Career in Wealth Management

5 minute read
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. 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 areas of expertise, they also coordinate with experts like Accountants, Lawyers, Bankers and Financial Advisors to offer complete financial services to clients. 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.

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 LocationCourseDuration
Singapore Management UniversitySingapore MSc in Wealth Management (MWM)2 Years
Sheffield Hallam University UKMSc in Wealth Management1 Year
Queen Mary University of LondonUKMSc in Wealth Management1 Year
Campbell UniversityUSAMasters in Trust and Wealth Management, MTWM1 Year
DePaul UniversityUSAMSc in Wealth Management1 Year
University of SalfordUKMSc in Financial Services Management1 Year
University of GenevaSwitzerlandMSc in Wealth Management1.5 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.

How to Make Your Career in Wealth Management?

Below mentioned are the important steps to follow if you are someone looking forward to build your career in the same field:

Academics

At the entrance level, a degree in finance, business, or economics ought to be adequate, but an MBA is strongly advised. You can immediately join at a higher level and are likely to be given a clientele with higher incomes if you have an MBA.

Front-end sales and investing experience are both advantageous, and they can give you a significant head start.

Certifications

You must obtain specific regulatory certificates. For instance, in the US, you would want at the most least Series 7, 63, and 65: Series 7 is the Financial Industry Regulatory Authority’s first core test (FINRA) The Series 63 examines the ethics in the securities sector as well as the registration of individuals and securities under US law. And the Series 65, which includes inquiries about economics, analysis, investment vehicles, investment strategies, and ethics. You should research the local standards because these are specific to the nation in which you want to conduct business.

Build Your Resume

The recruiters would look at two important factors:

  • Your list of prior accomplishments: Your GPA, test scores, honours and accolades, leadership experience, and high-profile employment experiences are a few examples.
  • Your sincere enthusiasm for finance and accounting: This might be demonstrated by the major you have selected, additional coursework, prior internships, etc.

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 a high-paying job, including 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

Top Wealth Management Firms

Find out the wealth management firms in the table below provided by bankingprep.com:

wealth management

here are some popular career profiles in the field of Wealth Management-

  • Wealth Manager 
  • Relationship Manager 
  • Portfolio Manager
  • Business Development Manager 
  • Financial Analyst 
  • Associate Wealth Manager
  • Financial Advisor
  • Senior Relationship Manager 

Average Salary 

As per the job profile you opt for, you can may get to earn the below mentioned salaries-

Profile Salary 
Relationship Manager4,00,000- 6,00,000
Wealth Manager 3,00,000-,6,00,000
Financial Analyst 2,50,000- 4,00,000
Portfolio Manager 3,00,000- 8,00,000

Major Employment Areas

As per the need of the organisations, wealth managers are usually hired on a contractual basis by the clients for varied terms. Along with this many organisations have now started to employ full-time wealth managers. Mentioned below are the major employment areas where you can secure a job after becoming a wealth manager- 

  • Asset Management Companies
  • Financial Institutions 
  • Investment Agencies
  • Fund Management Firms
  • Banks 
  • Fund Management Firms 
  • Consultancies 

Top Recruiting Companies

As we are discussing in detail the career map of Wealth Management, it is vital to examine the organisations one can target after completing a course in this field. Listed below are the popular organisations that tend to hire wealth managers- 

  • Invest Advice
  • Magnus Capital Services
  • Bajaj Capital 
  • Angel Broking
  • Centrum 
  • Client Alley
  • Avendus Wealth Management 
  • Wealth Advisors
  • AUM Capital
  • BFC Capital 

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 universities abroad, reach out to our experts at Leverage Edu.

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3 comments
    1. Hi Dexter!

      If you want more information about a career in wealth management then please reach out to our experts on this number- 1800572000. They will surely solve all your queries.

  1. It’s interesting to learn that a career in wealth management can present you with new challenges often. My brother is wanting to find a new career and he wants to be in one that will give him challenges every day. I’ll be sure to tell him that he should look into a career in wealth management.

    1. Hi Dexter!

      If you want more information about a career in wealth management then please reach out to our experts on this number- 1800572000. They will surely solve all your queries.

  1. It’s interesting to learn that a career in wealth management can present you with new challenges often. My brother is wanting to find a new career and he wants to be in one that will give him challenges every day. I’ll be sure to tell him that he should look into a career in wealth management.