Decent IFSC jobs paying 100k + 20% bonus

draiochtanois

This post has been deleted.

mloc123

draiochtanois wrote: »

This post has been deleted.

If even... I know people that live as far from PA as Enfield is to Dublin, they still pay $4000/month on rent. The number of camper vans parked all along the streets in PA with people living in them is astonishing.

experiMental

As a reply to the original post, its entirely possible to make 100K Euro per annum as a relationship manager in IFSC. It all depends on the company though. Typically, people who get jobs like those come from sales background. 
If you are really set on this kind of path, check out Mergers and Inquisitions blog . I have spoken to a few people who worked in sales-related areas of finance and investment. One of them landed his current job ( not anywhere related to "relationship manager" ) because of his personal contacts and his own investments. 
If you want to build relationships in financial industry, your contacts help. If you already know several powerful people and can get a reference from them, it will be easier to use this as a way to pitch yourself to more prospective contacts. 
Lastly, a lot of jobs don't have a definite ladder that can help you to reach them, so don't be fooled into thinking that you can get them by following a specific path. 
If your focus is on gaining personal wealth, you are better off assessing your own situation and acting with respect to it. For general advise, read on articles written by Charlie Munger, because they work for many people.

Jobs OXO

I heard State Street, Citi and BNY are recruiting for these roles. Anyone know much about these places?

Sebastian Dangerfield

Jobs OXO wrote: »

I heard State Street, Citi and BNY are recruiting for these roles. Anyone know much about these places?

I'd personally avoid the first 2 like the plague

Hollister11

Sebastian Dangerfield wrote: »

I'd personally avoid the first 2 like the plague

Any particular reason?

Sebastian Dangerfield

From experience, State Street are a nightmare to work for. Everything is split into the smallest functional teams and none talk to each other. A huge amount of work is offshore and those teams are very frustrating to deal with - most fund admins have this, but SS take the p*ss. There are so many layers of management its impossible to get anything agreed or done. Pay rises are based on promotion through minute levels and its held over you all the time. People in my current job who worked there call it Slave Street.

Citi, Im only going by what my friend has told me but he reckons me theres an expectation that everyone should want to come in and work extra hours for free every day, participate in endless committees and forums on their own time. Constantly talking about work life balance but doing nothing to actually implement it. He reckoned that a lot of performance management is done in public, posting rankings and so on. I never worked there so cant add any personal experience, but wouldn't even look at a spec. I think I remember seeing a thread on here before with similar sentiments.

Anyone I know at BNY seems to like it.

Jobs OXO

Sebastian Dangerfield wrote: »

I'd personally avoid the first 2 like the plague

Why is that ?

Sebastian Dangerfield

Jobs OXO wrote: »

Why is that ?

See previous post

bear1

Sebastian Dangerfield wrote: »

From experience, State Street are a nightmare to work for. Everything is split into the smallest functional teams and none talk to each other. A huge amount of work is offshore and those teams are very frustrating to deal with - most fund admins have this, but SS take the p*ss. There are so many layers of management its impossible to get anything agreed or done. Pay rises are based on promotion through minute levels and its held over you all the time. People in my current job who worked there call it Slave Street.

Citi, Im only going by what my friend has told me but he reckons me theres an expectation that everyone should want to come in and work extra hours for free every day, participate in endless committees and forums on their own time. Constantly talking about work life balance but doing nothing to actually implement it. He reckoned that a lot of performance management is done in public, posting rankings and so on. I never worked there so cant add any personal experience, but wouldn't even look at a spec. I think I remember seeing a thread on here before with similar sentiments.

Anyone I know at BNY seems to like it.

You're friend is right, and I do work there.

Jobs OXO

Sebastian Dangerfield wrote: »

From experience, State Street are a nightmare to work for. Everything is split into the smallest functional teams and none talk to each other. A huge amount of work is offshore and those teams are very frustrating to deal with - most fund admins have this, but SS take the p*ss. There are so many layers of management its impossible to get anything agreed or done. Pay rises are based on promotion through minute levels and its held over you all the time. People in my current job who worked there call it Slave Street.

