Questions for a Personal Banking Officer Scotia Bank

[brownskind]

I got an interview for this. I'm sure I can get it but I was hoping to get some info as to what kind job this is.

[97'Scort]

PB's are an upper level position. Usually you need up-front experience in a bank or have experience in the investment/accounting sector.

PB's set up RRSP's, lines of credit, mortgages, investment portfolios and the like. Usually they'll build a client list and look after specific people and business interests.

[slick2404]

you have to be able to make sales and close referals from the tellers...if you can show them confidence, emphasize your sales skills and have knowledge in the industry you should be able to nail it. Not sure, but you might need the Canadian Securities Course under your belt ...

[brownskind]

i no can sell but i don't have prior banking or securities courses and what not... i no i can get it because they keep callin me...
lol

[Euro838]

Yeah, they are pretty desparate for PBOs at Scotiabank. There is a huge turnover rate and if you stick around for 6 months, you'll become a Senior PBO. Depending on your aptitude, after about a year or two, you could probably get an FA (Financial Analyst) job. I think they'll also pay or reimburse you for any courses you take. I hear it's a pretty relaxing job and good if you are looking for a "pretty boy" type of job i.e. you get to dress nice, have power over people but not really have the salary to back it up. Don't get me wrong, you do get paid decent for what you really do.

The better salaries are probably on the investment side of banking or banking manager, but these are the people that have solidified themselves in these jobs and you'll have to wait for a new branch to open or someone to die.

Anyways, good luck!

[ballah]

sorry for the long term bump.

i m thinkin bout taking this position.

is it worth it?? can you use this position as a stepping stone??

[Amysicle]

Well, while we're at it... Did Brownskind get the job? How long did he last? Did he ever get to be a Senior PBO?

[ballah]

i got an offer to start working for this company. as a personal banking officer. i m making sure that this isn t gonna bite me in the butt (in the long run) if i take it.

[noCARbob]

If you want to move up in the bank take it. Its not a hard job salary is not that great but once you get your pfp courses you can become sr pbo and get a nice raise then go over to fa. Make sure you work hard and that your manager knows of your development plan and then you can keep moving up from there I'm looking to become one in may I'm stuck in the call centre until then

[icecreamvan]

How much do fa's and sr pbos get paid?

[noCARbob]

all depends on the branch sr your looking 48 - 50 fa's around 60 I believe

[ScottysZ]

Banks are notoriously cheap, but they draw people in by dangling those few high paying, high power jobs in front of peoples eyes. Obviously someone has to be doing them, but keep in mind that a huge amount of people who start working in bank branches or in the offices with plans to work their way to the top in 5 or 10 years end up doing clerical work for most or all of their career.

[noCARbob]

I donno what bank you are working for but the peopl who dont move up are the people who never should because they are terrible employees. You work hard you will move up

[s2k_boi]

Actually Scotia's sr pbo. were only about 43-45 and FA's 50-55 base salary wise. That was were it was about 6 months ago unless they've changed it, which I highly doubt it

[noCARbob]

Since I work at the bank sr pbo start at 45 min so they obviously have changed and fas just got a fat raise

[s2k_boi]

^^ Wasn't that far off for Sr. pbo's since I knew starting was around that range but wasn't 100% sure. But yeah, FA's did get a fat raise if they're at 60k now..... used to be less. I guess thats good for them. Then MPB's must of see something too otherwise 60k is getting pretty damn close to what there were if I remember correctly

[Ajay]

FA's usually manage a portfolio of assets as well do they not?

A friend of mine who's a FSR at CIBC said FA's in his branch sometimes are bonused out to an amount equivalent to their yearly salary.

[s2k_boi]

Originally posted by Ajay
FA's usually manage a portfolio of assets as well do they not?

A friend of mine who's a FSR at CIBC said FA's in his branch sometimes are bonused out to an amount equivalent to their yearly salary.


Each banks FA's / FSR's are different from each other, it's just what the call them..... FA's at CIBC have a different focus / what they can do. But usually they would have portfolio of clients.

[noCARbob]

fa's got a huge raise because they kept on leaving to be mpb's and so on so they wanted to encourage them to stay at fa so they paid them more

[ScottysZ]

Originally posted by noCARbob
I donno what bank you are working for but the peopl who dont move up are the people who never should because they are terrible employees. You work hard you will move up

Im simply comparing it to other industries where even people who deserve nothing more than a big kick in the ass get to move up due to seniority. The fact is that for the amount of time you put in and the amount of work you do, banks are not the place to be if youre in it to make money (personally i dont think they offer much in the field of job satisfaction either), which is why i have a negative view of them. Theres just something about making your money by screwing people over that just doesnt sit right with me, which is why im happy that my time at the bank office where i work is extremely limited.

It makes me sick when average Joe gets bent over for 9.9% interest on his car loan just because the dealer tells him his credit is bad and they have to charge that much (when they dont and if he knew enough to stick it to them he could get it for 1.9%), and the bank i work for sends the dealer an extra $600 for sticking it to Joe for an extra $4,000 over the duration of the loan. Enjoy your career at the bank, im sure youll find it very fulfilling.

And i dont really want to say which bank i work for, but it doesnt really matter as they all have pretty much the same practices.

[noCARbob]

lol someones angry because he didn't get his promotion!! try being an fa where you HELP people with their money goals. Its not my or anyone else fault at the bank that someone has shitty credit. If they were responsible with their credit in the past then they would get a better rate. If someone homeless man came to you and asked to borrow 20 bucks would you give it to him? Compared to if your friend asked the same question. You would most likly lend it to your friend everything is relationship based in banks as well. If you have a good relationship with your pb or fa you are going to get a better deal because they know you and trust you, and will do what they can to help you out.

[whodiman]

Used to be a personal banker at the TD about 10 years ago (before I went back to university). As crappy as the industry is, like any job it really comes down to who your manager is. If you get an asshole you'll quit as you are pretty much a salesman who doesn't get commission but in most cases a tiny bonus. Apparently FAs are the exception.

However I have two friends who have been with TD for 15 years and neither have degrees. One is now in treasury in Torontoand one is some head hancho in commerical banking making well over 100k (He just moved away from Calgary to Regina for this job earlier this month). But I wouldn't get to optimistic as they are in the 1% of people who get to these positions. Even they say they would never be able to hack retail banking now.

If you're educated with a degree I would look elsewhere for work.

[ScottysZ]

Originally posted by noCARbob
lol someones angry because he didn't get his promotion!! try being an fa where you HELP people with their money goals. Its not my or anyone else fault at the bank that someone has shitty credit. If they were responsible with their credit in the past then they would get a better rate. If someone homeless man came to you and asked to borrow 20 bucks would you give it to him? Compared to if your friend asked the same question. You would most likly lend it to your friend everything is relationship based in banks as well. If you have a good relationship with your pb or fa you are going to get a better deal because they know you and trust you, and will do what they can to help you out.

Im not angry about that at all, ive been working there for all of about a month and ill only be there (part time) till the end of the semester, so im not trying to get promoted, i dont deserve one, and it wouldnt happen anyways since im not fulltime. And youre not getting what im saying about the credit thing. People with bad credit can still get loans for cheap, the bank will give them loans for much less if the people really push for it and know whats going on, but if not the dealer bends em over and everybody cleans up thanks to Joes higher than necessary payments. And sure, an fa is different work, but its the same company and overall it runs on the same business practices. But hey, if you dont mind it and you wanna work in a field thats generally below average pay where you do the same repetitive shit day in and day out then good luck with that, youve got an exciting life ahead of you.:thumbsup: