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How can I get into private banking?
Question :

I am 33 years old male and have most of my work experiences in the finance field.

I have overseas BA degree education and around 8 years of work experiences. My last salary position has been with a local Private Wealth Management company doing a role similar to that of a Relationship Manager in a Private Bank. Because of personal career development reason I have left this position May 2010 after close to FIVE years and started my company.

I have started a Business Consultancy and Corporate Services company and have been running it for about 8 months. After this 8 months period, I have realized that the industry is too competitive and decided to move back to the job market.

I have been very active in my job search and tried most channels e.g. the popular internet jobsites, approaching companies directly etc. I have had better responses earlier in the year e.g. just after the CNY period. I have sent out hundreds and hundreds of applications.

A few months have passed and the number of responses I get is getting lesser period after period. I am really not sure what I am doing wrong that I am not getting responses.

I presume the lacks of responses that I get from employers are due to the following reasons:

-     Because of my personal business venture in the last 8 months or so that lead employers to believe that I am too entrepreneur and would not feel satisfy to remain as an employee.

-    They are paying too much attention to the last 8 months of my experience i.e. in the field of Business Consultancy/Corporate Services and missed out on the last 7 years of my financial services experience which is matching to the positions that I am applying for (Banking and Finance).

-    The HR market these days are too narrowly focus i.e. they have to have very accurate match e.g. because of my Private Wealth Management experience, I am applying for positions such as Client Services Officer roles in Private Banks. One criteria for these positions is work experience in Private Banks. Because my Private Wealth Management experience is not in a Private Bank and for this reason I do not get any response? Actually, I have in a couple of months ago secured interviews with Private Bank leaders. I have secured those interviews by sending CV directly to managers and not via HR. I strongly believe that I would have better chance to attain interview opportunities if I do not have to go through HR departments. I have failed those interviews because those positions expected a certain amount of AUM which I do not currently hold.

-    My Private Wealth Management experience is with a local company. Even though together with my ex-manager we were co-managing assets in excess of US$ 1 billion. I have good product knowledge and served customers from worldwide. The company is very discreet because of the nature of the Ultra High Net Worth customers that the company serves. The company is not well known. For this reason I am not getting interviews because my private wealth management experience is not from a bank or well known financial institution?

My experience for job searching has always been difficult in Hong Kong. Actually my last salary position in the private wealth management has been via direct personal approach to the company. I feel that I am not getting my career deserved attention from HR departments. I can prove that I am a very capable candidate once I am in the right environment. Actually this is evidently shown as I had more than 70% salary increase in the first year with the private wealth management company.

Please assist! Thank you very much.


Posted by winston on Monday, 09 May 2011

Comments :

Career Doctor

Posted Wednesday 18th May 2011 01:25:00 AM


You want to get into private banking and yet it seems you don't even know what a job it's like and what qualities you need. Especially since you've been working in banks you should have known, yet you didn't bother to check it out? It's all about "AUM", Asset Under Management, not your team, not your boss, not your department but you alone! Who's going to give you or provide you a platform and market for you? You create the platform and market for yourself to sell, understand? Please, don't make your eight months business venture failure as a cover up. In fact, the other way round, it can only be advantageous to sell yourself for any sales job, including but not limiting to private banking. It’s strong proof of entrepreneurial spirit which is a "must have" for anyone who wants to succeed in any sales role!