Does Bank really pay well??

[BPoiL]

A lot of my peers goes to work in banks after graduation. Is banks really that good?

[kwokloong]

I used to intern at DBS. The analysts working there were drawing near 3k salary. Considering that these guys are diploma holder, a degree holder should command even fatter pay check!

[BPoiL]

Ohh... ICIC.... that is alot.... lol.... but heard that their working hours are long too...

[absolutelybimbotica]

Originally Posted by BPoiL

A lot of my peers goes to work in banks after graduation. Is banks really that good?

I honestly think banks pay VERY well! My friend was temp-ing at one of the local banks after she finished her poly education. Within a few months, they converted her to a full-time employee at the Operations / Back-end Banking side. And now, she's drawing almost $3000, and she still gets paid ALOT for OT. Imagine that, just a freshie out of poly!

But I guess when you work in a bank, you must be prepared to sell your soul!

So, it really depends if you want to give up your social life, or if you want to slog your guts out...

[HL_Milk]

Hi all,

Yes!! very much agree with you bimboliticalger! my bf works in a bank.. everyday had to start work on the dot, and ends like 12 hours later.. phew..

even thou the pay is really (super) attractive, but i guess it takes alot of energy off him.. basically everyday he wakes up when the sky is still dark, n reach home when the sky is dark.. taking the 1 and half hour bus ride sure make matter worse.

But i guess end of the day, it all boils down to money vs the kind of work life that you want. well.. hmm.. my take will probably be, since still young, still have the energy, can go for a more "challenging" job. earn the money first!

[BPoiL]

hmm... think end of the day.. it think it is money or social life.. i have friend who got herself a job in Citibank and the pay is 4.8K. She only has 2 years of experience. Wah... that is really very attractive... bank or social life??

[B.Brandon]

I have heard from my friend who works in the bank that fresh grads with degree in banking/ finance who are workin as private bankers now earns up to 4.8k, before commission.. now who wants to join the banks? *raises both hands and legs*

[IanThorpe]

Yes, I have a church mate who is drawing 4k plus. Her job scope is walk-ins customer service and managing of general ledger accounts. Her workload is stressed though, phone conversations are being screened.

Nevetheless, she got 3 months bonus and 1 month AWS at the end of the year.

[JJgal]

sounds like its impossible to have money and a decent life if you want to work in the bank? there must be some functions that do not need you to work the crazy 10-12 hour shift? you mean only the tellers get to go home at 5??

but seriously though, from my own experience + those heard from my friends (all kinds of industries), working hours never end on the dot. if you leave on hte dot, you are the weirdo. i dont know if pple try to look busy or is there really that much to do? i actually feel bad about leaving work at 6+ and the rest of the office still chucking away... Is my workload light or I am efficient?

[TPG]

My first job out of college was with a bank, i have since left the industry. I joined the financial industry because of the glam factor and the pay check, but once i got it, i realised it just wasn't right for me. Anyhow, I went on to a sales/ account management role which taught me a lot too.

My personal advice would be to explore various industries / jobs; get a good understanding of the job and also the company culture. Don't limit yourself to a certain field / line as a fresh graduate as there are lots of opportunities out there! Career planning is important, do take some time and do your homework.

Good Luck!

[enitselek]

Depends on which department u are in makes a difference in pay as well, my friend she is in the corporate sales dept in Standard Chartered and guess what easily by snapping the finger at least a 6k every month is no problem man.
And on good good month she bring back like 10k-12k... OMG!!! thats like some employees annual pay. I heard from her before that she is not the top earners, those tip top one (LAO JIAO) can bring hm at least a 20k every month and also imagine during end of the year bonus add together.. WAH.. I cant help but

[LOL_gal]

yep...never expect too much from banks...not all banks pay well unless u r front office staff..think only banks llike CS, MS, Barclays pay reasonable bonus and salaries to their staff..never work as a fund accountant!!! work like hell but paid miserably...imagine working till 1am everyday!!! and paid only 3k a month and only get 2 months bonus..not worth it!! front office gets more pay and bonus!! i have a fren's bro working at one of a foreign bank as treasury associate..guess wat?? only 2 years there and his salary jumped from 2.7k to 5.8k.. plus bonus of 100k...

