Q I WILL be studying accountancy at a local university next year. With this degree, I can also take up banking and finance-related jobs. I hope to become a banker and manage the wealth of high net-worth individuals. I want a career that is challenging and pays well.

Should I do a double degree (business management and accountancy), or stay with one degree and perhaps take a major in finance? A double degree would mean one more year of study, but would it improve my prospects?

What qualities should a successful banker have? Here in Singapore, what are the prospects for bankers in terms of pay, promotions and international exposure?

In terms of career planning, what steps can I take to reach my goal? What courses, accreditations (such as CFA, CPA or ACCA) or internship opportunities would you recommend?

A WHEN choosing a degree programme, you should first consider your own interests and abilities. If a double degree is in line with your interests and money is not an issue, why not invest in the extra year as it might also give you more career options?

Academic qualifications make up just part of the selection criteria when employers interview you for a position. They also look at factors such as motivation, personality and past performance.

There are various positions at banks and other financial institutions that might suit you. Private bankers provide wealth management services to high net-worth individuals. Investment bankers help companies and governments raise money by issuing and selling securities in the capital markets.

Successful bankers are usually performance-driven, passionate about their work, keen to learn and eager to accept challenges.

In terms of career progression, a candidate usually joins as an analyst, an entry-level position. Most banks put their staff through training programmes to equip them with the necessary skills and knowledge. After two to three years, a candidate might move up to the rank of associate, and assume product or client responsibilities while undergoing on-the-job and formal training.

Career advancements and opportunities usually depend on the merits of the individual. Remuneration will be commensurate with qualifications, experience and performance. Salary surveys have always indicated that bankers command strong pay packages.

Equip yourself with a basic degree and possibly a professional qualification in your area of interest. That should give you a good platform to start off with. You can consider a master's degree after you have acquired two to three years of working experience.

As you plan to pursue a career in banking, you can look at becoming a certified financial analyst (CFA). To do so, you have to meet criteria set by the CFA Institute. CFAs are typically financial analysts, portfolio managers or other financial professionals engaged in investment management and practice. The qualification is highly regarded worldwide.

Recently, Nanyang Technological University was recognised as a CFA programme partner. Singapore is seeing strong growth in the number of new CFA candidates.

Becoming a certified public accountant (CPA) would not be particularly relevant for you as you aspire to become a banker. Accountants carry this designation once they have met criteria set by certifying bodies in their own countries. In Singapore, certification is regulated by the Institute of Certified Public Accounts Singapore.

Qualifying as a chartered certified accountant would also not be relevant for you. Certification is regulated by the Association of Chartered Certified Accountants (ACCA), a professional body that embeds global accounting education standards set by the International Federation of Accountants.

Eunice Chia-Lim
Learning & Development Manager
PeopleSearch

Advice provided in this column is not meant as a substitute for comprehensive professional advice. E-mail questions to a1admin@sph.com.sg.

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