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How much are you earning per annum?

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  #221 (permalink)  
Old 27-05-2010, 09:11 AM
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Still hard to believe. Is it possible? Sure, there will be outstanding people in every field. What makes it even harder to believe is that the person is in Private Wealth Management. Everyone knows that the best and brightest usually goes to Trading.

The revenue generated by a top Private Wealth operation is a pittance compared to trading which is why you never see the very top banks doing this, at least not the ones in the States. I mean have you heard the concept of a top private banker in GS, or Morgan Stanley?

It's simple, if something is lucrative you can bet the bankers will pile into that area. My guess is there must be some extenuating circumstances behind the hire. Forget about the talent part, even in the States there are lots of people who get into banking because of family connections not talent, just ask the WASP who go to Eton.

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  #222 (permalink)  
Old 27-05-2010, 09:13 AM
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I run a check with two local universities, but none has such internship. Do prove me wrong. Or whatever you are smoking, you got to stop...
I think you misunderstood intership in this context. I have a close buddy of mine who graduated from local uni 3 years ago, and got a internship in a bank. He was paid $7k a month. Although he was a graduate but he was also an intern.

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  #223 (permalink)  
Old 27-05-2010, 09:36 AM
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Still hard to believe. Is it possible? Sure, there will be outstanding people in every field. What makes it even harder to believe is that the person is in Private Wealth Management. Everyone knows that the best and brightest usually goes to Trading.

The revenue generated by a top Private Wealth operation is a pittance compared to trading which is why you never see the very top banks doing this, at least not the ones in the States. I mean have you heard the concept of a top private banker in GS, or Morgan Stanley?

It's simple, if something is lucrative you can bet the bankers will pile into that area. My guess is there must be some extenuating circumstances behind the hire. Forget about the talent part, even in the States there are lots of people who get into banking because of family connections not talent, just ask the WASP who go to Eton.
You can always attribute the success to luck. Lucky to be born into the right family, lucky to have a bright mind, lucky to have the ability to speak well, lucky to meet the right interviewer, and so on.

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  #224 (permalink)  
Old 27-05-2010, 10:40 AM
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I think you missed my point. My point was that it's harder to believe someone working at private banking getting that kind of payout as an intern, and hence such payout could only happen under special circumstances that may not even happen for the best of candidates that have no access to such avenues.

Why is this important? Well what happens if a movie star (should he/be a boastful one) based not here posts something like "Actor, 10 million dollars" or a heir to a business saying "24 years old, 10 million dollars". Such information does not add any value, it's just boasting. After all no movie stars based here make close even to that amount. Fiona Xie herself admitted to making 500K max per year.
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  #225 (permalink)  
Old 27-05-2010, 05:46 PM
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Quote:
Originally Posted by Guest View Post
Still hard to believe. Is it possible? Sure, there will be outstanding people in every field. What makes it even harder to believe is that the person is in Private Wealth Management. Everyone knows that the best and brightest usually goes to Trading.

The revenue generated by a top Private Wealth operation is a pittance compared to trading which is why you never see the very top banks doing this, at least not the ones in the States. I mean have you heard the concept of a top private banker in GS, or Morgan Stanley?

It's simple, if something is lucrative you can bet the bankers will pile into that area. My guess is there must be some extenuating circumstances behind the hire. Forget about the talent part, even in the States there are lots of people who get into banking because of family connections not talent, just ask the WASP who go to Eton.
Yes, even to myself when I heard, I thought it's unbelievable, considering I was paid 700 per month as an intern in a stat board. However, she has no reasons to lie, has she?

Also, amazingly, I thought IB would be more lucrative than PB/PWM, and I still believe so. However, that internship opportunity of hers was simply extremely exclusive.

By the way, it's an internship with , in fact, one of the American Bulge Bracket Banks (GS or MS or BOAML or JPMorgan or Citi)...

Ok, I'm off this forum. I'm just offering my truthful statement that such opportunities exist, however unbelievable it may seem.

I'm still happily enjoying my job as fresh-entry Analyst, at the age of 22. Cheers to All.
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  #226 (permalink)  
Old 27-05-2010, 10:35 PM
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Im a 2nd year undergrad at NBS.

I can't believe why is so many people doubting the pay of interns in finance... I already know 5 of my friends that are currently doing an internship with the bulge bracket IBs and drawing 9.6k a month.

If you think that is stupid to pay for an intern... I guess you are not considering the bonuses that they pay for their full time offers If you put urself in their shoes, then its very easy to see how 9.6k to the buldge bracket firms is probably just peanuts... The last I discussed with my dean who was a CEO of a leading IB in the US, the average experienced banker in IB and strategy consulting earns between 10 to 30 years bonus in a year.

They attract the best and brightest to work hard and compete to ensure that they only attract, and hire the best. It all sounds very logical doesnt it. And the interns duly deserve it. It takes all As' and interview to get into the NBS now... and these interns have to be the best amongst their cohort of GCE "A" levels perfect scorers.

Oh well..
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  #227 (permalink)  
Old 27-05-2010, 10:47 PM
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Hey guys,

With regards to the previous postings .. Internships at these top banks do pay in the range from 7-9k per month.. i personally have friends who have had such opportunities.. however pls note that with such pays.. their working hours are out of the ordinary.. etc. go back to office after mambo night @ 4am that sorta thing.. so much so that some 1 of them quit after a month cause he/she could not take the hours..

so.. for those who say its alot.. well.. compare it to the 24hrs on call and going back to office at wee hours in the morning.. well.. i think its just right..

just to share some info for other forum members who wanna know what industry is paying..
here are some of my details..

Fresh grad this year .. 0 years exp
Finance industry on the buy side.. fund management
36k PA w/o bonus ( and i feel really lucky to get this amt )

Some stats for the 2010 class to help those bros and sis out there still job hunting..
Stat boards starting ave 2.6-2.8 per mth
Property industry starting ave 2.4-2.8 per mth

hope this helps
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  #228 (permalink)  
Old 30-05-2010, 09:25 AM
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Default corporate development 30 yr old

in corporate development for an MNC, 30 yr old.
6+k / mth, total package S$127k for whole yr.. but horrible lifestyle..
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  #229 (permalink)  
Old 30-05-2010, 10:59 AM
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IT, Head Production Services
34yrs
$160 (base)
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  #230 (permalink)  
Old 30-05-2010, 06:52 PM
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Construction Product
29yrs
2009 - 250k
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