Wealth Management Managing Directors

High School

Most WM firms prefer to hire wealth managers who attended an Ivy League college or other elite university, so be sure to work hard in high school in order to earn stellar grades that will increase your chances of being accepted by a top college. In high school, take classes in business, economics, accounting, statistics, and mathematics. Managing directors need strong communication skills so take as many English and speech classes as possible—and join your school’s debate club. Other recommended classes include computer science, history, social studies, and foreign language.

Postsecondary Education

Some smaller firms may hire managing directors with only a bachelor’s degree in finance, mathematics, accounting, economics, business, entrepreneurism, financial engineering, or quantitative finance, but top firms typically require applicants to have a master’s degree in one of these disciplines.

Other Education or Training

The writer Louis L’Amour was on the mark when he said, “No one can get an education, for of necessity education is a continuing process.” Most wealth management professionals will discover soon after college that they’ll need to update their industry knowledge and skills throughout their careers.

Many professional associations offer continuing education opportunities via webinars at seminars and workshops at conferences, and in other settings. For example, the American Bankers Association offers workshops, seminars, and webinars on accounting, compliance, cybersecurity, legal, and risk management issues. It also provides educational opportunities related to trust/wealth management. Past classes included Basic Administrative Duties of a Trustee, Introduction to Trust Products and Services, and Asset Allocation and Portfolio Management.

Other opportunities are provided by the Association of International Wealth Management, Investments & Wealth Institute, American Institute of Certified Public Accountants, Association for Financial Counseling and Planning Education, Association for Financial Professionals, Certified Financial Planner Board of Standards, CFA Institute, and the Institute for Private Investors.

Certification

As they climb the WM industry career ladder, many aspiring managing directors earn educational certificates that provide a general overview of a particular field or a specific topic. Here are a few popular certificates:

• certificate in business accounting (Chartered Institute of Management Accountants)
• certified investment management analyst (Investments & Wealth Institute)
• business valuation (American Institute of Certified Public Accountants).

Many colleges and universities offer certificates in finance, financial planning, accounting, business management, and related fields. Contact schools in your area to learn more.