To Be A Private Banker
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Hi, I'm currently taking a Diploma in Banking & Finance. Like I mentioned in the title, I wish to become a private banker as i enjoy seeing people's networth grow due to the help they recieve from me. And also the job pays very well.
My question is, is an accounting certification important to become a private banker? Everytime i read the papers I look at the qualification requirements, most of the time banks prefer a degree in accounting or ACCA or a relevant degree. I find accounting rather boring and I do not wish have a degree in accountancy. Would having a Degree in Banking & Finance offered by UOL also enable me to become a private banker?
Or put it in another way, what qualifications should i have to become a private banker.
Thx
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Originally posted by granslime:
Hi, I'm currently taking a Diploma in Banking & Finance. Like I mentioned in the title, I wish to become a private banker as i enjoy seeing people's networth grow due to the help they recieve from me. And also the job pays very well.
My question is, is an accounting certification important to become a private banker? Everytime i read the papers I look at the qualification requirements, most of the time banks prefer a degree in accounting or ACCA or a relevant degree. I find accounting rather boring and I do not wish have a degree in accountancy. Would having a Degree in Banking & Finance offered by UOL also enable me to become a private banker?
Why didn't u get into our own NTU or NUS or SMU?
Try RMIT (Finance) at SimUni
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Originally posted by Redwhite spore:
Why didn't u get into our own NTU or NUS or SMU?
Try RMIT (Finance) at SimUni
My GPA not really fantastic, 3.2 only. Final year student le, it can't really go much higher than the current 3.2. Poly students getting into local uni is not easy. Prefer UOL over RMIT for SimGe as it is more recognised.
Just wondering if i keep doing my degree and masters all in banking & finance, will i be able to become a private banker?
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Originally posted by granslime:
Just wondering if i keep doing my degree and masters all in banking & finance, will i be able to become a private banker?
With a GOOD poly dip, u can be selected to do MBA Fin with one of the private centres eg Kaplan or MDIS.
Otherwise sign up with IBF for their double Diploma courses (Bkg/Finance) & (Investments). With these added dips, u can do any Finance Masters
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a first good and well recognized degree in banking/ finance is preferred than jumping straight to Masters.
if u can't make it thru NUS or NTU, UOL could be the next best alternative but not necessarily so subject to the demands of the financial market. If u look good and possess a so-so commercial aust degree, u may get in as pte banker where a lot rests on your people skills than an analyst role that stresses a lot more on research and financial analytical skills - preferably a CFA.
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Originally posted by Redwhite spore:
With a GOOD poly dip, u can be selected to do MBA Fin with one of the private centres eg Kaplan or MDIS.
Otherwise sign up with IBF for their double Diploma courses (Bkg/Finance) & (Investments). With these added dips, u can do any Finance Masters
MBA Fin - first time I've heard of this.
No bachelor's degree, how to do Master's?
Anyway Masters in finance discipines are called MSc, and are separate from Masters of Business Admin (MBA).
Beware listening to this cockanaden.
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Originally posted by alize:
MBA Fin - first time I've heard of this.
No bachelor's degree, how to do Master's?
Anyway Masters in finance discipines are called MSc, and are separate from Masters of Business Admin (MBA).
Beware listening to this cockanaden.
cockananden? is that u?
stop all these personal attacks as I just commented on degree programs, not u alize cockananden!
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Originally posted by Fcukpap:
a first good and well recognized degree in banking/ finance is preferred than jumping straight to Masters.
if u can't make it thru NUS or NTU, UOL could be the next best alternative but not necessarily so subject to the demands of the financial market. If u look good and possess a so-so commercial aust degree, u may get in as pte banker where a lot rests on your people skills than an analyst role that stresses a lot more on research and financial analytical skills - preferably a CFA.
So it means if i have a CFA or CFP, there's a higher chance of me being a private banker? And judging from all the replies I recieve, accounting degree seems rather irrelevant when it comes to private banking since private banking has a lot to do with social skills
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Originally posted by granslime:
So it means if i have a CFA or CFP, there's a higher chance of me being a private banker? And judging from all the replies I recieve, accounting degree seems rather irrelevant when it comes to private banking since private banking has a lot to do with social skills
Private banker needs more than just a good degree. Solid network is a pre-requisite. It's not who u know BUT who know u in this line.
Private bankers are a misnormer these days. Young punks cal themselves bank advisers, credit consultants etc and everyone seems to be a AVP or Deputy Director nowadays
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Originally posted by Redwhite spore:
Private banker needs more than just a good degree. Solid network is a pre-requisite. It's not who u know BUT who know u in this line.
