Private bankers are employed by commercial and investment banks with private banking divisions. Opportunities are available throughout the country, but are best in areas where a high number of high-net-worth individuals reside.
Many people break into this career after working as financial analysts (ideally, researching stocks, bonds, and other financial instruments for investment portfolios) in investment banking or at hedge funds, private equity firms, commercial banks; personal financial advisors; or in other financial positions. After several years of experience, they can transition to careers in private banking.
Many banks provide job listings at their Web sites, and some offer internships programs that will allow you to obtain experience and build your network. Other job-search strategies include attending career fairs and meeting with bank recruiters on campus, utilizing the services provided by your college’s career counselors, and using social networking sites (such as LinkedIn) to prospect for job leads.
Private bankers advance by taking on higher-profile clients, moving to more prestigious employers, and receiving more lucrative salaries and bonuses. Some transition to investor relations or fundraising roles at hedge funds or private equity firms. Private bankers are also well-qualified to work as chief financial officers.
Tips for Entry
Attend the Wealth Management & Trust Conference (https://www.aba.com/training-events/conferences/wealth-management-trust-conference) to network and participate in continuing education opportunities.
Visit the following web sites for job listings:
Visit the Certified Financial Planner Board of Standards' Career Center (https://careers.cfp.net) to learn about jobs, internships, and other career resources.