S$1600 for a graduate's position in a bank?

If I get a resume from a university graduate asking for 1600 from a bank, I'll conclude one of two things. Either he has no idea what the market rate is (in which case I will throw the resume away because I don't need anybody who doesn't bother to do research before starting something) -OR- he is so damaged or lacks so much confidence that he is willing to price himself -1000 below his peers (-2000 if it's a foreign merchant bank). In this case, I will also throw the resume away.

No idea... having said that, I just got a call from a recruiter representing Deutsche Bank today. So it must be true that banks are hiring again.

It's a dept called Infrastructure and Cost Analytics. Main job is to monitor financial targets and risks to hold the bankers responsible. And for new initiatives, provide a go, no-go recommendation from a financial control perspective. Apparently, it's a new dept they are setting up... must be due to the financial crisis last year.

Anyway, not very keen as the recruiter gave me the range. The top end is only 20% more than what I'm getting now. One promotion and I'm there already. I'm better off staying where I am as I've already found my backers and established my downline.

I represent finance for one of the business units in my company.

Why would it be bad to start a career in banking?

Put your resume profile in Linkedin. Lots of Sg recruiters there who will contact you if you have what they are looking for.

In my opinion, as long as the bank is a top tier or one of the bulge bracket, any job is ok as long as they pay you well. The advantage of big companies is that they have lots of places you can move into, so where you start isn't as important as where you can go.

CG, you're at a crossroads.

Sounds like you've decided that your time in the Big4 is already enough. So now you have to decide if you want a long term career in large MNCs or SMEs.

Coming fresh from a Big4 without having small unknown companies in your work record, you get access to a few jobs and roles on a one time only basis. For eg. assoc consultant jobs with the likes of McKinsey/BCG, deal making roles in top tier/bulge bracket banks, fast track development jobs with MNCs (eg. business analyst, finance development program etc) and such. But once you have some small unknown companies in your resume, you can still join the banks and the MNCs (the consulting firms are out though), but the really plum jobs will not be offered to you.

If I were you, I'd spend another 3 or 6 months to get that promotion. Looks much better in your resume. Then up to you to go big or small. You have only 1 chance to get a 100% blue chip career (ie. 100% of your jobs and work experience is with top global companies in their respective industries).

Yes, I recommend the big Fortune 50 companies. These are the best MNCs.

In Malaysia, my strategy is simple. Entertainment/Gambling/Drinking/Smoking (Piew/Tou/Yam/Chui). Dividends are generally about 6-8%. Buy on dips and forget about them. They will pay you a salary.

In Singapore, I was a bit more adventurous.

I bought small caps which tend to be more volatile. One example is Chemoil. I bought in August 08, then the recession came. Then the CEO died in a helicopter crash. Then the major shareholder (CEO's family) sold all their shares at below market price. I'm still stuck or cut loss at 70% loss.

So now I don't invest in small caps or non-blue chips. I don't have the time to research or follow the companies.

In Sg, I'm buying SPH, Starhub, Singpost and maybe ST Engineering. All high dividend yield (5-10%) although not much capital gain relative to the other sectors.

In HK, want to pick up HSBC... but still waiting for a good entry point.

In the US, I've got a lot of my own company's stock. Also blue chip, high dividend.

My strategy now... concentrate on my job. As for shares, buy on dips and forget about them. Just collect dividend every few months. As soon as I find that my dividend reach 50% of my salary, I'll retire.

Aiya... depends on your salary, doesn't it?

But generally, I try not to spend more than 2.5K each month on total expenses, on average. If I buy a car, I'd probably need to make that 4K a month.

Right now, the remainder of my disposable income probably goes into shares (80%), savings (20%)... but it's not the same every month because it depends on whether there are any shares worth buying at that time.

Previously, the split was 70% savings, 30% shares before I decided I don't want to add anymore FDs.

If I buy a property, it'll probably swing to 70% property, 30% shares.

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Added on January 15, 2010, 11:41 am
There are some highly volatile sectors, especially the China linked counters. The other thing about SGX is that GIC, Temasek and MOF are majority shareholders in most of the bluechips. So, if you range your expectations accordingly, you're in good stead.

US, I don't like much because of the crappy paperwork (W8-BEN etc... I can't remember how many times I've filled up this damned form and they reject saying it's filled up wrong, but they don't tell you where it's wrong).

This post has been edited by seantang: Jan 15 2010, 11:41 AM

I don't base things on %. Rather on absolute numbers and requirements.

For instance accomodation: I want to rent an entire flat and I do not want to share. So that means I have to set aside $1200-1500 to rent a HDB flat. It doesn't matter what my salary is, I will be spending 1200-1500 on accomodation.

For entertainment, gadgets, luxuries etc, I don't plan to spend a certain % on it. I spend if I like it enough and think it's worth the money.

But on the whole, I try to limit my total expenses to 2.5K a month... why? I don't know, but 2.5K is a comfortable and acceptable number to me, my lifestyle and my financial goals.

How many % is that 2.5K? Well, it depends on how much my salary is, doesn't it?

This post has been edited by seantang: Jan 15 2010, 01:01 PM

I've viewed, received offers and rented flats for that price from Bishan to Yishun. I like living along the NEL.

2 bedrooms. So typically >10 years old, but upgraded.

Dunno. I never asked them.

This post has been edited by seantang: Jan 15 2010, 02:15 PM

I'm actually paying 1100 now for a 2 bedroom in AMK. My budget when I look for a flat is 1500 or below. I used to rent a 3 bedroom corner flat (huge living room) in Bishan St 11 for 950.

Yes, Nth Sth. My bad.

This post has been edited by seantang: Jan 15 2010, 09:51 PM

Only if the MY licence holder has some sort of residency status in Singapore.

Malaysian tourists holding MY licences can drive SG cars, including those rented in SG.

Onemotoring has all the rules for people who are resident in Singapore needing to have SG licenses and driving SG cars.

As for MY tourists driving SG cars in SG, just go to Avis Sg and use your MY licence to rent a car lah.

It's not a rip off. It means the Malaysian should turn down the offer and walk away when someone offers them less than what they offer an Indonesian for the same work done.

But if they accept the offer anyway, then shouldn't complain it's a rip off, right?

This post has been edited by seantang: Jan 16 2010, 11:04 AM

What kind of job and type of company did you interview at?

Kind of surprising that they would offer less than an audit firm because audit firms frankly don't pay that well. We've got "accounting specialists" (one rank below manager) in our service center who are paid more than the Deloitte SMs that come to audit us.

Are you on Linkedin?

What's stopping you?

Hahaha ... think about the money lah...

You're in finance, iirc? If you are, Singapore simply has more higher level jobs than KL.

This post has been edited by seantang: Jan 16 2010, 06:06 PM

Seriously, what's the downside of Singapore's lifestyle compared to KL? Other than the fact that cars here are way more expensive to maintain and therefore the "car as primary means of transport" culture here is pretty subdued... what's your perception of the downside? So much so that it can offset the money effect?