Private bankers are a misnormer these days. Young punks cal themselves bank advisers, credit consultants etc and everyone seems to be a AVP or Deputy Director nowadays
You mentioned something new called "MBA Fin taking in poly diplomas"? New course from your uni?
If you are not a cockanaden than what are you?
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i can't help but laugh at this thread. I know there are experienced private bankers over here in sgforums.
It depends if they would wish to come to this thread to just shut this flame once and for all.
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nope granslime....pte banker is more on networking and high net worth sales performance that a good degree or an MBA is a frontal cosmetic....a CFA is not required...
i have explained that analyst positions would require CFA...u must be very good in research and financial modelling
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the financial industry is being dominated by pinoy and indian FTs, are you sure u still want to work in this industry? reporting to an indian or pinoy/pinay boss who will most likely discrimate against you in favor of their own people in terms of say...promotion?
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Originally posted by Fcukpap:
nope granslime....pte banker is more on networking and high net worth sales performance that a good degree or an MBA is a frontal cosmetic....a CFA is not required...
i have explained that analyst positions would require CFA...u must be very good in research and financial modelling
Oh i see. Thanks. I am more towards wealth management, wealth advisory, relationship management that line since i prefer interacting with people. I don't really like to do analysis etc.
Any tips to improve on networking? I can only think of being a corporate banker, then slowly move up towards private banking as i know more and more high net worth people.
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Originally posted by kengkia:
the financial industry is being dominated by pinoy and indian FTs, are you sure u still want to work in this industry? reporting to an indian or pinoy/pinay boss who will most likely discrimate against you in favor of their own people in terms of say...promotion?
Is it? I didn't know that. Even the investment and private banking arms of the bank?
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To say the very least. Every sector is filled with Pinoys and Ft indians. the Engineering sector, the IT sector...even the funeral sector where they pinoys are use as embalders
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even they are the ones deal with our dead locals...
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You mean like a personal financial consultant of sorts? A dip in any discipline from the 4 polys would put you on par with the NUS or NTU grad. What the heck are you all talking about?!?! lol.
Of course, as you move up the ranks and you want to gain your customers' confidence, then go take a CFP or CFA. Accouting qualifications for fiak?!? You are growing their wealth, not balancing their books.
When you work for the banks, most importantly, you can make sales or not? If yes, then you climb. If not, then too bad.
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Originally posted by Rock^Star:
You mean like a personal financial consultant of sorts? A dip in any discipline from the 4 polys would put you on par with the NUS or NTU grad. What the heck are you all talking about?!?! lol.
Of course, as you move up the ranks and you want to gain your customers' confidence, then go take a CFP or CFA. Accouting qualifications for fiak?!? You are growing their wealth, not balancing their books.
When you work for the banks, most importantly, you can make sales or not? If yes, then you climb. If not, then too bad.
I was thinking the same, not balancing their books which is why I was puzzled why banks always put in newspaper degree in accountancy or ACCA or equivalent. I doubt any bank would find a local diploma qualification sufficient though. Diploma is only touch and go. You need a degree to study more in depth i think
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when you say private banker do you mean relationship manager?
RMs are personal bankers to clients and get a commission when the client puts money/uses the banks services/invests (ie. forex, derivatives, stocks, etc) on top of his basic pay
i heard many RMs start from an entry position (somehow many start in citibank) and work their way up.
their breakthrough is when they get some valuable high net worth clients then they just tend to their clients whims and needs and its smooth sailing from then on.
the term banker is too ambiguous nowadays. anybody working in a bank as a call center support staff can label himself a banker, technically speaking.
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Private banker is not much different compared to insurance sellers and so on......It is basically a sales job which need some network.......
If you dont have some network which you can tap and convert into clients........I think you forget about this field.......
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Originally posted by alize:
You mentioned something new called "MBA Fin taking in poly diplomas"? New course from your uni?
If you are not a cockanaden than what are you?
I am a normal guy who has manners, not like u idiot going around scolding people.
U lost your job to some FTs or your pinoy lover dump u?
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granslime....good to make a distinction of the varied roles in the banking industry...
networking is an elusive art...and for banking..high net worth is a prized art...
do not be intimidated..it all begins with studying the life and behaviour of the rich...study closely how they think and make decisions....
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A degree is necessary in the entry level to a good banking career only when you're looking at positions like systems analysts, investment analysts, admin, customer service, call centre etc.
If you want to do sales, then a dip would suffice for a start. Network or not is secondary because the bank will train you and give you the leads. Some of these leads can be pretty good depending on your drive and performance.
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Oh i see. Thanks guys. All these tips are really helpful. Will still continue taking a degree anyways. Haha.