I think he's saying that fresh grads draw less than 3k la..and those less than 5 yrs exp oso not paid well. For everyone's info, I won't even consider assistant RM/relationship officer to be "junior private banker". Becos bankers draw commission, but the assistant does not. That explains why the "junior private banker" is drawing crap while the private banker is making big bucks. Hope this clarifies..

who should we listen to?
 

Honestly, after reading all these posts, I really don't know who has the real credentials to talk and who should we be reading from.

This forum should have a permanent/guest panel of professional experts to answer questions or something like those western forums, financial sites.

Seems like anyone can come online to claim something and nobody knows better.

Actually for other jobs is OK, its only banking jobs that seem to attract 2 opposite extremes of people posing as experts.

My guess is

Those who claim outrageous $$$ - Never work in bank before, just hear gossip rumor etc and try to act expert based on 2nd and 3rd hand info

Those who claim lower than normal job $$$ - Want to go into bank but failed to get in, so sour grape and try to dissuade others from going into banking

Are you still a kid? You can't tell who's lying and who's telling the truth?

Coupled with info fro other sources, it's quite easy to tell. The financial industry does indeed remunerate much better than other industries. The reason is simple.

So what you mean by banks remunerate “better”?

For eg. For junior private banker, we know jokers on 2 sides of the extremes (less than 3k & more than 20k) are talking cock, but in between range is very wide, how to tell exactly?

To tell exactly, you need to join a bank and work in payroll.

My estimation of a 1st-year private banker is about 200k a year. But to qualify as a private banker, one needs years of experience in other lesser positions like PFCs and RMs and bring along a number of HNW customers.

If by "junior", you mean assistant or other ancillary positions like the kopi auntie, then my estimation doesn't apply.

That is some serious pay for a 1st yearer. Is that for a foreign bank like UBS or Credit Suisse or local bank like DBS?

Around there, not much difference between foreign & local bank

Junior Private banker
Location Singapore
Remuneration 84000 - 120000
Updated 01-Nov-2011.
eFC Ref no916247.

As a leading Private Bank in Singapore, our client is looking for passionate Junior Private Bankers capable of bringing in S$ 30 Mil in the first year. Offering a competitive salary and an excellent platform of growth paired with an encouraging work culture.
Our client is a regional boutique private bank, with a track record for growth and commitment to the Asian market. As part of their continued growth strategy a newly created position of junior private banker is now part of their next stage in development. The requirement for extensive exposure and experience in either of - Indonesian/ Malaysian/ Singaporeanb/ Vietnam/ China market, with a strong track record of client relationship is a must have skill set.

The role will be fast paced and demanding, utilising all of your industry knowledge and experience to develop the banks current asset building strategy, approach and output for their clientele. You will be expected to work closely with your peer group of Investment Advisors on idea generation and liaising with other departments on product implementation and delivery.

With minimum 7 years of experience, you should have an ability to cross sell various investment vehicles. be able to bring in S$ 30 Mil in the first year with a ticket size ranging in the league of S$ 500 k + .

Reporting to the local Head of Private Banking, you will work alongside a team of Bankers and specialists.

Requirements

• Respective qualifications and a degree preferably in the necessary field

A high level of interpersonal skills and a strong team player

• Excellent social skills and ability to think out side the box

• You will have a strong understanding of current financial markets, specifically within the market you are responsible for.

------

Couple of thoughts - remuneration seems quite low here. Maybe cos this is a small bank?

7 years experience needed, and the title is still "junior"?

Any idea is meant by "ticket size"?

I dun see where they got specify remuneration, so where you get the idea $$$ is low?

Ticket size means roughly per investment transaction.

See the remuneration below:

Originally Posted by Unregistered
Junior Private banker
Location Singapore
Remuneration 84000 - 120000
Updated 01-Nov-2011.
eFC Ref no916247.

As a leading Private Bank in Singapore, our client is looking for passionate Junior Private Bankers capable of bringing in S$ 30 Mil in the first year. Offering a competitive salary and an excellent platform of growth paired with an encouraging work culture.
Our client is a regional boutique private bank, with a track record for growth and commitment to the Asian market. As part of their continued growth strategy a newly created position of junior private banker is now part of their next stage in development. The requirement for extensive exposure and experience in either of - Indonesian/ Malaysian/ Singaporeanb/ Vietnam/ China market, with a strong track record of client relationship is a must have skill set.

