IB compliance

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  1. #21

    Sources

    Quote Originally Posted by dzysheep:
    i dont know where you are getting these numbers from, they are ridiculously high (even without a housing allowance).

    lawyers in HK start as trainees, they usually get about 40k/mth. the traineeship goes for about 18 months.

    After that, the trainees become associates, and the pay goes up to about 65k. The next big pay increase happens after promotion to senior associate. but usually this is after 2-3 years at associate level.

    reading your post again, it seems to me that you will be taking on more of a compliance role. we have in-house compliance at where i work who are not qualified as lawyers. and i would expect pay to be very different to the in-house lawyers (who are intimiately involved in a deal, including reviewing, drafting of legal documetations, negotiations, structuring, etc.). These in-house lawyers are on a totally different pay-scale to the compliance guys.

    i agree with what beachball said, pay-scale in an IB varies greatly. how much you get paid really depends on how involved you are in the process of bringing the $$.

    Thanks for the replies.

    One website is http://www.dolman.com.au/china.html
    I also know of a lawyer 15 months out of law school working with a mid sized firm in HK for 75K (HK$) a month. Based on these two sources, I estimated 80-110 for 3-4 years of experience. BUT ... this is what I need. .... your opinions. Based on your message, salary would be $65K for 18 months experience. Would HK$85K be out-of-line for an in-house role at 3-4 years of exp?

    Thanks!!!

  2. #22

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    Quote Originally Posted by freeier:
    errr. sorry beachball. i'm abit densed..
    but jsut to clarify, are you saying 1mil hkd is too little or too much for your analyst..
    i've to figure out if capital market is the place to stay or shld i dive into investment banking. ahhaa
    No, it was my bad - am guilty of a bit of hyperbole and of not clearing up the confusion (because I figured it didn?t really go toward answering the original question).
    Our analysts (bulge bracket US I-bank) actually get out of bed for HKD1 million - just about. Well performing 2nd year analysts should/would expect to clearly exceed the HKD1 million level in total comp.

  3. #23

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    Looking - Irrespective of the opinions of some of the posters - I am still OK with the range that I shared earlier (based upon your generalized info).

    The overall compensation in the industry are trending up this year dramatically, driven by the PE & hedge fund firms. One of my colleagues just told me that Fortune has reported that freshly minted MBA's are crossing USD 1 MM with deferred bonuses in their first year. Not bad!!

    Well, it is 90's party all over again!!!! Just dance till it lasts.


  4. #24
    Quote Originally Posted by howard_roark:
    Looking - Irrespective of the opinions of some of the posters - I am still OK with the range that I shared earlier (based upon your generalized info).

    The overall compensation in the industry are trending up this year dramatically, driven by the PE & hedge fund firms. One of my colleagues just told me that Fortune has reported that freshly minted MBA's are crossing USD 1 MM with deferred bonuses in their first year. Not bad!!

    Well, it is 90's party all over again!!!! Just dance till it lasts.
    Thanks Howard!!

    You do mean HK$ 1 million right. I know that a lot of Fortune 500 general counsels still make less than US $1M, much less a freshly minted MBA. I do have an MBA too, in addtion to my JD. In addition to the current role as a regulator, I worked for 5 years with a Fortune 500 company as an analyst (IT, Compliance, some M&As, outsourcing, etc.) But this was all pre-qualification, with respect to my JD.

    Thanks so much for your comments.

  5. #25

    Also, I see a LOT of enthusiasm and growth in Asia. That was my impression when I visited. With respect to the US, we keep hearing of a "soft" economy all day. It sure seems like the 90s but, if I am seeing things straight, the party's only on that side of the world (india, china, vietnam, etc.)

    Comments???


  6. #26

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    Quote Originally Posted by looking@HK:
    Also, I see a LOT of enthusiasm and growth in Asia. That was my impression when I visited. With respect to the US, we keep hearing of a "soft" economy all day. It sure seems like the 90s but, if I am seeing things straight, the party's only on that side of the world (india, china, vietnam, etc.)

    Comments???
    So far, your posts have been mostly gimme gimme. You say you will give back in the future, but I honestly have low confidence in that.

    Still the other guys on this thread have been quite helpful, considering how little information you want to share about yourself or your situation. It's not like your future employers are reading this thread and definitely not like there's only one IB in Hong Kong hiring in compliance.

    If you really care about making more money, go for the in-house position. Stop wasting your time thinking about compliance. Do you really think you would enjoy compliance? Hello? If you went to decent schools and can put two words together in Mandarin, you should easily clear HK$1m base in Hong Kong. You should also demand that they give you credit for your MBA as well as your legal experience and degree.

  7. #27
    Quote Originally Posted by tsuiwah:
    So far, your posts have been mostly gimme gimme. You say you will give back in the future, but I honestly have low confidence in that.

    Still the other guys on this thread have been quite helpful, considering how little information you want to share about yourself or your situation. It's not like your future employers are reading this thread and definitely not like there's only one IB in Hong Kong hiring in compliance.

