When you decide that you want to become a private wealth management associate you may start interviewing as early as your final year of school with some of the top firms in the industry. Private wealth management companies may put candidates for associate jobs through up to three levels of interviews before giving you a definite "yes" or "no" on your application. These associate positions are highly competitive, making it more difficult to make a good impression on prospective employers than simply having an impressive resume. Prepare for the interview by studying the company and practicing answers to sample interview questions.
By the time you arrive at your private wealth management associate interview you should be an expert on the company that is interviewing you. You should also be familiar with several other private banking firms so that you are prepared to contrast between the two if necessary. Before interviewing you need to know where, if at all, the company is in a ranking of the best private financial institutions. Other factors to consider when studying the company include company reputation, values and entrepreneurial spirit. Be prepared to answer questions about why you are interested in working with the company and what value you can add as an associate within the current company structure.
World Financial Events
In addition to common interview questions that test your personality and financial skills, you may also be tested on your financial knowledge, particularly with regard to current events. You should be knowledgeable about current financial trends and events in the world marketplace. Examples of questions that you may be asked include your opinion on the strength of the euro, U. S. budgetary issues, or the financial crisis in Greece. Because this is a question asking for your opinion, there is no correct answer. These questions are designed to show how informed you are and allow you to express a well-researched opinion to your interviewer. Your answer also gives an indication of how good of a communicator you are.
When interviewing for a private wealth management associate position, the interviewer wants to know what kind of person you are and how you arrive at the decisions you make. To help determine these qualities, the interviewer may ask you a question that tests your perseverance. An example of this type of question is for the interviewer to ask you to give an example of a time when you persevered at a task or goal when others gave up. When answering, start with a summary of the situation, outline the steps that you took in your decision-making process, and conclude with relating the outcome of the situation. Your answer to this question lets the employer know that you possess critical thinking and problem-solving skills. It also may enlighten the interviewer to how goal-oriented you are.
As you prepare for your private wealth management associate interview, keep in mind that you should be prepared for anything, particularly when it comes to how you would handle or invest a client's money. Practice for this type of question by considering a situational practice question, such as what you would do if the interviewer gave you $1,500,000 to invest on a client's behalf. Explain to the interviewer what you would do with the money. Be specific in your answer with what stocks, bonds and other accounts you would invest in, how much money you would invest in each and why you chose those particular investment opportunities for the client. Your answer tells the interviewers what your knowledge of the current stock market is and whether you take big or small risks in financial investment.