Singapore embracing junior private bankers
As Asia's legions of high net worth individuals multiply, demand for junior private bankers is increasing exponentially in Singapore.
It's good news if you want to move into the sector. "Private banking is not hard to get into at a junior level," says Nicholas Hughes, principal banking consultant at Charterhouse Partnership in Singapore.
How do you know if you're private banking material? Suitable candidates are personable, highly educated (to at least graduate level) with local knowledge and language skills. A junior relationship manager with less than two years' experience can expect to earn a relatively meagre base salary of between S$50k (US$32k) and S$80k a year.
Singapore has positioned itself as a hub for private banking in Asia, tapping into the region's 2.4m high net worth individuals (people worth $1 million-plus) owning assets totalling $7.6 trillion. Both figures are set to rise substantially over the next few years, particularly on the back of growth in China and India.
However, the real demand is apparently for experienced relationship managers with an existing portfolio and extensive contacts. "At some point the hiring bank will want the relationship manager to bring across the assets under management generated at their previous employer," explains Hughes.
While base salaries vary, relationship managers really earn their salary from bonuses. A successful relationship manger can expect to earn - inclusive of bonus - in the region of S$500k in a good year, Hughes adds.