Lowyat.NET: Latest topics by Morning Dew

Management Consulting

Morning Dew — Tue, 24 Jul 2012 21:57:30 +0800

What does it take to join an organization in the Management Consulting industry?

Consumer Banking vs. Business/Enterprise Banking

Morning Dew — Mon, 23 Jul 2012 17:11:41 +0800

Hello all, would like to seek opinions and feed-backs from all of you regarding the comparison between Consumer Banking and Business/Enterprise Banking.

In terms of career advancements, learning curve, industry exposure, salary and benefits, which one provides an edge and advantage? Consumer Banking or Business/Enterprise Banking?

Management Trainee Programme

Morning Dew — Sat, 21 Jul 2012 12:09:32 +0800

Hello all, good day!

I observed that quite a number of threads in the forum are discussing about Management Trainee programs in different company settings, would like to start a discussion about Management Trainee programs in general, not company-specified.

It seems to be a trend (for some MNCs, it is already a long-standing system) that many companies are offering Management Trainee programs (for some they called it Graduate Trainee Program, Management Associate Program, Future Leader Program, Management Leadership Program, etc) to fresh graduates with good academic achievements and co-curricular involvement in schools and university.

Almost all of the Management Trainee programs share some common characteristics, regardless of the industry and the company, like:
- Structured training and development system to groom the candidates.
- Dedicated mentoring from senior management.
- Rotation in different functional assignments and departments for wide exposure.
- Fast track to managerial and leadership positions (2-3 years).
- Competitive and above market-level salary and benefits package.

It is in fact that some of the MNCs are doing a real good job at carrying out their MT program to groom the future leaders to assume leadership positions and taking on greater challenges, there is no doubt about it, their dedication and investment in the candidates are significant.

However, it is of a sentiment that there is some companies which are mis-using the MT program just to attract the top candidates to join, and only to have the candidates found out later that the program isn't as it is pictured to be, and it is just another permanent position without any dedicated training and development opportunities, on top of that, the candidates are only to be thrown with those mundane tasks that don't really help them to grow professionally in their career.

Hope to get input from current MT candidates (regardless of industry and company), previous MT candidates, experienced professionals (especially those from the HR field), as well as those who are planning to launch their career with a MT Program. It would be even greater and value-added for this discussion if you are willing to share which industry and company that you are in, and how is the MT program going.

All of your input are very much appreciated.

Hopefully this thread can serve as a discussion that gives insights about various kinds of Management Trainee program.

Thank you!

Banking Sales Career or Life Insurance Consultant?

Thu, 01 Jan 1970 07:30:00 +0800

Banking Sales Career or Life Insurance Consultant?

Morning Dew — Tue, 19 Jun 2012 11:25:19 +0800

Hello everyone, good day!
I am seeking advice and opinions on career choice and path.

As a fresh graduate with strong interest and inclination to join the financial industry, I am considering whether to join a bank as a Personal Banker/ Personal Financial Consultant/ Consumer Product Specialist (a position with principally Sales Job Scope) or to be a Life Insurance Consultant.

From my own very basic understanding, the Sales Position (for personal/consumer banking) of banks is responsible for promoting and selling the wide range of financial products and services from the particular bank to its customers (e.g. Bancassurance, Unit Trusts, ILP, Loans, Mortgage, Deposits, Credit Card, etc). Heard from some peers and seniors that most of the Personal Bankers start with selling Bancassurance/ Insurance, then only they move on to promote and sell more of other financial products.

As for Life Insurance Consultant, the career is principally providing the sales and services of financial planning/ consultation with Life Insurance products as well as some General Insurance products (e.g. Whole Life, Term Life, Savings, Endowment, Medical, PA, etc).

So my questions are:

(1) Comparing between a Banking Sales Career and an Insurance Consultant Career , which will be providing a fresh graduate with a better career opportunity, future growth, and a steep learning curve?

(2) According to some peers and seniors, a Banking Sales Career will always provide us a list with a large number of leads to call on for the prospecting part. As for Insurance Consultant , we have to generate the leads by ourselves right? Considering the fact that as a fresh graduate, the limited networking and contacts might be considered a barrier to make more sales, is that make sense?

(3) Pay wise, a Banking Sales Career might secure us with a decent or reasonable basic salary, while being an Insurance Consultant is on straight commission. Of course I am aware that it makes perfect sense that the rewards of a sales career/sales job should be proportionate to the effort we have put in. If we want flexible income opportunity, we have to be willing to sacrifice the stable/secure income mindset. No pain no gain, there must be a trade-off for anything that is good and rewarding.

So my question is that are the commissions given by the banks on par with insurance companies? Say, for every Life Insurance Policy sold, is the commission received is of the same amount from either the bank we are working for or the insurance company we are attaching to?

Unlike being a Life Insurance Consultant , of which commissions are awarded for every case closed, in order to earn commission from a Banking Sales Job , we have to exceed certain target threshold then we are only being entitled to the commissions, is that so?

These are the questions that I currently have in mind on whether to join a bank or to attach to an insurance company as an agent, I would appreciate every bit of good advice, feedback and opinions from all of you.

Thanks to all of you in advance!

Banking Sales Career or Insurance Consultant?

Morning Dew — Mon, 18 Jun 2012 14:14:12 +0800

Hello everyone, good day!
I am seeking advice and opinions on career choice and path.

As a fresh graduate with strong interest and inclination to join the financial industry, I am considering whether to join a bank as a Personal Banker/ Personal Financial Consultant/ Consumer Product Specialist (a position with principally Sales Job Scope ) or to be a Life Insurance Consultant.

From my own very basic understanding, the Sales Position (for personal/consumer banking) of banks is responsible for promoting and selling the wide range of financial products and services from the particular bank to its customers (e.g. Bancassurance, Unit Trusts, ILP, Loans, Mortgage, Deposits, Credit Card, etc). Heard from some peers and seniors that most of the Personal Bankers start with selling Bancassurance/ Insurance, then only they move on to promote and sell more of other financial products.

As for Life Insurance Consultant, the career is principally providing the sales and services of financial planning/ consultation with Life Insurance products as well as some General Insurance products (e.g. Whole Life, Term Life, Savings, Endowment, Medical, PA, etc).

So my questions are:

(1) Comparing between a Banking Sales Career and an Insurance Consultant Career , which will be providing a fresh graduate with a better career opportunity, future growth, and a steep learning curve?

(2) According to some peers and seniors, a Banking Sales Career will always provide us a list with a large number of leads to call on for the prospecting part. As for Insurance Consultant , we have to generate the leads by ourselves right? Considering the fact that as a fresh graduate, the limited networking and contacts might be considered a barrier to make more sales, is that make sense?

(3) Pay wise, a Banking Sales Career might secure us with a decent or reasonable basic salary, while being an Insurance Consultant is on straight commission. Of course I am aware that it makes perfect sense that the rewards of a sales career/sales job should be proportionate to the effort we have put in. If we want flexible income opportunity, we have to be willing to sacrifice the stable/secure income mindset. No pain no gain, there must be a trade-off for anything that is good and rewarding.

So my question is that are the commissions given by the banks on par with insurance companies? Say, for every Life Insurance Policy sold, is the commission received is of the same amount from either the bank we are working for or the insurance company we are attaching to?

Unlike being a Life Insurance Consultant , of which commissions are awarded for every case closed, in order to earn commission from a Banking Sales Job , we have to exceed certain target threshold then we are only being entitled to the commissions, is that so?

These are the questions that I currently have in mind on whether to join a bank or to attach to an insurance company as an agent, I would appreciate every bit of good advice, feedback and opinions from all of you.

Thanks to all of you in advance!