MBA in Wealth Management is a 2- year full- time course divided into 4 semesters, with each semester lasting a period of 6 months. Wealth management is a sophisticated professional service that combines financial and investment advice, accounting and tax services, retirement planning, and legal or estate planning for one set fee.
Clients work with a single wealth manager who coordinates input from financial experts and subsequently includes coordinating advice from the client's own attorney, accountants and insurance agent. Some wealth managers also provide banking services or advice on philanthropic activities. Wealth management is more than just investment advice, as it encompasses all aspects of an individual’s financial life.
The underlying idea of the concept of wealth management is that rather than trying to integrate pieces of advice and various products from a series of professionals, individuals with high net worth benefit from a holistic approach in which a single manager coordinates all the services needed to manage their money and plan for their own or their family's current and future needs.
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While the role of a wealth manager is to provide services in aspects of the financial field, some choose to specialize in particular areas. This may be based on the expertise of the wealth manager in question or the primary focus of the business within which the wealth manager operates.
The average annual course fee in India ranges between INR 35,000 to 1,40,000, depending upon the institute offering the course. The basic eligibility criterion to pursue the course is graduation completed from a recognized university with a minimum aggregate score of 60%.
The average annual starting salary offered in India to successful postgraduates of the course ranges between INR1 to 9 lacss depending upon the candidate’s expertise in the field.
Listed below are some of the major highlights of the course.
|Examination Type||Semester System|
|Eligibility||Graduation from a recognized university|
|Admission Process||Counselling after taking Entrance Examination|
|Course Fee||INR 35,000 to 1,40,000|
|Average Starting Salary||INR 1 to 9 lacs|
The minimum requirement of eligibility for admission to this program is the completion of a 3- year Bachelor’s degree or equivalent qualification completed from a recognized university in any discipline with at least 60% marks in aggregate.
Shortlisted candidates are subsequently called for the round of personal interview based on their performance in the entrance test.
Final selections are based on the candidate’s score in the entrance test and interview, past academic record, and relevant work experience.
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Some of the top institutes offering the course in the country with the corresponding locations and fees charged by the respective colleges are listed below.
|COLLEGE NAME||CITY||AVERAGE ANNUAL FEE|
|M.M. institute of management||Haryana||INR 60,000|
|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 are responsible for developing a plan aimed at maintaining and increasing the client's wealth based on that individual's financial situation, goals and comfort level with risk. After the original plan is developed, the manager meets regularly with clients to update goals, review and rebalance the financial portfolio, and investigate whether additional services are needed, with the goal of remaining in the client’s service throughout his lifetime. A further defining quality of wealth management is that it is delivered in a consultative manner.
By being consultative, Wealth Managers are essentially client- centred, interacting with clients without any presupposition about what financial products or services are appropriate for that affluent individual. While it is common for a wealthy individual to be consulting with a Wealth Manager to address a particular need, the consultative Wealth Manager’s overriding objective is to understand the person and find out what’s important and for what reasons, and to bring in the appropriate experts and provide the appropriate financial services.
Professionals of the course are exposed to a variety of business, strategy and market- related assignments, and trained in the requisite skills needed for asset management and delivery of estate and trust services to affluent clients around the world. Generalists of the discipline dabble in a number of business units including RBC Global Asset Management, RBC Dominion Securities and other emerging markets divisions.
Enrolled students are trained in leadership, problem-solving and communication skills, and offered practical training and coaching from industry leaders.
Some of the popular professional avenues open to such postgraduates are listed below with the corresponding salaries offered for the respective positions.
|JOB POSITION||JOB DESCRIPTION||AVERAGE ANNUAL SALARY IN INR|
|Investment Analyst||Investment Analysts are responsible for providing stockbrokers, fund managers and stock market traders with financial information, advice and recommendations derived from global investment data.||INR 5,28,000|
|Wealth Manager||Wealth Managers are responsible for functioning in a wide range of fields, such as financial planning, investment management, and financial advice on pensions, trusts, inheritances, and tax bands. Often, wealth management services are offered by high street banks with the aim of attracting high-value customers.||INR 8,54,000|
|Relationship Manager||Relationship Managers are responsible for primarily dealing with individual retail customers and advising them on various banking and financial products and services offered by the bank. A wholesale Relationship Manager would be catering to the corporate clients like SME's or large corporations.||INR 3,83,000|
|Equity Analyst||Equity Analysts are responsible for providing analyses on securities information to Portfolio Managers to aid in the investment process. The purpose of the research is to aid in trading strategies and portfolio selection.||INR 3,97,000|
|Senior Investment Manager||Senior Investment Managers are responsible for providing research and information to help traders, fund managers, and stock brokers make decisions about investments. The information they provide ensures investment portfolios are well managed and that potential investment opportunities are highlighted. Some analysts work for investment management companies, providing information to in-house fund managers, others work for stockbrokers and investment banks, where their research is needed by Portfolio Managers or by clients who make their own investment decisions.||INR 1,80,000|
A semester- wise breakup of the course’s syllabus is tabulated below.
|Human resource management|
|Management information system|
|Production and operation management|
|Research methodology for management decision|
|Accounting for managers|
|Legal aspects of business|
|Banking and finance|
|Legal framework and finance|
|Financial institutions and banking|
|Investment planning and management|
|Financial planning and mutual fund products|
|Constructing financial plans and wealth management|