how much shall I expect for a vp role in a local bank?

Originally Posted by Unregistered

Seems that this year's bonuses are generally on the higher end and my expectations turned out rather conservative. Pro-rated bonus for the 8 months since joining was ~5.25 months, so was pleasantly surprised. Increment on the other hand was somewhat dismal at only 3.5%...

Yes this year bonus on average is about 25% +++ and above compared to YOY bonus, some people get up to 40-50%, but the average performer get 3X% YOY increased.

Increment is pretty much standard at 2.5% - 3.5% range, which meets market standard, so no complains on that.


-ken

Originally Posted by matchbox

Hi Mangos47, did you take up the offer with UOB in the end?

How is the work life over there? How are their annual increments and bonuses like? Any others able to comment?

given up the UOB offer eventually because not really up to expectation (around 145-150k per annum all in). Two months later got another offer from a MNC 175k per annum base plus 1 month bonus (US culture). Went there and quite happy (no stress, friendly colleague and reasonable workload). Tow year later as of now, 185k base, plus bonus, about 205k per annum)

Originally Posted by Unregistered

given up the UOB offer eventually because not really up to expectation (around 145-150k per annum all in). Two months later got another offer from a MNC 175k per annum base plus 1 month bonus (US culture). Went there and quite happy (no stress, friendly colleague and reasonable workload). Tow year later as of now, 185k base, plus bonus, about 205k per annum)

What industry is the US MNC in? Normally MNC culture is more relaxed.

MNC also pays better than banks generally.

Originally Posted by Unregistered

given up the UOB offer eventually because not really up to expectation (around 145-150k per annum all in). Two months later got another offer from a MNC 175k per annum base plus 1 month bonus (US culture). Went there and quite happy (no stress, friendly colleague and reasonable workload). Tow year later as of now, 185k base, plus bonus, about 205k per annum)

How many years of working experience do you have?

Please note not all VP are equal.

Some Local Bank VP typically draw lower salary than the others for entry level VP.

Originally Posted by Unregistered

How many years of working experience do you have?

About 8? Coming to 9.

Originally Posted by Unregistered

About 8? Coming to 9.

Is is considered as fast to reach a vp level?

I dont think many people can reach this level unless for specific jobs.

Originally Posted by Unregistered

About 8? Coming to 9.

Which function are u in?

Originally Posted by Unregistered

Is is considered as fast to reach a vp level?

I dont think many people can reach this level unless for specific jobs.

No. This is a little slow in actual fact.

Originally Posted by Unregistered

Which function are u in?

Functional Approach category

Originally Posted by Unregistered

No. This is a little slow in actual fact.




Functional Approach category

please don't mislead people, or check around to understand the average before using one data point to make the argument.

In typical scenarios, VP in banks requires ~ 10 years experience. of course high flyers exists, but the average fact is that. in my bank, AVP JD usually requires 5-8 years experience, VP requires at least 8+ years experience. I'm 41 as of 2019, VP in a US bank. Yes there're a few people in my office below 40 already SVP. Some below 45 already MD (my bank doesn't have much title inflation, every year only less than 20 new MD promotions, with a total global workforce of 60k). But majority of my cohort are VP and some still AVP.

Then again, different banks have very different title vs. experience/actual grade schemes. UOB is known to be the most inflated among the local. I've seen UOB VP applying other bank AVP position and still get good increment. In DBS, as far as I know, VP is really managerial position with a small team to lead, whereas in some other banks, even ED can still be individual contributor.

In insurance, while most follow similar corporate title track, some actually follow non-banking MNC where VP is really high-up with Directors and Managers as middle and lower level.