Private banking or private wealth management as it is also known, refers to the section of the banking industry dedicated to handling personal assets rather than those of a company or organisation. For individuals who earn large sums of money, a bank can offer a range of investment options and a dedicated one-on-one service not applicable to the average person on the street. The bank's incentive to do this is that an individual with large sums of liquid cash has the ability to utilise this money and make it work harder for them in hedge fund and real estate schemes.
Finding employment in this sector demands a keen eye for detail, a head for numbers and excellent communication skills. For those members of staff providing a point of contact for potentially lucrative customers, it is vital to make good impression on behalf of their organisation. There is a large variation in salaries associated with private banking roles based on seniority of position, field of work, wage structure and the work ethic of the individual to benefit from any commission incentives. Broadly speaking this salary ranges from £25,000 up to six-figure salaries in some instances.
Degrees in maths, economics, finance and business studies provide a good starting point for applicants going through recruitment agencies, but further qualifications can be gained as part of a trainee's role. A trainee can expect to spend around 3 or 4 years learning their trade under managers before being trusted to progress up the corporate ladder. As a largely office-based job, employment in private banking requires candidates to work in commercial centres and major cities.