Recent Want Ad (II): CitiBank

Source: http://aks-e-abhishek.blogspot.com/2009/01/tag2.html

CITI CHINA – Institutional Clients Group Country Management Programs

About the Program:

The China Management Associate (MA) Program is 12-24 months long, consisting of structured rotation, advanced training and abundant exposure. You will have the opportunity to explore multiple business areas through the rotation in front, middle and back office. Apart from such on-the-job training, you will be required to complete courses/programs that cover banking foundation, business knowledge, technical and soft skills, as well as leadership foundation, etc. Throughout the program, you will be involved in networking, MA activities, and projects with coaching and mentorship from senior management. At the end of the program you will be placed in one business. Placement is based on a combination of your personal preferences and business needs. 

The MA Program is demanding and your learning curve will be steep. However, you will not be bored and will constantly be faced with new challenges. You will be in continuous contact with different businesses and offices in the region or around the world. Our presence in over 100 countries means that we can offer a range of career possibilities across different businesses and locations. Throughout your career, you may also have the opportunity to work in diverse businesses or locations locally, regionally or internationally. 

We are looking for candidates with enthusiasm, competency and innovation.

　　

Requirements of Citi Management Associate：

• Master degree , Strong academic record, less than 2 years working experience.
• The key success factors are:

1. Self-starter, takes initiative
2. Possesses excellent communication and interpersonal skills
3. Cross-functional interests and ready to work in different locations/cities 
4. Driven and committed to succeed in a rapid-growth organization
5. Team-player, contributes to collective goals 
6. Leadership potential, Embraces innovation
7. Keen interest in the financial services industry
8. Demonstrates professionalism, integrity and respect for diversity
9. Strong quantitative and analytical skills

Recent Want Ads (I): Standard Chartered

Source: http://www.igrc.org/pages/detail/2100

I will go to check the websites of biggest players in Chinese commercial bank industry about recent want ads for fresh graduate students and re-post them in my blog. Most large commercial banks in China will start their campus recruitment process from late August or early September, today's want ads is from an early starter: Standard Chartered.

Standard Chartered (Wholesale Bank International Graduate Programme)

About the programme

This 12-month focused programme is designed to develop the broad technical foundation, relevant specialist depth, organisational awareness and leadership skills required for a rewarding career in Wholesale Banking.

Your first year with us consists of four rotations, supported by close and regular interaction with senior leaders, to provide:

• Relevant real world experience that will help you to perform and excel early in your career
• A deep understanding of our international business through day-to-day interactions with cross-border teams
• Exposure to different cultures and new ways of thinking through working with global teams
• An accelerated career trajectory through the rapid development of specialist skills, knowledge and expertise
• International job opportunities

Programme streams

Graduates can select from one of four streams - Coverage & Corporate Finance, Financial Markets, Principal Finance or Transaction Banking.

The programme structure is tailored to the stream you select. Regardless of the stream you choose, all graduates will:

• Attend the International Induction Programme (IIP) held in Kuala Lumpur
• Be deployed to a real role at the end of year one, immediately putting what you've learned into practice
• Receive foundation leadership development to help you navigate and progress within our organisation
• Be given the time and financial support to complete the Chartered Financial Analyst (CFA) qualification. 

You'll also be supported with:

• A dedicated Graduate Development Manager to guide you through the programme
• Regular one-on-one reviews designed to track your progress and performance
• A mentor to help coach and guide your personal and professional development.

It's important to choose the stream which best reflects your skills, interests and ambitions.

Qualification for success

Success in Wholesale Banking requires many qualities. You must be driven and have a great attitude, making

yourself a valued member of a high performance team. You'll need to be great at building relationships and have the confidence to work with high-profile global clients. You should be able to think strategically, easily connecting the dots between the challenge and the solution.

Energy and stamina are vital, as is a cool head in a fast-paced environment. And to cap it all off you must by highly numerate and analytical. 

Fresh Graduate in Chinese Commercial Bank Branches

Source: http://resumeguides.maxupdates.tv/guide-for-writing-a-fresh-graduate-resume/

Like I said in my last post, over 90% of fresh graduate who secured a job in a Chinese commercial bank will be assigned to one of the bank's branches to work for several years. So today let's take a look at what the life in a commercial bank's branch would be as a workplace fresh people. Again, all contents are based on my interview with my bank friend.

