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.

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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"?