Actually, I don't think so.. Lol..
I would say its about the same, unless your last paper is a small one.
Average increment for last paper is about 1k.. So with that you'll be about the same as him, as both of you hv same level of experience at 5.5 years. And some companies pays for dmac which would make you plus minus around his.

P/s: I'm not commenting on whether you're underpaid or not. I'm just saying that you and him have about the same after considering everything.

This post has been edited by Searingmage: May 5 2019, 10:30 AM

Based on my knowledge, a qualified manager with about 6 years working experience is about 15k. Since you mention your manager is equals AM, I think it's about there.. With a promotion you'll be able to hit over 15k. Of course, that depends on which company you're joining as well. Some companies (2 of the big 3) can seriously pay very good package from what I heard.

Lol.. Not gonna comment, cause I'm not fully sure if that's the case as well

He's a qualified actuary and have moved up the ranks pretty well. That's about the market average salary I think..

Local or overseas graduate doesn't make much difference in general.
Anyway, I am not sure if I can fully agree that actuarial pay is really super high..
Comparing against non actuarial, maybe it's true in the earlier stages of career. However, in later stages, I would say while it's slightly higher, it's not that much higher..
Say, a senior manager in other department could be earning about 15-18k while an actuarial senior manager would perhaps earn about 10%-20% more. the gap reduces further as you go up the ranks.

In short, it is generally quite true.
But, there are also a lot of exceptions. Another big factor is also your boss (or whoever who has the authority to negotiate or set your salary).
Then, lastly, depending on your company turn-over, staying could mean you're more likely to get promoted which means higher salary as well.

Still quite expensive even if you don't convert.
Slightly more expensive for a lot smaller room/house.

For instance, with RM2k you can rent a 3 bed room, 1000+ sqft condo, at a good location.
In fact, you can even rent terrace house at less than 2k.

With 2k SGD, you can at most rent a 2 room HDB with about 700-800 sqft, if you're looking for a good location.
And if you want to rent condo, perhaps you can only rent a studio/1 bed-room condo/apartment.

Precisely. You can never afford a landed in sg.
So the rental is NOT cheaper if you don't convert. That's all I'm saying.

On point 2.) Are you getting 40% increment, or 40% of current salary?
If it's 40% incremenent, I don't see why you should wait, unless you're very confident such offer will come again. Or unless you have doubts about going to the new company.

If it's 40% increment, I honestly think it's a brainless decision.
Let's lay out the facts.

I use fake numbers to illustrate scenario:

Current Salary: 5000
New Salary: 7000

Assuming if you wait for bonus, that means you will need to wait 2 months.

So a few key questions you have to ask yourself:
1. Is it possible to easily find something which gives you 40% or higher increment soon after bonus period?
2. How much do you expect the bonus will be? (what are the chances that it will be 0.5 months, 0.75 months.... 2 months)
3. Is it possible to negotiate a later start date, or to request for sign-on bonus?

So, if for 3, you can start later/request sign-on bonus, then you don't have to even consider anything else. Can just accept.

For 1, I illustrate some sample calculations which you can work out yourself. So, imagine if you expect you need say 3 months after bonus to find something as attractive as this.
That means, your "loss" is 3 months + 2 months (2 months for waiting bonus, 3 months for finding a job).
Your loss is thus: 2000 * 5 = 10,000.

This means that, if your bonus is anything less than 2 months, you're on a "net loss".

Or say you find another job with 30% within a month after you get bonus. Your "loss" is 3 months salary + 10% diff thereafter. Within 12 months, the difference would be 40% x 3 + 10% x 9 = 6000 + 4500 = 10,500.
This means that you'll "lose" 500 within 12 months by finding a job that is just 10% lower increment.

So, you need to adjust the figures yourself to see which is a better deal for you.
If you need my assistant to help you calculate more scenarios, you can PM me.