Non-IB Technicals/Skills

For roles like Private Wealth Management (PWM) and Corporate Banking, the technical skills and preparation differ from Investment Banking but still require a solid foundation in finance. Based on the most helpful WSO content, here’s what you need to know:

Private Wealth Management (PWM):

1. Key Skills:

   • Relationship management and high EQ (emotional intelligence) to build trust with UHNW and HNW clients.
   • Understanding of asset allocation, risk management, and portfolio construction.
   • Knowledge of financial products like equities, fixed income, derivatives, and private investments.
   • Ability to stay updated on macroeconomic trends and client-specific concerns (e.g., tax implications, estate planning).

2. Preparation:

   • Familiarize yourself with major macro issues (e.g., fiscal policies, global economic outlook).
   • Read periodicals like The Wall Street Journal, The Economist, and Business Week.
   • Practice answering common interview questions like "Why PWM?" and "What do you think our clients are most concerned about right now?"
   • Develop strong communication and interpersonal skills.

Corporate Banking:

1. Key Skills:

   • Solid foundation in cash flow analysis and financial modeling (though less intensive than IB).
   • Understanding of credit underwriting, collateral, and risk management.
   • Ability to work with other product groups (e.g., syndications, loan capital markets) and present ideas effectively.
   • Relationship-focused mindset to manage client interactions.

2. Preparation:

   • Learn about credit analysis and deal structuring.
   • Gain proficiency in tools like Excel for financial analysis and PowerPoint for pitchbooks.
   • Understand the dynamics of revolvers, term loans, and bonds, and how to pitch for deals.
   • Build a strong understanding of industry verticals or generalist knowledge, depending on the group.

General Tips for Both Roles:

• Technical Skills: Develop proficiency in MS Office (Excel, Word, PowerPoint) as these are essential for creating models, presentations, and reports.
• Quantitative Skills: Strengthen your ability to analyze data and create financial models, even if basic.
• Networking: Build relationships with professionals in these fields to understand the nuances of the roles and get referrals.
• Certifications: Consider pursuing certifications like CFA (for PWM) or Series 7 and 66 exams (for Private Banking roles).

By focusing on these areas, you can position yourself effectively for a lateral move into these non-IB finance roles.

Sources: Private Wealth Management/Private Banking Guide for Associates, Why corporate banking instead of investment banking?, Corporate Banking?, Undergrads: Non-finance, non-target, not a problem. 5 Steps to get you started., Must I Bank?