While some banks bring people over from the institutional side to work with private clients, others look to integrate employees from their retail banking operations.
But increasingly private banks are seeking to recruit graduates who they can train to be the next generation of private bankers and relationship managers. With this in mind WealthBriefing asks what training programmes are on offer to young graduates.
In the UK, many of the domestically based banks offer a graduate training scheme specifically for those wanting to pursue a career in private banking. Coutts offers a two year programme in either private banking or specialist advice. The majority of graduates are based in London but there is also the opportunity to complete the private banking programme in regional cities, Birmingham, Bristol, Manchester or Leeds.
On the private banking scheme, new recruits complete a placement in Coutts telephony department, Coutts 24, before being assigned to a team where they will act as a private bankers assistant.
During the first year of the programme trainees are expected to complete the Securities Institute Investment Advice Certificate. Coutts sees year two of the scheme as a time for graduates to build client relationships and to integrate with their team. On completion of the programme, subject to a final assessment centre and vacancies, graduates take up a job as a junior private banker in a client team.
On the Coutts specialist advice programme graduates are usually placed in a tax team but will also work with other teams in specialist advice such as trust, estate planning, pensions, structured lending and investment advisory. During the two years graduates work towards the Association of Tax Technicians exams and beyond this they can progress to become a Chartered Tax Advisor with the Institute of Taxation.
Barclays Wealth offers three different schemes depending on the applicants level of education. Undergraduates can apply for the summer internship programme while for final year students or those who have a degree there is the analyst programme. Candidates with an MBA can apply for the associate programme.
There are opportunities in the UK in places such as London, Leeds, Glasgow and Edinburgh as well as locations in Europe, the Middle East and Asia.
The analyst programme at Barclays Wealth lasts three years and includes rotations within the organisation allowing participants to see the different sides of the business and will include at least one six month placement in an international office.
Analysts at Barclays Wealth work towards their CFA I exams in year one and possibly II and III in later years if they have a particularly technical role. On completion of the scheme graduates take up a role in either Barclays domestic or international business.
Next year Barclays Wealth plan to take on 40 full-time graduates and 30 interns.
HSBC Private Bank offers a similar scheme with its graduates studying towards the CFA qualification. Internship opportunities are also available for undergraduates.
But the private banking graduate scheme at HSBC is much shorter in length, consisting of three, six-month rotations. The HSBC programme also has a very international feel to it, with rotations possible in Europe, Asia and the Americas.
Chris Meares, HSBC Private Banks Global Head previously told WealthBriefing: Recruiting from the investment bank has not been a particular focus for us, but we are taking staff from the commercial bank and are recruiting graduates, particularly those with language skills.
Whilst the majority of banks emphasise how valuable an asset foreign language skills are, it would seem HSBC Private Bank puts more emphasis on this than most, requiring graduates to have strong business English and fluency in at least two other languages.
At Deutsche Bank graduates can join the UK Analyst Programme in Private Wealth Management, a twelve month training scheme that leads to a job in Private Wealth Management. As with all of the programmes we surveyed, graduates initially begin with a period of intensive classroom training before taking up their position within a team in their respective department. Graduates at Deutsche can take up roles in relationship management, investment advisory and wealth transfer planning, amongst other specialists.
In the UK, some of the smaller domestic wealth managers have also introduced graduate training programmes. At Brown Shipley the first recruits onto their graduate training programme started this summer.
Graduates at Brown Shipley will each complete four placements during their thirty-month programme. Placements will be in investment management, wealth management, fund and investment management and banking.
Graduates must also study towards the Securities Institute qualification. On completion of the programme trainees become private client managers.
Another UK wealth manager that has recruited graduates for the first time this year is Rathbones. A total of seven graduates have been taken on, in various locations throughout the UK including London, Edinburgh, Bristol and Liverpool. Their training will last one year, after which, graduates will become an investment managers assistant. But Rathbones HR director, Rosemary Lloyd told WealthBriefing it is unlikely that the firm will also recruit graduates next year.
Swiss private banking giants UBS and Credit Suisse also offer training programmes for young graduates who wish to begin a career in wealth management.
Credit Suisse, at its Business School in Zurich has a Train to Relationship Manager programme for its EMEA division. The eighteen month programme appears to be tailored towards individual participants.
At the beginning of the programme graduates have a self-assessment, identifying personal strengths and areas for development, the results of which determine an individuals on and off the job training for the coming eighteen months. At the end of the programme a final check is carried out to determine whether the individual now meets the criteria needed to be a relationship manager and on completion of a final event, they are then certified as a Credit Suisse relationship manager.
UBS offers various roles for graduates in locations all over Europe in Global Wealth Management and Business Banking. Graduates can train to become client advisors in Switzerland, Germany, France, Spain, Italy, Benelux and Russia as well as portfolio and fund managers in the majority of the countries listed.
Surprisingly, the only roles available for graduates in the UK in Global Wealth Management and Business Banking are in back-office departments such as Finance, Information Technology, Operations, Product Management and Development, Research and Wealth Planning.
Of the large American banks, Goldman Sachs has analyst and associate opportunities for graduates and MBAs in Global Private Wealth Management in locations such as London, Frankfurt, Geneva and Zurich. Morgan Stanley offers summer internship programmes for Analysts and Associates in London in their Private Wealth Management division.
As the wealth management industry continues to grow, more and more banks are turning to graduate training programmes as a way of finding the right personnel.
About the Author
Tom Burroughes, Editor, WealthCareers.com Specialists in Wealth Management Jobs, Asset Management Jobs and Private Banking Jobs, http://www.wealthcareers.com/
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