BANKING: Mix of IQ and EQ

FORGET accounting. Banking is where the glamour is.

That, at least, was what a human resources officer from a foreign bank found when he spoke to a group of fresh accounting graduates recently.

Most were thinking of opting for the more glamorous profession of banking. With starting salaries of $3,500 and even higher in the super-hot areas of private banking and investment banking, who can blame them?

Singapore is one of the best places in the world to start a banking career, and complexity and specialisations are the name of the game.

Lending to companies is now so much more than charging interest on a loan and keeping the building as security. Nowadays, corporate lending is all about complicated structures like syndicated loans and mezzanine financing.

And providing customers with snazzy investment options now requires the financial wizardry needed for complicated structured products that hedge investors against losing bets, yet deliver great returns when the markets are up.

All this means that banks now have to take more risk and top bankers need to sell products and drive innovation while navigating the minefields to prevent the bank from going belly-up.

Estimated salary range of top earners: Anything from $800,000 to $6 million

Oft-cited top earners: Jackson Tai, chief executive of DBS Bank; Frank Wong, chief operating officer of DBS Bank; David Conner, chief executive of OCBC Bank; Wee Cho Yaw, chairman of United Overseas Bank; and Wee Ee Cheong, deputy chairman of UOB.

Who they are: These are the head honchos of Singapore's local banks, although it is not known if Mr Tai, Mr Wong and Mr Conner are included in the top eight banking earners used in the ministers and top civil servants' salary review as they are not Singaporeans.

In 2005, the older Mr Wee from UOB was paid between $8.25 million and $8.5 million. His son Wee Ee Cheong took home about $3 million.

At DBS, Mr Tai pulled down about $5.5 million, while Mr Wong was paid almost $7 million. OCBC's David Conner was paid between $5.25 million and $5.5 million.

Other potential hotshot bankers include traders who can see their pay hit millions of dollars when the market is hot. The heads of investment banking at the foreign banks - such as Patrick Lee of UBS and Edwin Low of Credit Suisse - are likely to be top earners too.

Over at private banking, UBS' Tee Fong Seng is another likely top earner.

What you need to be in the top tier: Westcomb Financial's chief executive Choo Chee Kong thinks it's the X-factor or 'mojo' that will propel you to the top.

You must cope with the globalisation of banking, the complexity of the different products out there and all the regulations that come with them. One veteran banker says it's akin to being a good businessman - good IQ and good EQ.

'A banker who is too conservative will never make money,' he says.

For investment banking, which is about deals, a successful banker should have a range of skills in law, finance and accounting. But even if you know about regulations, one should have a 'healthy dose of common sense' to know if a deal and its terms are feasible.

Where the most money is: Private bankers operating within India are particularly hot now as Singapore is trying to attract investors from India to park their money in Singapore, says Mr David Miller Osammor, managing director of executive search consultancy Miller Hunter.

He adds: 'Wealth management, asset management and priority banking are the big thing now, because Singapore is seen as the safest place in South-east Asia for investors to park their money today.'

Point to consider: While some lucky bankers got more than $500,000 in bonuses last year, they are on call all hours of the day. Traders who monitor the Europe and American markets keep odd hours.

Bankers, more than accountants, for example, will see a lot of volatility in their earnings.

Bonuses can account for more than 50 per cent, even as much as 80 per cent of the total package for the top salary earners.

Bonuses depend on whether the particular banking sector is doing well and the banker's individual performance.