Generally speaking, there are three possible ways for fresh employees in a branch:

(1) Teller
(2) Retail account managers
(3) Wholesale account managers

Let's explore them one by one.

(1) Teller.
This is not a recommended path for most fresh graduate, unless you are a girl and your only ambition is to be a full-time wife. Basically your work in this position is mechanical manipulation every day. If you choose this path, you will highly likely be promoted as accounting officer after 8 - 10 years work, then you will get the opportunity to be promoted to be deputy governor of the branch in charge of operation. But this is probably the end of your career development. It is easy for you to lose ambition in the daily fussy work in this position.

(2) Retail account managers
Currently almost all Chinese commercial banks are under great pressure of retail performance, this trend makes retail account manager one of the scarcest resources in banks. Over half of fresh graduates will choose this position eventually and  it is actually a good development path for most people. But at the same time, you will probably face abnormal rest time (the banks will keep operating during the weekend). You will have training and regular meeting every day after work. You probably will have to work 12 to 14 hours a day and keep communicating with diverse clients to sell them investment products.

Sales is actually a pretty good start point for your career. If you are diligent enough and achieve an excellent performance, you will get decent promotion opportunity after several years. But you also have to pay the price: you will have no time to take care of your family. You will probably lack of sleep and sometimes will face the complaints from your clients. All in all, you will need a strong heart to fight for your future.


(3) Wholesale account managers
Compared with retail account managers, wholesale account managers will have a stable work and rest time. Instead of facing individual customers, wholesale account mangers' clients will be companies and institutions. So compared to retail account manager, wholesale manager is more likely to be a "decent job" in most new employees' mind. But meanwhile, wholesale account managers will face much more performance pressure. However, if you can find a senior account manager who is willing to be your mentor combined with your own hard workings, you will be able to avoid a lot of detours.

My friend told me just last week, a girl who just entered the bank for 2 months resigned. She holds a master degree from Germany and worked in wholesale department of the bank. But she resigned because the bank implements the lowest performance elimination principle and her performance was the lowest at that month. From this short story, we should be more clear that positions in Chinese banks are not as bright and beautiful as you think. Once you really start to work for a bank, what you will truly experience is the reality.

The Professional Development Path For A Fresh Graduate Student In Chinese State-Owned Banks

Source: http://www.collegecrunch.org/jobs/ten-highest-paying-career-paths/

Chinese commercial banks' HR observed a strange phenomenon: every year the quality of new employees from universities is improving, from Tier-2 universities' undergraduate students 10 years ago, to Tier-1 universities undergraduate students 5 years ago, and then to Tier-1 universities graduate students or even returned students from oversee universities recent years. The entry threshold of Chinese commercial banks has been lifted a lot and makes a lot of banks' insiders raise their eyebrows. 


It is becoming much harder for a fresh graduate students in China to get into the commercial bank. But you are not safe even if you get into this industry.This post will mainly focus on what will happen if you get the opportunity to enter this industry which looks like a flashy workplace for most fresh graduate students. 


There are three possible directions a fresh employee can go after the orientation training: (1) Administrative Department in headquarter or branches; (2) Key Account Department; (3) Branches. Let's analyze them one by one.


(1) Administrative Department in headquarter or branches: this is not an option for over 90% new employees in Chinese commercial banks. Most core administrative departments such as risk management and credit extension department do not recruit fresh graduate students. But it is a possible way for new employees with a sophisticated family background or with an extremely rich family since those background will be beneficial for the bank you work for.



(2) Key Account Department. It is almost the same situation as the administrative department here. Unless you have some level of family background, it is almost impossible to enter this department as a fresh graduate student.


(3) Branches. This is the affiliation of over 90% of fresh graduate students who entered the commercial bank industry. It will be the beginning of your real banking life. It generally start with some kind of rotation within the bank for three months to half a year. Your will find this period will be your happiest time in the following several years. You will be assigned to a kind mentor in the branch without the pressure from performance indicators and your workload will not be too heavy. During the rotation, it will not make too much difference based on your different education background. It's better to relax your mind and dedicate yourself into the works. 




Next time we will talk more about the career path after your rotation in branches.

