Career in Wealth Management

Wealth Management

We often get confused between Wealth Management and Investment Banking – two of the most popular career options within the financial domain. Even though both are significantly overlapping and interactive, they are distinctly different. An investment banker mainly extends advice and financial services to corporate entities, in addition, may handle the short-term investment of the client. Wealth Managers, on the other hand, are concerned with providing business services primarily to high net worth individuals. Through this comprehensive blog, we will take a look at the different aspects of Wealth Management.

What Is Wealth Management?

Wealth Management combines various financial services to address the needs of clients to help them in improving their financial situation. In a consultative manner, the professional provides overall guidance to clients helping them to utilize the right financial products and services. In other words, it involves managing financial assets through counselling and planning. The wealthy individuals and companies rely on wealth managers rather than taking the risk of putting their assets on stake. The specialists need to have knowledge of various subjects and should be capable of performing many tasks. 

What Does a Wealth Manager Do?

Although the professionals have their own area of expertise, they also coordinate with experts like Accountants, Lawyers, Bankers and Financial Advisors to offer complete financial services to clients. The Wealth Management professionals tend to build relationships with both advisors and clients as the fundamental component of the process. With a client-centred approach, Wealth Managers take into consideration all the issues that affect the financial position of a client. Taking care of client’s portfolio management, retirement planning, estate planning, business planning, investment advice, etc. wealth managers perform the following tasks:

  • Spotting investment opportunities.
  • Providing curated estate planning services.
  • Providing tax planning services.
  • Buying and selling of stocks.
  • Advising clients about financial products and services.
  • Managing portfolios.
  • Assessment of risks associated with decisions.
Wealth Management

While students with an MBA or degrees in Finance and Economics are best suited for the course, some universities offer specializations at the master’s level in the domain. To be able to pursue a degree in universities abroad, you need to meet the university-specific eligibility criteria for which you need to check the official website of the institution you are planning to get enrolled. The standard eligibility criteria require you to have a valid GRE or GMAT score besides taking up English-language proficiency tests like IELTS, TOEFL or PTE

University  Location Course Duration
Singapore Management University Singapore  MSc in Wealth Management (MWM) 2 Years
Sheffield Hallam University  UK MSc in Wealth Management 1 Year
Queen Mary University of London UK MSc in Wealth Management 1 Year
Campbell University USA Masters in Trust and Wealth Management, MTWM 1 Year
DePaul University USA MSc in Wealth Management 1 Year
University of Salford UK MSc in Financial Services Management 1 Year
University of Geneva Switzerland MSc in Wealth Management 1.5 Years

The study curriculum of the finance courses is diverse as it is devised not only to impart knowledge in a wide range of domains but also to equip learners with the essential skills to extend services to the firm’s clients. To know more, read our detailed blog on Wealth Management courses.

Is Wealth Management a Good Career?

When it comes to making a career in Wealth Management, the career prospects are brighter. With the growth in businesses, the need for professionals in the field has risen. A degree from a reputed university and your expertise in the subject can land you in a high paying job which includes Financial Analysis, Financial Economics and Financial Risk Management. Wealth Managers, Risk Analysts and Chartered Accountants are known for drawing lucrative salary packages. Top business schools facilitate recruitment drives that offer an opportunity to step into the profession. With certification like Chartered Financial Analyst (CFA), Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC), your earning potential is enhanced exponentially besides giving you an opportunity to work anywhere in the world. Some of the top recruiters in the field include: 

  • Brokerage Firms
  • Investment Consultants
  • Insurance Companies
  • Money Management Firms
  • Large Banks
  • Multi-family Offices
  • Trust Companies

If you are someone who loves to take challenges while utilizing your mathematical aptitude to offer personalized services, then a career in Wealth Management will ensure that you are presented with a new challenge every day. To know more about the career and for assistance in the admission process to the universities abroad, reach out to our experts at Leverage Edu.

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