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Newhere 30-06-2011 10:23 AM

Private Banking Salaries
 
I am in my mid twenties and thinking of starting a career in private banking. Would like however to gather some info... hope fellow forummers can enlighten me:

Generally, what would be the pay range for someone in private banking:

- at entry level (roughly mid twenties)

- at mid thirties

- at mid forties

- at mid fifties

What would be the (roughly) title of such a person at each of the above stage? I am talking about someone performing the role of private banker or an associate moving up towards the role of a private banker, and not the support services....

Unregistered 26-07-2011 01:37 PM

hmmm
 
how come you made it sound like you will definitely get the job? Dont you know how hard it is to become a private banker? Think you should first ask yourself whether you qualify to be one and how are you going to be one before even talking about the title and salary etc.

Newhere 26-07-2011 02:34 PM

I am sure no job is easy but I am prepared to work hard. Still, I would like to know I will be working hard for a career that is something. So it is important for me know how such a career will pan out usually, to make sure I don't regret my choice.

Liverpool 26-07-2011 02:39 PM

Quote:

Originally Posted by Newhere (Post 13764)
I am in my mid twenties and thinking of starting a career in private banking. Would like however to gather some info... hope fellow forummers can enlighten me:

Generally, what would be the pay range for someone in private banking:

- at entry level (roughly mid twenties)

- at mid thirties

- at mid forties

- at mid fifties

What would be the (roughly) title of such a person at each of the above stage? I am talking about someone performing the role of private banker or an associate moving up towards the role of a private banker, and not the support services....

what is ur background? have finance related internships or jobs before?

what is ur education? Preferably finance background, CFA a plus, a good uni degree with good honors = analyst. A good masters = associate.

are you good looking? Be honest.

Can you sell? any sales related jobs u r doing now? are you prepared to be judged by sales? you can sell = high bonus. If not, you can say bye bye.

can you network? What do you usually do to network? u attend networking events? U haf rich frens? u play golf?

sometimes u may start low first, as personal banker, meaning the ones that are at neighbourhood banks or small branches asking auntie uncle to buy from u... u may haf to do that first until u r really good enough to handle the big fish... are you prepared to do that for the first few years?

its not easy but if u can sell, u can do v well later in life...

qualify for the job first than ask abt the pay...

these are what i heard from my private banking friends...

Unregistered 26-07-2011 02:43 PM

Quote:

Originally Posted by Newhere (Post 14677)
I am sure no job is easy but I am prepared to work hard. Still, I would like to know I will be working hard for a career that is something. So it is important for me know how such a career will pan out usually, to make sure I don't regret my choice.

Lots of people are prepared to work hard, play politics, sacrifice family time to make it big. If you are in the right field (which private banking is), and with lots of luck, you'll do very well. Otherwise, just be prepared to lead a mediocre life. Be happy lah.

Liverpool 26-07-2011 02:56 PM

also... the way you are phrasing the qn is that i shld earn more as i age...

thats not the case... its a v sales specific job... u can sell, u can earn more than seniors.... so it works both ways... if u r senior and think u can sit back and dun sell, then the company will say bye bye to you..

and private banking goes by ranks... analyst - Associate - VP - MD

analyst earns ard 50k to 60k per yr... so basically u do sai kang... the client may want to look into fixed income products, so the associate arrows u to do some research on that. u may sit in at some meetings to learn more.

associate earns ard 80k-100k... these are ppl with exp and meet clients. they network for more clients and try to work with them...

take note that with bonus, they will earn more, depending on the company compensation plan and how much clients u bring in....

another way is go thru personal banking path, so if u r really good at selling to auntie uncle, they will promote u to private banking...

VP and MD i am not sure, but i heard can be 500k a yr or even millions depending on how good you are...

end of the day, like any other job, mid thirties does not guarantee u associate... mid forties also does not guarantee u to be VP... its how hard u work, network, look for more opportunities, jump ship etc...

if u want more money, go for IB... it pays higher over there but u haf to be really smart and work longer hrs...

n dont forget, u r not the only person who wants to go private banking... heck i wanna go sales and trading but do i have what the companies are looking for? what is my background and selling pt? u have to ask urself this than just saying i wanna do this or that...

Unregistered 26-07-2011 03:40 PM

I hate to burst your bubble, but it takes more than just hard work to be a Private banker. you need to have your client base first and the only way you can do it is to start in consumer bank or priority bank ( unless you have contacts that can give you USD 100M AUM)

Most Private bankers pay their dues and are in the market for at least 3 to 5 years minimum in order to make it to the level.

Still, no harm starting out as assistant, especially if you are assisting a Private banker who plans to retire and ultimately pass you his clients.

undiscern 26-07-2011 04:18 PM

Chances are if you are in your early 40s and if there is a major recession, can pack up liao. you will be the 1st to be sacrifice. then when economy picks up, dont expect to get hired, as there are tons of young, energetic, hungry and cheaper new graduates waiting to be hired. you will most likely end up as taxi driver if you do not save prudently when earning big bucks.

Unregistered 26-07-2011 04:29 PM

Quote:

Originally Posted by undiscern (Post 14686)
Chances are if you are in your early 40s and if there is a major recession, can pack up liao. you will be the 1st to be sacrifice. then when economy picks up, dont expect to get hired, as there are tons of young, energetic, hungry and cheaper new graduates waiting to be hired. you will most likely end up as taxi driver if you do not save prudently when earning big bucks.

In a recession, all jobs are not secure, not just the banking jobs.

undiscern 26-07-2011 10:26 PM

civil service and gov jobs are quite secure. banking job is usually the first to be cut, and when they cut it is in thousands.


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