Work & Life of An Account Manager in Chinese Commercial Bank

Source: http://fearlessmen.com/work-and-life-balance/

In most workplace newbies' eyes, account manager in commercial banks is an attractive position because they believe they can meet and interact with new people nearly every day with a fabulous income. "It is actually not." Said by my account manager friend mentioned in my last several posts.

Leaving those resource-based account managers with rich social resources aside, technique-based account managers always feel tired and probably lonely in their daily life. Most of the time account managers have to stay out to visit clients or stay in the bank to handle the procedures of clients' credit / loan business. Even in the evening and weekends, they still have to stay in the bank to organize clients' profiles which are extremely trivial. They usually have to prepare hundreds of documents for single client's credit deal.

Sometimes when the account manager receives a call from one of clients for their deal with the bank, no matter when and what the account manager is doing, he/she has to rush down to the client in the first place.

One real world case from my friend:: One day my friend's family arranged a blind date for my friend (he has been single for many years because of his job). He was drinking coffee with the girl which he described as "perfect beauty" afterwards. Unfortunately, 10 minutes later, my friend received a phone call from one of his clients to examine goods used as collateral immediately. Without any hesitation, my friend checked out and left the blind date directly and went to work. The date fizzled out without surprises.

"So if you can not stand with this type of work without fixed rest days, don't do it for good." Suggested by my friend."There is an old saying of our industry: if there one person in your family works for a bank, the whole family will be busy. It is 100% true, especially for account managers in banks, there is little for themselves."

　

　　

What Kind Of Person Is Suitable To Be Banks' Account Manager

Source: http://www.jackiechanel.com/2011/09/paitence-is-virtuewhatever.html

Continue with my last post about my bank insider friend's personal experience under another title.

In most outsider's mind, people who are heavy drinkers (because in China alcohol is an indispensable social widget), party creatures and people who have the gift of gab are ideal candidates of Chinese banks' account manager. But the truth may not be so simple. A large portion of successful account managers actually possess both introvert and outgoing personality at the same time instead of outgoing personality only.

My friend discovered several characteristics that most competent account managers have:

1. Patient and be in a good temper. In China, most account managers will have to deal with a lot of troublesome and trivial business. If he/she is impetuous or has a short fuse, it's extremely easily for them to displease their clients or co-workers. Externally, account managers need to provide best financial services to the clients; Internally, they need to handle the relationships among different departments such as bank counter and risk management properly. Furthermore, each public credit business will not be fulfilled within a short-term period, account managers will need great patience to complete the task gradually.

2. Some certain level of collaborating capacity and communication skills. Otherwise, it will slow down the work pace or even make things failure.

3. Sense of responsibility. Bank's account manager is an important window of the company to clients. The way they work with clients will be directly deceive to client's evaluation of the company. Clients let account managers to handle their public credit business because they want to reach the maximum benefit with proper financial cost. So the account managers need to be responsible to their own clients.

Banking Stories From A Senior Worker In Chinese Commercial Bank (Part III)

Source: http://calpactucb.blogspot.com/2012/04/protecting-safety-net-fundraising.html

Carry on with my last post, hope my friend's experience will be helpful for your future career:)

About Client Base

As an account manager, clients' deposits directly link to my friend's monthly compensation. But oddly enough, my friend told me that he doesn't like so-called "wholesale deposits", meaning the amount of the deposit is huge. When he chooses his potential clients, he prefers to cooperate with companies within traditional manufacturing industry and wholesale & retail trade industry, especially companies within the industries that are unaffected by cyclical economic fluctuations, like companies within machinery, food and medicare equipment industry. 

The reason behind it is simple: this type of clients are more stable and cooperative. Most of them are industrialist who started their business with nothing. Unlike clients within real estate or mining industry (which is a large speculated industry in China), those industrialists are more loyal and trustworthy. As the account manager of them, what you need to do is to put yourself into their positions in order to design service plan and provide good customer service. It's easier and much more predictive. 

As my friend mentioned, he has been an account manager for over 3 years, he has no single customer is from real estate or financial industry. All his clients are centered on manufacturing industry and commercial trade industry. Through the work with these entrepreneurs, my friend also gains the opportunity to learn from their life experience, industry knowledge and analytic skills. Those "soft compensation" from the work are even more valuable than the monetary compensation he receives from the bank. Deriving the essence from these experiences helps him avoid a lot detours in both his career and daily life. 

