How competitive is Wealth Management?
Hey guys! I know this isn’t wealth management but seems like the best place to post this since they’re the most similar on this site
I recently got an interview for wealth management SA2024 at Bank of America. I’m surprised I got this because I go to a non target university but I do have 2 years of emergency room nursing prior to this and am pursing my bachelors in Accounting. I was wondering how competitive it is to actually get hired for this internship
Wealth management is notoriously less competitive. However, good company, good job, and good luck in your interviews! Hope that it goes well for you.
Thank you
Congrats - I am sure you'll do great!
This is a decently complex question, but in short, it depends.
There are many "tiers" to wealth management - and BofA plays in a lot of the tiers. There's the low end where you're at a Chase or BofA branch and managing wealth for mom and pop - nothing wrong with this, but it's not differentiated (none of it is really at the end of the day...). Then there's people with a $1M or two that goes up market a bit, then into the larger clients with $10M+ and then really like $100M+.
What you do in each of these categories is very different (wealth size) and then the type of client creates more areas to add value (how you'd manage assets for a lawyer is very different than how you'd manage for a PE guy).
First step is trying to figure out which "tier" you are interviewing for, that will help you tailor your responses and help you figure out what you want to look for.
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