To Be A Private Banker
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Originally posted by Redwhite spore:
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?
You are a guy knows nothign about MBAs or Masters of Science in finance fields, yet go round giving koyok advice. Sorry facts don't lie, you know balls about it.
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You dun need a degree in banking and Finance to be a pte banker....I heard the former TV actor James Lye is also a pte banker....Yes its best to have MBA....but u can work first with your UOL degree....then take PT MBA....
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Hi, from what i understand from my friends, it is best not to start as an assistant to a RM or private banker.. becos you will only be doing admin stuff and not the real job of a private banker. and you will have to wait until your boss (private banker) to retire to takeover his portfolio. i would suggest you get another position in the bank (maybe corporate banking side?) to get a few years of experience and to build up your social network before changing to private banking..
education wise, i dont think you need a masters, just a good degree in banking & finance would be good enough to get you hired in a bank first.. (preferably from a reputable university)
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Originally posted by 1200:
Hi, from what i understand from my friends, it is best not to start as an assistant to a RM or private banker.. becos you will only be doing admin stuff and not the real job of a private banker. and you will have to wait until your boss (private banker) to retire to takeover his portfolio. i would suggest you get another position in the bank (maybe corporate banking side?) to get a few years of experience and to build up your social network before changing to private banking..
education wise, i dont think you need a masters, just a good degree in banking & finance would be good enough to get you hired in a bank first.. (preferably from a reputable university)
I heard some banks dun hire "distance learning" graduates....so dun get your hopes up just yet....there are many local/foreign Univ grads applying to banks, least priority will be given to DL grads....if you can get in you must be very lucky !
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I have frens studied UOL degrees with 2nd Class Upp Honours in B & F....can't find a banking job after 2 yrs of writing CVs and ended up being a MOE teacher....another become a real estate agent....so in my opinion, you must know someone in the banking industry to recommend you...otherwise u must already have working exp in banking sector....fresh DL grads are plenty....if you are a fresh grad, just dun get your hopes up....anyway have a degree is better than no degree at all ! So, good luck !
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Alternately, you can also go Las vegas Sand training school to learn how to be a Private banker, then later come back, you will be place at the 3rd floor of MBS to be a private banker, more professional than those on 2nd and ground floor, and your clients, the players are all millionaires or billionaires, a few chips on the table would cost a few hundred thousands. You do not even need a U degree, just a diploma of sort will do, full sponsorship and boarding for a year in Las Vegas strip street, then when you are back, you can commanding a paid of at least $8k per month, and the tips you receive can be more than your paid, sometimes, the winner got mood, just throw a hundread thousand tip for you, you smile until teeth drop, so dun waste time in those financial or corporate banking, in those place you get bank left, right, up and down, step into MBS recruitment centre today
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Originally posted by angel7030:
Alternately, you can also go Las vegas Sand training school to learn how to be a Private banker, then later come back, you will be place at the 3rd floor of MBS to be a private banker, more professional than those on 2nd and ground floor, and your clients, the players are all millionaires or billionaires, a few chips on the table would cost a few hundred thousands. You do not even need a U degree, just a diploma of sort will do, full sponsorship and boarding for a year in Las Vegas strip street, then when you are back, you can commanding a paid of at least $8k per month, and the tips you receive can be more than your paid, sometimes, the winner got mood, just throw a hundread thousand tip for you, you smile until teeth drop, so dun waste time in those financial or corporate banking, in those place you get bank left, right, up and down, step into MBS recruitment centre today
Excuse me angel, that is a different banker lah....
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olso Banker mah, a job in hot demand you know, and you can start immediately from young.
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Originally posted by angel7030:
olso Banker mah, a job in hot demand you know, and you can start immediately from young.
Hahaha!
Quite true ! -
Originally posted by alize:
You are a guy knows nothign about MBAs or Masters of Science in finance fields, yet go round giving koyok advice. Sorry facts don't lie, you know balls about it.
So u know a lot and like to smell my back whenever I go right?Hope u have recovered from the trauma of being replaced by Filipino FT. Maybe u want to sell koyok now? It's better than following me and smell my back, right Alize?
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Originally posted by Demon Bane:
I heard some banks dun hire "distance learning" graduates....so dun get your hopes up just yet....there are many local/foreign Univ grads applying to banks, least priority will be given to DL grads....if you can get in you must be very lucky !
What's a distance learning graduate?
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if u can sell "hot air"
u can be a banker
when u can sell "hot air" and "relationship"
u can be a private banker
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general deg will suffice. usually u can't just join any institution to be a private banker. usually join as financial consultant or RM. If u can show a very good record, then some banks will ask u to head the branch sales, or u can request to go into premier or private banking.
another route is a deg in finance/banking. join the private banking sector as an assistant to private bankers. from there see if there are opportunities.
Usually bankers dun stay with a bank for long. once they get the track record, they "jump" to other banks and or finance companies.
and yes, bankers earn alot. networking is key.
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Yes. You need some connection to get in as long as you are not from the local uni. Actually i dun get it why people cares so much abt whether UOL more recognise than RMIT. coz in the end. people just lump the 2 foreign school as SIM. Furthermore, most RMIT students have working experiences given their part time status. So is it your UOL cert sure get better pay (with no Working experiences) or RMIT Cert (with working experience) Get better pay? I dont see any differences as it is very much depending on your own ability.
