Freshmen private wealth management internship?

First Question:

I've saw that many freshmen did a private wealth management internship during their summer, and although they didn't learn anything particularly "useful", it did help in the long run. However is an internship for private wealth management typically paid or non-paid? If paid, then how much?

What are some freshmen-friendly firms for private wealth management? Some of the posts I saw that some freshmen did their internship at Merrill Lynch

The Benefits of a PWM Internship as a freshman

Completing a

I did a Merrill Lynch PWM internship during my freshman summer before sophomore year in Beverly Hills. Didn't do much, but learned alot about capital markets and retirement planning, muni bonds, and alternative investment.

Great resume builder, went to get a boutique bank internship then landed myself a SA gig with a good MM shop. It was unpaid, and parking in Beverly Hills was extremely expensive, but I knew it would help getting me to somewhere else, so I stuck with it.

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I interned at a complex office for Merrill Lynch in Global Wealth Management last summer (I was a rising junior). Mine as unpaid and I worked with some guys from Duke and UNC who were unpaid as well. There were some kids in the office that were paid but it's because their parents knew one of the Financial Advisors there. Basically, if you're really really good acquaintances with an FA or VP (or even MD) that makes solid money, you have a shot at being paid. As for the rest of us, it's 40 hours a week of photocopying, answering phones, and filing stuff.

I actually did a few semi-important things in regards to the BoA merger as BoA people came in. Not every day was completely dull. And one of the FA's I became good friends with came and spoke one night to my Business Student Association so that was eventful.

As far as freshman friendly, everyone is friendly when you're willing to work for free.

And Miami will be interesting. I'm hoping to find an IB job next year in NYC and convert to a Knicks fan (as the fucking bobcats have a worse shot at winning a championship than I do at getting an IB job).

 
  1. I did ML/UBS/MS pwm summer after freshman year. Got paid $8/hr. Unpaid for a freshman year internship is ok. Ain't gonna be fun though.

  2. No idea about NYC but try your school's job board first, then google maps search for pwm in your area.Cold call like crazy.

  3. Miami won't make the finals.

 
  1. I did ML/UBS/MS pwm summer after freshman year. Got paid $8/hr. Unpaid for a freshman year internship is ok. Ain't gonna be fun though.

  2. No idea about NYC but try your school's job board first, then google maps search for pwm in your area.Cold call like crazy.

  3. Miami won't make the finals.

 

I did a Merrill Lynch PWM internship during my freshman summer before sophomore year in Beverly Hills. Didn't do much, but learned alot about capital markets and retirement planning, muni bonds, and alternative investment. Got to analyze different mutual funds, and had to compile a list on pros and cons for each. Quite a good experience, considering I haven't taken any finance classes yet.

Great resume builder, went to get a boutique bank internship then landed myself a SA gig with a good MM shop. It was unpaid, and parking in Beverly Hills was extremely expensive, but I knew it would help getting me to somewhere else, so I stuck with it. I got invited back for $11/hr during the school year, but I wanted to do something else.

Go for it, it's a great internship as a freshman. Only prob is that there are alot of office politics in wealth management offices, i've experienced it and heard it from alot of my friends who did PWM internships too

 

im doing UBS PWM right now and its unpaid, even though the main FA is one of the top advisors in the country. you probably wont learn too much, but it depends on how much attention the FAs are willing to give you. but PWM for freshman yr is great for your resume, dont fret too much...there are ppl who are superseniors and in law school working in my office...just be glad you're not one of them. if you're really looking to learn something useful go for a boutique i-banking internship, but its gonna be tough

 

Any internship is better than non early in the game. You will get a solid name on your resume, learn how to interact and deal with professionals, show up on time, etc. It will also give you good references for your next internship.

PWM is perfect for freshmen or people without a finance background. Suck it up and smile.