About Compensation in Banks

"This is a tough question." said by my friend. It is hard to present a commonly accepted standard because the performance incentives of each bank are different. The same performance is vary likely to receive different level of compensation from different banks. Part of industry lore is that China Mingsheng Bank, China Citic Bank and Shanghai Pudong Development Bank are the best-paying banks for account managers. 

In the same type of joint-equity commercial banks located in second-tier cities in China, most account managers with a middle level performance will receive 200,000 to 400,000 yuan per year (about $32,000 to $64,000). Account managers with a vary excellent performance will receive over 1 million yuan per year (about $160,000). But if you cannot achieve a relatively good performance, your annual income will be as little as 30,000 yuan (about $5,000). The echelon difference is huge. In each case, working pressure is positively link with your annual compensation. 

　　

　　

　　

Banking Stories From A Senior Worker In Chinese Commercial Bank (Part II)

Source: http://o5.com/10-ways-to-fund-your-business-start-up/172_piggy-bank/

Carry on with my last post, today I will share my friends' experience as an account manager in Chinese commercial bank.

Account Manager's Scope of Work

To put it in the simple way, my friend's major duties include: business & client's development, institutional clients' account settlement, deposit, loan, enterprise financing and enterprise retention. Basically my friend is responsible for enterprise's any relevant issues with the bank. The client's benefits in the bank (including client's deposit, loan and transaction fees) will be converted into my friend's performance data and link directly with my friend's monthly payment. So those institutional clients are critical in my friend's daily work. 

The Distinction Between Big Banks And Small Banks

In Chinese big banks, account managers will be further categorized into different segments. Some will be responsible for Marketing, some will be responsible for digital direct sales management system. some will specialize in offering loans to clients, some will be responsible for credit check after the loan. But in my friend's bank, which is a joint-equity commercial bank and not quite big, he has to be responsible for everything of a client. As he said to me, he is a synthesis of big bank's account manager's different functions. So they got another name from big banks: comprehensive account managers. 

Four Different Types of Account Manager

There are two keywords mentioned by my friend when he talks about his work: Resources and Technique.

- The meaning of resource: it is your networking, family background or anything that can help you attract deposit or transaction fees to the bank you work for. 

- The meaning of technique: it is your understanding and mastery of the bank's business operation through years of working experience. 

When you combine this two elements of account managers, you will get several different types of account manager segments:

Type 1 Resource-Based Account Managers

These are account managers that have strong family or networking background. Their work lives are relatively idle because their powerful family background enables them easily meet the target performance set by the bank. But in the long-term perspective, there are some risks associated with resource-based account mangers, assume that they cannot transform themselves from resource-based account managers into resource + technique-based account manager, once their background collapses, then their performance in the bank will be tied up with the collapse and plunge.

Type 2 Technique-Based Account Managers

These are account managers who do not have enough networking or family background to support their performance in the bank. But after years of accumulation of working experience, they have built some reputation in the industry and will have the ability to secure their own loyalty customer base. It is pretty easy for them to transform into resource + technique-based account manager.

Type 3 Resource + Technique-Based Account Managers

Those are mainstays of most Chinese commercial banks. They have strong operational capability and experience; they have a loyalty customer base that accumulated in their years of working experiences. If they jump from one bank to another, it vary likely leads to loss of valuable customers in the bank.

Type 4 Account Managers without Resources or Techniques

Those are account managers that live in the bottom of the bank. After several years working in the bank, they still cannot possess enough operational and business capability. And they do not have powerful background to support their work. It is easily for them to descend to assistants of the previous 3 types of account managers.

......To Be Continued.

Banking Stories From A Senior Worker In Chinese Commercial Bank (Part I)

Source: http://tribune.com.pk/story/149699/chinas-largest-bank-to-expand-in-to-pakistan/

Several days ago, I had an opportunity to Skype with one of my friends who is currently working in one of China's joint-equity commercial banks. I consulted him about his working experiences and comments for working in Chinese commercial banks. He shared with me a lot insights about the industry as well as the employees' life. I will try to summarize it and shared with you in the several following posts.


