Wealth Management Associates


Employment Prospects


Approximately 72,817 people were employed in private banking services in 2020, according to IBISWorld. They work at major banks, regional and boutique firms, broker/dealers, robo advisory firms, and independent wealth management firms. The largest employers (including UBS, Morgan Stanley, Bank of America Merrill Lynch, and Credit Suisse) account for roughly half of industry assets under management. Many firms have fewer than 10 employees.

Starting Out

There are two main entry pathways for aspiring associates. Some enter the field after graduating with an MBA. They complete on-the-job training that lasts anywhere from two to six months, and then they can begin working with clients. Others are promoted to the position of associate after working as an analyst for two to three years.

There are many ways to learn more about job opportunities in the wealth management industry. Many large investment banks recruit on campus, and some offer summer analyst or associate training programs (basically internships) that teach participants about the industry, job responsibilities, and client interaction. Check the Web sites of these companies for recruiting schedules, descriptions of potential career paths, tips on preparing resumes and interviewing, and information on summer programs. College career services offices often maintain lists of employers that are hiring or that are coming to campus for career fairs. Other ways to discover jobs include employment sites, networking online on LinkedIn and other social networking sites, and using the networking and career-assistance resources of professional associations. 

Advancement Prospects

Advancement time frames and paths for associates vary by firm and how each firm measures success. Some associates advance by being asked to join the firm’s market strategy team, become a supervisor, or open a new branch office in another city. If you move into any of these positions, you’ll also likely be promoted to vice president.

Some associates who are unsatisfied with their career progression leave their companies to work in similar positions at other firms. Others pursue a variety of Wall Street jobs. For example, some choose to work for a hedge fund, or become a more traditional broker/dealer, or even parlay their entrepreneurial abilities into a career as an independent advisor. Associates who do not yet have their MBAs can enroll in graduate school. 

Tips for Entry

Visit https://news.efinancialcareers.com/us-en/1913/seven-interview-questions-for-wealth-management-associates to read “Seven Interview Questions for Wealth Management Associates.”

Visit the following Web sites for career advice:

  • CFP Board Career Center: https://careers.cfp.net
  • Citigroup: Tools and Tips: https://www.careers.citigroup.com/#/toolstips

Check out the following Web sites for job listings:

  • http://careercenter.afcpe.org/search
  • https://www.cfp.net/career-and-growth/career-center
  • https://www.efinancialcareers.com