 

I wasn't as motivated at your age but I'm willing to bet you'll be a freshman in everyone's eyes. That being said, if you are dedicated towards joining PWM than show your motivation. I've had a few young (under 20) individuals cold call me and lead to information interviews - it is impressive at a young age. Find a mentor if you can to teach you how to appropriately handle those introductions. Also, don't mix up the roles and types of firms - if you're calling somebody in a client facing role, don't focus too much on hardcore FP&A topics. Again, a mentor can help here, maybe career services at UMiami can hook you up? Again, wasn't as motivated at your age, so unsure.

Don't be afraid at seeking internships at tier 2 firms if you don't get a lot of interest from the top firms. Getting the experience on your resume is most important. I'd shy away from small town shops though, try to get in to a big name firm. The big trust banks (Northern, US Trust, BNY, Wells, etc) are also options - different model than the firms you listed, and different comp out of school, but for an internship it will read well on a resume. You shouldn't be pursuing industry certifications yet but know what the CFA and CFP are and be able to speak about them. If you're interviewing with somebody holding the certification it is a great talking point. More than anything, if you get an introduction, make sure you show up dressed appropriately, write a thank you card or email, be prepared with questions etc. You don't need to be an expert but show you've done your homework.

If you have family connections they play a long way in private wealth. If you have parents or aunts/uncles who are clients at a big firm they should be able to get you in for an interview or an informational session, but don't expect that this will let you walk into an internship - it's just a foot in the door.

 

Thank you for the advice. I have a question about cold calling/emailing as well. Who exactly (job position) do I ask to speak to when thet office secretary picks up the phone? And what do I say once I am redirected? should I say: "Hello my name is so and so and I appreciate you taking the time to speak with me today. I have a strong interest in the finance industry exemplified in my involvements with club X and activity Y at my university and I would like to gain first hand experience in the PWM sector of the finance industry specifically at your firm because I enjoyed reading about your firms involvement with Projects X, Y, and Z, will you please give me more information on how I can best position myself for an internship at your firm next summer?" Also if I email them where can I find a particular office manager's email address because when I look on UBS's website, for example, there is a contact us email but it is only in general and is used by everyone from all over the world and is for if I need customer assistance or something. Thanks for all the help

 

You aren't using the search bar enough. Many of your questions can be answered via a quick search. But I'll touch on a few of them. Regarding getting people's emails: formats are relatively standard at most banks (and easy to find). A lot of times [email protected] is valid. As long as you know the contact's name via LinkedIn or wherever, a cold email is easy. Your cold email should be exclusively about career advice and pointers. Don't send your resume and don't ask for a job, you can do both later when asked or once you've developed the relationship.

 

Always have a positive attitude. If you're in New York, I would spend a lot of time networking so you can start building relationships for the future.

 

Start out with your alumni base and school internship listings. Very often alumni will take students from their alma mater. Otherwise, start with informational interview which may lead to the possibility of being an unpaid intern. A lot of branches are very willing to take on unpaid since 1) they don't have to pay 2) you can do bitch work that they hate doing including compliance, cold calling, and finding new phone numbers of local executives,attorneys,etc...You will also probably do a project regarding some equity research or something along those lines to keep you from being miserable all day.

 

I started cold calling boutique ibanks, hf's, and dreaded PWM. No matter how crappy, it's honestly better than nothing. Had an informational interview yesterday at a small pwm, went well. They know you know nothing. Reinforce your desire to learn. Any exp. in an office setting helps. Make sure to tell your story well.. i.e. convince them finance is what you're passionate about.

My school's career listings, although vast, pretty much suck for freshmen. They weren't designed for freshmen in the first place. Out of 20-25 apps I sent out, I received 1 reply from a non-finance related firm. After I discovered the uselessness of the system, I took others' online advice and began cold calling and searching craigslist. Contacted 10-12 companies this way so far, already interviewed at 2.

You will learn a lot more working at PWM that is not a branch of some big bank. I can imagine the slave work you'd be doing there. Stick with a small broker/dealer, work with the top people there, and you will learn a great deal. Don't overlook boutiques btw. I know some WSO people who have gotten lucky in that department and got to skip PWM.

