Need help to determine if the salary package I am being offered as a Banker in Saudi Arabia is competitive?

Question

I have been offered a salary package of Saudi Riyal 9000 at a leading investment bank in Saudi Arabia. I currently reside in Bangladesh and have three years of banking experience. I have a masters degree in business administration. I need to find out whether the package being offered is competitive, and whether it will cover my costs of living as well as to save up to get married.

Answer 1

You have to realize that Saudis generally have a cultural system that financially and culturally looks where you are from in the world. I personally don't think this is right. I abhor the practice, but it is what it is.

You salary is well below the salary band for a well-qualified third year I-Banker from (...how do I put this?...) - culturally higher regarded spheres. I don't know what the band is for a Bangladeshi, but it doesn't surprise me that they low-balled you. Bangladeshis are generally not held in high regards in Saudi cultural circles unfortunately. Furthermore, you may be subject to significant cultural bias against you since Bangladeshi typically are seen as contract laborers in construction sights and are regarded on par with the Yemenis and Pakistanis.

Furthermore, you will find it difficult to live comfortably in Riyahd with that salary (US$28,800/year), even without taxation because the cost of living is so expensive. I would ask for more money (unless they take care of everything like housing, transport, food, utilities).

I'd ask them to double that salary. How do I know? I was just negotiating a package to move to Riyahd for a leading I-Bank, but turned down the opportunity because I could subject my wife and child to the life in Riyahd. No amount of money is worth asking them to forfeit their safety and freedom. I don't want to sound snobbish here and I'm just trying to give you a point of reference. Frankly, if I can help you earn an honest wage, then I don't care what people think of me... Now, I have more experience than you (over 10 years in banking), but my salary package was over 10x higher than what they were offering me. Asking for double doesn't seem unreasonble. As an American, I want you to get what is fair and reasonable for the value of your brain, not the color of your skin. Good luck.

Answer 2

Hi Bala. The offer is very good and you be save vey well. Cost of living in total, incl. acc, car, and food is around US1000-1500. so your saving is about $4500-5000. Riyadh is not fun though for a Bachelor, unless you have a nice group of friends and you can waste time together. But you have two advantages: 1. You will save good money 2. You will put your feet in the Gulf area and you can easily later find another job in Qatar, Dubai, Kuwait or maybe Bahrain. Decision is up to you. take care. .

Answer 3

Definitely Yes!!

Answer 4

deleted my answer......have to think about this one again in light of csanda's answer....