Transitioning to the private wealth industry is a big step for any public accountant, but these certifications will give you an edge toward success.

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Welcome to another episode of our video series, where we discuss important topics related to wealth and investment management. Today we’ll look at how to make the transition from public accounting to private wealth.

We are often contacted by professionals in public accounting who are looking to move into private wealth. The benefits are lucrative: No more billable hours, tax seasons, or compliance means a career shift toward more research and planning-driven roles with extensive client contact. Keep in mind, these are not commission-based sales roles, but high net worth advisory opportunities in single and multi-family offices, as well as in larger banks and trust companies.

These roles exist all over the country and our clients are often looking for top talent. To acquire a role like this, there are certain ways to best position yourself for the transition.

You’re demonstrating to employers that you’ve put serious time and thought into their industry.

First of all, a CPA is critical. Oftentimes, people either don’t sit for the CPA or acquire an EA instead. It’s functional, but it holds nowhere near the amount of influence that a CPA carries in private wealth.

Second, the CFP is highly regarded in many firms. While a CPA opens the door, the CFP shows you’re committed to the industry. Earning a CFP is only a small challenge to those used to working 80- to 100-hour weeks and building toward a CPA. It will introduce new concepts of investment advisory, asset allocation, and insurance, and it also proves determination and commitment. Even if you’re only enrolled and working toward your certification, you’re demonstrating to employers that you’ve put serious time and thought into their industry.

By acquiring these certifications, you’ll surely be able to gain an edge over the competition. If you have any questions, would like to schedule a consultation, or have ideas you’d like to see covered in our series, we invite you to contact us.

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