 

you need to network. no manager would let a random kid who wants an internship have access to private client accounts, you need to have some relation. I mean i wouldnt be happy if some random guy had access to all of my family's finances.

 

I got one at a second tier bank doing speadsheets for retail brokers... more interviewers now about my lifeguarding job sophomore year. LOL But regardless... I probably would talk to your parents' friends, or your friend's parents. Thats what I did. Hope this helps.

 

it's a lot easier if you target the firms without very structured recruiting programs. i was able to receive a freshman internship from a local boutique bank, and a lot of it had to do with the fact that they didn't have a structured internship program at the time.

just send as many emails as you can and let your interest and excitement show.

 

I started after winter break, but before spring break(sorry I don't remember exactly when).

Make a list of PWM offices in your city and start calling each one asking about internships. You'll hear one of the following: -Sorry we don't take interns -We start looking for interns around XYZ date, call back then -Please send me your resume

Good luck!

 

Just go door to door bro, Just go up to them and ask them if they will give you a shot, if they say no just ask why once and leave. You will find someone who is willing to give you a shot.

I did this method and instead of PWM I got a VC in SF my frosh year ( but I did intern at a local incubator the year before).

Persistance is all you need, and a convincing argument to why they should give you a shot.

I want a lady on the street, but a freak in the bed, Go Bucks!!
 

As another freshman at a non-target (though significantly higher ranked than Rutgers)…I am also looking for PWM and the search has been extremely difficult so far. PWM at Merill also seems to have changed their internship structure so that FA's have to pay their interns, at least here in California, and I guess no FA wants to take money out of his salary to compensate some unskilled 18 year old.

Anyway, same question, what is the best way to go about finding a PWM internship for this summer?

 

OP, I'm originally from NJ near Rutgers but attending a school far higher ranked (closer to semi-target). I am a freshman too and my search for an internship in PWM has been very difficult too. I can confirm what melokid said; based on my conversations with my classmates from around the country, this change is company-wide. However, it is still worth a try and you can easily find the e-mail addresses of all the branch managers in NJ and NY on their website. Just keep on the grind and email/call/meet as many people as you can and hopefully you get a break. Best of luck.

 

this should humble you and make you realize you're a nobody and no stranger is interested in helping you out. You need to develop some real skills but you'll quickly realize that finance is an extremely simple entry level job - anyone with decent math skills can do what an analyst does.

Yet despite how simple it is, no one is going to give up their time to teach you. Teaching yourself might help you grab some attention but a book is nothing like the real deal - mainly speaking you will make a million mistakes starting out. It's guaranteed.

Anyone who hires you is doing it out of charity. You offer no true value to them beyond administrative tasks.

Approach with the mindset that you are only going to get hired because somebody likes you and trusts that you're hardworking/ intelligent enough to get the job done. You don't get a competitive finance role just because you think you're smart. Most of it comes down to who likes you.

You need to get into the right mindset. THen you'll find the internship...

 

Firstly, I want to affirm that you're on the path to being rockstar just by giving a shit this early (as a non-target). Congrats.

Talk to your cousin starting now. You know better than us the appropriate ways to approach him - he may prefer directness, in which case you just ask outright about the job. Either way you go about it, you want to establish yourself as a journeyman. Either he can help you with the summer internship or he can't, but the goal is to make sure he understands your position and can help you when he's able to.

Aside from your cousin, though, make sure that you do network with as many people as possible.

in it 2 win it
 

Make a list of firms. Cold call and e-mail them. Don't stop trying until you score a few meetings/lunches. Have a awesome freshman year GPA. Go get it.

and connections help too.

"If you want to succeed in this life, you need to understand that duty comes before rights and that responsibility precedes opportunity."
 

