Getting Into Private Banking

Based in Santa Barbara, California, Maureen McDermut works as a real estate professional with Sotheby’s International Realty. Maureen McDermut also has a history in the private banking industry, including more than a decade as the vice president of private banking at Manufacturers Hanover Trust.

Many people want to work in the private banking field. While the industry is highly competitive, there are a few methods a new banker can use to gain entry to the industry. A direct but time-consuming path towards a career in private banking is to take an entry-level position in personal and consumer banking.

A somewhat more direct route is to become a private banker’s assistant. This solution provides a banking professional with hands-on experience in the field, however openings in this area are few. Finally, an individual who is already established in another field of banking can obtain a private banking internship.

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