Banks' Pay and Bonuses

Originally Posted by Unregistered

Did you have other work experience prior to ur 6 yrs in ops? How was the yearly increment avg % like?

Nope. Started in ops and stayed in ops for 6 years.

Originally Posted by mytwocents

i’m in the banking industry for about 9 years MO. hopped from local to a BB then to a small foreign bank. typing this cause on leave tmrw and returning good deeds by sharing info.

by researching this forum and glassdoor, i’m sure u guys can tell what’s the truth being said. anyways hope we SIC more and toxic less.

it’s true investment bankers fresh grad in BB may get paid 10k, but if u meet one, u will also know they don’t have much time to even spend it. they are also minimally first class honours from local uni and have to pass gruelling MA interviews. so it’s true but highly unlikely and only for IB in BB (no other MA roles will pay u 10k straight out of uni).

BO/MO: starting salary at BB 4k+ is definitely possible. Even OCBC or UOB are paying at least 3k for fresh grads (just ask around)..

BO/MO: salary after 5 years? my estimate is 5-7k if ur foreign bank. depends on how many promotions and salary increments. if you’re good, twice promotion maybe 20% to 30% each time. local bank salary is low prolly 5k after 5 years is average (normal progression), but their bonuses are much better.

back to the contentious point being debated:
10k for MO role after 5 years in a BB (fresh grad) is highly unlikely. UNLESS ur a MA program, or ur linked to a revenue generation MO team ie structured product team, or ur salary increment was 20% every single year without fail on average despite all banks having one or two bad economic years. Again, sounds unlikely or u left out some other information such as YOE.. In any case, if u achieved it congrats, defo no easy fear. but folks here are asking for the reasonable range, not an unlikely outlier range. spread the kindness bruh

keep sharing and stop the toxicity!

cheers guys.

FYI, it’s true JPM doesn’t hav AVP, that’s why their senior associate salary can hit 10k too.. personal experience).

Thanks for sharing and totally agree with your sentiments on the very unlikely 10k after 5 years in BB for MO - that is just trolls trying to mislead. Agree with 5-7k if you stay in the same bank throughout. If you hop around within the 5 years, you may be able to command higher.

5 years not possible, but 6-7 possible if:
- you're consistently top of your class and getting the best compensation
- Make VP during your 6th/7th year.
(It's usually the VP jump that helps you reach the 10k)

Of course, this is an uncommon case, and not the norm.

(Coming from someone who started at BB Ops and just hit 10k due to VP promotion. 6.5 YOE (Local uni intake is mid year).

Originally Posted by Unregistered

5 years not possible, but 6-7 possible if:
- you're consistently top of your class and getting the best compensation
- Make VP during your 6th/7th year.
(It's usually the VP jump that helps you reach the 10k)

Of course, this is an uncommon case, and not the norm.

(Coming from someone who started at BB Ops and just hit 10k due to VP promotion. 6.5 YOE (Local uni intake is mid year).

What was ur monthly prior to the promotion to vp? Congrats by the way!

Do not, I repeat do not stay in a local bank BO role for more than 3 years.. it's a dead end job with no prospects and progression...

Originally Posted by Unregistered

That's about 9k per month which is decent for experienced hire, just need to factor in work life balance.

How would work life balance work out in banks, as I've read among different threads, seems it's pretty much depending on what team you join right? There isn't really a definite answer of yes or no.

Originally Posted by Unregistered

What was ur monthly prior to the promotion to vp? Congrats by the way!

Thank you. It was ~8.5k before making VP. Been at the same BB since graduating

Originally Posted by Unregistered

How would work life balance work out in banks, as I've read among different threads, seems it's pretty much depending on what team you join right? There isn't really a definite answer of yes or no.

Yup. You'll only find out when you're there.

Originally Posted by Unregistered

Thank you. It was ~8.5k before making VP. Been at the same BB since graduating

That's quite high. Do you mind sharing the overall trajectory and nature of ur role?

Currently drawing 8k at a European bank's MO (risk & compliance, avp). Pay has been quite stagnant since I joined two years back at 7k+. Is it too much to expect 10k (25% raise) in my next hop?

~7 years of experience.