Banks' Pay and Bonuses

Originally Posted by Unregistered

Agree +1. Only point I would comment is there is much more BS here then survivorship-bias IMO. Almost everyone here is claiming to make $100k+ a year with <10 years exp and lots of supposed millionaires in their mid 30s.

I seriously doubt all these top 1% elites in sg are gathering here in a unregistered salary forum. So for the SCB guy, I would say relax and no need to depress, you are already above average.

100k a year in mid 30s is a lot?

really doesn't seem that way ... lol

in ithe past 100k PA can own a nice conti car and condo. nowadays, 100k annual salary can barely afford a HDB and honda jazz.

Originally Posted by Unregistered

There are a few thousand, may be tens of thousand, bankers earning more than sgd10k per mth. Just go to IRAS website to download the breakdown of tax payers and you will see 300k taxpayers in assessed income gp of at least sgd100k.

[s://.iras.gov.sg/IRASHome/Publications/Statistics-and-Papers/Tax-Statistics/#IIT[/

300k is not even 5% of the population. if you exclude the expats who are mostly earning >$100k you will prob get like ~3% of the population earning >$100k. $10k a month if include bonus needs total >$150k which probably takes off another 1%.

So we are talking about 1%-2% of the population who make $10k & above. In this unregistered forum, seems like >60% are claiming they make more than that. Smells like BS to me.

Originally Posted by Unregistered

300k is not even 5% of the population. if you exclude the expats who are mostly earning >$100k you will prob get like ~3% of the population earning >$100k. $10k a month if include bonus needs total >$150k which probably takes off another 1%.

So we are talking about 1%-2% of the population who make $10k & above. In this unregistered forum, seems like >60% are claiming they make more than that. Smells like BS to me.

Assessed Income Group Number of Taxpayers
S$ Tax Resident Non-Tax Resident4

20,000 & below - 19,907
20,001 - 25,000 66,410 1,705
25,001 - 30,000 121,292 1,334
30,001 - 40,000 270,703 1,837
40,001 - 50,000 207,250 1,180
50,001 - 60,000 148,420 844
60,001 - 70,000 107,135 576
70,001 - 80,000 79,742 411
80,001 - 100,000 108,754 555
100,001 - 150,000 140,914 618
150,001 - 200,000 61,029 246
200,001 - 300,000 53,623 186
300,001 - 400,000 22,535 58
400,001 - 500,000 10,639 25
500,001 - 1,000,000 13,714 33
1,000,001 & above 4,231 32

Total 1,416,391 29,547

going by the IRAS numbers

total earning 100k and above = 306685/1416391 = ~22%

so 1 in 5 are earning more than 100k per annum.

that's quite a number isn't it?

Originally Posted by Unregistered

300k is not even 5% of the population. if you exclude the expats who are mostly earning >$100k you will prob get like ~3% of the population earning >$100k. $10k a month if include bonus needs total >$150k which probably takes off another 1%.

So we are talking about 1%-2% of the population who make $10k & above. In this unregistered forum, seems like >60% are claiming they make more than that. Smells like BS to me.

Not for you to believe or not, the numbers are there to show and there plenty of people (more than what you have calculated) earning more than sgd10k per month. Wake up!

People often are most familiar with others in/around their socioeconomic strata, so those who still earn <$100kpa in their early 30s usually have most of their family and friends also earning <$100k in their early 30s.

These people don't know what they don't know, and so think it is ridiculous and BS for a good number of people to earn >$100k in their early 30s (which really isn't a lot at that age).

Then there are those who assert that the forummers here are BS-ing by comparing the claims here against the national population. The fact is, those who frequent the forum, and those who actually post comments, are NOT representative of the national population to begin with.

It is not inconceivable that the higher income earners are over represented in this forum because the lower income earners do not visit such forums or simply prefer to stay silent.

>100k in early 30s is very common in banking sector, even for non revenue generating role.
The good ones already reach VP in early 30s and hit 200k for mid office role, or 300k for front office role.

Originally Posted by Unregistered

People often are most familiar with others in/around their socioeconomic strata, so those who still earn <$100kpa in their early 30s usually have most of their family and friends also earning <$100k in their early 30s.

These people don't know what they don't know, and so think it is ridiculous and BS for a good number of people to earn >$100k in their early 30s (which really isn't a lot at that age).

Then there are those who assert that the forummers here are BS-ing by comparing the claims here against the national population. The fact is, those who frequent the forum, and those who actually post comments, are NOT representative of the national population to begin with.

It is not inconceivable that the higher income earners are over represented in this forum because the lower income earners do not visit such forums or simply prefer to stay silent.

Here is a sample of school mates aged 32

Associate in blackrock - base 120k, bonus 5 mths
VP in prdt development - 170k base
Associate in quant research - 130k base
VP in DCM - 200k
VP in market risk management -180k
Trader in buyside quant fund - 120k, bonus 1yr

Originally Posted by Unregistered

>100k in early 30s is very common in banking sector, even for non revenue generating role.
The good ones already reach VP in early 30s and hit 200k for mid office role, or 300k for front office role.

Never mind lah, no need to burst the bubble for those who prefer to believe and find peace in thinking that >100k in early 30s is BS.

Originally Posted by Unregistered

Here is a sample of school mates aged 32

Associate in blackrock - base 120k, bonus 5 mths
VP in prdt development - 170k base
Associate in quant research - 130k base
VP in DCM - 200k
VP in market risk management -180k
Trader in buyside quant fund - 120k, bonus 1yr

yea yea, so 6 school mates of yours just happily share with you their exact basic salary & bonus for the year...

and seriously wtf is a "buyside quant fund"? wanna BS at least learn to use the correct industry terminology

Quick question, i assume all the figures listed here include whatever allowances / VBs / AWS right? Basically, the entire package a.k.a all-in package?