Merill Lynch
Just accepted Merill Lynch. I can choose between Asset management and private wealth. Which do you guys suggest? Are both of these divisions frontoffice/midoffice/backoffice/etc? Thanks!
Just accepted Merill Lynch. I can choose between Asset management and private wealth. Which do you guys suggest? Are both of these divisions frontoffice/midoffice/backoffice/etc? Thanks!
+269 | My chaotic IB journey | 27 | 17h | |
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Career Resources
Wow Merrill really does show its true colors when it comes to the type of kids they recruit. You truly are an idiot dude and there are far more other candidates that deserve this internship over you. How could you not know the difference between FO/MO/BO???????. Without further description I can not help you out but I would probably say go with Asset Management. Either way dude I strongly suggest you read up on the job description and do as much research as possible before going into your internship or you'll get eaten alive. Please do some research and sorry for being harsh but someones gotta lay the smack down on you. If you want any sort of chance of recieving a FT offer pay attention because I doubt you were when the interviewer was describing the role to you.
.......Merrill is sinking boat and it shows by the caliber of students they're recruiting. By the way you spelled Merill wrong its "Merrill"
-Dipset
I'm not sure how you accepted an offer without knowing what type of job they were offering...
Would you rather work with wealthy individuals or institutions? Would you rather be your on boss, or work on a team?
If individuals/be your own boss, then PWM If institutions/team, then AM
i wonder if his cover letter said merill lynch
LOL. you guys are pretty harsh on him.
But, but, but he is a target student, clearly he is so much superior in knowledge than those stinky, poor, and dumb non-targets...
It really depends on what you want to do. I don't know much about BoA/Merrill and its investment management division...so take it with a grain of salt:
if you want to go down the financial advisor career path, go with the private wealth division. i know a few people who did their PWM summers...and they all said that there was a lot of bitch work...which is sort of expected...as PWM is all about client interaction and as an intern or an entry analyst, you won't be facing your clients much anyway...
if you want something that's more analytical and less client centric, go with the asset management side.
Go with asset management. Higher quality work... and real work.
Merrill AM/PWM has a terrible hiring reputation IMO. All of my dumbass friends with hookups that they didn't have to work for went AM/PWM (disclosure: I am in BB IBD, so im not bitter about not getting a job).
To posters talking about Merrill being a sinking boat...do you think it is true for IBD as well?
Do you think getting an offer from Merrill is 'worth' less than an offer from non-distressed firm like JPM, or does it all come down to group quality/reputation (TMT, M&A, etc)?
To those who will bitch about being grateful for just having a job, I get it. I am still curious however, there's no reason to not shoot for the best, right :)
although i am reluctant to be overly harsh here, i am in full agreement with dipset. how can you possibly have landed a job with merrill without knowing the difference between AM and PWM, and without knowing the details of each of those roles? from your user name, i take it you are from tepper. i have had many interactions with both UG and MBAs from that school and have been impressed, so i am surprised by your total lack of knowledge.
are you a sophmore or something? a freshman? if so, i suppose i could forgive you.
AM will invest institutional (corporate) money and you will be put on a team. they invest bigtime, serious amounts of money into every asset class known to man.
PWM invests the money of high net worth clients (individuals) and therefore the group needs to not only deliver solid returns, but manage personal relationships with very rich individuals.
If you just don't know, I'd recommend Asset Management. IMO it could open more doors for the future on the buy side - hedge funds, mutual funds, etc are possible long term exit opportunities.
PWM opens doors to living in areas outside of NYC, since firms tend to open regional offices which are in close proximity to their clients.
Whatever you do, PLEASE study in preparation for this summer. Realize how lucky you are, and DON'T FUCK IT UP. this is a once-in-a-lifetime opportuinty.
Dipset, you were harsh on him, but you've got to learn that at the end of the day what matters in life is the final result: and he has got an offer!!! That's all!!!
You are not in a position to teach him anything because you are a kid itself... so just read and learn from this forum!
Also, if you one day get into IB, you will learn that not always the ones that deserve something, get it!!! Sometimes your efforts and knowledge alone won't get you anywhere!!!
well said
Lui,
How am i a kid? you are a child with a baby dick. Its better he get some perspective here rather then learning on the job. You my friend have no idea.....and if you are in banking you don't deserve to be especially when your offering shitty advice such as your post above.
Dipset, have you noticed that you have the terrible habit of saying people do not deserve things??
Instead of saying that someone does not deserve something, focus your energy and attention on you and figure out why you are not in banking yet if you feel you DESERVE it too much!
While I may agree with you on some points in regard to Dip, kinda also have to defend him and say that he offers a lot to the forum. Just so you know, I believe he does have an internship for an IB and also errrr the reason why he isn't in ibanking is maybe... well I dunno, he's in college???
Well, Merrill IS known for hiring less qualified people among the banks on the street. In any case, I'd go with asset management at any bank, but do keep in mind ML has one of the highest reps for PWM.
Are they really known for this? They were a top BB back before the crisis so I would imagine they got who they wanted as far as recruits go. Anyway, people seem to really bash Merrill and Citi but has there really been such a large flight of talent from these firms?
Has there been a large exodus of talent from BofA-ML? Yes, definitely.
Also, Woody Young, one of the top communications bankers on the Street, just left the bank this week.
It seems like every other day there is another news item of a top ML banker leaving the firm due to the culture clash with BofA, and I expect more will leave once hiring picks up.
Citi has surprisingly kept the majority of it's top talent. Citi is just struggling with a shitty balance sheet, which isn't insignificant by any means, but it's not all that similar to the ML situation.
Also, to the OP, I'm usually not one to bash people, but jesus, how do you not even know the difference between FO/MO/BO? Hell, how do you not know how to spell the name of the bank?
Since no one posted the answer for his question, here it is.
FO = P/L responsibility and client interaction MO = step up from BO, some client contact (basically just glorified BO. BO = reconciling breaks and doing other administrative functions
Thanks, I'm pretty new to this because I used to be pre-med before I switched majors. So is it also true some firms don't have a midoffice and only front office vs. back office?
I did some research and it seems like I wouuld probably be better off at asset management as it would allow me to utilize my analytical and quant skills more.
I think he is in college yet... but really, this is not a problem at all, unless he can offer constructive advice.
I just don't agree with him coming here and trying to sound the most senior/ experienced and judging someonelse's achievements - Tepper87 has got an offer and that's all!
http://dealbook.blogs.nytimes.com/2009/03/26/bank-of-america-loses-yet-…
UBS seems to see the same exodus, but they're hiring rain makers in the midst of things.
Can't say much about Citi though... Any insights on C?
Can't wait to intern (ibd) this summer with all this optimism surrounding the company! :)
As summer analysts, we don't have to worry as much as the analysts about the pessimism/troubles the firm is going through.
On the other hand, if you're hoping to stay with the firm after the summer... then maybe we got something to worry about. lol
some analysts have definitely told me leggo that some groups are hiring more than others due to dealflow. (maybe 20% vs 80% offer rate) which is a huge deal
Offer rate in terms of placing SA's onto teams?
or
Offer rate in terms of giving SA's fulltime offers?
If the former, most groups are looking to hire mostly the same number of SAs (at least at C).
If the latter, I think you failed to read the 2nd sentence I wrote.
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