Citi, Im only going by what my friend has told me but he reckons me theres an expectation that everyone should want to come in and work extra hours for free every day, participate in endless committees and forums on their own time. Constantly talking about work life balance but doing nothing to actually implement it. He reckoned that a lot of performance management is done in public, posting rankings and so on. I never worked there so cant add any personal experience, but wouldn't even look at a spec. I think I remember seeing a thread on here before with similar sentiments.

Anyone I know at BNY seems to like it.

You still in the IFSC?

Sebastian Dangerfield

Jobs OXO wrote: »

You still in the IFSC?

Close to it. Same industry, but moved from service provider to the asset management side of things. Much better money, and I also get to keep my sanity

tomwaits48

100k isn't that much

Jobs OXO

tomwaits48 wrote: »

100k isn't that much

Not in Dublin it isn't. Though I've come across people in this VP Client Manager role with a package of 150k ( basic + bonus + pension + healthcare + car parking etc ). Suppose if it builds from there it's decent.

doc22

tomwaits48 wrote: »

100k isn't that much

Arcade_Tryer

tomwaits48 wrote: »

100k isn't that much

100k is a high salary in any city in any country in the world. Saying 100k "isn't that much" sounds like someone placed number 10 on the Sunday Times rich list saying 10th position isn't that great because there are 9 people ahead of them. You're still rich, and still significantly better off than the majority of people in society in relative terms. Median income in Ireland is less than 30k to put things in perspective.

Geuze

Arcade_Tryer wrote: »

. Median income in Ireland is less than 30k to put things in perspective.

Average earnings for FT workers are 45,075, that's 2015 data.

2015 gross household incomes are as follows, see SILC 2015:

mean hh = 58,501
median hh = 43,015

Geuze

Median individual incomes aren't published, so I'm curious where you got the under 30K figure from.

jimmycrackcorm

Arcade_Tryer wrote:

100k is a high salary in any city in any country in the world. Saying 100k "isn't that much" sounds like someone placed number 10 on the Sunday Times rich list saying 10th position isn't that great because there are 9 people ahead of them. You're still rich, and still significantly better off than the majority of people in society in relative terms. Median income in Ireland is less than 30k to put things in perspective.

100k is a poor salary in San Francisco. 30k is rich in Ethiopia unless you're a pirate.

If you earn 100k in Dublin, what are you going to afford for a house for example? It's no better than what I remember of the 2.5+1 rule I remember 25 years ago.

Arcade_Tryer

Geuze wrote: »

Median individual incomes aren't published, so I'm curious where you got the under 30K figure from.

http://www.irishtimes.com/opinion/super-rich-or-super-angry-where-are-you-on-ireland-s-income-pyramid-1.2104861

A very generous estimate of 32k median wage for full time workers in that article. Obviously it's not reported because it would reveal Ireland's extreme income inequality. Can't be having that.

Arcade_Tryer

jimmycrackcorm wrote: »

100k is a poor salary in San Francisco. 30k is rich in Ethiopia unless you're a pirate.

Nonsense. 100k is a high salary in San Francisco. You're comparing the salary to the very top earners in tech. Not everyone who works in Silicon Valley is earning millions or even half a million. 100k is a still a very good salary there. And a high salary for San Francisco as a whole.

iguot

mariaalice wrote: »

You forgot the extremely stressful and long hours bit there are very few people on 100k who are living a stress free existence.

The higher up and more money you go, the less stress their is.

Study out the other day to back that up but why you'd think otherwise is beyond me.

tastyt

Anybody who thinks 100K isnt a big salary needs to take a step out of there little bubble and open their eyes, relative to the vast vast majority of the country and the majority of Dublin its a huge salary.

People saying it isnt strikes me as wanting other people to know they are doing ok for themselves

Jawgap

myshirt wrote: »

€100k is there or thereabouts in the ballpark for VP level.

Thing with this is you have to keep delivering the goods, because these boys will eat you right up otherwise. Any public servant, and i mean any, wouldn't last a day, and that is no exaggeration.

