How exactly does one get into private banking?Subscribe
As a Junior I'm a little confused as to how one gets into private banking. This past summer (sophomore summer) I did an internship at a private wealth management firm. To clarify, a small firm that managed around 120MM with client portfolios starting at $250,000. I learned a lot and found the work stimulating but I couldn't picture doing it long term. The strategies used were very redundant. Mostly long-term conservative growth. ETF's, broad based mutual funds, and municipal bonds comprised the majority of client's portfolios. There were only 3-4 clients who actually had money invested in individual corporations.
Anyways.... I found the underlying work and analysis stimulating and fun to do. Which is why I'm interested in Private Banking, wealth management for the extremely wealthy, as this industry requires a more complex investing strategy and I could actually see myself doing it long term. (Not to mention the handsome boost in compensation as opposed to regular wealth management). Only thing is I don't really understand how one breaks into this small field.
My school (Semi-target west coast, think LA) gets all of the large name institutions and most middle market firms to come and recruit. They all recruit for i-banking, general corporate finance, and general wealth management but I have yet to see any sort of recruiting for private banking. Is it not typical for Private Banks to recruit talent straight from undergrad? Is it more of a field that one transitions into? What can I do to help myself break into it?