Banking Sector - Career Path

[Kyoji83]

If you are using a Dip in banking to apply for banking job, it is relevant & employer will look at it.


It you are using a Degree & Dip in banking to apply for banking graduate job, your Dip is no use because it will not help you get into the banking graduate job & earn graduate salary. It is your degree that helps you get the banking graduate job & earn graduate salary.


So, if you ask me to advice, I will advice you to get a Dip in ECE & Degree in Banking so that when you cannot get the job in banking related job, at least you can use your Dip in ECE to look for engineering related job.


If you cannot get a graduate bank related job by using your degree in banking, chances of getting a bank related using your Dip is super low. On top of that when you apply for job, your resume already put Degree & Dip in banking & employer will not even care about your Dip in banking.

Cus at least i am trained & have knowledge in Banking, can apply to my job while an Engg diploma is totally useless & irrelevant

 

[saintsu]

Cus at least i am trained & have knowledge in Banking, can apply to my job while an Engg diploma is totally useless & irrelevant

Glad u answered your own question. Do think before you post.

 

[saintsu]

Yep VP means vice-president. But that doesn't mean anything though, Ranks and titles are inflated at the sales side so that clients can think they are dealing with someone important. VP is like the 3 rank you reach in most IB places. Analyst, Associate, Vice President->Director. Sometimes there's a SVP in between. Just like they call the person who picks up your call a manager.

Although I am not too sure what you mean when you say making the other companies invest? IB, despite its name, doesn't actually do any investments. They do M&A and help companies to raise funds instead. Some companies may decide to have one bank help them do all their deals but most of the time, they will meet the IB teams from different banks and decide then which to use. Also, for the bigger deals, it is usually handled by more then one bank but there will be one leading bank that manages most of it.

You will probably need to enter your bank's training programme if you are first starting out as a trader which will teach you all the rules you need to comply with so no worries there.

Not too sure regarding the CFA thing though, someone else help with that?

How bout AVP? Though that will come before VP.

 

[Petrelli_83]

How bout AVP? Though that will come before VP.

Depends on where you work bah. For fresh grad is usually Manager -> AVP ->VP > SVP > Head

or

Analyst > AVP > VP > Director

Sometimes there is an Analyst II after analyst.

 

[Petrelli_83]

If you are using a Dip in banking to apply for banking job, it is relevant & employer will look at it.


It you are using a Degree & Dip in banking to apply for banking graduate job, your Dip is no use because it will not help you get into the banking graduate job & earn graduate salary. It is your degree that helps you get the banking graduate job & earn graduate salary.


So, if you ask me to advice, I will advice you to get a Dip in ECE & Degree in Banking so that when you cannot get the job in banking related job, at least you can use your Dip in ECE to look for engineering related job.


If you cannot get a graduate bank related job by using your degree in banking, chances of getting a bank related using your Dip is super low. On top of that when you apply for job, your resume already put Degree & Dip in banking & employer will not even care about your Dip in banking.

Actually would be good if you can do a degree in IT and a diploma in banking. Seriously, most banks are very willing to take in engineering and IT grads because they have very useful skills. Engineers are sensitive to numbers whereas IT grads can do some programming. Both math and IT are important in areas like fixed income analysis. Banking is mostly a sales job and the finance knowledge can be picked up on the job. Math and IT on the other hand are much harder skills to acquire without a professionally trained guided hand.

 

[Kyoji83]

Actually would be good if you can do a degree in IT and a diploma in banking. Seriously, most banks are very willing to take in engineering and IT grads because they have very useful skills. Engineers are sensitive to numbers whereas IT grads can do some programming. Both math and IT are important in areas like fixed income analysis. Banking is mostly a sales job and the finance knowledge can be picked up on the job. Math and IT on the other hand are much harder skills to acquire without a professionally trained guided hand.

Y.JiHoo, see that?

Btw, since you have graduate with a Poly Dip in ECE, no point regert about it & KPKB asking people is it better to have a banking Dip or ECE Dip.

But now I think what you needs to do is to think how to get a job in bank.

Eg:

1) By getting a Degree in Engineering, Banking or other field?

2) Joining the bank by part time job while building up network & once they have jobs opening in bank, you can apply it.

3) Bank have alot of jobs. which field you want to be in? Front line banking job like Financial Consultant? They are doing the same job as Prudential, AIA & etc selling Insurance. If you cannot join bank, you can join these Insurance Companies & if you success in Insurance Company, you will be learn much more that those Financial Consultant in the bank.

 

[kaysee]

can anybody advice what is the job scope for personal banker and financial adviser in a bank? TIA

 

[Kyoji83]

Personal banker & Financial adviser in a bank is doing the same job as Prudential, AIA & etc selling Insurance.


