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MBA graduates who are hoping to enter portfolio management but have little experience in the
industry most often would begin in a research associate role. This role focuses on research (usually
industry-specific) to create investment management recommendations to the portfolio management
team. The MBAs usually spend three to five years in the research role before moving into the
associate portfolio manager role.
Investment management in general requires not only strong analytical and quantitative skills, but
also strong communication skills. Investment managers must have the ability to communicate clearly
and concisely with colleagues and clients.
Additional information about specific investment management companies and industry specifics
can be found in the Vault Career Guide to Investment Management. 4
Private Wealth Management
Private wealth management is generally a smaller arm of an investment bank. It refers to the creation
and execution of an overall strategy to create and manage wealth for individuals. This includes not
only investment strategies, but also tax strategies, estate planning, and the protection of assets. Private
wealth management usually involves many different segments of the firm to create the best strategy
for each client. For example, the tax department may be called upon to ensure that the investment
planning and estate planning utilize the correct strategies to ensure that clients are protecting their
assets from unnecessary taxes.
Under the umbrella of private wealth management, one area that tends to be most attractive to
MBAs is the role of financial adviser (also called a private banker). The entering position for one who
aspires to work in this space is as an analyst, followed by an associate, then a vice president, and
finally a managing director. The associate role would be the traditional entry point for an MBA
graduate with some experience. Associates work closely with existing clients and in sales roles to
attract new clients. Because of this, once again it is very important in this role to have not only a
strong understanding of investments and a strong quantitative background, but also strong
communication and sales skills.
Additional information about private wealth management can be found in the Vault Career Guide to
Private Wealth Management. 5
Real Estate
The real estate industry is one that is extremely volatile and subject to economic conditions. That
being said, real estate will also be a part of a country‟s economic structure. Under the real estate
umbrella, there are two distinct areas: residential and commercial. MBAs interested in the real estate
industry most often will focus on the commercial segment. Within the commercial segment, there are
many different types of opportunities available for MBAs. These include but are not limited to
investment, brokerage, consulting, and development. 6