Who here works in private banking / wealth management / Fund managing?

Who here works in private banking / wealth management / Fund managing?

What is the best path into this branch of finance? i am currently finishing my bachelors in finance and accounting, and secured an internship at a very large bank in the wealth management department. When they asked me in the interview what my future plans are, i told them I was going to take the first CFA exam. truth is i have no clue and i havent even registered for the cfa program.

What would you advise a beginner like me to do? what masters to do? should i even do masters? work part time and do the cfa? im clueless.

>pic related, dream workplace

working in wealth management for SYZ and some experience with CS, what job are they hiring you to do? Client Relationship management or analytics or what?

My grandpa worked there. I still have all the access visitor key cards I would steal

they told me i am going to do both, work with clients and do analytical stuff. but im just an intern, im assuming i will be the office bitch. The internship has not started yet, ive got no clue what im in for to be honest.

how did you start working for SYZ? do you live in switzerland? its my life goal to work in zurich, i love that city and the country in general.

can you prove it?

No he had an affair with his secretery, grandma caught him but stayed with him. He got dementia, died then grandma went crazy and overdosed on Vallium.

I left the cards in Grandmas house. I never go there because it smells bad.

I do have his gold plated lighter. I stole it from the evil witch so I could remember my grandpa. I wish he were still alive so he could teach me

i do, though in Geneva. Switzerland sucks balls man to be honest. Yeah, you're going to be the office bitch for a while. To be honest the main thing that wealth managers have to do it basically sales. If you don't know any rich people or have access to meeting them you're going to crunch numbers and thats pretty much it.
My job is just going to places where rich people gather and network essentially and then baby sit those fuckers. They need a kid put into St Georges you arrange it, they need a new car you arrange it. Working with arabs is the worst, they give 0 fucks about proper conduct. Im thinking of getting out though, you never make as much as people you are working for anyway.

so its just a whole bunch of asslicking? i kind of expected that. thats why im contemplating getting into fund managing with a cfa, and then do a masters after. why do you dislike switzerland? all i want is money anyway

yeah i was like gimme gimme the money at first too.
But the quality of life is simply nothing. I pay way too much to live a mediocre life. Food here is very low quality, entertainment as well, if you want to have fun in Geneva you better head to the airport and catch a flight out of here for a weekend.
Now at first its fine and all, but after a few years i thought whats the point. Now the minimum you need for an account with us is 1,000,000 USD and that is not that much to be honest, but i have only business owners who have accounts 0 employees. I make this fucker at least 60-80k a year, but whats the point for me?
I am working on my side project now and the returns are starting to catch up with my salary, and i've been doing it for 2.5 years only, ill build it up and better come back as a client.

More richfag stories please!

I can understand that, thank you for your reply. I still have an urge to work for a swiss bank and make tons of money in my early years. part of why i want to do it too, is to learn for myself how to actually manage wealth, and do something very similar to you and work on something that will get me passive income.

thank you for your detailed replies, but ive got one more question. how did you get into the swiss finance industry? are you native swiss? what are the chances to enter if i am from austria/germany? do i need to do my masters in a swiss university?

about?

>very large bank in the wealth management dpt

obviously citi

obvious honeypot phisher

Don't talk about money. Know what you're doing.

>how did you get into the swiss finance industry?
i was doing my degree in a private swiss school, loads of rich kids did a background check on their parents, one of them was from financial background. Got friendly, got an internship in my last year of uni (i did a intensive program of 2.5 years), talked to rich people back home and got a client on board, all just escalated from there.
> are you native swiss?
No dont even speak french/german
>what are the chances to enter if i am from austria/germany?
Well its okay if you are not working with clients, learn mandarin, arabic, russian those are great assets. Oh and do look professional, UBS has like a 40 page dress code. Those guys are honestly all name. It is really funny you can identify them just by the standard issue tie.
>do i need to do my masters in a swiss university?
Not really, i mean this business is all about who you know. Your value as a private banker is literally that, your book of clients. If you want to be a corporate lap dog then sure go for IMD when you are older.
> part of why i want to do it too, is to learn for myself how to actually manage wealth
Don't tell them this part. There is only 2 requirements for managing wealth a) be rich b) let professionals do it. Dont play with your own money in investments unless you have a lot and that is not your source of income.

dealing with chinks and arabs

ah i see. thanks a lot

>citi bank
im european

I don't work in wealth management, but I interned in the wealth management division at Merrill Lynch (pre-BoA) for awhile in college. Like another user said, it is essentially a sales job. You need to get rich people to trust you with their money, which is no easy task.

When I started interning, I was working with a new advisor, and she basically just had me helping her with cold calls and setting up events for potential clients. She ended up quitting after two months to do something else because she wasn't getting any work.

Then I went to work with a very successful team of three advisors who had a ton of high net worth clients. They had to be making very good money, but these guys all came from wealthy backgrounds as far as I could tell. They were pretty much born into that success.

Just based on my anecdotal experience, it seems nearly impossible to really make it in private banking/high net worth wealth management if you don't already have a lot of connections.

i assumed so, thank you for the answer. the internship wont look bad on my resume i guess

Yes and no. Kids get PWM (or private wealth management divisions) internships at bulge bracket banks their sophmore year and try and move into investment banking or a more baller type of wealth management like family offices. Its connections but really just about having a good background in finance.

Whats your side project?

Irrelevant question but how old are you?