The different is Bank Financial adviser do not needs to take licence to sell while Prudential, AIA & etc needs to take M5, M9, HI & etc exams in order to get licence to sell.

can anybody advice what is the job scope for personal banker and financial adviser in a bank? TIA

 

[kaysee]

Personal banker & Financial adviser in a bank is doing the same job as Prudential, AIA & etc selling Insurance.


The different is Bank Financial adviser do not needs to take licence to sell while Prudential, AIA & etc needs to take M5, M9, HI & etc exams in order to get licence to sell.

thanks so much for ur reply. so in other words, both jobs equally busy in banks?

 

[Kyoji83]

Lolz, true & not true.

You welcome people who step into the bank.

While waiting for their Q, you try to sell them something.

If they willing to give you a chance to sell, you invite them to your table & try selling them.

If no 1 give you a chance to sell, end of the month, you will not hit quota & screw by your boss.

So chances of hitting the quota is low & so bank always have event on Sat & Sun trying to sell something.


The something they are selling is Insurance which is what Prudential, AIA & etc is doing.


To cut short is they are doing the same job just that bank got the public respect while Insurance companies do not have it.

What kind of respect? When you tell public that you are from ABC bank, they will hear you talk finish before turning you down while if you tell public that you are from Prudential, AIA & etc, they turn you down before you even talk finish.

thanks so much for ur reply. so in other words, both jobs equally busy in banks?

 

[Yaco99]

Hmm... it's a different sort of busy I guess Most of the time, the financial consultant you are assigned is different everytime. And to be honest, you won't really want/need to see them too often. So as a financial consultant, you will meet and interact with a larger number of clients but you are unlikely to develop any significant relationship with any of them. It's more of a dispensing advice on a case-by-case basis.

However, for personal bankers, especially for private clients, you have far fewer clients and thus you will get to know each of your clients personally. You may have contact with your clients every month to check on their preferences for their deposit upon maturity or check on their loan repayment status. Or, they may be calling you every single day to get you to execute trades for them. Thus, each client would be more valuable to you and getting into their good books and retaining them become more important as compared to a financial consultant.

Opps, missed out the AVP. Knew i forgot something.

 

[kaysee]

thank you yaco99 and Kyoji83 for all the informations

 

[aprilkwan]

personal banker also means doing IB industry right?

 

[momochan]

personal banker also means doing IB industry right?

nope..more like selling consumer products..

 

[Ice_Milo1987]

is it easy for an engineering grad to get into bank ops?

 

[aprilkwan]

momochan: oh dear. isn't it the same like how investment companies helping the clients to handle projects when these companies want to make investments?

 

[beerbellly]

Hi guys,

Fund Accountant for a bank? Is that a wonderful role n what kind of role is that?...3k for a start fresh grad...will this remain stagnant?

 

[Goldmansachs]

wanna be working in ib too..
looks like everyone is chasing the trend as ib pay are damn attractive
however, entry is definitely not easy
hopefully can quickly start skool, b&f uol...
any guides to how'da enter sales division, equity research or M&A in ib, other than scoring well and taking up internship?

 

[slayercsa]

I read the whole thread (yes finally phew) and the hype about front office pay, middle office pay, back office pay.

I don't get it still. Yes I know that the difference between the front office and back office pay is a lot! It could go up to a few million. But in my opinions, it is a relativity issue.

People in back office aspire to go front because of monetary awards, but I am pretty sure (gather from around the internet) that working in a bank, regardless of back or middle office, gives u a higher-than-median paycheck in a peasant context. Sufficient to lead a stable life right?

Am I correct to say that?

 

[Yaco99]

I read the whole thread (yes finally phew) and the hype about front office pay, middle office pay, back office pay.

I don't get it still. Yes I know that the difference between the front office and back office pay is a lot! It could go up to a few million. But in my opinions, it is a relativity issue.

People in back office aspire to go front because of monetary awards, but I am pretty sure (gather from around the internet) that working in a bank, regardless of back or middle office, gives u a higher-than-median paycheck in a peasant context. Sufficient to lead a stable life right?

Am I correct to say that?

The problem is, if you only want to work in the back office, there's no point to aim to work in a bank. Apart from maybe a couple of banks that are known to pay higher then normal across the board, the majority of banks pays a very normal salary for back office roles. In fact, pretty much everyone of your peers who go into a more specialised field(engineer, accountant, etc) will probably earn more then you, with comparable or better hours.

In that sense, you would likely be better off in another industry if the back office is the extent of your goal.

From what I can see, most of those who are dead-set to go into the banking industry and actually know what they are talking about are people who would not be contented with "normal", whatever normal is to them.

That's why the banking industry tends to attract a disproportionate amount of egomaniacs and over-achievers/aspirer.