- Job Description:
A private banker manages the portfolios of bank customers who have above an above average net worth. They use their economic knowledge to help their clients reach short and long-term investment goals, including saving for retirement. Bankers analyze their client’s financial data, consider their investment goals, and recommends strategies. Private bankers, also known as wealth management specialists, may also provide investment advice to an organization.
- A bachelor's degree and two to four years of experience in a related field is the typical requirement for employment as a private banker or wealth management specialist, according to Salary.com. Although it isn't required, a job candidate can boost their chances of being hired by earning a specialized credential, such as the Wealth Management Specialist, Certificate in Financial Planning (CFP), or Accredited Wealth Management Advisor (AWMA). These certificates demonstrate a greater level of expertise in the field, provides credibility, and the knowledge earned can help you organize your practice.
- Median Salary:
- $48,500 - $65,500
- According to the Robert Half 2013 Salary Guide, the average salary for a private banker with one to three years of experience ranges from $48,500 to $65,500. For a private banker with five or more years of experience, the average salary ranges from $77,250 to $109,750. Salaries are determined by the size of the firm, type of industry, a candidate's experience and credentials, location, and the condition of the economy.
- Job Outlook:
Projected to grow 32% between 2010 and 2020, according to the BLS.
Private bankers will likely see an increase in job opportunities through 2020. This occupation is largely dependent on the growing elderly population, many of whom may require assistance in managing their personal finances. With pension distributions and insurance benefits decreasing in recent years, citizens on the receiving end of these changes may require private banking experts to help determine the best retirement planning strategy. Twenty-six percent of personal financial advisors, including private bankers with clients that require special wealth management services, perform 'other financial investment activities', according to the BLS. Though this sector of financial planning may seem exclusive and glamorous, competition is high, so professionals with an advanced education and work experience should have the best chance at building a client base as a private banker.
- Continuing Education:
Private bankers have a wide range of options for pursuing professional development. Typically, accounting professionals in any discipline begin with CPA certification. In addition to their CPA credential, private bankers may choose to pursue additional specialty certifications, more closely related to banking or wealth management. The American Bankers Association features a comprehensive selection of continuing education and online courses for banking professionals looking to obtain or maintain certification. Through vocational training in asset allocation, mutual funds, and private banking and wealth management strategy, professionals in this field will not only meet standards for continuing education compliance, but also increase their eligibility for top jobs with specialty career skills.