High School

Recommended high school classes include business, economics, computer science, English, speech, mathematics, statistics, accounting, history, social studies, and foreign language.

Postsecondary Education

A bachelor’s degree in finance, mathematics, accounting, economics, business, entrepreneurism, financial engineering, or quantitative finance is the minimum educational requirement to enter the field, but many firms require their vice presidents to have master’s degrees in business, finance, or related areas. Some vice presidents have law degrees. 

Other Education or Training

Many professional associations provide continuing education (CE) classes, workshops, webinars, and seminars to help members and non-members keep their skills up to date and qualify for certification and re-certification. For example, the American Bankers Association offers workshops, seminars, and webinars on accounting, compliance, cybersecurity, legal, and risk management issues. It also provides educational opportunities related to trust/wealth management. Past classes included Basic Administrative Duties of a Trustee, Introduction to Trust Products and Services, and Asset Allocation and Portfolio Management.

Other opportunities are provided by the Association of International Wealth Management, Investment Management Consultants Association, American Institute of Certified Public Accountants, Association for Financial Counseling and Planning Education, Association for Financial Professionals, Certified Financial Planner Board of Standards, CFA Institute, and the Institute for Private Investors.

Many wealth management firms provide ongoing training opportunities to help their employees keep their financial skills up to date and develop their soft skills.

Certification

The Investments & Wealth Institute offers the Essentials of Investment Consulting Certificate Program. According to the association’s Web site, the online program “covers fundamental concepts and applications, including portfolio construction, investment types, manager selection, performance measurement, investment policies, and math for managing money for portfolio growth.” The program consists of two online courses (Investment Consulting Process and Math for Investment Consultants). Each course includes five modules, such as Investment Policy Statements, Portfolio Construction & Risk Management Strategies, Time Value of Money and Rates of Return, and Fixed Income-Duration and Yield.

Certification or Licensing

Several organizations offer certification to wealth management professionals, including:

• Association for Financial Counseling and Planning Education (accredited financial counselor)
• fi360 (accredited investment fiduciary, accredited investment fiduciary analyst, professional plan consultant)
• Institute of Business and Finance (certified fund specialist and certified annuity specialist)
• Investment Adviser Association (chartered investment counselor)
• Investments & Wealth Institute (certified investment management analyst, chartered private wealth advisor).

Like anyone else involved in investing, wealth managers and their activities come under the regulatory aegis of the Financial Industry Regulatory Authority and are generally considered broker-dealers, much like your average broker, and while there may be a handful of esoteric regulations that deal with private wealth management, most experts say private banks and wealth management firms are treated much the same as your local TD Ameritrade or Charles Schwab branch.

Vice presidents are usually required to obtain their Series 7 and Series 63, 65, or 66 credentials from the Financial Industry Regulatory Authority, the self-regulatory arm of the investment industry. The Series 7, or General Securities Representative certification, allows you to buy or sell, or solicit the purchase or sale, of all securities products, including corporate securities, municipal securities, municipal fund securities, options, direct participation programs, investment company products, and variable contracts. It’s the most basic form of certification for anybody involved with the markets. The majority of firms will also require a Series 63 registration, which requires knowledge of state securities laws and allows you to be a securities agent. Other firms may require the Series 66 (which covers the same ground as a Series 63, but also certifies you to act as a registered investment adviser) and the Series 65 (which certifies you to act as an investment adviser representative).

At least 10 years of investment experience and a proven record of generating new business are required to work as a vice president.

Vice presidents need excellent communication and interpersonal skills to interact effectively with investors, potential clients, and partners, as well as to closely supervise and mentor associates and analysts. They should have strong sales and business acumen, leadership ability, good judgment, excellent quantitative and project management skills, a detail-oriented personality, creativity, the ability to work in a fast-paced environment, and a keen interest in and knowledge of the investment industry, investment strategies, and financial products.