In accounting, the starting pay is very low, but the pay
progression is very good. And promotion is quite structured in the
lower levels. Compared if you start in the bank with 3-4k. The
yearly increment is 3%, 5% or 7%. Of course there is the big annual
bonus of 6-12 months. And commission if you are front line staff.
But, not all bankers get the high flyer positions of trader ,
analyst , private banker or investment banker. Most get stucked
where? back office and middle office.
At back office and middle office, you can work for 5 years but
still remain unpromoted. Then when the space above you get vacated,
they hire someone from another bank.
In the first ten years of your career, progression is the most
important factor. If you start off in a Bank, you have to really be
very good. If not, after 5 years your audit counterparts will catch
up with you - Both in terms of progression as well as pay.
Contrary to expectations, first class honors students do go to
public audit firms. I have a friend who is breaking his bank
scholarship bond to start of in public audit. He is first class
honors. And btw, he took the 2.2k offer instead of 2.5k.
I don't know how many of you reading this forums actually know how
it is like applying for jobs. First class honors is really no big
deal. There is really a big difference applying for back-middle
office versus front-office positions at the big banks. For the top
jobs, the banks are recruiting by region. Asia-Pacific, Europe,
America. Most of the time, you compete with those ivy league
colleges.
They only recruit one or two per batch. And most top grads apply
for at least 7 jobs. So if you are not the top, you have to wait
slowly for your turn.
By the way, the working hours in banks are worse than audit. At
least audit have on peak off peak seasons. Lawyers work longer
hours than auditors. Doctors work longer hours than auditors. There
is no such thing as 8-5 for professional jobs.
