How to Become a Private Banker
Historically, private banking has been an exclusive service for those wealthy enough to invest millions of dollars. Recently, though, investment services have become available for those with accounts as small as $250,000. Private banking is a growing career field with great opportunities even during a recession. Even so, investment banks tend to employ fewer employees than larger commercial banks and those employees will be expected to navigate more complexities than their brethren in commercial and clearing banks. A private banker must prove flexible enough to manage finances on a personal level and adapt imaginatively to unique situations.
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Instructions
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Apply and become accepted to a university with an accredited school of business. A college's reputation and eminent alumni are essential in choosing a school. Your ability to make contacts in business and financial management relies on the university you attend.
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Study a subject such as business administration. Other helpful degrees include finance, economics and accounting. There is no specific degree necessary to become a private banker, but it is important to understand money and financial markets.
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Enroll in courses such as corporate finance, economics, financial analysis, financial management, financial institutions, international finance, investment management, microeconomics, macroeconomics and statistics. These will provide a detailed knowledge of business and investment that will prove useful as a private banker.
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Take public-speaking courses. Private bankers spend a great deal of their time speaking with clients, and superior communications skills are necessary for a career in financial management. Relationships with clients rely on trust, and charismatic speaking abilities help to inspire trust.
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Learn one or more foreign languages. Globalization has brought the world, individuals and businesses closer together. This is no different with financial management. A minor or second major in a language commonly used in business, such as Chinese, Japanese, Spanish or German, would be highly beneficial in gaining employment with an investment bank.
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Read business journals and magazines to keep up with current financial news. Private bankers may need to be aware of financial legislation throughout the world depending on their clients. Magazines such as "The Economist," "BusinessWeek" and "Forbes" are all useful sources.
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Tips & Warnings
Always make contacts even if they seem insignificant. A great deal of business relies on whom you know as well as what you know. Keep track of previous business relationships.
A new employee at a private bank should not expect to command a massive salary immediately. Private banking is usually a high-pressure profession and those who cannot deal well with stress should carefully consider whether a profession in financial management is right for them.