Overview of Chinese Joint-Equity Commercial Banks' Position and Treatment

Before the introduction of the details of my friend's story, it might be necessary to introduce you a little bit about the different types of Chinese commercial banks. Based on different finance sources, nowadays Chinese commercial banks could be roughly divided into state-owned banks, joint-equity commercial banks and foreign banks. My friend is working in one of Chinese national joint-equity commercial bank as an senior account manager. According to himself, he is a workaholic, entered this bank 3 years ago and really love what he is doing now.

About Chinese commercial banks' positions and treatment:

From his perspective, the positions in commercial banks of China could be divided into 4 types:

Type 1: Account Manager

This is my friend's position. In Chinese commercial banks, account managers are extremely important since most profit of the bank will be created by account manager. This is also a vary challenging position, if you can do a good job, this position will be your paradise in the workplace. You can build your own networks within different industries and governments through this position. And the payment is also really good, one million yuan per year (which is a lot in the context of Chinese market.) is possible if you are really good at it.

But the downside of this position is, if you failed to meet the goal of the bank, your boss will give you a dressing down everyday and your payment will be vary ugly.

So account manager is a challenging position associated with high risk and pressure. It can be further divided into retail and wholesale, while wholesale account manager will suffer a heavier work pressure.

Type 2: Operation Staff (e.g: bank teller)

Their work is nine-to-five everyday. They can have a relatively stable income, but the work is also relatively boring. They will receive a lot in house training and take a lot examinations for career certifications. According to my friend, this is a position that is popular among a lot of girls.

Type 3 Retail Position (e.g: banking manager, lobby manager)

If you have the gift of gab with a good personal image, if you wish to receive a decent income but at the same time do not want to have too much work pressure, retail position will be a potential choice for you. Your main task is to sit in the bank and help clients to conduct financial transactions and sell financial products to them. Even though there is performance assessment for retail position, it will not be as strict as the account managers.

Type 4: Backroom Staff (e.g: HR, risk management)

Similar to operational positions, this position is also nine-to-five everyday. There will be a lot trivial things to deal with. And it is also an ideal place for office politics.


......To Be Continued

 

Are You Faster Than A Currency Counter?

Do you prefer counting machine to help you count your money stack? Some Chinese banks' employees don't think so.

In China there is always a saying that there are crouching tigers and hidden dragons among the normal citizens. In some Chinese banks, employees' cash register skill is even faster and more accurate than currency counter.

In the video blow, you will find the first bank employee counts stacks of currency as playing piano. He can make the money counting two times faster than normal currency counter. The second woman employee chooses to just use one finger to do the same work, but even faster.

As for the third man in this video, he can finish counting 500 newspapers in only 35 seconds; And the last man in the post office might apply for Guinness Book of World Records for his speed of postmarking.

Still want to work in a bank? You might want to practice a speed of super man.

You Might Need Cash to Apply For Chinese Banks' Internship

Source: http://www.talentone.org/Companies/standardcharteredsingapore

Interested in internship in Chinese Banks? First you need enough cash.


May 17th, 2012, one major Chinese media, Southern Metropolis Daily, reported that Standard Chartered Bank in Liwan District, Guangzhou, China, was recruiting new internship students. However, candidate college students found that if they want to become a intern of Standard Charted Bank, they must first be deposited 500 thousand yuan (80 thousand US dollar) to become VIP of SCB. One day later, Standard Chartered Bank Guangzhou Branch confirmed: under the same conditions, giving priority to students whose parents are VIP customers of SCB. As a result, the project of the internship was accused of being in disguise to attract large depositors.


According to Southern Metropolis Daily, most foreign-owned banks in China, such as Citibank, HSBC and Hang Seng Bank, have similar internship program only in China in order to attract new  VIP customers. "But most Chinese state-owned banks do not have similar program." Said by Liu Yuqi, reporter of Southern Metropolis Daily. 


And the major reason for this phenomenon could be related to the embarrassing situation of foreign-owned banks in China. According to People's Bank of China, Chinese central bank, by the end of 2010, foreign-owned financial institutions' financial assets only accounted for 1.71% of the total assets of Chinese financial institutions, compared to 2.16% in 2009. Foreign-owned banks are struggling in China after the financial crisis in 2008 and amid the debt crisis in Europe. Under such circumstances, it is not surprise that SCB and other foreign banks in China would come up with those internship program to facilitate them to compete with Chinese local banks. 


But for students who have relative good family condition, this might be a good news. After all, 80 thousand dollars deposit will not only bring you interests, but also an internship position.