Had a good laugh at this. I left the PS nearly 3 years ago to join a UK legal consultancy setting up an office here......I was employee #2 (after the bod they shipped over to get things going)......if you were to aggregate my salary, car, add-ons and bonuses, it'd top out, probably, a sniff over the €100k mark......so that kind of blows your idea out of the water.......


.......and herself left the PS over 5 years ago to join a friend setting up a solicitors' practice......that started off in our dining room and recently had its second office move to larger accommodations.

Jobs OXO

Jawgap wrote: »

Had a good laugh at this. I left the PS nearly 3 years ago to join a UK legal consultancy setting up an office here......I was employee #2 (after the bod they shipped over to get things going)......if you were to aggregate my salary, car, add-ons and bonuses, it'd top out, probably, a sniff over the €100k mark......so that kind of blows your idea out of the water.......


.......and herself left the PS over 5 years ago to join a friend setting up a solicitors' practice......that started off in our dining room and recently had its second office move to larger accommodations.

Sure laugh away. We're talking about two completely different industries btw so swing and a miss for PS yet again.

Cyrus

iguot wrote: »

The higher up and more money you go, the less stress their is.

Study out the other day to back that up but why you'd think otherwise is beyond me.

At 6 figure salaries what you are paid for is accountability

Accountability = stress

Cyrus

Sebastian Dangerfield wrote: »

Is 10 years FA / RM experience the pinnacle of someones career though? I hope not in my case!

To answer your question, Ive spoken to a couple of recruiters on a broad level recently, and both felt that 80-90k basic was top end for VP level, youd possibly be looking at the lower end of that bracket.

Im not denying the OPs story - good luck to anyone earning that much but from my experience, speaking to colleagues at that level and recruiters hiring at that level, jobs with that salary at the level we are discussing are the exception rather than the rule.

My wife has been in fund admin for about 14 years

For the first 9 it was great for salary increases and bonuses if you are good, stalled massively in the last 5 years and now pay increases are capped regardless of promotions etc so where once the base pay for someone at vp was circa 100k its now a max 10 percent pay rise if you are promoted.

More recent people promoted to that level can be on mid 70s whereas someone who got there 6 years ago and not been promoted since could earn 40-50k more basic

Sebastian Dangerfield

Cyrus wrote: »

My wife has been in fund admin for about 14 years

For the first 9 it was great for salary increases and bonuses if you are good, stalled massively in the last 5 years and now pay increases are capped regardless of promotions etc so where once the base pay for someone at vp was circa 100k its now a max 10 percent pay rise if you are promoted.

More recent people promoted to that level can be on mid 70s whereas someone who got there 6 years ago and not been promoted since could earn 40-50k more basic

Yeah the old days of annual pay rises seem to be gone. Most companies claim they benchmark pay against the market and only give pay rises where someone is paid well below that level, but I think thats bulls#%t. Bonuses can still be good depending on the company but these days the only way to significantly boost your salary is to move jobs, which has its own drawbacks. Hopefully the supposed increase in jobs from Brexit will shake things up a bit.

Jawgap

Jobs OXO wrote: »

Sure laugh away. We're talking about two completely different industries btw so swing and a miss for PS yet again.

Well I think the point being made wasn't industry specific, it was that someone 'tainted' by the PS couldn't operate at the level of a VP or 'deliver the goods' (which I took to mean business growth) to a level demanded by businesses operating in the private sector.

I just used the two examples most familiar to me to counter that notion. I didn't see it in such adversarial and American terms, but whatever.

Jobs OXO

Jawgap wrote: »

Well I think the point being made wasn't industry specific, it was that someone 'tainted' by the PS couldn't operate at the level of a VP or 'deliver the goods' (which I took to mean business growth) to a level demanded by businesses operating in the private sector.

I just used the two examples most familiar to me to counter that notion. I didn't see it in such adversarial and American terms, but whatever.

See the thread title where it said 'IFSC'? That should be a clue.....