Wealth Management Careers Information
Wealth managers are experienced financial analysts and fund managers who work directly with high-value clients to determine ideal money-management strategies. They plan short- and long-term investment programs to protect and expand financial assets for wealthy clients. Wealth managers can come from a variety of business disciplines and fields, but they all have a keen understanding of the markets, and an ability to give timely and useful advice to demanding clients.
Wealth Management Careers & Degrees
- Colorado Technical University - Undergraduate: Undergraduate - Online
- Associate of Science (ASBA) - Business Administration
- B.S. in Business Administration - Finance
- B.S. in Business Administration - Health Care Management
- B.S. in Business Administration - Human Resource Management
American Intercontinental University: Online
Wealth managers can work independently, or can be employed by large investment corporations and banks. Regardless of their employment state, all wealth managers must be quick-thinking and knowledgeable, and be able to project an air of confidence and professionalism. In-depth knowledge and experience with financial tools is absolutely crucial, as many banks and brokerage houses develop products and services specifically designed for high-value clients, and investment managers just starting out may not have the facilities to take advantage of these products, often demanded by clients.
The competition for these positions is fierce, and following the recent economic downturn, the investment landscape in certain markets has become riskier than ever. However, the potential benefits, both financially and in terms of job satisfaction, are very high. If you have a keen interest in financial markets and the desire to succeed at the highest level, working toward a career in wealth management may be perfect for you.
Wealth Management Careers Path
Nearly all wealth managers have a bachelor’s degree in business administration, economics, finance, accounting, or similar fields. Many also hold graduate degrees or professional certifications. As competition for these jobs increases, applicants will find much greater success with advanced training in business or economics.
Professional experience can be just as important as education, and in many cases, more so. As wealth managers work with demanding clients with high net worth, they are expected to be able to demonstrate a solid track record of success in investing and money management,rarely will someone be willing to trust the management of their fortune to someone fresh out of college.
Many wealth managers begin their careers as investment analysts and bankers, loan officers, traders, accountants, or similar positions. Some companies have specific training programs for those seeking to work in wealth management.
Licensure is rarely a formal requirement for wealth management positions, but given the professional background held by most wealth managers, many hold certified public accountant (CPA) or Chartered Financial Analyst (CFA) certifications, or Certified Management Accountant (CMA) designations by the time they reach their positions as wealth managers.
Wealth Management Careers: Compatible Personality Traits
Excellent interpersonal skills, professional appearance and demeanor, very strong communications abilities and the ability to clearly explain complex financial strategies, excellent analytical and quantitative abilities, ability to multitask, calm and collected under pressure, creative problem-solving
Wealth Management Careers: Salary Expectations
The expected salaries for wealth managers are nearly impossible to predict with precision. The income opportunities rest almost entirely with the clients for whom the wealth manager works: the wealthier the client, the more earning potential for the manager. Not surprisingly, wealth managers can earn much more as they gain more experience and reputation.
On average, however, financial and wealth managers earn between $69,000 and $101,000 annually, though the earning potential can be higher by several orders of magnitude. Again, it is difficult to predict earning potential for new wealth managers, particularly in light of the current economic landscape, but talented and ambitious managers have the potential to earn a great deal.
Wealth Management Careers: Job Outlook
Job prospects for wealth management positions are expected to rise about in-line with the overall average for all occupations in the next ten years. Competition for these jobs, as with all lucrative financial positions, will be extremely fierce, and those seeking to enter the field will need solid academic credentials and impeccable and impressive work records.
The job market for wealth managers will also depend on the number and financial success of high-value individuals. As the economy slowly recovers, more people will find themselves in positions to require management services with their assets. While such individuals will still need such services in leaner times, finding a new job will be much more difficult when the markets are suffering.
Slightly off the Footpath
Sources: bls.gov/oco/ocos010.htm; salary.com
