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Banks' Pay and Bonuses

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  #131 (permalink)  
Old 15-06-2015, 12:16 AM
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figures are base, no bonus included. Bonus for risk management around 20-30% of base. Bonus for front office like Quant research, DCM around 50-100% of base

In banking industry, no such thing as AWS or allowances.
No allowances? WAHAHAHAHA!!

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  #132 (permalink)  
Old 15-06-2015, 11:13 AM
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The salary ranges are quite accurate if you look at robert walters salary guide.
The quant trader seems low, perhaps he is on portfolio construction and algo development, not on the portfolio manager
I work in the industry and would like to add some value to this forum and society..

1. Don't believe figures published by recruitment agencies as most of the time, they are inflated in their own interests. Why? They get paid commissions based on % of their candidates' salaries. The higher the salaries, the higher their revenues. So collectively, they have an incentive to publish high figures.

2. HS and U*B have the most inflated job titles in banking IMO. Someone in his late twenties or early thirties can be a VP but making only 4-5k/mth. Similarly, some Chinese/Jap banks can pay their FO (ie. Involved in IB/Markets) 4-6k/mth. But I believe the poster who said he's a Director/SVP and making 20k/mth and his wife is making 17k/mth as a VP in Compliance. The reason is because it depends on the specific bank name and the no. of years of experience. Also, a Director is a VP in some banks, but a SVP is others. A SVP is a team lead of VPs, and many people finish their career as a VP and not SVP. Obviously, to be a team lead and making 20k like that guy, you need some substance and leadership. And a VP can make anywhere from 6k to 20k, depending on bank, age, starting salary, the role's orbat etc.

3. In some roles like "Buyside Quant funds" and FO roles in big names, it is industry standard to pay 8-10k/mth for entry level salary. To get into such roles, your profile is typically a first class in local uni, a Masters in a quantitative subject like Maths/Comp Sci/Physics etc or you grad from top Ivy league universities. Most people do not make the cut, thus these salaries are the exception rather than the norm.

4. Most people who talk about their high salaries do not mention about the sacrifices they have to make. There is No Free Lunch in This World. Do you know that FX sales/trading desks in banks operate in every single public holiday in the world except 1st January? Plus many global banks are cutting headcounts everywhere. There is no job security. Today you make 10k as a fresh grad. You dunno if you still get a salary tomorrow.

5. Lastly, the average pay in banking is indeed higher than most other industries. However, not everyone makes big bucks in banking. If you think that's the case, you will be sorely disappointed.

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  #133 (permalink)  
Old 15-06-2015, 11:35 AM
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How did you guys go about applying for the FO BB roles? Understand that most of them are targeting Ivies and are difficult to even find openings for. Do you guys go through the career office?

and about jobs in HK for BB FO, how do you guys go about applying?

thanks!

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  #134 (permalink)  
Old 15-06-2015, 11:59 AM
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You apply online through the bank's portal.

This is why connections and all that networking jazz is bullshit. Watch this video of a friend of mine, and how he got into Morgan Stanley HK in spite of being a Canadian.

s://..com/watch?v=Wvp6yStFUs8

Also, please for the love of god, you don't need to be a local FCH to work in FO. MANY are just 2nd upper though that is the bare minimum. If you want names, I can even put them down. I just hate posters who keep writing about FCH and how that is the typical profile blah blah blah without even being in the industry.
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  #135 (permalink)  
Old 15-06-2015, 12:01 PM
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s://..com/watch?v=Wvp6yStFUs8

** reposting the link.
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  #136 (permalink)  
Old 15-06-2015, 12:18 PM
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Also, please for the love of god, you don't need to be a local FCH to work in FO. MANY are just 2nd upper though that is the bare minimum. If you want names, I can even put them down. I just hate posters who keep writing about FCH and how that is the typical profile blah blah blah without even being in the industry.
OK give us the names of your friends please.
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  #137 (permalink)  
Old 15-06-2015, 12:33 PM
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OK give us the names of your friends please.
Lewis Phey- MS HK (S&T)
Lee Ching Wee - Citibank IB
Eliza Tay - JPM IB
Samuel Ting - Macquarie IB
Jonathan Woo - JPM AM

* all second upper, verified, or no honors because they joined straight. If not, feel free to add them on LinkedIn and ask yourself
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  #138 (permalink)  
Old 15-06-2015, 02:16 PM
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Quote:
Originally Posted by Unregistered View Post
I work in the industry and would like to add some value to this forum and society..

