Friday, October 5, 2012

Fresh Graduates Starting Pay

Application windows for full time programs in 2013 are now open and I have completed 12 applications in the past four few weeks. It is quite disheartening that some of my schoolmates have already received interview invitations while I have not received a single response yet. Based on the information I gathered from recruitment events and my schoolmates, I managed to get a sense of the starting pay for fresh graduates.

Here is what I have so far:

Auditor at Big Four accounting firms - $2,700 - $2,900
Corporate finance at Big Four accounting firms - $2800 - $3200
Operations at Credit Suisse, Goldman Sachs, Bank Of America, etc - $3,750
Personal Financial Consultant at Standard Chartered Bank - $3000 (excluding commissions if any)
Singapore Management Trainee Program at Standard Chartered Bank - $3,800
Personal Banker at UOB - $2,700-$3000
Operations at UOB/DBS/OCBC - $3000-$3,500
Management Associate Program at HSBC/UOB/DBS/OCBC - $4000 - $4500
Sales and Trading at Goldman Sachs - >$8000
General Education Officer aka Teacher - $3,200
Graduate Officer at Monetary Authority of Singapore - $4,000-$4,500
Graduate Program at Bank of Tokyo Mitsubishi - $2500-$3000
Trade Support Operations at Morgan Stanley (Contract Position) - $2800
Commercial Affairs Department (CAD) Officer - $4000 (for 1:1 and 2:1)

The above list of starting pay is only based on what I know and might not be 100% accurate. However, I think it should be at least 80% correct as the salary figures are told by my friends/schoolmates who have done an internship with the organization or existing employees at recruitment events.

The application process is quite tedious and an online application form will take me approximately 30 mins to an hour as there is usually a section where I have to answer questions such as "Why did you apply to our organization" or "How is our bank different from others?" The most tedious one was the MAS application where I have to answer 8 questions. I can still remember the last question was something like "How will you spend/invest a million dollars?" Also, some applications require a pattern test or numerical reasoning test where I have to do some math questions in a short period of time.

From today onwards, I will complete 2 applications per day and hopefully my cellphone will start ringing soon. Also, I have always been curious about how much people earn and what they do. If you would like to share information regarding the salary of any position (including middle or top management) in any industry, please comment on this post :)