Banking Sector - Career Path

[Yaco99]

To be honest, most back office departments don't have much of a requirement. As long as the economy isn't doing too badly, they will be hiring. A banking and finance degree or any accounting degree will be enough to get you into most jobs in the back office.

Due to the nature of the industry, people come and go very often and it's not unusual to see people changing banks every couple of years. As such, just simply taking up a temp job during your holidays and making friends with the perms would be actually more important then what degree you have. Your friends at one place now could be spread out over 5 different places in 3 years time and recommendations works wonders.

They are not that picky about who they hire since the job will get done anyway.

 

[ctzehock]

To be honest, most back office departments don't have much of a requirement. As long as the economy isn't doing too badly, they will be hiring. A banking and finance degree or any accounting degree will be enough to get you into most jobs in the back office.

Due to the nature of the industry, people come and go very often and it's not unusual to see people changing banks every couple of years. As such, just simply taking up a temp job during your holidays and making friends with the perms would be actually more important then what degree you have. Your friends at one place now could be spread out over 5 different places in 3 years time and recommendations works wonders.

They are not that picky about who they hire since the job will get done anyway.

That's a relief.. But certain back end office job require a more specialise degree right.. Like accountancy??

If i focus on taxation or tax specalist, does the bank needs them??

 

[Biogentic]

That's a relief.. But certain back end office job require a more specialise degree right.. Like accountancy??

If i focus on taxation or tax specalist, does the bank needs them??

yes bank need tax specialist also... i have seen jobs advertisement of it before.

 

[Yaco99]

Chances are that if the accounting that the jobs requires can't be learnt on the job, an accounting degree won't be enough anyway. You would need to be prepared to get your ACCA or CPA for those.

edit: sorry, i just noticed that you already say that you will be going on to ACCA. that's fine then.

 

[Agravaine]

was in consumer banking side.. of course i've friends in aduit and enterprise side..

Ah...I was wondering if anyone knows what kind of ppl they hire into investment banking middle office.

 

[Yaco99]

Ah...I was wondering if anyone knows what kind of ppl they hire into investment banking middle office.

It's really interesting how so many people are so interested in getting into doing investment banking without actually knowing what it does. I have to admit I was the same way myself though.

I think all everyone has heard of is the crazy pay that they get and not so much of what they do. Singapore has a pretty small investment banking sector as a large number of the companies here are all subsidiaries of their parent companies that are based elsewhere and as a result there are not that many deals to be done here.

Anyway, getting into investment banking is as hard as getting into a consulting firm like Mckinsey, where you need to go through 7 rounds of interview, so you can probably guess that you have to be the top of your class to think about getting in.

If you are really interested, you can read up more about it at http://www.mergersandinquisitions.com/

I think the site gives a pretty fair view of investment banking stating both the good and the bad. But honestly, apart from the money, it really is a dog's life.

 

[Agravaine]

It's really interesting how so many people are so interested in getting into doing investment banking without actually knowing what it does. I have to admit I was the same way myself though.

I think all everyone has heard of is the crazy pay that they get and not so much of what they do. Singapore has a pretty small investment banking sector as a large number of the companies here are all subsidiaries of their parent companies that are based elsewhere and as a result there are not that many deals to be done here.

Anyway, getting into investment banking is as hard as getting into a consulting firm like Mckinsey, where you need to go through 7 rounds of interview, so you can probably guess that you have to be the top of your class to think about getting in.

If you are really interested, you can read up more about it at http://www.mergersandinquisitions.com/

I think the site gives a pretty fair view of investment banking stating both the good and the bad. But honestly, apart from the money, it really is a dog's life.

I'm enquiring on the middle office woh...

 

[Yaco99]

Oh sorry, pressed reply too fast lol. Would depend on which part of middle office then. If you are doing like compliance and stuff, pretty much anything will do. If it is along the risk management you would probably need a stats or some sort of heavy maths background

 

[Agravaine]

Competition for middle office positions is still stiff for BB right? I wonder if 2nd upper from a local uni is good enough.

I have an ok statistical background

 

[low_key_goer]

To be honest, most back office departments don't have much of a requirement. As long as the economy isn't doing too badly, they will be hiring. A banking and finance degree or any accounting degree will be enough to get you into most jobs in the back office.

Due to the nature of the industry, people come and go very often and it's not unusual to see people changing banks every couple of years. As such, just simply taking up a temp job during your holidays and making friends with the perms would be actually more important then what degree you have. Your friends at one place now could be spread out over 5 different places in 3 years time and recommendations works wonders.

They are not that picky about who they hire since the job will get done anyway.

How to apply for temp jobs in back office? Is it like internship? TIA.

 

[ctzehock]

How to apply for temp jobs in back office? Is it like internship? TIA.

It an be a internship or it could just be a holiday job, to apply just write to their hr and follow up from there

 

[ctzehock]

Oh sorry, pressed reply too fast lol. Would depend on which part of middle office then. If you are doing like compliance and stuff, pretty much anything will do. If it is along the risk management you would probably need a stats or some sort of heavy maths background

I assume that an accounting position ish classified as the middle office? Or the back office?

What about financial analyst?? What do they do?

So i assume when we talk about high pay in banks, most of it would be investment banker?? What about the other position??

 

[amerell]

Trading and risk positions also have high pay, not only investment banking. But they would most likely require you to have an MFE or a stats degree, minimum.

IT positions are also well-sought after.

You can go and youtube on those financial analyst positions, each got different job characteristics, but most of them are focused on equities research and asset management.

 

[Agravaine]

Wah, like that it's not easy to even get the temp jobs. Most banks have already started their internship prgramme from May onwards. Think they cater more to local uni than to UOL BnF students.

Temp jobs have to find from jobsdb, jobstreet, etc. Try applying for next year's internships lor.

 

[ctzehock]

Temp jobs have to find from jobsdb, jobstreet, etc. Try applying for next year's internships lor.

well i believe that are some local banks who have temp job or internship all year round

 

[ctzehock]

Next Question: If i decide to study Accountancy/Taxation, what are the jobs in the bank that require such skills??

A loan manager ?? who is In charge of approving loan to customers? or what are they called??

 

[ctzehock]

Temp jobs have to find from jobsdb, jobstreet, etc. Try applying for next year's internships lor.

I believe that are some local banks who offer temp jobs and internship all yr round, so i would rather advise him to email HR and ask..

Next Qn: Let say if I would to pursue the accounting (Taxation) degree.. what related jobs can i work in the bank??

A loan manager, someone who approves the loan that the customer need?? or what are they call?? Any other position??

 

[low_key_goer]

It an be a internship or it could just be a holiday job, to apply just write to their hr and follow up from there

Pardon me for my ignorance but how do i know whether which banks have such internship opportunities/temp job openings? Also how do i contact the hr? Thanks again.

 

[ctzehock]

Pardon me for my ignorance but how do i know whether which banks have such internship opportunities/temp job openings? Also how do i contact the hr? Thanks again.

One way is to go to those job website like jobdb and browse their website for any jobs or internship. The other way would be to contact their hr and let them know that you like to work as an intern and whether they could offer you an internship program.

To contact their hr, the most easy method would be going to their website. There should be a link like 'join xxx as a as career' or smth similar..

 

[ctzehock]

Trading and risk positions also have high pay, not only investment banking. But they would most likely require you to have an MFE or a stats degree, minimum.

IT positions are also well-sought after.

You can go and youtube on those financial analyst positions, each got different job characteristics, but most of them are focused on equities research and asset management.

Hmm... What are the other high paying job in a bank??
Is there anything for accounting student??

I seem to be stuck and not aiming for anything right now?