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In the present competitive job market, working professionals are consistently on the lookout for opportunities that enhance their academic and professional portfolio. Making the most out of these opportunities enables these professionals to stand out in the market with the paying jobs in finance.
Among most postgraduate business degrees that are available in the market, an online MBA in wealth management has gained popularity because of an increasing demand for skilled professionals who can guide individuals and organisations in financial asset management.
The growth of an online MBA wealth management has also opened many doors for working professionals who wish to enhance their skills without taking a break. That said, one of the most important question remains: “Is an online MBA wealth management salary high to result in career growth?” Let’s explore.
The Growing Significance of an Online MBA in Wealth Management:
Wealth management is way beyond simple financial advising. It commonly involves the following aspects:
- Investment planning and portfolio management
- Tax-efficient strategies
- Risk assessment and insurance planning
- Retirement and estate planning
- Guiding high net worth individuals and institutions.
With global wealth growing at a significant rate, the need for certified wealth managers has also increased. According to an industry report, the global wealth management market is expected to reach USD 4893.17 billion by 2034 and this will be driven by growing income levels, globalisation, and increasing complexity of financial instruments.
This rising demand directly leads into well-paying career opportunities for professionals who have the right knowledge and credentials.
Why Pursue an Online MBA in Wealth Management?
Pursuing an online MBA leads to a flexible and a career-friendly professional path required for gaining specialised expertise without putting a pause to your job or income stream. As opposed to traditional MBAs, an online MBA in Wealth Management in collaboration with Invest Yadnya, pursued from a renowned institution such as Chitkara University, offers:
- Flexibility: You can learn at your own speed and from anywhere you want.
- Affordability: An online MBA is often more cost-effective than most on-campus programs.
- Networking Opportunities: You will have easy access to different cohorts and faculty.
- Industry Relevant Curriculum: The courses are customised to real-world financial situations.
The modules taught in this program typically cover the following subjects:
- Corporate finance and investment strategies
- Financial regulations and compliance
- Risk and asset management
- Client relationship management
- Behavioural finance and wealth psychology
The curriculum of this program helps professionals to transition from general finance roles to specialised wealth management careers with a higher pay scale.
How Does an Online MBA Wealth Management Salary Increase?
- Specialised Knowledge Demands Higher Salary: A general finance MBA is extremely valuable but gaining a specialisation in wealth management positions you as an expert in the finance field. Most organisations value professionals who can deal with complex financial portfolios for high net-worth customers. Gaining this expertise often comes with a premium salary package.
- Career Growth and Senior Management Roles: Graduates often move to senior management roles when they gain a specialisation in wealth management, which leads to senior management positions and some of the highest paying jobs in finance as compared to entry or medium level finance positions. These jobs commonly include Wealth Manager, Private Banker, Financial Consultant, Portfolio Manager, Investment Strategist, etc.
- Globally Relevant Skills: Wealth management is a globally relevant skill and with multinational banks and investment companies hiring across various markets, an online MBA in wealth management completed from a reputed institution such as Chitkara University offers you the credibility to work globally. The expat roles in finance hubs such as Dubai, London, New York, and Singapore often pay more than most local opportunities.
- Enhanced Negotiation Power: Gaining an advanced qualification such as an MBA strengthens the bargaining position at the time of salary negotiations. Employees understand the cost, effort, and skills acquired during an MBA and are also willing to offer better paying jobs for attracting or retaining you.
- Client-Facing Highest Paying Jobs in Finance: Most high-paying jobs in wealth management or finance are customer facing. With the communication, strategic, and financial skills gained during an MBA program, you can handle customers with a multimillion-dollar portfolio which is a responsibility that is linked to higher incentives and bonuses.
What are the Salary Trends in Wealth Management?
- For understanding the online MBA wealth management salary, let’s have a look at the industry benchmarks that vary by region and experience:
- Entry-level Wealth Managers: The entry-level wealth managers earn INR 6-12 lakhs per year.
- Mid-Level Professionals: The mid-level professionals who have 5-10 years of experience often earn between INR 15-30 Lakhs per annum
- Senior Wealth Managers/Directors: The senior professionals in multinational companies and banks earn INR 20-35 lakhs per annum (including performance bonuses).
These salaries are higher than most general finance or banking positions which also highlights how gaining a specialisation can drive income growth.
Other Benefits of an Online MBA Wealth Management:
Other than offering highest paying jobs in finance, an online MBA in the field of wealth management also brings many other career benefits including the ones mentioned below.
- Credibility and Recognition: Customers are likely to rely on an online MBA-qualified professional with their finances.
- Networking: The programs also help in connecting with peers, alumni, and industry leaders who can open doors to many new opportunities.
- Entrepreneurial Pathways: With the right combination of knowledge and skills, you can effectively start your own wealth management advisory and financial planning firm.
- Adaptability: The finance industry is growing rapidly and an online MBA wealth management will make sure that you stay updated with the latest global trends, digital wealth tools, and fintech innovations.
Is an Online MBA Wealth Management For You?
- Pursuing an online MBA in a field like wealth management is suitable for the below-mentioned professionals:
- Finance professionals who are looking to gain a specialisation in wealth and asset management.
- Bankers who aspire to transition into private banking and advisory roles.
- Entrepreneurs planning to launch independent financial consulting companies.
- Mid-career professionals who are aiming for international roles and higher salaries.
Also, read this blog post: Invest Yadnya + ChitkaraU: The Power Combo for Wealth Leaders
Summing It Up:
If you are wondering if an online MBA wealth management salary will be higher than the one you can get without a postgraduate degree then yes, an online MBA will definitely grow your salary prospects.
However, make sure that you are committed to choosing a carefully designed from a leading institution such as Chitkara University to stay committed to learning, and leverage your new skills strategically.
Completing an online MBA in Wealth Management in collaboration with Invest Yadnya will enhance your financial expertise and position you as a leading industry advisor where trust and expertise are linked to compensation. As wealth management continues to gain prominence all across the world, this specialisation can open doorway to rewarding career paths and significant salary growth.
Frequently Asked Questions:
1. Does an online MBA wealth management have the same importance as a traditional MBA?
Yes, both degrees have the same relevance, specifically if you pursue them from a UGC and AICTE-approved institution. Employers value an online degree when it is completed from renowned institutions that offer a holistic education aimed at making students industry-ready. Also, when the degree is combined with relevant work experience, it becomes more relevant.
2. What kind of jobs can I get after I complete this program?
After you have completed this degree, some of the common job roles that you can get are Portfolio Manager, Investment Consultant, Private Banker, Financial Planner, Wealth Manager, etc.
3. What kind of online MBA wealth management salary increase can I get after I complete this degree?
Although the salary hikes may vary, but most professionals see over 20-50% growth after completing an online MBA in the field of wealth management. This leads to greater growth potential as they keep growing further.
4. Is it possible for me to pursue this MBA while working full-time?
Yes, the program is perfect for working professionals who are working full-time. So if you want career growth, then you must pursue this program along with your full-time job.
5. What are the different skills that I will gain after completing an MBA in Wealth Management?
In addition to gaining a firm knowledge in the course curriculum, you will gain expertise in financial planning, tax strategy making, investment analysis, portfolio management, and customer relationship management.
6. Do I need any previous experience in the finance field to enrol in this program?
If you have a background in finance or wealth management, then that will most definitely make learning easier. So having previous experience in the finance field will help you enhance your professional credibility. That said, even if you don’t have any previous experience and wish to change your field, then this program can be helpful.
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