High School

Most WM firms prefer to hire wealth managers who attended an Ivy League college or other elite university, so be sure to work hard in high school in order to earn stellar grades that will increase your chances of being accepted by a top college. In high school, take classes in business, economics, accounting, statistics, and mathematics. Managing directors need strong communication skills so take as many English and speech classes as possible—and join your school’s debate club. Other recommended classes include computer science, history, social studies, and foreign language.

Postsecondary Education

Some smaller firms may hire managing directors with only a bachelor’s degree in finance, mathematics, accounting, economics, business, entrepreneurism, financial engineering, or quantitative finance, but top firms typically require applicants to have a master’s degree in one of these disciplines.

Other Education or Training

The writer Louis L’Amour was on the mark when he said, “No one can get an education, for of necessity education is a continuing process.” Most wealth management professionals will discover soon after college that they’ll need to update their industry knowledge and skills throughout their careers. 

Many professional associations offer continuing education opportunities via webinars at seminars and workshops at conferences, and in other settings. 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.

Certification

As they climb the WM industry career ladder, many aspiring managing directors earn educational certificates that provide a general overview of a particular field or a specific topic. Here are a few popular certificates:

• certificate in business accounting (Chartered Institute of Management Accountants)
• certified investment management analyst (Investments & Wealth Institute)
• business valuation (American Institute of Certified Public Accountants). 

Many colleges and universities offer certificates in finance, financial planning, accounting, business management, and related fields. Contact schools in your area to learn more. 

Certification or Licensing

Managing directors do not need to be certified, but many employers require those in lower-level positions to be certified. With competition extremely strong for jobs, it’s a good idea to earn a certification or two to increase your attractiveness to potential employers. Many organizations offer certification to wealth management professionals, including:

• Association of International Wealth Management (certified international wealth manager diploma)
• Chartered Alternate Investment Analyst Association (chartered alternate investment analyst)
• Market Technicians Association (chartered market technician)
• 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).
• CFP Board (certified financial planner)

Wealth managers are usually required to obtain their Series 7 and Series 63, 65, or 66 credentials from the Financial Industry Regulatory Authority, which is 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 management and investment experience and a proven track record of generating new business are required to work as a managing director.

Leadership skills are extremely important for managing directors because they must inspire their staff to meet performance goals and set an example of professionalism that permeates their firm—from the vice presidents who report to them to analysts straight out of college. They also must be strategic and analytical thinkers; have excellent communication, customer service, and sales skills; possess expertise regarding financial planning concepts (including comprehensive knowledge of their firm’s products and services); and have good organizational, problem-solving, and time-management skills.