. I would like to ask if a non-scholar climbing to MX10 is reasonably achievable, or is it an exception like Gates/Zuckerberg? I read from many sources that as long as I'm not a scholar my CEP would be abysmal save for a miracle.

It came across to me as being similar to a dead-end engineering job with little prospects but higher, stable pay.



Thank you. Hope you're doing well now. I'll have to decide my target industries soon!
U dun need to be a scholar to reach DD or even D level now. Your civil service uderstanding still stuck in the 1980s.
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  #25 (permalink)  
Old 20-02-2015, 04:45 PM
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Thank you. Hope you're doing well now. I'll have to decide my target industries soon!
No problem, by the way, if you're looking for a decent job industry (not high-paying but decent), the path of least resistance as an engineer is to become proficient in programming - entry level starting pay tech analyst as a developer in foreign banks here is at least 4.5k/month. Banks are currently short of real tech talent who can program (and like to do programming) since our universities tend to produce graduates that end up having no passion for it.

The progression is not bad too, it is in line with what the other poster said about banks; VPs can earn 15k+ and SVPs 20k+ although it may take a decade or two to reach there if you're not a high performer. As with other industries that offer higher pay however, of course you are assuming more risk in terms of job stability, but as mentioned, there is a lack of serious tech talent in Singapore that is unlikely to go away very soon after years of "just let the Indians program" mentality from Singaporeans and the older generations.
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  #26 (permalink)  
Old 20-02-2015, 06:01 PM
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Engineering fresh grad here, FCH. Started on pursuing my finance job since year 2.

Long story short, no internship in summer of 2nd year, thus went ahead to do external finance stuff to boost cv. summer internship in 3rd year doing MO stuff. Applied to >25 graduate position in banks/FI/business roles in engineering firms with one internship.

Got a couple of offers, started at about 70k p.a, FO position.
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  #27 (permalink)  
Old 20-02-2015, 07:36 PM
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Civil service tends to give higher bonuses compared to banks BO/MO positions. Therefore, it would be more sensible to look at annual packages rather than talk about the monthly salaries. In civil service, it is common to have at least a 17 month package for those at mx11
and mx10, for good performers. Average performers would have 16 month package for mx11.
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  #28 (permalink)  
Old 20-02-2015, 07:38 PM
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Quote:
Originally Posted by Unregistered View Post
Based on my exp in recruitment, I would say roughly 90-100k all-in for junior VPs who just got promoted and your figures are quite there for more seasoned VPs, i.e. 120-150k annual is very common for most mid career VPs (around mid 30s to early 40s type) in the BO or MO space.

SVP pay will be more varied. The lowest I have seen is 130k and the highest so far for non-sales / FO type is close to 400k. A typical SVP is usually around early to mid 40s average pay about 250k.

These numbers are not bad, enough for a someone to lead an upper middle class lifestyle, but those who think they are going to drive a Ferrari from their District 9 landed garage & rub shoulders with the elites and socialites by being a VP/SVP in Compliance, KYC, Risk Management, HR, IT, Marketing etc. are in for a nasty shock.

All figures are annual inclusive of bonus and allowance.
Is it difficult to get to SVP level if you are in BO/MO in a bank?
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  #29 (permalink)  
Old 21-02-2015, 12:59 AM
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No problem, by the way, if you're looking for a decent job industry (not high-paying but decent), the path of least resistance as an engineer is to become proficient in programming - entry level starting pay tech analyst as a developer in foreign banks here is at least 4.5k/month. Banks are currently short of real tech talent who can program (and like to do programming) since our universities tend to produce graduates that end up having no passion for it.

The progression is not bad too, it is in line with what the other poster said about banks; VPs can earn 15k+ and SVPs 20k+ although it may take a decade or two to reach there if you're not a high performer. As with other industries that offer higher pay however, of course you are assuming more risk in terms of job stability, but as mentioned, there is a lack of serious tech talent in Singapore that is unlikely to go away very soon after years of "just let the Indians program" mentality from Singaporeans and the older generations.
You gotta be kidding me, programming & tech analyst type jobs are currently 90% filled up by cheap Indians in the banking BO @ Changi Business Park or 3rd party offshored BPO centres. Haha "decent but not high paying" 15+k for VP & 20+k for SVP after 10 years!?! LOL in your dreams.

I notice you have been going around spamming a lot of threads here about fantasy pay as a programmer. You want to talk rubbish make jokes among your friends is one thing, to purposely mislead fresh grads who have no clue is totally immoral.
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  #30 (permalink)  
Old 21-02-2015, 01:01 AM
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Is it difficult to get to SVP level if you are in BO/MO in a bank?
Not really, SVP in most banks is just a middle level manager position. Not all will get it (unlike VP which is 90% guaranteed as long as you stay long enough), but still common enough even in BO/MO.


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