From my job search some retail banking jobs (fixed salary) require both HKSI and IIQE....
From my job search some retail banking jobs (fixed salary) require both HKSI and IIQE....
I replied to your other post and I mentioned not to work for as IFAs. It is a very hard job as someone else said earlier, it is illegal to cold call for investments. If you are successful in cold calling, but the client is losing money, he can still sue and get everything back.
For any sales role in banking or finance, you need all HKSI and IIQE. I think for HKSI, you only need to take LE Paper 1, if you passed your CFA1, you should be covered for the rest of the papers (have todouble check) but for sure if you have a BComm degree, you are covered for 7 and 8. For IIQE, you would have to pass all the exams. For all those financial consulting and banks,they prefer you already have all the papers done,so they won't have to pay for you.
Retail banks are a little different, they do give you a basic salary, and because they have branches, you won't need to go out and find clients, whereas as an IFA, you would need to find your own clients. (Usually start with your own network)
For both, the amount of pressure is great, I think banks are usually a little more forgiving for the first 6 months. I have friends who worked in HXBC, SX, and some very local banks. Every branch will hold weekly meetings and rank the bankers according to sales. The banker with the lowest sales will have to speak first about how he/she will improve for the coming week. Then again, it really depends on what location you have. My friend works in the central location, she never has any problems meeting sales target since the traffic there is really busy. She is not aggressive either. She told me the starting salary can be around $9k to $15k, but with monthly commission, she sometimes earned as much as $30k to $40k from commission. However, my other friend who is working in a crappy location, quit after 6 months because his manager was constantly picking on him for not meeting target.
So if you are very aggressive and a good sales, personal bankers can make some money, or if you are lucky to be in a good location.
There are some investment linked insurance products that are allowed by the SFC to be sold by insurance agents if they are qualified, mostly mutual funds. Its a grey area since insurance agents are allowed to "sell" these products but not "recommend" specific mutual funds!! However one can get licensed by the SFC to do so.
Last edited by PSMaverick; 17-08-2010 at 03:10 PM.
Sadly they can fall under insurance brokers and are not licensed by the SFC but by their own bodies.
http://www.sfc.hk/sfcRegulatoryHandb...let?docno=H557
Exactly and the SFC says that these guys cannot be regulated because they're under the regulatory authority of the Insurance board. For them the thousands of "IFAs" or insurance sales people are not big enough fish to catch and fry.
I finished my MBA Financial Services from one of the local universities recently and am looking for a job. I just met a bank staff today who said that if I pass IIQE and HKIS exams I can get a job in some of the leading banks. But after reading this thread, I am a bit hesitant as I am not a "sales person". I have no previous experience in Finance/Bank Industry. So what kind of job I can take up and what are the chances of getting a job in leading financial institutions. (I cannot speak cantonese/Mandarin)
Sadly for some of the more dubious "advisors" this does not appear to be an impediment, nor do they offer much in the way of training.I have no previous experience in Finance/Bank Industry. So what kind of job I can take up and what are the chances of getting a job in leading financial institutions. (I cannot speak cantonese/Mandarin)