1. Don't believe figures published by recruitment agencies as most of the time, they are inflated in their own interests. Why? They get paid commissions based on % of their candidates' salaries. The higher the salaries, the higher their revenues. So collectively, they have an incentive to publish high figures.

2. HS and U*B have the most inflated job titles in banking IMO. Someone in his late twenties or early thirties can be a VP but making only 4-5k/mth. Similarly, some Chinese/Jap banks can pay their FO (ie. Involved in IB/Markets) 4-6k/mth. But I believe the poster who said he's a Director/SVP and making 20k/mth and his wife is making 17k/mth as a VP in Compliance. The reason is because it depends on the specific bank name and the no. of years of experience. Also, a Director is a VP in some banks, but a SVP is others. A SVP is a team lead of VPs, and many people finish their career as a VP and not SVP. Obviously, to be a team lead and making 20k like that guy, you need some substance and leadership. And a VP can make anywhere from 6k to 20k, depending on bank, age, starting salary, the role's orbat etc.

3. In some roles like "Buyside Quant funds" and FO roles in big names, it is industry standard to pay 8-10k/mth for entry level salary. To get into such roles, your profile is typically a first class in local uni, a Masters in a quantitative subject like Maths/Comp Sci/Physics etc or you grad from top Ivy league universities. Most people do not make the cut, thus these salaries are the exception rather than the norm.

4. Most people who talk about their high salaries do not mention about the sacrifices they have to make. There is No Free Lunch in This World. Do you know that FX sales/trading desks in banks operate in every single public holiday in the world except 1st January? Plus many global banks are cutting headcounts everywhere. There is no job security. Today you make 10k as a fresh grad. You dunno if you still get a salary tomorrow.

5. Lastly, the average pay in banking is indeed higher than most other industries. However, not everyone makes big bucks in banking. If you think that's the case, you will be sorely disappointed.
Thanks for sharing these points. It's always good to have reliable and straight-to-the-point inputs from insiders.


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  #139 (permalink)  
Old 15-06-2015, 02:38 PM
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Lewis Phey- MS HK (S&T)
Lee Ching Wee - Citibank IB
Eliza Tay - JPM IB
Samuel Ting - Macquarie IB
Jonathan Woo - JPM AM

* all second upper, verified, or no honors because they joined straight. If not, feel free to add them on LinkedIn and ask yourself
Lewis Phey- MS HK (S&T)
Eliza Tay - JPM IB

Last known record in linkedin is intern a.k.a "summer analyst" working in investment banks, whether they got a proper investment banking job is unknown. Summer analyst is a very loose term that applies to a lot of FO operations & support function as well. There is no way to tell what is their exact role from the linkedin.

What is interesting though is that while both Eliza & Lewis were very happily updating their linkedin whenever they got an internship in a bank, their profiles basically went black after graduation, i.e. no updates at all since graduating last year & still citing their internship.

Lee Ching Wee - Citibank IB

Can't find any profile, so no comment.

Samuel Ting - Macquarie IB

Profile just says Analyst in Macquarie, doesn't mean anything. I certainly wouldn't call him an investment banker based on that.

Jonathan Woo - JPM AM

To be honest, this guy seems like the closest to the real deal compared to the first 2 profiles with nice professional photos, month by month update during school and then abandoned profile after graduation. But Jonathan Woo is a consecutive years Dean's list, i.e. top of the cohort. How does his case in anyway support your claims that all you need is a 2nd class honors?

Maybe in a technical sense you can say he managed to impress others that he got a good offer therefore decided not to take honours. True, but if you look at his academics in context he is in fact much stronger than even a typical FCH, he can hardly be used to persuade others that you don't need good academics from a good school.
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  #140 (permalink)  
Old 15-06-2015, 02:48 PM
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Hello.

I know all of them personally. They interned at the respective banks last summer, and got their return offers.

If you don't believe me, again, add them on LinkedIn and ask )
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