Wealth Management Analysts


Employment Prospects


There are thousands of wealth management businesses in the United States alone. These range from major banks such as Morgan Stanley with large wealth-management divisions, to broker/dealers, to mom-and-pop firms with fewer than 10 employees, to independent wealth managers. Many of the largest U.S. companies also have offices in foreign countries.

Starting Out

The best way to break into the wealth management industry is by participating in a summer analyst internship program at an investment bank—such as Morgan Stanley, J.P. Morgan, and Wells Fargo—that offers WM services. Many companies use these programs to identify promising candidates for full-time employment. Visit the Web sites of banks and large wealth management firms to learn more. Independent advisors and smaller firms may not have formal programs, but they may be willing to create an internship for an especially enthusiastic student.

Additionally, you can learn more about analyst jobs by using job-search sites, checking out employment listings at the Web sites of professional associations, attending career fairs and other networking events, and networking online at social media sites such as LinkedIn. 

Advancement Prospects

Analysts who perform well during their two- to three-year tryouts are asked to become associates, the cornerstones of private wealth management. Associates manage client assets and build their own client bases. After many years on the job, an associate can advance to the position of chief investment officer for the firm, which typically also involves being made a partner at the firm. 

Those who ultimately do not receive an offer to become an associate are typically encouraged by partners to pursue an MBA, consider other roles at the company (since there’s always a new crop of recent graduates competing for analyst positions), or to seek opportunities at other firms. 

Tips for Entry

Visit the following Web sites for career advice:

  • Bank of America: Recruitment Tips: https://careers.bankofamerica.com/en-us/join-us/hiring-process
  • HSBC: Application Hints and Tips: https://www.hsbc.com/careers/application-hints-and-tips
  • UBS: Interview Preparation: https://www.ubs.com/global/en/about_ubs/careers/students-and-graduates/faq-and-contacts.html

Use “best company” lists to identify potential employers. For example, Pensions & Investments publishes an annual list of the best places to work in money management at https://www.pionline.com/best-places-work-money-management-2019.

Attend the American Bankers Association’s Wealth Management and Trust Conference (https://www.aba.com/training-events/conferences/wealth-management-trust-conference) to network and participate in continuing education opportunities.