Is Wealth Management a Good Career Option? Scope & Salary

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      Is Wealth Management A Good Career Option? Scope & Salary

      Wealth management involves managing financial assets for high-net-worth individuals or businesses. It is a growing industry with high demand for professionals. 

      Here, we will discuss the scope and salary of a career in wealth management.

      Check out the graphical representation here:

      What is Wealth Management?

      Wealth Management is the professional management of an individual’s wealth or assets, including cash, property, stocks, and bonds. It involves various aspects of financial planning, such as tax planning, estate planning and investment management to help individuals achieve their financial goals.

      Wealth Management services are provided by a professional, such as a Wealth Advisor, who offers personalized advice and guidance to clients on managing their wealth. Investment management is a key component of Wealth Management

      It involves selecting and monitoring a portfolio of investments to ensure that the client’s assets grow in value over time.

      Why Become a Wealth Manager?

      Wealth Manager

      Wealth management can be a promising career path, both personally and financially. Some reasons to become a Wealth Manager are:

      1. Helping clients achieve their financial goals and secure their futures can be fulfilling.
      2. Wealth Managers have the potential to earn high salaries, especially those with extensive experience and strong client bases.
      3. The wealth management field is growing and dynamic, with an increasing demand for financial planning services and investment management advice. According to the Boston Consulting Group, India is expected to experience a 10% annual increase in financial wealth, reaching $5.5 trillion by 2025.
      4. Wealth management offers opportunities for career advancement, with the potential to move into leadership or executive roles.
      5. Wealth management is a client-facing role that requires strong communication and relationship management skills, which can be highly valued in other business and finance areas.

      Check out our blog, What Are Some Of The Most Exciting Professions In Finance? to learn more about other interesting careers in Finance. 

      Types of Wealth Managers

      Several types of Wealth Managers provide various financial services to individuals and organizations. Some common types of Wealth Managers include:

      Private Bankers

      A Private Banker manages the finances of high-net-worth individuals (HNWIs) and provides personalized services, such as investment advice, estate planning, and credit facilities.

      Private Wealth Manager

      A Private Wealth Manager provides personalized wealth management services to high-net-worth individuals or families. They may provide various services, including financial planning, investment management, and estate planning.

      Investment Manager

      An Investment Manager manages their client’s investment portfolio, which may include stocks, bonds, and other securities. They work with clients to develop an investment strategy that aligns with their financial goals and risk tolerance.

      Relationship Manager

      A Relationship Manager handles building and maintaining client relationships. They collaborate with clients to understand their financial needs and goals and provide customized advice and guidance on financial planning and investment management.

      Financial Advisor

      A Financial Advisor provides various financial planning services to individuals, including retirement, tax, and estate planning. They may also provide investment management services, depending on their qualifications and experience.

      Check out our blog, Qualified Financial Advisor Salary and Job Roles, for more information on a Financial Advisor career. 

      How Do I Start a Career in Wealth Management?

      If you aspire to start a career in wealth management, there are several steps you can take to get started:

      • Obtain the necessary education: Many Wealth Managers have a bachelor’s or master’s degree in finance, accounting, economics, or a related field. Consider pursuing a degree in a relevant field to gain the expertise and skills needed to succeed in this career.
      • Gain work experience: Many entry-level positions in wealth management require prior work experience in finance or a related field. Consider pursuing internships, part-time jobs, or other opportunities to gain relevant work experience.
      • Obtain relevant certifications: Several certifications are available in wealth management, such as the Certified Financial Planner (CFP) and the Chartered Financial Analyst (CFA) designation. Relevant certifications will demonstrate your expertise and knowledge in this field.
      • Build a professional network: Networking is integral to a successful career in wealth management. Attend industry events, connect with other professionals in the field, and build relationships with potential clients.

      Apply for entry-level positions: Once you have the necessary education, work experience, certifications, and skills, start applying for entry-level jobs in wealth management. Consider working as an assistant or associate to gain experience and climb the career ladder.

      What Is the Potential Salary for Wealth Managers in India?

      Wealth management is a highly lucrative field in India, and the salary of a Wealth Manager will depend upon various factors, including job type, company type, skills, and job role. 

      Here are the average salary ranges for some of the most common wealth management job roles in India:

      Private Banker: The average annual salary for Private Bankers in India is approximately 8 LPA, with a salary range between 1 LPA to 24 LPA.

      Wealth Manager: The salary range for Wealth Managers in India is between 2.2 LPA to 11 LPA, with an average annual salary of 6.1 LPA.

      Financial Analyst: Financial Analysts in India can expect a salary range between 2.1 LPA to 12 LPA, with an average annual salary of 4.5 LPA.

      Learn more about a Financial Analyst career with our Career as a Financial Analyst in 2022: Ultimate Guide blog.

      Relationship Manager: The salary range for Relationship Managers in India is between 2 LPA to 7 LPA, with an average annual salary of 3.5 LPA.

      Private Wealth Manager: Private Wealth Managers in India can expect a salary range between 3.5 LPA to 23.7 LPA, with an average annual salary of 11.5 LPA.

      Investment Manager: The salary range for Investment Managers in India is between 2.9 LPA to 31.8 LPA, with an average annual salary of 3.5 LPA.

      It’s important to note that the industry averages may vary depending on various factors, including experience, qualifications, location, and job responsibilities, when considering the above salary ranges.


      Wealth management is a dynamic and growing field with many exciting career opportunities. Becoming a certified Wealth Advisor or investment professional can be highly rewarding, personally and financially.

      Zell Education offers industry-leading courses such as the CFA and US CMA that can help you master the skills to succeed in wealth management. With expert instructors and a proven track record of success, Zell Education is the ideal choice for aspirants looking to build a successful career in wealth management.

      Learn more about the US CMA course with our blog on US CMA Paper Pattern and Exam Fees.


      Is a career in wealth management worth it?
      Wealth management is a growing and dynamic field with numerous job opportunities in traditional retail banking and specialised wealth management firms in countries like India. It requires a diverse skill set, including financial planning, investment management, and client relationship management, and can be financially rewarding, especially for certified wealth advisors.

      What is the starting salary of CWM?
      The starting salary of a CWM in India is around 2.2 LPA.

      Can you make a lot of money as a Wealth Manager?
      Yes. Wealth Managers can make much money, particularly those who establish themselves as trusted and certified advisors and build a solid client base. However, the amount of money a Wealth Manager makes can depend on several factors, such as job role, experience, location, and company type.

      What is the scope of wealth management?
      The scope of wealth management is broad and includes financial planning services, investment management advice, risk management strategies, tax planning, retirement planning, and advice on various financial products and services. With an increasing demand for professional financial planning services, the scope of wealth management is expanding rapidly, offering a promising career outlook for budding Wealth Managers.


      Satyamedh Nandedkar, a seasoned finance professional, holds ACCA, CA, US CMA & CS credentials. With 10+ years of experience, he’s a master ACCA tutor, IFRS trainer, adept in global financial standards, and a trusted advisor in navigating complex financial landscapes.

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