The role will be fast paced and demanding, utilising all of your industry knowledge and experience to develop the banks current asset building strategy, approach and output for their clientele. You will be expected to work closely with your peer group of Investment Advisors on idea generation and liaising with other departments on product implementation and delivery.

With minimum 7 years of experience, you should have an ability to cross sell various investment vehicles. be able to bring in S$ 30 Mil in the first year with a ticket size ranging in the league of S$ 500 k + .

Reporting to the local Head of Private Banking, you will work alongside a team of Bankers and specialists.

Requirements

• Respective qualifications and a degree preferably in the necessary field

A high level of interpersonal skills and a strong team player

• Excellent social skills and ability to think out side the box

• You will have a strong understanding of current financial markets, specifically within the market you are responsible for.

I said "start off with very low salary". When I said 3k p/m, I'm referring to the starting salary.
If you know the private banking industry well enough, you know you don't start off as private banker. Private bankers dont' typically have many front office undergraduate positions. (those I know joined via some sort of management trainee program) If you start out in private banking without a portfolio, without prior experience in wealth management (e.g. via consumer banking), you will probably be doing adminstrative/support work as an assistant. The time it takes for you to become a private banker (defined as point person, in-charge of a network of HNW client. i.e the face of the bank) is varied and depends on many factors.

Those initial 1-5 years, up till the point you become senior enough to be incharge of a set of P&L, you typically don't earn much. You become decently paid only when you start handling your own portfolio. Typically by then your rank is VP and above. You would probably be leading a team of support bankers. "Decently paid" = I imply around S$15-20k (base p/m). Which if you are working in the banking industry, this shouldn't be a surprise to you.

And if you are in the banking industry, you will also know that it is not the base pay but the variable component that makes the real difference in total compensation. What is the typical "bonus" a VP in private banking get? This is a debate in within itself. From my experience, and from the payrolls that I've come accross, there are not many above 100k per year. As with most sales type profession (you know private bankers are ultimately judged by revenues right?) (e.g property/insurance agent) there are outliers that earn 6-7 digits in bonuses.

20k base pm + 100k bonus pa is already very lucrative.

So in short you are saying private bankers start off at low salary because they don't start off as private bankers but work in lower level jobs.

Ya know what, I'm pleased to inform you that Group President & CEO of Goldman Sachs also start off with very low salary because his first job sure as hell is not Group President & CEO.

Thanks very much for this useful information :rolleyes:

I think when people here talk about starting pay of pte banker, they mean simpler things like how much a private banker new in his job is paid, not how much is the starting pay of a banker on his first job after school.

Hi, this is very useful information for me. I am very interested in this field. From what you are saying, I think it is important to get into the management trainee program, then you don't have to go through the "administrative banker" route but can start facing clients?

How long is this program?

How much can a management trainee expect to be paid once he or she completes the program?

Upon completion of the program, the trainee will be a VP? If not, what is the rank below the VP?

this comes from experience working in a bank. Whilst I wasn't in the Private Banking arm, I was a MA in the Corp banking arm.

In my batch there were 3-4 MAs that joined the private bank, back before 2007. You should check with your career counselor in Uni on the hiring programs of the other private banks, especially the application timeline for grad recruitment (I assume you are still an undergrad)

The bank I was in (I have since left) have stopped since merged the MA program for all departments into 1 common program. So you can apply into the general MA program, and request for a stint in the Private bank.

Again, you won't be a RM. You will be an ARM and your job is to support the RM for 3-4 years. Because you are designated as a MA, your path to becoming a RM maybe faster. But ultimate, in the wealth mgmt sector it is alot about luck , timing and performance.

My colleague Mum is a Senior private banker in one of the EU banks. She hired a fresh graduate from local Uni as a support / assistant RM. She is not paid much (close to what i said 3k+ p/m. Her job scope is everything under the sun, including delivering / collecting documents from client. * I'm not sure what are you main motivations towards a PB role, but I urge you to speak to someone who is already in the industry to get a sense of what the role is really about*. I suspect you don't have a full picture, and might be disappointed.

As for payscale, mgmt trainee is on a different payscale in the bank. Starting pay is around 4k. Yearly increment is pretty structured for first 2-3 years but also depend on which department you get allocated to.

