Banks' Pay and Bonuses

Originally Posted by Unregistered

4 yrs of experience in a BO/MO role currently drawing 5.7k. i do not see much progression anymore and have been actively looking out. however, the hunt has been quite arduous.

finally, i was offered 6.5k at a foreign bank with no further nego. same j.d and role (no vertical progression in rank). though i was ideally expecting a 20% increment, many have told me it is tough to get 20% during COVID.

i am heavily inclined to accept this and was wondering whether it is a good idea to do so or keep looking?

First and foremost, congratulations for a relatively impressive 14% pay jump!

Originally Posted by Unregistered

4 yrs of experience in a BO/MO role currently drawing 5.7k. i do not see much progression anymore and have been actively looking out. however, the hunt has been quite arduous.

finally, i was offered 6.5k at a foreign bank with no further nego. same j.d and role (no vertical progression in rank). though i was ideally expecting a 20% increment, many have told me it is tough to get 20% during COVID.

i am heavily inclined to accept this and was wondering whether it is a good idea to do so or keep looking?

is this your first job fresh out of graduation? total working experience (whether relevant to your current role or not) is 4 years?

Originally Posted by Unregistered

is this your first job fresh out of graduation? total working experience (whether relevant to your current role or not) is 4 years?

yup, total working experience of 4 years post grad from a local biz uni. currently in aml advisory after succeeding in transfer internally from aml onboarding at my current place at the year 2 mark.

also thanks to the poster above for the well wishes.

Originally Posted by Unregistered

yup, total working experience of 4 years post grad from a local biz uni. currently in aml advisory after succeeding in transfer internally from aml onboarding at my current place at the year 2 mark.

also thanks to the poster above for the well wishes.

6.5k at your 5th year of working in AML/KYC is pretty solid and you're on track to going places! As per the above posters, suggest you take the offer for now and continue working your craft. I assume it's a foreign bank that you're in, given the rather above-average pay? I believe local banks pay alot lower, i.e. probably still < 5k at 4 years. Also, which business line of AML advisory are you in? Private banking, or corporate, or investment, or consumer, or all?

Currently drawing $4.1K doing sales support in a bank. I manage a team of 5 and work relatively long hours (12 hours a day). Have a local u degree and I’ve been here for close to 5 years (1st job). Exposure is good and I’m recognised by my bosses (...just not reflected in the pay lol) but next year’s increment (if any) will be limited because I was just promoted this year.

Received an offer @ $5000 doing the same thing except I won’t be managing anyone and my days of leave have been reduced (from 23 to 17). OT most likely not required. Progression more limited as people here are in “retirement” mode.

Is it rly a no brainer to leave? FWIW, I do enjoy my work and the environment at my current workplace, though I don’t think it’s too bad at the new place too.

Originally Posted by Unregistered

Currently drawing $4.1K doing sales support in a bank. I manage a team of 5 and work relatively long hours (12 hours a day). Have a local u degree and I’ve been here for close to 5 years (1st job). Exposure is good and I’m recognised by my bosses (...just not reflected in the pay lol) but next year’s increment (if any) will be limited because I was just promoted this year.

Received an offer @ $5000 doing the same thing except I won’t be managing anyone and my days of leave have been reduced (from 23 to 17). OT most likely not required. Progression more limited as people here are in “retirement” mode.

Is it rly a no brainer to leave? FWIW, I do enjoy my work and the environment at my current workplace, though I don’t think it’s too bad at the new place too.

4.1k after 5 years is really low. Which bank is this? Any good foreign bank or BB would pay upwards of 7k for 5 YOE in sales support

Originally Posted by Unregistered

4.1k after 5 years is really low. Which bank is this? Any good foreign bank or BB would pay upwards of 7k for 5 YOE in sales support

It’s not a local bank, but also neither a swanky BB or foreign (“first-world”) bank. I started out as a contract staff at the bank drawing $2K+, so that could be a reason why the pay has been so low all these while, despite the promotions.

Originally Posted by Unregistered

It’s not a local bank, but also neither a swanky BB or foreign (“first-world”) bank. I started out as a contract staff at the bank drawing $2K+, so that could be a reason why the pay has been so low all these while, despite the promotions.

My advice to all aspiring finance professionals is to not stay in a local bank for more than 3 years. 5 years max. Local banks like to use their strong branding to lowball job applicants. For the same skillset you could be getting 20-50% more in an international bank or BB. But what you have to give up is job stability. If you have kids or parents to support or a mortgage to pay off or simply looking to retire without further career growth, you can consider joining a local bank. That's why if you're a fresh grad or below 35 without financial obligations, staying in a local bank is career suicide.

Originally Posted by Unregistered

My advice to all aspiring finance professionals is to not stay in a local bank for more than 3 years. 5 years max. Local banks like to use their strong branding to lowball job applicants. For the same skillset you could be getting 20-50% more in an international bank or BB. But what you have to give up is job stability. If you have kids or parents to support or a mortgage to pay off or simply looking to retire without further career growth, you can consider joining a local bank. That's why if you're a fresh grad or below 35 without financial obligations, staying in a local bank is career suicide.

Could you elaborate abit more on the job stability in foreign banks vs local banks? Perhaps also differentiate between the different "classes" of foreign banks if possible. Not everyone will be able to get into a prestigious BB, and personally not too sure of the future exit prospects of going into a smaller regional or foreign bank branch.

Originally Posted by Unregistered

My advice to all aspiring finance professionals is to not stay in a local bank for more than 3 years. 5 years max. Local banks like to use their strong branding to lowball job applicants. For the same skillset you could be getting 20-50% more in an international bank or BB. But what you have to give up is job stability. If you have kids or parents to support or a mortgage to pay off or simply looking to retire without further career growth, you can consider joining a local bank. That's why if you're a fresh grad or below 35 without financial obligations, staying in a local bank is career suicide.

Depends on the bank. DBS definitely pays better than HSBC/Citi with bonuses included lol

Of course tier 1 BB is the best but working at somewhere like SC/HSBC is the worst of both worlds. Low job stability and pay also not high