Wealth Management Associates

Employers

Approximately 101,000 people were employed in private banking services in 2024, 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 Morgan Stanley, JPMorgan Chase & Co., and Bank of America Corporation) 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.