In private wealth, maybe 5k p/m after your 2nd year? (that is if the private bank likes you and hires you under their headcount)

If you are not under the mgmt trainee program, you'd prolly start at 3k. And this is not a local bank btw. *reality check*

As for your VP question, rank progression in the bank is completely dependent on performance and in part also years of experience. Typical VPs take anywhere between 7-15 years.

As for "length of program", this differs from bank to bank. Anywhere between 1-3 years is the common length. Thru program, you usually get promoted twice. So if you joined as Assistant Mgr, you will be Manager? (AM has 2 ranks)

You need to define " new in his job "

What do you mean a pvt banker new in his job? I.e a private banker who just begin to manage his own portfolio?

Private banker is a very generic term. Just like investment banker.

A private bank has back, middle, front office positions. I am assuming that by private banker you mean the front office RM (note within the private bank, there are product specialists (e.g. fixed income, equity, FX etc), Relationship Managers, Portfolio consultants and even a mini Investment banking team that does P/E & M/A functions for these HNW individuals)

So to really provide good/accurate information, need to drill down and define - else the info/data will be misleading.

If you are narrowing down the term private banker to refer only to the RM type role. This is a role you don't start off in (as I had pointed out). You join the Private bank as some sort of support role in the front office, or as trainee role. Starting pay is 3k-4k.

How much do you get when you become senior enough to start covering clients? This is harder to answer because it depends on the size of your portfolio, profitability and also your years of experience. A VP typically earns 15-20k. Usually, when you start being incharge of a portfolio, you are a VP by then. Bonus entirely depends on your performance.

Hi hi... i went throught the path as a MA or ARM, in a swiss bank, the starting pay was around 2.7k then, 2001, so its really below 3k. of course these days maybe alittle bit more for the starters. Then, to be promoted to a junior client advisor, you need to slog for 3yrs to even 5-6yrs before you get a chance to prove yourself. And yes, there are ex-colleauges who had stayed and waited for4-5years before they gotten their opportunity to be an advisor. Maybe you reach Associate director 8-10k, Director 12-15k,Exe Director >15k in the next 5-7years after MA.


pay can indeed jump very fast.

haha everyone here is full of ****.

Private bankers don't earn on comm or products. their spread is so little that it is ridiculous. For example, priority/premier banking platforms charge 3-5% on funds,1-2percent on bonds. Private banks only charge 0.25%. why? because they make money based on AUM and Volume la!

Private bankers only do one thing; BRING IN AUM.

and obviously if you are 20 something or even in your 30s, you are not going to be a private banker. WHICH multimillionaire will want to take advice from a young punk? go think la!


maybe after you slog like a dog as an Associate RM for 8 years or you work on a Private Client, HNW platform then maybe you can even dream of being a private banker.


and BTW, its ******** that private bankers earn the most among bankers. ive seen Citigold Private client and Citigold RMs earn more then private bankers, simply because they get commission.

Enlightening info. Btw, I'm curious to know what are the position and job scope of those cxtxbank staff at front desk wearing uniform? Do they get paid alot?

those are customer service officers, different. RMs and personal bankers dont wear uniform.

Any idea the salary range?

Around 4-5k, usually front line service staff not paid very well in banks.

less. about 2.5

To clear up doubts, if you want to earn big in banks, do sales.

The normal operation staffs don't earn much. Frontdesk tellers pay starts at about 2k for diploma, the most senior i've seen is about 4k but she's near her fifties.

As a equity researcher responsible for generating reports for clients, i draw a fixed salary that is 'on-par' with my peers in civil service. Why i say 'on-par' is because you have to factor in the extra time put in. Most of the fixed salary in banks are paid 'competitively' to singapore market rates (pegged to the salaries of civil servant, the benchmark of salary)

Many of the people are just plain trolls. Bankers are like property agents, few make it big, many fail miserably. For private bankers you get money as you close. The record holders draws few millions per annum. But there isn't alot.

Private bankers are not rich. There is a saying internally that it's a irony that we take care of client's money but do not know how to take care of our own. Many people have died in banking industry due to their unrealistic lifestyles.

Was curious about this topic, entered this thread, only to find plenty of trolls lying around.

Source: I work in a bank.

