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I want to work with private clients - should I go into private client law or private banking

I'm looking to work with private clients and I'm unsure if I should pursue a career in law or banking - what are the advantages and disadvantages of both and how to become each one, also what is the pay like.

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Susan’s Answer

Becoming a private banker usually requires you to have a background in Finance/Economy. If you can also obtain a professional qualification, eg. CFA, that will also help to increase your credibility, not only finding a proper job but also your career development when handling private clients portfolio management, investment advisory, and execution. While myself works in a bank, and maybe I'm bias but I do think having a law degree is much harder than having a finance degree. However, it's a personal choice and it also varied by people in terms of which one you think it's easier to get, and whether you enjoy doing it. Both of careers need to build a good track record, which also relies on how you build your network of private clients. Hope it helps a bit.
Thank you comment icon Thank you for the advice, Susan. Laksh
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Jenna’s Answer

Well, most clients are private, as you are hopefully building a relationship with them either in banking or in law. There's even an intersection with banking law, so you don't have to choose just yet. You can have a law degree and still go into a banking field, if you choose, so I would recommend that you work on your customer relationship skills, as that will be important in both fields. I would also suggest trying to get an internship at a law firm (maybe one that does banking law) and also a bank, to see which sort of work you like better, and you'll get a better feel for what the advantages and disadvantages are of both types of jobs. The pay structure will vary widely based on your actual position, but they are probably pretty good wages. Try arranging for an informational interview with someone who has the job you think you might like- your guidance counselor can hopefully source some alumni or other people that are willing to speak with you and share what they do and do not like about their careers. Good luck and never be afraid to try all the options!
Thank you comment icon Thank you, this is really helpful. Laksh
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Manuel F.’s Answer

Hey, Laksh!

Thank you for your question.

To be honest, Jenna and Susan pretty much crushed it in terms of their responses so there's very little left to add.

What I'd consider if I was you is that there's a huge demand for attorneys with business expertise. There are also universities that offer advanced degrees that mix a law degree with an MBA. I completed my MBA in finance but, in retrospect, I would've given the extra mile and completed a Juris Doctor as well.

In terms of compensation, any one of the positions afforded to individuals with this educational background will be very well compensated. Initially, you'll need to break ground first and gain experience. However, as time progresses you'll continue to grow professionally as well as financially.

Hope this helps and I wish you the best of luck.

Cheers,

Manny
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Deborah’s Answer

hi - you could also consider tax! I work with private clients on their tax planning and compliance matters. You will also need a professional qualification to do this and will likely want to work with an accounting firm. Many people start this career path with a big 4 firm that have a private client department. Many people struggle with taxes - both the concept and the quantum so I find many of my clients are hugely appreciative of the work tax advisors do. good luck!
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