I was in the same position as you. Non-Target school and wanted to see what PWM was like. As a freshman I broke into MSSB with a year long internship. I did it by calling and sending emails to FA's and asking if they would be interested in teaching me about their business and that I was looking for an internship. Currently I work in PWM, the best way to find us is at a local networking event or charity event. There is always someone in PWM at those types of events as they try to build up their businesses.

 

I was in the same position as you. Non-Target school and wanted to see what PWM was like. As a freshman I broke into MSSB with a year long internship. I did it by calling and sending emails to FA's and asking if they would be interested in teaching me about their business and that I was looking for an internship. Currently I work in PWM, the best way to find us is at a local networking event or charity event. There is always someone in PWM at those types of events as they try to build up their businesses.

 

You can find them on Craigslist.

But really - you should just relax before college. The summer before my freshman year, I woke up at noon everyday and just chilled with friends till late nights. Didn't do anything.

 
bumpthethread:
You can find them on Craigslist.

But really - you should just relax before college. The summer before my freshman year, I woke up at noon everyday and just chilled with friends till late nights. Didn't do anything.

Wish I'd done this back then instead of interning.

OP, once you get into the frenzy of finance internships, free summers are over.

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
 

Do it as early as you can - so the summer before freshman year is great.

PWM is typically the pre-cursor to IB internships. You don't really do anything too substantial, and everyone knows this, but it'll get your foot in the door. Not saying that you'll definitely get an IB internship after your freshman year, but having a MS PWM internship absolutely helps.

 

pick a firm. find their number. call. that's the only way it will ever happen. they want to know that you're good on the phone and can hold a conversation. it might be too late but definitely give it a shot. i'm a freshman and will be doing my SA at UBS. good luck!

 

You're a freshman, no point in getting an internship at this point. Have some fun. You'll have plenty of time to get an internship next year and STILL be a bit ahead of the curve. Take the time to learn a language or turn yourself into a more well-rounded person. Finance is, after all, about relationships you build, and the best way to build those relationships is to be well-rounded as a person.

Also, people bash UBS a lot because of their investment banking and the fact that they got ravaged for evading taxes on behalf of their clients. It is not the best company to work for, though it is still respectable to have on a resume (especially as a Freshman/Sophomore)

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

It's not too late, because so many PWM gigs aren't from structured recruiting. Just call and get the interviews you need.

I am permanently behind on PMs, it's not personal.
 
A Posse Ad Esse:
It's not too late, because so many PWM gigs aren't from structured recruiting. Just call and get the interviews you need.
while there generally isn't any form of recruiting, many PWM offices limit the amount of SA spots to a very small number (a total of 3 at mine) and thus they may be full by now... but, do give it a shot
 

Yes, but PWM is typically non-paid, meaning if you're someone who's going to be a value-add, they won't say no because they already have a handful of other froshies.

I am permanently behind on PMs, it's not personal.
 

I know a lot people on this site might disagree but....

Just hang out this summer, theres more to life than IB, and if you already know what it takes to get in(which you outlined above) just wait until next summer to get an internship. Go travel, read books, play golf, whatever...once you get in the real world youll be begging for a few months to do whatever you want, dont spend one of your last full summers filing and cold-calling with hopes of making SA recruiting easier 3 years from now.

It will be incredibly easy for somebody

  1. At a target
  2. With two previous finance internships
  3. With a (presumably) high GPA

to get an IB SA internship in a good group, theres no reason to kill yourself over it at the age of 17

 

I think internship experience in PWM would help you getting your first IBD internship. Realistically though, I doubt you'll get MM IBD experience after your freshman year, and BB IBD experience sophomore year, target or not.

 

If you can get it, I would do it just for one month or two. You can travel/do whatever afterwards, but I would recommend doing it (while enjoying yourself during the internship, it won't be more than 40 hours/week anyways)

 

Other than a PWM internship, are there any other non-diversity summer programs that Freshmen have a chance at which are organized by BBs? (Meaning other than through networking with boutique IB and PE/VC firms, are there structured summer Freshmen programs?)

 

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