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21-02-2015 02:15 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
That's not true. It's not in my dreams. I can list at least 5 banks that start with that for starting pay

1. Goldman Sachs
2. JP Morgan
3. Credit Suisse
4. Blackrock (strictly speaking this is not a bank but an AM firm)
5. Bank of America: Merrill Lynch

If you don't believe me you can ask any employee/friend working in any of these banks and they will confirm with you the starting pay of their graduates.

By the way, developers who work here are certainly not cheap Indians. I'm going to start my tech analyst job at one of the above companies and can tell you from experience from my internship that really good indians from IIT will seek internationally competitive pay for their efforts.

By the way, it's because of this very perception that IT is a **** job that caused the dearth of talent in this sector that companies will pay top talent for solid tech coders, my purpose with this post is to inform, I don't blame you for not knowing the situation though, 90 % of Computer Science graduates don't know this either!
In short you are just some just a freshie who only had a short internship in one of the banks during your studies. From the way you are posing like an industry veteran say until you know the whole salary packages of all the banks from fresh grad starting to SVP level. Seems like it's just a bunch of hearsay and pantry gossip from your very short experience as an intern in a bank.

And all the 5 banks you listed above are top banks people would aspire to go into. I am more surprised by the fact they offer only 4.6k as starting for an associate, this is only 4.2k if adjusted for no AWS, about the same as a FCH in public sector. Are you sure it's that low or is this one of your another hearsay/rumor thing again?

Even if it really is that low for the 5 elite FI, then it appears to be just a standard pay package that is offered to fresh grad associates regardless of what you study in. What has this got to do with your original assertion that programming is fantastic job has a great career / promotion path and all that yada yada about 15 - 25k monthly???

I have nothing against you providing your own opinion or perspective, but really you ought to caveat with the fact that you have never really worked in the industry before and all these numbers you are claiming is just hearsay/guessing/speculation.

Fact of the matter is this - if your banking network is really so strong that haven't even start work you already know the pay package from associates to SVPs of all the top banks with that much confidence, then you really don't need to waste time on some IT programming job, leverage on your veteran contacts and go get yourself a IB or PB job even better.
21-02-2015 03:46 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Most VP total pay package in a bank is same as AD in a ministry and SVP equivalent to DD. Shocking, but true. I was a recruiter before and interviewed countless poor VPs who yaya papaya try to act like a hot shot not knowing that their pay is only average among big MNC.
LOL this is very true! Both in pay and the attitude. I switched from banking to a ministry so I can attest to this...
21-02-2015 01:44 AM
Unregistered
Quote:
You gotta be kidding me, programming & tech analyst type jobs are currently 90% filled up by cheap Indians in the banking BO @ Changi Business Park or 3rd party offshored BPO centres. Haha "decent but not high paying" 15+k for VP & 20+k for SVP after 10 years!?! LOL in your dreams.

I notice you have been going around spamming a lot of threads here about fantasy pay as a programmer. You want to talk rubbish make jokes among your friends is one thing, to purposely mislead fresh grads who have no clue is totally immoral.
That's not true. It's not in my dreams. I can list at least 5 banks that start with that for starting pay

1. Goldman Sachs
2. JP Morgan
3. Credit Suisse
4. Blackrock (strictly speaking this is not a bank but an AM firm)
5. Bank of America: Merrill Lynch

If you don't believe me you can ask any employee/friend working in any of these banks and they will confirm with you the starting pay of their graduates.

By the way, developers who work here are certainly not cheap Indians. I'm going to start my tech analyst job at one of the above companies and can tell you from experience from my internship that really good indians from IIT will seek internationally competitive pay for their efforts.

By the way, it's because of this very perception that IT is a **** job that caused the dearth of talent in this sector that companies will pay top talent for solid tech coders, my purpose with this post is to inform, I don't blame you for not knowing the situation though, 90 % of Computer Science graduates don't know this either!
21-02-2015 01:01 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Is it difficult to get to SVP level if you are in BO/MO in a bank?
Not really, SVP in most banks is just a middle level manager position. Not all will get it (unlike VP which is 90% guaranteed as long as you stay long enough), but still common enough even in BO/MO.
21-02-2015 12:59 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
No problem, by the way, if you're looking for a decent job industry (not high-paying but decent), the path of least resistance as an engineer is to become proficient in programming - entry level starting pay tech analyst as a developer in foreign banks here is at least 4.5k/month. Banks are currently short of real tech talent who can program (and like to do programming) since our universities tend to produce graduates that end up having no passion for it.

