Private Banking Salaries

Originally Posted by Unregistered

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.

Originally Posted by Unregistered

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.

Originally Posted by Unregistered

Your numbers dun even make sense. You say those 5yrs exp & below make <3k, but suddenly those in late 30s (I assume 10 - 15 yrs exp) make >20k. So a typical guy joins as private banker for the 1st 5 years as a loser who can't even make 3k and suddenly in the next 10 years become superstar rise to >20k?

While many junior private bankers do play a more support role, because of the complexity of the products as well as the type of client they are dealing with, it requires far more technical and soft skills expertise compared to a normal fresh graduate executive that make easily $3k+. No way anyone's gona stay as a private banker up to 5 years for <3k and 2 months bonus.

Are you sure you not confusing private banker with salesman (aka consumer banker / wealth banker)?

Originally Posted by Unregistered

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.

Originally Posted by Unregistered

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.

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

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.

Originally Posted by Unregistered

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.

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)

Originally Posted by Unregistered

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?

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.

Originally Posted by Unregistered

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

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.

Originally Posted by Unregistered

Your numbers dun even make sense. You say those 5yrs exp & below make <3k, but suddenly those in late 30s (I assume 10 - 15 yrs exp) make >20k. So a typical guy joins as private banker for the 1st 5 years as a loser who can't even make 3k and suddenly in the next 10 years become superstar rise to >20k?

While many junior private bankers do play a more support role, because of the complexity of the products as well as the type of client they are dealing with, it requires far more technical and soft skills expertise compared to a normal fresh graduate executive that make easily $3k+. No way anyone's gona stay as a private banker up to 5 years for <3k and 2 months bonus.

Are you sure you not confusing private banker with salesman (aka consumer banker / wealth banker)?

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.