[lthams]

I don-t think that all jobs in banks pay well. The important thing is to snag a well paying job in the bank e.g private banker . But it is not easy to snack even an interview for jobs in high demand.

I know of a company in Singapore that works on your C.V to help to snag interviews CV plus group. The site is www.cvplus.com.sg

Just my thoughts.

lthams

[bumblebee]

Originally Posted by lthams

I don-t think that all jobs in banks pay well. The important thing is to snag a well paying job in the bank e.g private banker . But it is not easy to snack even an interview for jobs in high demand.

I know of a company in Singapore that works on your C.V to help to snag interviews CV plus group. The site is www.cvplus.com.sg

Just my thoughts.

lthams

hmmmm.....correct me if i'm wrong, but don't you own that company? http://forum.jobscentral.com.sg/show...?p=858#post858

[lthams]

Hi Bumblebee,

Actually, I founded the company and I manage it on a part time basis with my other managers.

[Hippo]

Banks pay well in good times, and retrench big time in bad times. Remember 2002? many lost their jobs.

If bank pays well at all...it will have to be in the "elite" bank jobs, i.e investment banking, mergers and acquisitions, private banking, traders etc. If it is any other role, than the pay is quite normal.

[bumblebee]

Actually I've been thinking about the pay structure of the banks and always hear stories of how some bankers are raking in money / bonuses by the thousands. Just my thoughts on this matter even though it may diverge from the thread title a bit.

In times of booming economy, the banks would tend to hire more so as to cope with the increased demand for their services.....they would hire more analysts, operational staff etc and they would be remunerated quite well by any standards. However, when the economy is slowing down / going into a recession, the first one to go are the investment bankers / analysts coz they are considered "idling" ard doing nothing as there are much investors willing to part with their cash. Here lies the problem......bankers knowing that their job is not "protected" and know that they will be "retrenched" during bad times, they would take excessive risks on the banks behalf, thus stoking the flame of booming economy. By taking execssive risks, the banks would generate extraordinary returns and thus pays out fat bonuses to the bankers. However, this scenario can't go on forever and there will come a time when the economy cools down and the investors loses their money overnight and the bankers their jobs.

This would create an environment whereby it encourages bankers to take excessive risks to generate extraordinary returns at the expense of the investors. I guess you guys might have heard that big investment banks are retrenching 5,000 to 8,000 bankers worldwide and here locally, the banks are putting a headcount cap on their hiring policies. No doubt some bankers earn a lot, i guess they have to earn a lot so as to make up for lost pay when they are retrenched. Any views on this issue?

[Leo]

Hi

So much so, hearing lot of bank paying well, bank got good bonuses etc...
Well, every jobs there are always have pros and cons. It all about what do u want for your working life. In economic term called it an Opportunity Cost;


"Opportunity cost is a key concept in economics because it implies the [B]choice between desirable, yet mutually exclusive results. It has been described as expressing "the basic relationship between scarcity and choice."[3]. The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently.[4] Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure or any other benefit that provides utility should also be considered".

from : http://en.wikipedia.org/wiki/Opportunity_cost

[2decimalplaces]

to bumblebee,

interesting note. i believe, you are saying this with the backdrop of the US credit crunch where bankers took excessive risks greedily and drowned the banks in poor quality securities.

in fact, only a few bankers/traders make discretionary investment/trading decisions on behalf of the banks, they stoked the boom flame just a little bit. what will really tank the economy can be attributed to the US running a huge deficit, citizens spending beyond their means and consumers who derived their wealth from rising property prices could no longer do so anymore, hence dragging down the largest part of the US GDP - consumerism.

surprisingly, until now, the US is rather resilient in the face of recession. companies are reporting fairly good quarterly results, the USD has strengthened in the last couple of weeks.

it looks like a soft landing now

[cookieguy]

Banks pay well. Starting pay may range for 3.5k for a very novice investment banker.

BUT you have to make scarifices on your personal & social life. Is this the type of environment & life I want to work in???