MGB Investment Banking Associate salaries in BFSI, Investments & Trading in India

Likes

1. Saturdays off for Auditors. Thats about it.

Dislikes

1. Devious retention tactics: Some made up nonsense about salary being remitted for the current month and the previous month (if the date of Joining is in second half - post 15th) in the next month's salary cycle. I have it on good faith that such scheme outlined is not followed and it is only fed to so you coudn't leave within the first 15 days. Yes, they have that much confidence in their practices that they have to resort to underhanded means to retain people. If not, you may leave the company within a month should you continue to observe the incoherence and lack of governance i.e., MGB's poor management of workspace. Further, niether such policies are outlined by the HR team at the time of Induction nor are they outlined in MGB policy. 2. Zimyo is thier attendance platform and it is used to harass employees if you stand in opposition to the company's malpractices: Instances and disclosure - The company has developed a system to allow acclimation of the learning curve of such software use and to account for inherent defects with the system via a regularization. For eg. if you reach office on time but forgot to login due to some technical issue or tardiness or the app did not catch your login/logout location, then you will have the option to "regularize" the attendance defect At the time of induction, it was informed that you can avail upto 5 regularizations in a month. However, no such references are made in their policy nor do they approve your regularizations if you point out their nonsense (Also see dubious example of special treatment below). Non-approved regularizations are not processed in the salary and they can use it against you moving forward to supress you. 3. If you strive to be management's puppet, then you will be afforded the cheats available with the proprietary software (location blocking with no consequences for such deficit) and no corrective action will be initiated and vice versa. 4. Whole chain of command, from junior level upto and incl. partners is corrupt and are complicit in their attempts to suppress dissent or any criticism of their practices. As mentioned above, all you need is one technical issue and you are officially under thier grip (happened to someone i know). HR team regularly capitulates with seniority to collect information or enforce convenient made up nonsense at the behest of the managers. 5. No confirmations are provided over the emails and they want you to communicate all the queries over the calls so that they can play pretend and act oblivious to your issues with less than ideal excuses at a later date like "We handle queries of 300+ employees supposedly (non-sense)" or "you should have mailed" (yes they'll try to flip it on you when it is convenient). On the flip side, they'll accept nothing short of a confirmation when they have to secure their part over the mail; be mindful of this and route everything over emails (a skill that was not lost on me since before i joined the company) 6. Escalation matrix of MGB is one of the most pitiful there is and for a good reason. Here's how it goes, you raise a mail to the process owner, if its not resolved then you raised it to HR manager and your reporting manager. It is essentially routed internally from HR team to reporting manager and vice versa. As mentioned, email is not ideal for them and they'll play badminton when convenient, all the while not providing any confirmaitons whatsoever. Kindly note, there is no escalation availale to partner level, should you escalate it to partners, it will not result in any action as they're also complacent as pointed in 4. 7. Politics of this firm is very different from other companies. Whatever experience you have with moderate politics of companies and CA firms, will not prepare you to bear the grunt of this workspace. It is geared more towards scapegoating their issues onto you. Should you not have any experience in combating situations like this or you are not able to secure your position, then it would be in your best interest to circumvent and look for better organizations. You are in fact, their insurance policy for pinning their defects and inadequacies onto you if you lack the grit of self-preservation to a substanstial degree. 8. If you were to furnish a notice of 2 months as per their terms, note that no salary will be processed for 2 months and they'll take upto 45 days from the completion of notice to process the salary. No such information is provided at the time of induction and likewise no references are made in MGB Policy for withholding. Also note if you put in notice before processing of salary for the current month, then they'll withhold 3 months plus 45 day processing window and not 2 months plus 45 days (As pointed above, it is only a tool for harrasment) 9. Further to above, kindly note that they'll withhold your releiving letter as well which has nothing to do with the processing window (even if you were to accept the unreasonable salary holding) once you serve your notice to completion. Be mindful of this as they'll use it as a whip to halt your career advancements. It should be obvious by now that they'll resort to the most petulant of practices as they are aware of the fact that most companies in the organized sector will not accept your candidature without furnishing of a relieving letter at the time of joining. 10. Leave entitlements they present to you at the time of interview/joining is for enticing purpose only and they'll attempt to part as less as possible with the onset disingenuous excuses. As a token of affirmation for their disingenuity, they do not have a leave enchashment policy. Also note, your balance entitlements will not be carried forward to the next year and will result in a lapse. 11. Salary is low for the ones with actual experience. Meanwhile, they lack a robust interview process (refer my interview, one thing you'll notice that from lower level to team leader only basic frivolous Qs are asked), a result of which, people who stand no chance in any roles, let alone high paying roles are recruited. The less than ideal resources will be afforded leniency even after their cognizance of lack of work acuity if they can recruit these people to confabulate information on other resources or turn them into management's puppet as mentioned above. As a result, work of the inadequate employee will be dumped onto the capable ones thereby degrading your value and essentially allowing inadequate idiots an advantage of getting paid for nothing. 12. If its any indication, attrition rate of MGB is very high due to all the turbulence they give to thier recruits.

Likes

No unnecessary late night sittings in all departments except statutory audit even after peak tax season, Handsome salary package offered, timely salary credited.

Dislikes

Poisonous politics in office, Terrible promotions, Employee's performance measured and deficiencies communicated only at the time of appraisals instead of periodical (quarterly/semi-annually) performance so that cost-saving should be made, No anonymous review taken from employees against their seniors, If there is no work in a department then you will allocated to another department (For example :- If no work is allocated to statutory audit executive, then his/her spare capacity is utilized by temporary transfer to another internal audit or business development department by the partners)

Likes

Time of Covid-19 pandemic company has provided a salary to every employees.

Dislikes

...s how to tackle their Junior colleague and to give them trouble and harass them. they only know how to deduct money from the employee's salary for no reason.

Likes

The only thing that can be positive about this organisation is some people I came across during my stint.

Dislikes

...ure of their way of working. They wont let you leave the organisation at peace. They wont pay you your F&F

Likes

All the things like culture, environment, reporting person attitude, delay in salary, no limits of working hours were horrible experience for me. I never saw such a pathetic company in my entire life

Dislikes

Every thing.