The best jobs in wealth management

The financial sector is one of the best industries to work in. Not only do you earn a good salary, but it offers great career growth potential. There are different types of jobs within the field, including investment banking, accounting, insurance, sales, asset management, and trading. Finance workers can even find positions in law firms, consulting companies, and government agencies. A bachelor's degree is usually required for most jobs, although some don't specify formal qualifications at all. Some jobs offer tuition reimbursement programs.

The financial sector encompasses a broad range of firm types that provide a variety of financial services to individuals, small businesses, large corporations, governments, and international organisations. These firms include banks, insurance companies, asset management firms, credit unions, mortgage lenders, stockbrokers, mutual funds, pension plans, hedge funds, venture capitalists, accounting firms, law firms, consulting firms, and payment processors.

In addition to providing traditional banking products like checking accounts, savings accounts, mortgages and loans, financial institutions often offer specialised financial products such as life insurance, annuities, retirement planning, student loans, and foreign exchange trading. They also provide access to global markets via online brokerage platforms, mobile apps, and electronic trading systems. Many financial institutions serve as intermediaries between savers and borrowers, acting as the go-between in transactions.

Building client relationships is crucial

A wealth management career is one of the most sought-after careers in the world these days. A wealth manager who works for a financial institution generally generates fees to manage clients' investments. These fees typically fall into one of three categories: asset-based fees, transaction-related fees, and performance-based fees. Asset-based fees are calculated based on the size of the portfolio managed by the firm. Transaction-related fees are charged for each investment transaction completed by the manager. Performance-based fees are based on how well the investor performs relative to benchmarks. Private wealth managers usually charge a flat fee per month for managing the client's account. However, some firms offer variable pricing, where the cost depends on the amount invested.

The primary role of a tax manager is to ensure that clients pay the correct amount of tax throughout any given trading year. This includes ensuring that they are filing their returns correctly and keeping up to date with changes to legislation. Added to this is the responsibility to manage a team of advisers beneath the manager. These teams tend to be quite small and manageable for most people without previous background in management. However, those who do come equipped will sometimes be shown preference at the interview stage. A typical day involves meeting with clients to discuss how they are doing financially, along with collecting information related to calculating their income tax rate. The manager might also meet with the government's tax representatives to discuss tax issues or attend meetings with other departments.

Private banking is also known as personalised banking since it is customised to meet the needs of wealthy individuals and families to manage their finances. This job involves managing the client's investments, insurance policies, mortgages, loans, etc. The main function of a private banker is to provide the best advice to their clients regarding investment strategies, tax planning, estate planning, retirement plans, risk mitigation, etc. In recent times, the private banker career has gained momentum due to the fact that the ultra-high net worth class prefers to keep their personal financial records as confidential as possible.

Financial management for the ultra-wealthy

Due to the confidentiality factor in this field, banks usually charge clients with ultra-high net worth higher fees for hiring dedicated personnel and also keeping the accounts, financial transactions, and documents secure from the rest of the employees in the bank. A private banker works alongside the wealth manager and the portfolio manager to provide the best solutions to clients.

Traders make up one of the largest professions within the financial sector. They trade stocks, bonds, currencies, and commodities around the globe. Their careers often involve high risk, long hours, and huge rewards. But those who work in trading are highly respected and well regarded within the financial sector. And despite the intense pressure and stress, they tend to enjoy good pay packages and generous bonuses.

There are several routes into the profession. They include applying directly to a firm, working a way up through the ranks, and starting out as junior analysts or brokers. University qualifications are desirable, although they are not always essential. Many financial institutions offer training programmes for traders.

Using financial analytical skills to add value

The financial services industry is highly competitive. Analysts are responsible for identifying potential growth areas and evaluating how those trends might impact companies. They must analyse the performance of stocks, bonds, commodities, currencies, and many other markets. This role will help the individual develop skills such as critical thinking, problem-solving, and teamwork. They'll learn about accounting, management, economics, corporate governance, and statistics.

Those who want to pursue a career as a financial analyst might want to consider taking some additional classes. Such courses could give them a head start in their professional development. Many firms offer paid positions during the summer months, and some even offer unpaid internships. This experience can expose future analysts to real-world situations and allow them to build beneficial relationships with people in the industry.

A financial analyst is one of the most coveted careers in the finance sector. This is because the job offers a wide range of opportunities, such as analysing financial statements, preparing forecasts, evaluating investments, managing risks, etc. Moreover, being a financial analyst provides a great opportunity to make money. Given the growing importance of data analytics, the need for skilled analysts is increasing rapidly. 

Excellent annual salaries and attractive bonuses

There is a high demand for courses related to financial analysis due to the value it adds to organisations. These courses provide students with relevant industry-specific knowledge, practical experience, and hands-on training. The role of financial analyst is highly regarded, given the value it adds. However, it takes skill and expertise to perform well in this role. Therefore, it is important to choose a course that focuses on the specific areas that are essential for success.

Those who have the experience and the skills to have achieved success in the past as a financial analyst can easily transfer their talents to other organisations based all over the world. These individuals are in great demand from banks, pension funds, insurance companies, investment managers, and more. No job can be said to be completely future-proof, of course, but this is certainly a sector in which job security isn't a particular issue these days.

Embark on a rewarding journey in wealth management with Michael Page

Are you seeking opportunities in the field of wealth management? At Michael Page, we present a diverse range of job openings in wealth management. Whether you aspire to excel as a wealth advisor, an investment manager, or pursue any other related roles, we offer exceptional choices to help you achieve your career goals.

Our intuitive job search tool makes it effortless to find the perfect job. Stay updated on new positions by setting up a job alert. Additionally, consider our salary comparison tool and salary guide, which provides valuable insights into salaries within your desired sectors and positions.