Master in Wealth Management

The Master in Wealth Management (MWM) aims to educate and train future wealth managers.

The programme combines traditional finance subjects with person-, legal- and tax-centric subjects such as client relationship management, estate planning, ethics and international taxation.

Graduates will be able to find jobs in private banks, foundations, family offices, consultancy firms, insurance companies, investment firms, among others.

The curriculum is made up of 28 courses, taught over short intensive periods, a module in Singapore, and an internship.

The MWM was developed by the Luxembourg School of Finance (LSF) in cooperation with the Private Banking Group Luxembourg (PBGL) to meet the continuous need for talented and well-trained specialists in the continuously growing field of Wealth Management.

All students will have an academic supervisor and a personal industry mentor who provide guidance and support for their academic and professional development.

The teaching staff includes leading academics from the University of Luxembourg and other universities, as well as industry specialists with extensive experience and networks in their subject areas.

The programme is offered in a full-time and in a part-time format. The PBGL-affiliated banks offer several part-time positions which enable candidates to finance their studies and put their newly acquired skills and knowledge into practice.

Overview

Wealth Management refers to the provision of customised financial services, such as portfolio management and financial planning, to High Net worth Individuals (HNWIs). Wealth managers are advisors that are experts in finance, taxation, estate planning and risk management. They closely follow their clients’ personal and financial circumstances and understand their preferences and goals.

Wealth Managers can work for private companies, trusts, foundations or family offices, or can be independent advisors. Most wealth managers are account managers at Private Banks or the Private Banking divisions of large global banks. Wealth Management is an important and growing sector: during the first decade of the millennium assets under management in private banking doubled and reached more than 17 trillion dollar by the end of 2010. Luxembourg based banks have market share of 6% in the sector.

For additional statistics on Wealth Management in Luxembourg see: http://www.abbl.lu/statistics

Despite the importance of wealth management in the economy, very few dedicated degree programmes on the discipline exist. The Master in Wealth Management is one of the world's first professional Master programmes in Wealth Management.

he Private Banking Group Luxembourg (PBGL) is a group within the Luxembourg Bankers’ Association (www.abbl.lu), a professional organisation representing the majority of banks and other financial intermediaries established in Luxembourg. Its purpose lies in defending and fostering the professional interests of its members. In 2010 the PBGL and the University of Luxembourg started working on an academic degree in Private Banking, and developed a curriculum that is unique in the world as it covers all aspects of Wealth Management. The University supplies the academic staff, teaching venues and administrative support. The PBGL supplies professional trainers, traineeship - and job opportunities. The result is the Master in Wealth Management programme, which was approved by the University in 2012.

Curriculum

The curriculum of the MWM is unique in the world, as it combines pure finance courses with law, tax and communication courses, so as to perfectly cover the skill and knowledge set of successful wealth managers. The 28 courses offered in the programme are divided into investment-centric courses (equities, bonds, real estate, hedge funds, derivatives, alternative investments, etc.), client-centric courses (personal portfolio management, estate planning, communication, tax-planning, etc.) and courses on laws and ethics.

After earning 52 ECTS credits, students will put into practice their newly learned skills and knowledge in an internship or, for part-time students, a Master’s thesis.

Teaching in the MWM programme is participative and practice oriented. For all courses (even the most technical and factual ones), we will involve practitioners drawn from the PBGL group to elaborate on the practical significance of the material learned. For some of the most “core” wealth management courses - such as private wealth management - panel discussions with experienced private bankers and realistic case-studies will be central to the transfer of knowledge.

Several courses will be given over the course of one to three full days of teaching. Other courses may be taught over a series of half days. This concentrated format - as opposed to spreading out the courses and having two or more subjects each day - is highly successful in the existing LSF MSc. of Banking and Finance. Students value the opportunity to spend one or more days exclusively with their course lecturer(s), and for visiting professors this format is more efficient.

Most courses will have written examinations at least one week after the final day of the course, but before five weeks after the final class day of a course. This gives the students sufficient time to study the material learned and reflect upon the course while not being unduly long after the last class.

Some courses will have individual (take home) assignments instead of the written exam. Class participation, team assignments, and presentations may also be part of the final mark for each course. Course marks are given on a scale of 20, with 10/20 being a passing mark. Students who do not achieve a passing mark, can take a resit exams, mostly at the end of the programme.

Academic supervisors and industry mentors

The programme is very personal. Each student will be assigned an academic supervisor and an industry mentor, with whom he or she will have periodic meetings.

The role of the academic supervisor is to provide counsel and advice for all academic aspects of the programme. He or she will be a faculty member of Luxembourg School of Finance and will monitor the academic progress of the student.

The personal industry mentor will be a private banker of one of the PBGL-banks, with whom the student develops a personal and professional relationship during his/her studies, focussing on the student’s professional development. The mentor will introduce the student to the practical aspects of wealth management, through visits, lunch meetings, or corporate events. The industry mentor may also provide contacts or resources that are relevant to the student’s career.

Courses

The 28 courses offered in the programme are divided over the following five study blocks:

1. Global Investment Solutions
2. Alternative Investments
3. Personal Portfolio Planning
4. Relationship Management
5. Laws and Ethics

The courses in modules 1 and 2 are investment centric. They introduce and explain the basic investment instruments available to wealth management clients, as well as the basic concepts of return, risk, liquidity and diversification. These blocks will offer all the necessary knowledge and understanding of the foundations of modern day finance and portfolio management.

The courses in modules 3 and 4 are client centric. We will focus on individual preferences, needs, circumstances, and cultural backgrounds, including family situations and fiscal environments. These blocks enable ability to recognise, classify and analyse clients´ needs. Students will learn about sources and uses of wealth, taxation, estate planning, and personal preferences and biases. In the courses in block 4, students will learn how to convey their analysis and ideas verbally and in writing. They will hone their presentation skills and learn about cultural barriers and how to overcome these.

Module 5 is legal centric, and treats with the legal and ethical frameworks in the industry. Students will learn about financial laws and directives, and legal structures in different countries. They will learn about banks’ internal governance and control systems and the compliance task. Students will also study and fine-tune their moral compass, particularly regarding financial issues.

After taking 28 courses in the above blocks students will be able to put practice their newly learned skills and knowledge in a traineeship project, to be documented in a Master’s thesis.

Internship or Master’s Thesis

As an integral part of the programme, full-time students are required to perform an internship for a period not less than 12 weeks. Students are free to seek the internship that suits their interests and objectives, provided that the nature of the internship is in relation to Wealth Management..

The LSF provide assistance in finding an internship with a private bank or non-bank financial services company of the Luxembourg financial centre. A wide variety of internships representing a range of different business activities in the financial centre are available.

Part-time students are required to present a Master’s Thesis on a subject of their related to Wealth Management.

Internships and Master’s theses are supervised by an LSF faculty member.

Eligibility Criteria

To be eligible for a place in the MWM, candidates must have a:

• Master’s I degree (240 ECTS), or
• four-year Bachelor’s degree (240 ECTS), or
• three-year Bachelor’s degree (180 ECTS) with 3 years’ subsequent professional experience;
• and a strong command of written and spoken English.

Students can apply for either:

1. The full time programme,
2. The part-time programme, or
3. The part-time programme and simultaneously, a part-time job at one of the PBGL affiliated banks.