Private Bankers manage the money and oversee the financial activities of high net-worth clients.
Below are steps to Become A Private Banker in South Africa
Get an educational degree.
You must have at least an undergraduate degree in order to become a private banker. It is helpful (but not necessary) for the degree to have a concentration in a finance area because if you get a degree, it shows others that you are more professional.
Seek internships
It can be difficult to get an internship in private banking while you are still a student. However, any sort of experience in banking, investment, or related areas can be beneficial.
Get certified.
[3] There are a number of certifications available to private bankers. These can raise your professional profile and the chances of landing your dream job.
The Wealth Management Institute (WMI) offers the 10-week Wealth Management Private Banking Programme and an associated certificate.
Get licensed
In order to practice as a private banker in many areas, you must be licensed by a regulatory organization.
In the South Africa, the Financial Industry Regulatory Authority (FINRA) administer licenses that private bankers must have in order to collect commissions of the sale of financial products.
Requirements for Private Bankers in South Africa
Corporate and Investment Banking
Real Estate
Private Equity
Commodity Trading
Boutique wealth management firms
Corporate Finance and Advisory
How much do you need to qualify for private banking in South Africa?
One must earn a gross income of R750 000 and above per year to qualify for RMB’s; or earn more than R1. 5m a year or have a net asset value of R15m or more for FNB’s.
What degree does a private banker need?
Most financial institutions require private bankers hold at least a bachelor’s degree. Undergraduate work best suited for a career in private banking focuses on accounting, finance, or business. Although not necessary, a marketing degree may also benefit a private banker in his or her career.
Is private banker a good job?
Private banking is a good career option for individuals with a strong background in financial services, a desire to help others, and advanced analytical and problem-solving skills. A talented private banker helps to grow wealth for clients. This generates increased commission revenue.
Is it difficult to get into private banking?
It would be virtually impossible to move from PB into a transaction-based role such as investment banking, private equity, or corporate development without deal experience. If you’re on the investing side, you’ll have more options, in theory, because of your experience doing analytical and markets-based work.
How much money do you need for private banking?
Eligibility requirements for private banking
The minimum amount required varies R14.32million will most likely be the minimum level for most private banks, Foy says. But there are some exceptions. For instance, Chase Private Client requires an average daily balance of only R 3580849.79 or more.
How does private banking make money?
Clients utilizing private banking services pay for the specialized treatment they receive. The bank also makes money from the steeper interest charges on a larger mortgage and business loans taken out by rich clients.