IB compliance

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  1. #31

    - Fortune Feb 19th edition

    Thanks Howard and KnowitAll,

    Extremes do exist and this one does seem a little over the edge. But I think I concur on the market. Things are looking up. In the US, job scene's not too spectacular but the Dow Jones is above 12,500!!

    Besides, you'd really have to question what this individual brings to the table for US$1M per year right out of an MBA. It would be an interesting performance review!! Further, there's something to be said about "climbing" the ladder. Climbing it quick and aggressively rather than in slow hops ..... but climbing nonetheless, rather than just landing on the top.

    Last edited by looking@HK; 24-02-2007 at 02:12 AM.

  2. #32

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    Quote Originally Posted by KnowItAll:
    >> - 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?
    KIA -

    Right on. Well, in long term market efficiency takes over & smoothens out these kinds of short term extremes. Having a perspective and level head is the essence, instead of being carried over with exuberance.

    Underneath the good news PE industry is having strong structural challenges such as deals getting expensive due to lot of stupid money being pumped in and not enough deals, possible antitrust actions against condo deals, shareholder activism, cost of talent to manage the businesses, changes in debt and derivatives market etc etc.

    Right now debt is cheap - so having a successful deal is like shooting a fish in a barrel. Hence it is foolish to assume that the party will continue forever!! The key is to ride the wave and not get swept by it - it is surfing!!
    Last edited by howard_roark; 24-02-2007 at 03:07 AM.

  3. #33

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    looking@hk,

    after reading a few of your replies to tsuiwah, can i say something ?
    maybe you really need to reconsider if its a good idea to take a IB post after all..

    jobs are not about being right or wrong academically, but being able to manoeuvre thru the perceived rights and wrongs of your counterparts.

    many of us here are in the IB and some are in PE/HF front office businesses. if u are in there as a in-house or compliance person, u are going to get challenged by front office people all day long. you might have the knowledge, but i am not sure if you have the EQ to manoeuvre it through from reading your posting on this irrelevant forum page.

    you sound just like my boss. everything written on paper means you have done it and others must have read it. maybe the legal professionals do it this way to prove to the jury... you might be right, but in the real world money speaks louder than words and when you need to swallow your pride you need to swallow it whole.

    doubts of your mental state aside, i suspect you are going to get very unhappy and miserable in an IB, where the people having the bigger say might not be right and might be downright stupid, and yet they have much more say than you...

    you can take my word or you can ignore it.... but i think i meant it for the good of you...

    Last edited by freeier; 24-02-2007 at 10:47 AM.

  4. #34

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    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.
    To avoid being unfair, I've re-read the thread, and I stand by what I said earlier. I actually don't have a problem with posts asking if "this is a good offer?" And, I don't expect you to have much to contribute now or in the future. There is no requirement to do so and there is no penalty for only asking questions, but there is also the basic courtesy of answering the questions from others who are trying to help you. This thread wouldn't be five pages long if you just provided a complete answer to Howard Roark earlier.

    Howard Roark asks you a few questions in Post #2, and you still haven't answered all of them. Re-read the second post of this thread and please tell me if your response has been adequate. Instead of saying, "sorry, I appreciate your offer to help but I don't feel comfortable telling you my current comp, educational background yada yada yada," you keep piling on more questions that only YOU have a vested interest in. And, sure, you have now provided bits of more information about yourself since your first few posts, but after all the feedback you've received and the number of times you've posted to this thread, one would expect as much (or in this case, as little).

    freeier is right, compliance is rarely an ideal role, probably less so for you. I don't think anyone says I want to go into compliance when they are in law school. Granted this can be said of many jobs, and compliance will pay you relatively well for easy work.

    The ironic thing about your initial question is that salaries in the legal profession are the most transparent in the world, other than the starting salary at McDonalds. If you've been reading vault.com, you should know what associates make at top law firms in the States. You should also be able to figure out if an associate takes a paycut or gets a raise by making a lateral move to an in-house or IB position (subject to the reputations of the firm you are coming from and going to). Then you throw in any COL adjustments due to location. While you won't get an exact number, you can get quite close. It's pretty straightforward really, but these are not the questions you are asking (in part because you still haven't answered all of the questions from the second post).

  5. #35

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    Quote Originally Posted by freeier:
    looking@hk,

    after reading a few of your replies to tsuiwah, can i say something ?
    maybe you really need to reconsider if its a good idea to take a IB post after all..

    jobs are not about being right or wrong academically, but being able to manoeuvre thru the perceived rights and wrongs of your counterparts.

    many of us here are in the IB and some are in PE/HF front office businesses. if u are in there as a in-house or compliance person, u are going to get challenged by front office people all day long. you might have the knowledge, but i am not sure if you have the EQ to manoeuvre it through from reading your posting on this irrelevant forum page.

    you sound just like my boss. everything written on paper means you have done it and others must have read it. maybe the legal professionals do it this way to prove to the jury... you might be right, but in the real world money speaks louder than words and when you need to swallow your pride you need to swallow it whole.

    doubts of your mental state aside, i suspect you are going to get very unhappy and miserable in an IB, where the people having the bigger say might not be right and might be downright stupid, and yet they have much more say than you...

    you can take my word or you can ignore it.... but i think i meant it for the good of you...
    "WORD".

    Freeier - You have truly earned my respect!!

  6. #36
    Quote Originally Posted by howard_roark:
    "WORD".

    Freeier - You have truly earned my respect!!
    I appreciate your comments Freeier. In my personal life, I AM a black and white sort of person - you are right!!! Unjustified personal attacks and judgments on character get me all messed up - whether it is a personal situation or a political one. But I understand office politics and have worked in the corporate world long enough to understand and appreciate what you mean. This would not fly in a corporate board room or deal team, IB or not. Unfortunately I was wearing my personal hat on this forum and got defensive. But full points to you for pointing it out. I could have taken a different route on this one too.

  7. #37

    Join Date
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    In an IB only the front office guys get paid the top bucks.

    Compliance pay is nothing special, and your qualifications (MBA etc) hardly matter. You will find that in an IB, how much you get paid is directly derived from how much revenue you bring in. As the back office person, dont expect anything over the top.


  8. #38
    Quote Originally Posted by looking@HK:
    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!!!
    mate, you need to cool down.

    judging by how fired up you got over a post from an anonymous person over the internet, you are going to have a hard time dealing with the bankers :P

  9. #39
    Quote Originally Posted by dzysheep:
    mate, you need to cool down.

    judging by how fired up you got over a post from an anonymous person over the internet, you are going to have a hard time dealing with the bankers :P
    I totally agree with you. I am reconsidering

  10. #40
    Quote Originally Posted by looking@HK:
    I totally agree with you. I am reconsidering
    For what it's worth, I managed a team of 8 analysts before I went to law school. And I pushed my principle of no personal attacks with my team. No one was allowed to deflate the team morale but making judgments on coworkers. Direct work related comments were always welcome. Negative attitude and speculation on what a person would or would not be capable of doing without having any history to base the opinion -- that was disocuraged. I have done pretty OK for myself living with this principle so perhaps IB would not be a good place for me.

    I understand office politics. But on a forum, I expect to find people who are there for the sole reason of helping each other out. I did not expect that kind of behavior here .. and yes, an in-house role would have politics too. The kind that I am used to. I am truly reconsidering the IB route Thanks to all of you for responding. You have all helped, one way or the other.