Hi There, before I continue to talk about Private Bankers, I would like to answer a question that was posed to me, 'how much do bank sales staff earn?' Well, again it depends on which bank and what qualifications and experience one has? Let's assume we are referring to entry-level sales positions.
Basic Pay only:
For a Diploma grad,
PFC - $1,600 to $2,500,
Mortgage (home-loan specialist) - $1,500 to $2,600,
SME Sales Specialist - $1,500 to $2,400
For a University grad,
PFC - $2,200 to $3,000,
Mortgage (home-loan specialist) - $2,000 to $3,000,
SME Sales Specialist - $2,000 to $3,500
The above is just an approximate and it really depends on the bank and the time of application (demand and supply).
As for your sales targets, it again depends on the bank concerned. It would usually be within reach if you are smart enough and hardworking enough. Having passion in what you do is definitely the first step to success!
Once you hit your sales target, you can safely add another $2,000 (approx) to the above basic salary. This is the conservative side of the scale. If you are good, and hit much more than 100% of your sales target, you could be looking at a good $4,000 to $5,000 or more in commission.
I know of an ex-colleague who during his first year at the bank, achieved $9,000 (basic + comm) in his best month.
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