So you see many pay guides compiled by Head hunting agencies, and sometimes wonder if its a true reflection of what bankers get paid in the market. Here’s my own compilation from a couple of tweety birds in my work environment (i.e. friends in other banks, eves dropping on conversations on salaries, and obviously from my own experience).
Front Office Pay: Benchmark in this example
Support Staff Pay: Decrease 20-40% off Front Office Pay
Bonus Payout for Front Office: 3-9 months in general depending on performance
Bonus Payout For Support Staff: 0.5-3 months depending on performance
Increments: 0-15% per annum depending on performance and promotions
Moving to a new bank: 15-100% depending on negotiation skills
Analyst: SGD4.5K – SGD6.5K
Associate: SGD6K – SGD12K
Vice President: SGD12K – SGD18K
Director: SGD18K – SGD25K
Managing Director: SGD22K – SGD35K
Above Salary Scale is solely on basic gross pay and does not include other benefits like welfare and season parking etc. In addition, it is important to note that titles are often given to fit the salary scale, and not the other way around. Indeed, if you speak to 100 bankers, it would seem logical to agree that the best pay jumps are those of “jumping ship”. Organic salary growth is seldom the best route forward.