Korean Job Discussion Forums

Real Reality · Joined: 10 Jan 2003 Location: Seoul

Bank Employees Paid W48 Mil. Last Year
Local banks paid their employees an annual salary of 48 million won ($41,700) on average last year, while workers at securities firms received 51.4 million won and insurance companies paid an average of 39.8 million won, according to the Financial Supervisory Service Monday.
The Korea Times (October 18, 2004)
http://times.hankooki.com/lpage/biz/200410/kt2004101815254511910.htm

Banking is not known for high salaries (it's a margin business which puts downward pressure on pay). Starting salaries in commercial banking with a bachelor's degree range in 1999/2000 have been in the $24,000 to $38,000 range. Starting salaries with an MBA degree range from $30,000 to $50,000 (up to low $60s at money center banks). After five to ten years in banking you should expect a salary in the $50,000 to $60,000 range.
http://www.careers-in-finance.com/cbsal.htm

According to a salary survey conducted by Robert Half International, a staffing services firm specializing in accounting and finance, mortgage loan officers earned between $36,000 and $45,750 in 2002; consumer loan officers with 1 to 3 years of experience earned between $42,250 and $56,750; and commercial loan officers with 1 to 3 years of experience made between $48,000 and $64,500.
Occupational Outlook Handbook: Loan counselors and officers
http://www.bls.gov/oco/ocos018.htm

Median annual earnings of all postsecondary teachers in 2002 were $49,040. The middle 50 percent earned between $34,310 and $69,580.
Occupational Outlook Handbook: Teachers--Postsecondary
http://bls.gov/oco/ocos066.htm

Gollum · Joined: 04 Sep 2003 Location: Japan

Hey mods... can't we just tack this on to a similar thread?

We all get our threads combined... why doesn't RR? Is he a mod with a sock?

http://www.eslcafe.com/forums/korea/viewtopic.php?t=26627&highlight=salary

gajackson1 · Posted: Mon Oct 18, 2004 8:16 pm Post subject:

Hey RR, that is for the States, right?

Hmmm - - - if so, I imagine that would include tenured profs, high-level schools, etc. That is why the median seems high to me.

If I actually buckled down & worked a full year here, my net salary would be around 50mill won.

But, alas, we like our vacations too much, so it is closer to 36 . . .

G.

Real Reality · Joined: 10 Jan 2003 Location: Seoul

gajackson1,

What kind of job security do you have? What pension plan do you have (national or private with higher interest)? When is your sabbatical? When can you apply for your six month sabbatical? When can you apply for your year sabbatical? How much money do you receive to go to conferences? How much money do you receive to "maintain" your office? How many assistants will the university or school support for you?

You are "Part-time Faculty" or an "Adjunct."
http://www-writing.berkeley.edu/TESL-EJ/ej16/f1.html

The foreign professor -- colleague or hired hand?
http://joongangdaily.joins.com/200206/14/200206142349223599900090109011.html

weatherman · Joined: 14 Jan 2003 Location: Korea

Those numbers are really high, and those with a banking job should count their blessings. The average income in Korea is around 12,000 and that might be a little high. I am not surprised in the least though....... How can a man (we are talking about Korea) provide for his family a upward middle class life, if he doesn't make that kind of money? There really is a two tier level of work in this society. Some really do have a good life handed to them for only passing a test.

shawner88 · Joined: 01 Feb 2003

It will still take them 20 years to save for an apartment for each of their kids.

mindmetoo · Joined: 02 Feb 2004

gajackson1 · Posted: Tue Oct 19, 2004 4:06 am Post subject:

RR, sorry - I did my 'time' here, and now I have a corporate job, with full normal benefits - almost the same as a corp job back home stateside. 7 years in, and I deserve it -

My hakwon expierences were great for 2 of 3; my last school cracked financially, but even that worked out mostly ok.

(If all this seems elusive, it is just I don't want to air out my job & company business here. RR, we are on good terms, boardwise - you can always pm me for more info).

I would really love to see similar figures for Korea. Also, you have to account for cost of living & inflation, too . . .

Respectfully,

G.

PS ~ I actually know about how much I would be making if I had stayed in Texas as a teacher for the past 7 years; I have no idea if I had gone into business in the private sector, but am pretty sure i would be both a lot richer, and a lot less happy/more stressed . . .

Gollum · Joined: 04 Sep 2003 Location: Japan

mindmetoo · Joined: 02 Feb 2004

dogbert · Joined: 29 Jan 2003 Location: Killbox 90210

Real Reality · Joined: 10 Jan 2003 Location: Seoul

dogbert,
Australia = Korea
Canberra = Seoul
Sydney = Busan
Perth = Mokpo
Darwin = Incheon

dogbert · Joined: 29 Jan 2003 Location: Killbox 90210