Do you know 50% of Personal Bankers quit in 9 months? That is a startling statistic to begin a career in Wealth Management in banking. Every 5 in 10 who join will quit in 9 months. And almost 80% leave the industry within 3 years.
In banking, there are more than 7,000 wealth managers and 15,000 investment professionals. There are many more doing important supporting roles to wealth managers. How do you start a wealth management career in banking?
Starting a career in Wealth Management is exciting but also perplexing to many. In Singapore, there are 14 retail banks, 47 leading private banks, 10 large insurance companies, 35 leading fund management firm and many stock brokerages & financial advisory firms.
Quick Reads
Financial Advisor, Personal Banker, Priority Banker, Private Banker, Relationship Manager, Investment Advisor, Treasury Advisor, Bancassurance Specialists, Credit Specialist … … and more.
The job titles just about confuse any young graduates and even professionals in the financial industry. Learn more below:
Estimated Starting Salary
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What is a Wealth Manager?
Almost everyone wants to be the wealth manager. It is the most important role since the wealth manager is the one who manage the relationship and financial portfolio for customers. However, many give up give as soon as they realize the role of a wealth manager is more than just relationship and investments.
The difference in perceived work & actual work caused many to give up, under-perform or become disgruntled with a career in wealth management. As a wealth manager, especially in banking, you would undergo many examinations and training to be certified and to be qualified as a financial advisor. This training can sometimes take 4 weeks to 8 weeks. So it is indeed wasteful that many advisors go through the training, and quit within a few months. A study conducted shows 50% of Personal Bankers quit in 9 Months. Read More
For Full Details: Effective 1st February 2014 by Monetary Authority of Singapore
Retail Banks: Many banks have personal banking associate program for fresh graduates. Banks in Singapore hire a few hundred new graduates every year. DBS, OCBC, UOB, Citibank & HSBC hire the largest number of fresh graduates every year for their Personal Banking program. Apply to the banks directly below.
Private Banks: There are also many Private Banks in Singapore and they take in a few thousand new hires every year in various front office and middle office positions. To be a Wealth Manager immediately is difficult as you would not have at the skill sets or the portfolio to managed. Banks such as UBS & Credit Suisse have annual intake for Wealth Management Graduates where they will train fresh graduates into future Wealth Managers by starting either as Assistant Private Bankers or in various front office or middle office positions.
Non-Banks: Other than the banking industry, financial service providers such as insurance companies & agencies, Independent financial advisory firms, Brokerages and fund management providers also hire many wealth managers.
Apply Now
Career with DBS Bank
Apply to DBS Bank
Personal Financial Consultant (Consumer Banking)
Apply to OCBC Bank
Career with UOB Bank
Apply to UOB Bank
Career with ANZ Bank
Apply to ANZ Bank
Getting Ready
Entry Level Jobs: Where you get started
Mid Level Jobs: After a few years of experience
Senior Level Jobs: After years of hard work
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