QUOTE(fletcherwind @ Jun 23 2012, 10:06 PM)
This is the first time I hear CF jobs paying OT... meal allowance yes but official OT?
Added on June 23, 2012, 10:17 pmIB bean bag.... The salary you talk about here doesn't seem to reflect the true market price. Although I hope I'm wrong too. You're talking about non-Tier 1 local CF.... end of third year, 8k basic sounds like it's on the high side. You mentioned "a lot of ppl making close to 8k on basic" so I have to be skeptical about this, star performers maybe. Most CF jobs reward employees from bonuses which can go up to more than 2 years but their basic salary should be lower than that based on local Tier 2 or Tier 3 levels.
Also, if you're making 8k per month basic, it wouldn't make much sense for you to move to CIMB for an extra 1500. Bonus is not guaranteed, unless they offer you a sign on bonus.
On OT, u think they pay u RM10 meal allowance ah? From our side, the meal allowance is crazily high 1. It can exceed RM100 on some days. The only reason I can think of is by calling it meal allowance, it is not taxable. Your tax normally is 20+% at top tier, so u can see that giving u sumthing not taxable is how wonderful ya?
a lot of people means not one or two, means it is not rare. I do not know everyone's salary. I am talking about tier-1 local CF because I am tier-1 local ECM. And the people who I know their salaries, they were tier-1 CF at some point of their life (not CIMB).
If u will get into the ECM position in my bank, u r ready to be star performer. Because the whole department only has star performers. It is in our culture. It is up or out, that is why I am cautious about who to get because I do not want u to be jobless.
I am projecting 3,500 for the 1st year and apply 30% increment for the next 3 years. Your wage growth get slow down only if u hit 7,000 and even slower after u hit 12,000.
If you are damn good and I dun give u increment, other bank will poach u with 40% increment. The art of managing talent vs cost is I make it difficult for people to build a 20% premium on you.
End of first year = RM4,550 (if add 20% premium = RM5,460)
End of second year = RM5,915 (if add 20% premium = RM7,098)
End of third year = RM7,689 (if add 20% premium = RM9,227)
Your downside in absolute amount in each year is around 10% from the aforementioned figures as follows:
End of first year = RM4,095 (if add 20% premium = RM4,914)
End of second year = RM5,323 (if add 20% premium = RM6,388)
End of third year = RM6,920 (if add 20% premium = RM8,304)
The figures with 20% jump ship premium looks like what CIMB would pay if they really want you.
On your 2 years bonus, only CIMB does that. Not getting double digit from CIMB is a very unfortunate event for many ppl, bcos it means u r getting laid off if a retrenchment takes place. It is not guaranteed, but it is almost like given kinda thing.
Added on June 23, 2012, 10:52 pmQUOTE(wombie @ Jun 23 2012, 09:59 PM)
if you are looking for $ and climbing the corporate ladder in the future, you shouldjoin ibanking, but u are expected to do alot of donkey jobs, ie. check spelling, photostat, send application to bnm, sc, bursa, despatch, check spacing, check line, check font
haha, i think it sums up, you dun need a good qualification to work in ib, the fact they want your result to be super great is because they wanna show other ppl how great you are, but in fact all those donkey jobs dun need your talent to be there
That is why you need to do ECM, but the ratio of ECM vs CF is so low in tier-1 local IB. Not every year we hire ppl for entry level.
Whole town only 50 ECM ppl i guess, good 1 only 20 at most.
ECM doesn't need to photostat that much because we don't do submission and best thing is we dun do submission to SC and Bursa.
Once you are good, you dun need to check line, check spacing, check spelling.
Only ppl who's english is not clean need to check line check spelling. That is why we hire ppl who have good english.
So that we both no need to check.
This post has been edited by IBank BeanBag: Jun 23 2012, 10:52 PM