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To be practising financial banker/consultants, you must have clear a certain range of CMFAS papers under the authority of MAS. Having a diploma should be sufficient to qualify for the exams. Even you have a MBA, w/o this certification you are not allowed to trade (correct me if I am wrong)
A banker needs alot of network, connections to cross sell & advise. Market is very competitive. Many enter but only a handful made it. It is a stressful lifestyle. Can you wake up 3am in the midst of your sleep to handle a nuisance call from one of your client? Will you do grocery shopping to provide the extra mile for your clients? These are not jokes but true events that I had seen from my peers. No rest/off, even on MC to hv to be on call. many a time, it is always the fairer sex that made it.
You hv to be the top 5% in sales to survive becoz in event of any layoff, sales personnel (ie banker) are the first to go. The training is tough. For ex, UOB personnel banker training has a few stages and at each stage many were chopped off. Even if you are a degree/MBA holder, as long as u do not generate sales regular, offyou go.
Banker/consultant provide a whole range of products, from insurance, fx, deriatives, unit trusts and financial planning. Some will be very analytical in the products they sell, others will just close their eyes and whack as long as sales is made. Which one will u be?
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Originally posted by granslime:
What's a distance learning graduate?
Meaning you don't study "on Campus"....you take the foreign degree courses from Singapore....
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Originally posted by CfCJ:
Yes. You need some connection to get in as long as you are not from the local uni. Actually i dun get it why people cares so much abt whether UOL more recognise than RMIT. coz in the end. people just lump the 2 foreign school as SIM. Furthermore, most RMIT students have working experiences given their part time status. So is it your UOL cert sure get better pay (with no Working experiences) or RMIT Cert (with working experience) Get better pay? I dont see any differences as it is very much depending on your own ability.
Both UOL & RMIT offer part time degree through SIM Global education. UOL are more preferred as they are 100% exam based degree. RMIT degree is 50% project 50% exams. I plan to work full time and take night classes after NS.
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Originally posted by Weps:
To be practising financial banker/consultants, you must have clear a certain range of CMFAS papers under the authority of MAS. Having a diploma should be sufficient to qualify for the exams. Even you have a MBA, w/o this certification you are not allowed to trade (correct me if I am wrong)
A banker needs alot of network, connections to cross sell & advise. Market is very competitive. Many enter but only a handful made it. It is a stressful lifestyle. Can you wake up 3am in the midst of your sleep to handle a nuisance call from one of your client? Will you do grocery shopping to provide the extra mile for your clients? These are not jokes but true events that I had seen from my peers. No rest/off, even on MC to hv to be on call. many a time, it is always the fairer sex that made it.
You hv to be the top 5% in sales to survive becoz in event of any layoff, sales personnel (ie banker) are the first to go. The training is tough. For ex, UOB personnel banker training has a few stages and at each stage many were chopped off. Even if you are a degree/MBA holder, as long as u do not generate sales regular, offyou go.
Banker/consultant provide a whole range of products, from insurance, fx, deriatives, unit trusts and financial planning. Some will be very analytical in the products they sell, others will just close their eyes and whack as long as sales is made. Which one will u be?
Wow, thx for creating an account just to reply my topic. Haha. Yes i have even heard of helping to take care of your client's dog when he/she goes overseas, so helping to buy groceries is already nothing compared to walking their pet dog. Haha
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Looks like b n f degrees like commonplace, cannot land into a proper job also.
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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?
Or put it in another way, what qualifications should i have to become a private banker.
Thx
help people gain wealth ?
a private banker is a glorified salesman..........has to con people to part with their money and then anyhow invest to make money one.........
honest people can't make it one...........
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Looking at the origin of commercial banking, a banker is one who lends money for the purpose of conducting commerce or trade. Since then banking has evolved into providing loans of all kinds – property, education, car, securities, etc. Banks have also gone to sell products – insurance, investments, collateralised debts, all kinds of financial derivatives including toxic ones! They also sell services – custodial, underwriting, advisory, etc. Thus, banks have all sorts of clients. So, if one chooses to go into banking, there are many areas of work. Private banking is one which specialized in providing financial advisory and services to high net worth individuals. Thus, if you are an individual (not a company) worth millions you can get a bank to assign you a qualified and experienced employee (called private banker) to attend to your needs which can range from helping you invest your millions or manage your huge estate.
Relationship Manager is a more recent term used to designate an employee to sell financial products – investment-linked insurance, structured deposits, saving schemes, credit cards, and personal loans.
While a finance or banking qualification is useful, it is not an absolute must to be a private banker or relationship manager. A private banker would have to be a very senior employee. I cannot imagine that my million$ will be handled by a 24-yr old fresh graduate with a banking degree even if it is a Master degree.
Even with a finance or banking qualification banks will still train an employee in their products or services. At the end of day, banks will look at how much you sell and the ones who earn good money are those who sell the most. This leads to many hard-selling and even unscrupulous practices bordering on ‘misrepresentation’ or 'dishonesty'.
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so is there a diff between relationship manager and personal banker?
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Originally posted by LadyEdith:
so is there a diff between relationship manager and personal banker?
I always look at job titles with a little apprehension. It is best to know the job description. I did not mention personal banker, only private banker.
However, if you borrow money from me, I am your personal banker. If you don't pay back I will certainly be very personal with you.
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Originally posted by LadyEdith:
so is there a diff between relationship manager and personal banker?
relationship is someone you hv a relationship with you, more caring and stay with you, a personal banker is a professional, got no relationship with you, once banked, paid and go, no more question ask -
Originally posted by angel7030:
relationship is someone you hv a relationship with you, more caring and stay with you, a personal banker is a professional, got no relationship with you, once banked, paid and go, no more question askwah, your personal banker sounds very impersonal leh!
then I like relationship banker. I love relationship, care for me and stay with me. please introduce one to me.