Wealth Management Career Path: Top Roles and Opportunities

Wealth management refers to a broad career field that focuses on helping individuals plan and allocate their wealth to meet strategic goals. Those working in the field often advise their clients on subjects such as tax minimization, investment tactics and estate planning.

Within the field of wealth management, you can choose from a diverse group of specialized career pathways, including financial advisor, wealth manager, financial analyst, portfolio manager and financial planner. While all of these jobs require related skillsets, your focus area and the skills you employ within each career field will differ on a daily basis.

Why Choose a Career in Wealth Management?

A career in private wealth management opens up high earning potential with many career options topping out with six- or seven-figure salaries and generous bonus opportunities.

High Earning Potential

The field of finance has a well-earned reputation for offering a fast-track to a comfortable class lifestyle—and for good reason. Many positions in wealth management pay high salaries.

Wealth managers command lucrative compensation packages, with a median salary of $379,000 per year,¹ and financial planners earn an eye-watering $162,000 per year² for median total pay.

Opportunity to Work With Diverse Clients

A career in wealth management will expose you to a network of diverse clientele. You'll get to work with individuals from all walks of life, including well-educated professionals like doctors and lawyers, blue-collar business owners like plumbers and electricians, entertainers, C-suite executives and more.

Growing Demand for Financial Planning and Investment Advice

According to the Bureau of Labor Statistics (BLS), this field is on track to experience much higher growth than the U.S. economy as a whole.¹ That should come as no surprise, given the increasingly large cohort of aging Americans. If ongoing demographic trends continue, the need for retirement planning services will continue to outstrip the economy as a whole.

In the face of this growing demand, now is the perfect time to embark on a private wealth management career.

Top Roles in Wealth Management

Breaking into the top roles in wealth management is worthwhile but far from easy. Typically, you'll begin as an analyst or associate before advancing to wealth advisor. After cutting your teeth in that role, you can expect to advance into senior management. Moving into advanced positions, like director or partner, can take decades. To break into these roles, you'll need a highly competitive combination of technical and soft skills. The latter will become increasingly more important as you move up the chain of command. Many top roles in wealth management involve managing large teams of people and securing new business from high net-worth individuals.

These tend to be the most highly sought after roles in wealth management, and a partner in a wealth management firm can expect a generous compensation package.

Wealth Manager

A wealth manager is responsible for advising clients on investment strategies, resource allocation and tax minimization. An average salary range for this position is $284,000 to $531,000 per year.³ Keep in mind that the wealth management career path requires years of experience in associated individual contributor roles.

Financial Advisor

Financial advisors provide investment and retirement planning services. Unlike wealth managers, they often work with a broader clientele across a diverse array of occupational groups. That means the compensation and benefits for this position tend to be lower than for wealth managers. A typical financial advisor earns between $122,000 and $227,000 per year.²

Investment Analyst

An investment analyst researches and evaluates investment opportunities. This role is best suited for analytically-minded individuals who enjoy engaging in data-driven analysis and deep research. An analyst position is also a typical first step toward more lucrative managerial positions.

Portfolio Manager

A portfolio manager manages investment portfolios for a firm's clients. This position will appeal to the research- and analytically-minded. With a salary potential of up to $188,000 per year,⁴ these positions are highly sought after.

Client Relationship Manager

A client relationship manager is in charge of building and maintaining client relationships. This client-facing role is best suited to people-oriented individuals.

The earnings overview for this position is $127,000 to $227,000 per year, on average.⁵

Skills Needed for Success in Wealth Management

To succeed in the field of wealth management, you need strong financial and analytical skills and impeccable communication and interpersonal abilities. Whether you're crafting a bespoke strategy for a high net worth client or selling your expertise to a new client, a solid understanding of investment strategies and market trends is a prerequisite for entry into this career field.

Educational Requirements and Certifications

Most wealth management firms look for candidates with degrees in finance, accounting or economics. Because of the field's competitive nature, it's advisable to have an industry recognized certification like Certified Financial Planner (CFP), Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA) to help you stand out from the pack.

Consider a reputable academic program with deep ties to the financial industry, such as William & Mary, to maximize your chances of success in this highly popular career field. Before you enroll, carefully review the list of application requirements to ensure you meet the program's high standards for incoming students.

Industries Hiring Wealth Management Professionals

Working professionals can choose from a variety of organizations to work for. These include large companies, like private banks and financial institutions, as well as smaller independent financial advisory practices. Investment firms and asset management companies also offer an opportunity for ambitious financial advisors hoping to work with high-net-worth clients.

Use Your Skills to Become a Leader in Wealth Management

A career in wealth management offers more than just financial expertise—it provides the opportunity to build lasting relationships, guide clients through life’s milestones and make a meaningful impact on their financial futures. Whether you're drawn to personalized advising, investment strategy or long-term financial planning, the field offers diverse paths and strong earning potential.

With rising demand for skilled professionals, now is an ideal time to prepare for success in this dynamic industry. William & Mary’s Online Master of Science in Finance (MSF) program equips you with the advanced knowledge, analytical tools and strategic mindset needed to thrive in wealth management and beyond. If you’re looking for a rewarding career that blends finance, trust and purpose, wealth management may be your perfect fit. Contact and admissions outreach advisor today to learn more.