Are you working in the cxtxbank ? I hear they are the lowest paid

Well I worked in a bank before, and in tech and ops. I made 150k doing random analyst kind of work (called "business architect"), while my indian boss made 200k+. The tech PMs all made close to 200k.

Hi, don't mind sharing how much are you making right now when you say you're just "on par" with civil sector?

Comms no, I agree but most private banks do calculate product sales as part of the target RoA though. AuM by itself doesn't generate money, particularly if most fees(safekeeping etc) is ususally waived.

At the end of the day pte bankers are just atas salesman selling products to UHNI. Most people who keep asking how to be pte banker dun even know anyone with networth >$50M and still dreaming of becoming one.

Revenues around usd 4 millions. Salary plus bonus usd 700k.

ARMs are not making alot as compared to private bankers, in order to up salary have to jump ship. but being say that one have to start all over again, build relationship with internal clients / clients, support new bankers, etc. quite tough decision to make sometimes...

Bump for 2017.

Any idea what European Banks pay for the following jobs:

- AD
- D/ VP
- ED
- MD

Would be good to get a sense of the base salaries. From the earlier postings, seems like bonuses fall in the 60-120K range.

First year 50mil 2nd year 80mil 3rd year 100mil.
They do take in young punks in their 20s 30s if they have wealthy parents, relative or have good connections

Local banks private side is slightly diff. Need aum and you need to do wealth.

Not easy to do at all.

If you want to be a private banker, i suggest start looking for aum. External network.
Build aum from premier level will take you years and even so not every client will follow you.
Fail first year target, bye bye.
There are many sales roles out there that can fetch you 20 30k base plus comm a mth.
Road show credit card already can fetch 10k plus. Telemarketing for loans also can fetch 20 30k.
Just choose something that you like and make sure you perform and you will see the rewards.

20-30k basic inculding comm

It's such a pain looking at this.

Mass banker, also known as personal banker, personal financial banker. Basic is about 2.5k to 3.5k per month. Normally quarterly commission, typically $5k to 15k per quarter, for those above average sales. Typically 80% of new joiners will quit within 1 year. For top sales, those that goes up to stage or for incentive trips, commission is higher. Will get promoted to next level after 2 years

Priority banker, also known as Citi gold, premier banking, etc. Able to sell most products in the markets. Basic salary starts to diverge here due to vintage, and negotiating skills. But typically 3.5k to 6k per month. Normally quarterly commission, can go up from $5k to $100k per quarter. As bankers are able to sell universal life, and leverage, and fx loan switches. Normally 60% of the sale staffs will quit or change bank within 2 years. Due to weak sales, or lousy portfolio.

Private client platform, the last platform before true private banking, there is 2 banks that is a hybrid of retail and private banking. With their bankers cacs1 & 2 certified, while the rest of the market is still just CFMAS qualified. Basic is from 7k to 12k monthly. Commission is same as premier banking as products are similar. Besides the banks that have cacs1 & 2 qualification, which allows them to set up trust, sell private equity and more structured investment options.

Private banking. Generally need to bring in $50m AUM every year, for the first 3 years. Need to submit business plan with your clients profile (without names). Normally rev targets will start after 18 months and will start to ramp up. Generally PB should generate 1.5% rev on their portfolio. PB is paid bonus, with tier 1 UBS and CS paying the least bonus base on your rev performance (year 3 onwards) year 1 and 2 is still AUM KPI. UBS and CS pays about 8 to 12% bonus on rev. While EFG bank (tier 3 private) can go up all the way to 20 to 30% bonus. Different private banks has different offering. With tier 1 PB like CS offering all sorts of leveraging, MA, and all exotic products. Tier 3 PB might have worst offering then retail local banks. Normally basic is 12k to 30k depending on how senior you are.

ARM, is just a assistant relationship manager. The probability of becoming a private banker via this route is very very very low, you need extreme luck and good PR and EQ. You will more likely become a PB by going via the retail route. Especially if you are not someone from a very rich background.

This is very interesting I just stumbled across this thread and correspondingly this forum because I am looking to hire private bankers for sales roles.

Private Banking Salary vs KPI
 

Hi all,

Wondering how are the FO of private banking getting paid and their corresponding KPI. Just start my career in Private Banking.

Role (banker/ic/arm/product/etc)
Years of Experience
Rank / Title
Salary
KPI Revenue Target

Lol ask ppl but u yourself never share? Zero EQ sia