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Mohit Dhulia
The MBA in Wealth Management is a two-year full-time programme split into four semesters, each lasting six months. For a fixed fee, wealth management is a sophisticated professional service that combines financial and investment advice, accounting and tax services, retirement planning, and legal or estate planning.
Individuals with high net worth benefit from a strategic approach in which a single manager coordinates all of the resources required to handle their assets and prepare for their own or their family’s current and future needs, rather than attempting to combine pieces of advice and different items from a variety of specialists.
Clients work with a single investment advisor who gathers information from financial professionals and then coordinates advice from the client’s own lawyer, accountant, and insurance agent. Some investment managers also provide financial services or help with charitable endeavours. Wealth management covers all facets of a person’s financial life and is more than just investment advice.
Depending on the institute offering the course, the average annual course fee in India ranges from INR 35,000 to 1,40,000. The most basic requirement for pursuing the course is graduation from a recognised university with a minimum aggregate score of 60%.
In India, the average annual starting salary for active postgraduates of the course ranges from INR 1 to INR 9 lacs, depending on the candidate’s experience in the industry.
While a wealth manager’s job is to provide services in various facets of the financial industry, some prefer to specialise in specific areas. This may be dependent on the wealth manager’s experience or the primary emphasis of the company in which the wealth manager works.
A few of the course’s major highlights are mentioned below.
| Level of Course | Post-graduate |
| Course Duration | Two Years |
| Type of Exam | Semester System |
| Eligibility | Graduation from a recognized university |
| Process of Admission | Counselling after taking Entrance Examination |
| Course Fee | INR 35,000 to 1,40,000 |
| Average Starting Salary | INR 1 to 9 lacs |
Admission to the programme is determined by a student’s success on one of the country’s related entrance exams, such as the XAT, CAT, GMAT, Xavier GMAT (X-GMT), and NMAT by GMAC.
Applicants are then invited for a personal interview round, which is based on their results in the entrance exam.
The student’s score on the entrance exam and interview, as well as his or her academic record and relevant job experience, are used to make final decisions.
A three-year degree or an equivalent qualification completed by a recognised university in a discipline with at least 60 percent marks in total is the minimum requirement for eligible for admission to this programme.
The following is a list of some of the best institutes in the country that offer the course, as well as the locations and fees paid by the colleges.
| COLLEGE NAME | CITY | AVERAGE ANNUAL FEE |
|---|---|---|
| M.M. institute of management | Haryana | INR 60,000 |
| SVIIT | Chandigarh | INR 35,000 |
| Venkateshwara open university | Nagpur | INR 62,000 |
| MIT school of distance management | Pune | INR 48,500 |
| Venkateshwara open university | Mumbai | INR 53,200 |
Wealth Managers who are consultative are basically client-centered, working with clients without preconceived notions about which financial products or services are suitable for that affluent person. Although it’s common for a wealthy individual to meet with a Wealth Manager to resolve a specific need, the consultative Wealth Manager’s main goal is to get to know the person, figure out what’s important to them and why, and then bring in the right experts to provide the right financial services.
Wealth Managers are in charge of devising a strategy for retaining and growing a client’s wealth based on the person’s financial position, priorities, and risk tolerance. Following the creation of the initial plan, the manager meets with clients on a regular basis to update priorities, review and rebalance the financial portfolio, and determine whether additional services are required, with the intention of staying in the client’s service for the rest of his life. The fact that wealth management is delivered in a consultative manner is another distinguishing feature.
Below is a semester-by-semester breakdown of the course’s curriculum.
| SEMESTER 1 |
| Financial management |
| Business environment |
| Managerial economics |
| Organizational behavior |
| Human resource management |
| Quantitative techniques |
| SEMESTER 2 |
| Strategic management |
| Marketing management |
| Management information system |
| Production and operation management |
| Research methodology for management decision |
| Accounting for managers |
| SEMESTER 3 |
| Operations management |
| Legal aspects of business |
| Banking and finance |
| Legal framework and finance |
| Financial institutions and banking |
| Risk management |
| SEMESTER 4 |
| Investment planning and management |
| Financial planning and mutual fund products |
| Retirement solution |
| Security analysis |
| Portfolio management |
| Constructing financial plans and wealth management |
Students are taught teamwork, problem-solving, and communication skills, as well as receive hands-on training and coaching from industry professionals.
Professionals who complete the course are exposed to a wide range of industry, policy, and market-related assignments, as well as being trained in the skills required for asset management and the delivery of estate and trust services to wealthy clients all over the world. RBC Global Asset Management, RBC Dominion Securities, and other emerging markets divisions are among the business units where generalists of the discipline dabble.
The following is a list of some of the more common career options available to such postgraduates, along with the corresponding salaries.
| JOB POSITION | JOB DESCRIPTION | AVERAGE ANNUAL SALARY IN INR |
|---|---|---|
| Wealth Manager | Wealth Managers are in charge of a variety of tasks, including wealth planning, fund management, and financial advice on pensions, trusts, inheritances, and tax brackets. High-street banks also provide wealth management services in order to draw high-value clients. | INR 8,54,000 |
| Investment Analyst | Financial data, guidance, and recommendations derived from global investment data are provided by investment analysts to stockbrokers, fund managers, and stock market traders. | INR 5,28,000 |
| Equity Analyst | To assist Portfolio Managers in the investment process, Equity Analysts are responsible for delivering analyses on securities data. The study’s aim is to help traders choose investment strategies and portfolios. | INR 3,97,000 |
| Relationship Manager | Relationship Managers are mainly responsible for working with individual retail customers and providing advice on the bank’s various banking and financial products and services. SME’s and big companies will be the target market for a wholesale Relationship Manager. | INR 3,83,000 |
| Senior Investment Manager | Senior Investment Managers are in charge of supplying analysis and information to traders, fund managers, and stock brokers in order to assist them in making investment decisions. They guarantee that investment portfolios are well-managed and that new investment prospects are illustrated with the data they have. Some analysts work for investment management firms, providing data to in-house fund managers, while others operate for stockbrokers and investment banks, where their analysis is required by Portfolio Managers or clients making their own financial decisions. | INR 1,80,000 |
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