The progression is not bad too, it is in line with what the other poster said about banks; VPs can earn 15k+ and SVPs 20k+ although it may take a decade or two to reach there if you're not a high performer. As with other industries that offer higher pay however, of course you are assuming more risk in terms of job stability, but as mentioned, there is a lack of serious tech talent in Singapore that is unlikely to go away very soon after years of "just let the Indians program" mentality from Singaporeans and the older generations.
You gotta be kidding me, programming & tech analyst type jobs are currently 90% filled up by cheap Indians in the banking BO @ Changi Business Park or 3rd party offshored BPO centres. Haha "decent but not high paying" 15+k for VP & 20+k for SVP after 10 years!?! LOL in your dreams.

I notice you have been going around spamming a lot of threads here about fantasy pay as a programmer. You want to talk rubbish make jokes among your friends is one thing, to purposely mislead fresh grads who have no clue is totally immoral.
20-02-2015 07:38 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Based on my exp in recruitment, I would say roughly 90-100k all-in for junior VPs who just got promoted and your figures are quite there for more seasoned VPs, i.e. 120-150k annual is very common for most mid career VPs (around mid 30s to early 40s type) in the BO or MO space.

SVP pay will be more varied. The lowest I have seen is 130k and the highest so far for non-sales / FO type is close to 400k. A typical SVP is usually around early to mid 40s average pay about 250k.

These numbers are not bad, enough for a someone to lead an upper middle class lifestyle, but those who think they are going to drive a Ferrari from their District 9 landed garage & rub shoulders with the elites and socialites by being a VP/SVP in Compliance, KYC, Risk Management, HR, IT, Marketing etc. are in for a nasty shock.

All figures are annual inclusive of bonus and allowance.
Is it difficult to get to SVP level if you are in BO/MO in a bank?
20-02-2015 07:36 PM
Unregistered Civil service tends to give higher bonuses compared to banks BO/MO positions. Therefore, it would be more sensible to look at annual packages rather than talk about the monthly salaries. In civil service, it is common to have at least a 17 month package for those at mx11
and mx10, for good performers. Average performers would have 16 month package for mx11.
20-02-2015 06:01 PM
Unregistered Engineering fresh grad here, FCH. Started on pursuing my finance job since year 2.

Long story short, no internship in summer of 2nd year, thus went ahead to do external finance stuff to boost cv. summer internship in 3rd year doing MO stuff. Applied to >25 graduate position in banks/FI/business roles in engineering firms with one internship.

Got a couple of offers, started at about 70k p.a, FO position.
20-02-2015 04:45 PM
Unregistered
Quote:
Thank you. Hope you're doing well now. I'll have to decide my target industries soon!
No problem, by the way, if you're looking for a decent job industry (not high-paying but decent), the path of least resistance as an engineer is to become proficient in programming - entry level starting pay tech analyst as a developer in foreign banks here is at least 4.5k/month. Banks are currently short of real tech talent who can program (and like to do programming) since our universities tend to produce graduates that end up having no passion for it.

The progression is not bad too, it is in line with what the other poster said about banks; VPs can earn 15k+ and SVPs 20k+ although it may take a decade or two to reach there if you're not a high performer. As with other industries that offer higher pay however, of course you are assuming more risk in terms of job stability, but as mentioned, there is a lack of serious tech talent in Singapore that is unlikely to go away very soon after years of "just let the Indians program" mentality from Singaporeans and the older generations.
18-02-2015 02:16 PM
Unregistered
Quote:
Originally Posted by aeipathy View Post
Thanks for sharing. I would like to ask if a non-scholar climbing to MX10 is reasonably achievable, or is it an exception like Gates/Zuckerberg? I read from many sources that as long as I'm not a scholar my CEP would be abysmal save for a miracle.

It came across to me as being similar to a dead-end engineering job with little prospects but higher, stable pay.



Thank you. Hope you're doing well now. I'll have to decide my target industries soon!
U dun need to be a scholar to reach DD or even D level now. Your civil service uderstanding still stuck in the 1980s.
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