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shootingstar18
11-21-2011, 03:14 PM
Hi all,

I am actually asking on behalf of my bf with regards to this topic.

He has a Diploma in Engineering and currently, working as a Sales Executive (not hard sales, no canvassing required, hence no commission) who is just required to maintain relationship with established customers.

He has interest to pursue a Degree in Banking and Finance next year in one of the private institutions.

He has plans to switch job to the Banking and Finance sector next year, after February and I would like to know, with the current Diploma he holds, is he able to even secure any jobs in the Banking and Finance sector, since I have noted that most jobs require a Degree and a Degree in B&F specifically.

I am not well-versed in the B&F sector as I am in the Legal sector myself.
Hence, I need advice as to where should be the most appropriate areas in B&F (as I know there are myriads of areas in this sector) sector where my bf is able to secure a job, which would allow career advancement in this sector in the future. Is it true to say that he may just acquire some job in the B&F sales dept since he has some sales experience?

Thanks in advance! :)

jayax
12-22-2011, 12:28 PM
Hi all,

I am actually asking on behalf of my bf with regards to this topic.

He has a Diploma in Engineering and currently, working as a Sales Executive (not hard sales, no canvassing required, hence no commission) who is just required to maintain relationship with established customers.

He has interest to pursue a Degree in Banking and Finance next year in one of the private institutions.

He has plans to switch job to the Banking and Finance sector next year, after February and I would like to know, with the current Diploma he holds, is he able to even secure any jobs in the Banking and Finance sector, since I have noted that most jobs require a Degree and a Degree in B&F specifically.

I am not well-versed in the B&F sector as I am in the Legal sector myself.
Hence, I need advice as to where should be the most appropriate areas in B&F (as I know there are myriads of areas in this sector) sector where my bf is able to secure a job, which would allow career advancement in this sector in the future. Is it true to say that he may just acquire some job in the B&F sales dept since he has some sales experience?

Thanks in advance! :)

As you rightly mentioned, there are many sectors in banking - some of which are easier than others to enter. As with most jobs, there are no hard and fast rules as to what academic qualifications are required - alot of it boils down to the interview and the online aptitude tests (basically IQ tests) administered by the larger banks for their structured MA positions (these put you on the fast track for whichever area/department you're in).

Direct hire positions at the larger banks on the other hand, are less stringent, but usually still require a good degree (university-wise AND academic standing-wise), not because of any rigid formal requirements but because of the competition (ie, the average standard of other applicants).

One area which may make for easy entrance with a reasonable payoff right now (in this economy) would be Private Banking - it's the only sector that's growing at the moment in Singapore despite the horribly hairy international situation. It's also relatively easy to enter as they look out more for interest and inter-personal skills than hardcore mathematical ability or stellar academic standing, yet intensely rewarding if you're really good at it. Might be a bonus if the applicant is fluent in multiple languages as well, esp dev market languages (Bahasa Indon, etc).

For Sales in other areas of Banking, there are a multitude of positions. Generally, a large bank (eg, RBS, Deutsche, BoA) is divided into the front, mid, and back offices. Front offices (where most sales positions are at) tend to be more competitive as a general rule, but of course it depends on the nature of what you're selling. If it's in the investment banking or trading line where you're selling trading products or even a merger/IPO to institutional clients, then most of the time they only take 2nd upper / 1st class graduates from reputable universities with IQs of ~132++ (98th percentile), if their IQ tests are to be believed.

If it's for commercial/transaction banking (selling deposit/payroll services to clients such as companies for eg) the requirements are less stringent and they do take direct hires (no online IQ tests), but most of the time still require a degree due to competitive pressures as explained above.

If you're wondering where this information came from, i'm speaking from experience as a previous MA trainee in a rather large bank. The general rules still apply to the industry as a whole though (small and medium banks) - a lot of it is demand and supply so you have to look at your competition's standard to know what you need. Bright side is - unlike the legal industry, there are no artificial barriers to entry, and if you perform well you will rise really quickly.

shootingstar18
12-23-2011, 09:43 AM
As you rightly mentioned, there are many sectors in banking - some of which are easier than others to enter. As with most jobs, there are no hard and fast rules as to what academic qualifications are required - alot of it boils down to the interview and the online aptitude tests (basically IQ tests) administered by the larger banks for their structured MA positions (these put you on the fast track for whichever area/department you're in).

Direct hire positions at the larger banks on the other hand, are less stringent, but usually still require a good degree (university-wise AND academic standing-wise), not because of any rigid formal requirements but because of the competition (ie, the average standard of other applicants).

One area which may make for easy entrance with a reasonable payoff right now (in this economy) would be Private Banking - it's the only sector that's growing at the moment in Singapore despite the horribly hairy international situation. It's also relatively easy to enter as they look out more for interest and inter-personal skills than hardcore mathematical ability or stellar academic standing, yet intensely rewarding if you're really good at it. Might be a bonus if the applicant is fluent in multiple languages as well, esp dev market languages (Bahasa Indon, etc).

For Sales in other areas of Banking, there are a multitude of positions. Generally, a large bank (eg, RBS, Deutsche, BoA) is divided into the front, mid, and back offices. Front offices (where most sales positions are at) tend to be more competitive as a general rule, but of course it depends on the nature of what you're selling. If it's in the investment banking or trading line where you're selling trading products or even a merger/IPO to institutional clients, then most of the time they only take 2nd upper / 1st class graduates from reputable universities with IQs of ~132++ (98th percentile), if their IQ tests are to be believed.

If it's for commercial/transaction banking (selling deposit/payroll services to clients such as companies for eg) the requirements are less stringent and they do take direct hires (no online IQ tests), but most of the time still require a degree due to competitive pressures as explained above.

If you're wondering where this information came from, i'm speaking from experience as a previous MA trainee in a rather large bank. The general rules still apply to the industry as a whole though (small and medium banks) - a lot of it is demand and supply so you have to look at your competition's standard to know what you need. Bright side is - unlike the legal industry, there are no artificial barriers to entry, and if you perform well you will rise really quickly.

Thanks for the valuable input. :)