Move back to Kuala Lumpur - Yes? No?

[judson1982]

Hi, folks. I have not been able to find anyone in the respective banking sector in Malaysia to talk to. Hence, I've come here for some help.

I am currently residing outside of Malaysia. I have a dream to move back to Kuala Lumpur at some point in the near future. My family and friends are all there. However, circumstances currently do not allow for my dream to materialise but that could change a year from now. I have previously resided in Malaysia for a period of 10 years during my child/teen years and love every minute. There are also other reasons why moving back to KL is a good idea, which I will not disclose them.

Let me provide some background about myself.

• 36 this year.
• Married with two kids. One is 6 y.o. and another is 11 y.o.
• Spouse is a housewife.
• Have over 12 years of working experience, currently 8 years in banking (international banks) with exposure in operations and AML/CFT prior, and currently doing BCP and operational risk management - working in the position of an AVP grade.
• Have a bachelor's degree earned from my time in Australia.
• Only source of income is my current employment. No other source of income.
• Current savings - RM14k.
• No personal loan/mortgage + no home ownership.

With my banking experience, how much of a salary can I potentially negotiate for with an international/regional banking in KL based on my age and working experience? Is it wise to move back to Malaysia based on my current circumstances?

 

[fndnstne]

@judson1982 Not so sure for 12 years experience, but for context, a junior analyst with 2-3 years unrelated experience can get offers in AML of around 5k-6k pm in a local bank.

Think you'll do quite well here ..

Btw, the heyday of regional and international banks here is over. They're cost cutting like mad and getting more toxic by the day.

 

[judson1982]

@fndnstne Your third paragraph resonates my thoughts so perfectly. Exactly my experience what I exposed to.

 

[blurredcontours]

@judson1982 This is off topic based on the question you asked. But how the hell do you have only RM14K in savings?

With that amount of money you'd even struggle to relocate.

Edit: To answer your question, the easiest would be to look up glassdoor

 

[toney9113]

@blurredcontours I wonder where OP works now and what currency he earns. I agree RM14k savings (especially the fact that this is after conversion) sounds really low considering no mortgage etc. I'm no expert but I don't suppose RM14k can last very long for a family of 4.

 

[tampachristian]

@toney9113 14k can just fly here and eat sand lmao flights alone with movers for their things probably cost 14k already.

 

[judson1982]

@blurredcontours Thanks. Savings is something that I think quite a lot these days and relocation costs are no joke.

 

[danny4mission]

@judson1982 I think you should stay overseas longer to build up your savings

 

[judson1982]

@danny4mission Agreed. That's something have to be built. There's going to be lots of unexpected expenses, and school deposits, rent deposits, fixtures, stuff, etc.

 

[countrygurl32]

@judson1982 Everything has become very expensive in Malaysia, so make sure you get a good pay job and possess a decent amt of saving before you return, otherwise you and your wife will surely regret. Besides high living expenses, the quality of public schools is not good, you will need extra money for your kids private tuitions. FYI, I came back from the uk some yrs ago, I won’t recommend anyone to come back for good unless he or she is loaded. Your savings of RM14k can be burnt within 3 months easily.

 

[countrygurl32]

I was being overly optimistic. Tbh, your 14K can just go to air tickets. What about other expenses like rent, security deposit, school uniforms, car, etc. Your 14K savings will likely be gone before your plane land in Malaysia.

 

[ineedadvice101]

@judson1982 My advice is look up jobstreet/linked in see what's the highest paying job you can apply based on your experience and the salary range.

 

[lynmorg]

@judson1982 At the AVP level you'd also want to check recruitment agencies such as Michael Page, Robert Walters, Hays. I found this one just to get you started.

I'm sure you have your reasons but at a glance I can't imagine being able to support 2 young kids and a housewife with RM14k in savings. You might also want to think long-term about things like education and if you'd want to own/rent a home.

 

[resjudicata]

@judson1982 A heck lot of companies are on hiring freeze especially mncs

 

[clintpj]

@judson1982 Please be specific on your "outside of Malaysia"

And btw, many banks having hiring freeze right now but all the best to you.

 

[toney9113]

@judson1982 OP, just wondering, did you miss out a zero from your savings number?

 

[judson1982]

@toney9113 No, it's literally RM14k. I know... it's not supposed to happen this way.

 

[derekh]

@judson1982 Singapore not an option for you?

 

[judson1982]

@derekh Yes, it is an option but I have given a lot of thought into Malaysia because it’s where I consider it home.

 

[countrygurl32]

@judson1982 I would also recommend your wife to take up a teacher qualification diploma before you guys come back, two income is needed to support a family of 4.