    If you really care about making more money, go for the in-house position. Stop wasting your time thinking about compliance. Do you really think you would enjoy compliance? Hello? If you went to decent schools and can put two words together in Mandarin, you should easily clear HK$1m base in Hong Kong. You should also demand that they give you credit for your MBA as well as your legal experience and degree.

    Wow, quite the experience this is. Looks like I have annoyed someone with either my desire for information or the recent discussion on the economy, which by the way is a contribution. I did share one link from Dolman. I shared that it is a top tier US IB, that I was interviewing with VPs, compliance role regarding communications, that I had a JD and MBA, that I was a regulator with the state government in the US. I do not see many other people sharing much more specific information that this but in those instances of "tell me if this is a good offer", no one seems to mind.

    Also, what would u expect someone who has visited Hong Kong just ONCE to share? AM I in a position to share information? What do I know about HK and the industry there to share? As an attorney, I can tell you this much: No advice is better than bad/ignorant advice.

    Further, it seems like you cannot even read well. "If you really care about making more money, go for the in-house position. Stop wasting your time thinking about compliance." ----> The whole gist of my predicament is that I was willing to leave a higher paying IB compliance position for an in-house position but simply wanted to know the numbers. Given that you live in the financial capital of Asia and seem to have problem with a desire for compensation awareness is a little strange.

    This is what turns me off. I had started going down the road of a discussion on growth in Asia v. growth in rest of the world and we see a negative spin. To be quite frank, if you do not have confidence in my ability or potential to give back, then I am not going to try to change that. I could post twelve posts as negative as you - but who would I be helping? You posted a reply to my question, does this attitude help me? I just spent 10 minutes defending myself.

    Thanks anyway. I do not hold any grudges against you. To each his own.

    Thanks everyone. I do not take liberties judging people's character and just keep wishing people would reciprocate the gesture.

  8. #28
    Quote Originally Posted by looking@HK:
    Wow, quite the experience this is. Looks like I have annoyed someone with either my desire for information or the recent discussion on the economy, which by the way is a contribution. I did share one link from Dolman. I shared that it is a top tier US IB, that I was interviewing with VPs, compliance role regarding communications, that I had a JD and MBA, that I was a regulator with the state government in the US. I do not see many other people sharing much more specific information that this but in those instances of "tell me if this is a good offer", no one seems to mind.

    Also, what would u expect someone who has visited Hong Kong just ONCE to share? AM I in a position to share information? What do I know about HK and the industry there to share? As an attorney, I can tell you this much: No advice is better than bad/ignorant advice.

    Further, it seems like you cannot even read well. "If you really care about making more money, go for the in-house position. Stop wasting your time thinking about compliance." ----> The whole gist of my predicament is that I was willing to leave a higher paying IB compliance position for an in-house position but simply wanted to know the numbers. Given that you live in the financial capital of Asia and seem to have problem with a desire for compensation awareness is a little strange.

    This is what turns me off. I had started going down the road of a discussion on growth in Asia v. growth in rest of the world and we see a negative spin. To be quite frank, if you do not have confidence in my ability or potential to give back, then I am not going to try to change that. I could post twelve posts as negative as you - but who would I be helping? You posted a reply to my question, does this attitude help me? I just spent 10 minutes defending myself.

    Thanks anyway. I do not hold any grudges against you. To each his own.

    Thanks everyone. I do not take liberties judging people's character and just keep wishing people would reciprocate the gesture.

    In line with my offer above, which one of you would like to learn from me about topics such as Hong Kong salary, Hong Kong recruiters, Hong Kong cell phones, Hong Kong apartments, Hong Kong MTR routes, best coffee in Hong Kong, Hong Kong weather -- really, you want to hear from me on this? I live in the Midwestern United States and am originally from India. Could I possibly share anything USEFUL about Hong Kong restaurants? Or if XYZ has a good offer? Or banking issues in Hong Kong? I could write something but who wants to hear my opinion which would be based on one, just ONE short trip to Hong Kong? I cannot believe I am still defending myself.

    Thanks everyone who helped. And everyone who responded. If I can make it to the other side and if I get an offer and can call Hong Kong home, you will hear from me.

    Thanks again!!!

  9. #29

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    Quote Originally Posted by looking@HK:
    Thanks Howard!!

    You do mean HK$ 1 million right. I know that a lot of Fortune 500 general counsels still make less than US $1M, much less a freshly minted MBA. I do have an MBA too, in addtion to my JD. In addition to the current role as a regulator, I worked for 5 years with a Fortune 500 company as an analyst (IT, Compliance, some M&As, outsourcing, etc.) But this was all pre-qualification, with respect to my JD.

    Thanks so much for your comments.
    NOPE - buddy - indeed USD1 M with deferred compensation for the last year's crop who were plucked by top 10 PE/LBO firms.

    - Fortune Feb 19th edition

  10. #30

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    >> - Fortune Feb 19th edition

    Yeah, those are the extremes that tend to give the wannabe IBers wet dreams.

    Don't we need a reality check here?