so i am trying to get myself in position for an investment banking internship after my junior year. from what i've seen, it doesnt look like i will be able to get into rising junior programs at places like jp morgan and citi, so i am trying to figure out what to do instead. im very interested in working in london or nyc, but i live in chicago and should have plenty of opportunities here. i was wondering if anybody had suggestions as to what kind of jobs i should look for...it seems like now is the time to start thinking about it and some other people might be wondering the same thing. basically i am looking for a not-quite-elite kind of internship that will take kids with high quality but not stellar resumes and who can interview and write well. i realize im not cream of the crop bc vanderbilt is not quite a top target school and i havent done anything remarkable like curing cancer, but i want to make sure im in good position to get an internship with a big i-bank after my junior year.
resume info (white male)
- majoring in econ, minors in corporate strategy and world politics
- 3.7 GPA
- ECs: starter for club lacrosse, fraternity, work with the administration to recruit prospective students
- worked at chicago board of trade in eurodollar options pit this summer
I will be a rising sophomore
I will be a rising sophomore and I am going to look for a private wealth management internship in the summer of 09 to prepare myself in hopefully earning an Investment banking internship.
Actually I think you have really good EC's
also, you could try looking
also, you could try looking at a corporate finance internship. right now (the summer between my soph and jr year) im working at GE commercial finance. its basically a less intense version of wall street investment banking.
PWM is a standard soph
PWM is a standard soph internship. everyone from a remotely decent school has one of these, especially at merrill lynch gpc (yawn). JPM PB, GSAM, or GS PWM is a whole league above ML GPC or Smith Barney or JPM PCS. look into corpfin or ER for ur sophomre internship. anything with significant valuation experience will impress IB recruiters.
Paid internship
Do you still get compensation or a housing stipend if you take a PWM internship? What about at a regional location of a BB?
Compensation in PWM
Two data points:
1) Friend of mine @ MS GWM - housing stipend and comp. - a more structured program
2) Myself @ another BB PB - no housing, yes comp
IMHO, the only reason to work for free is to get experience that you believe is very valuable. If that's not happening, and I'd imagine it's unusual in PWM, there's no reason to work for free. In my case, I wanted to get a BB name on my resume and my particular position isn't the typical PWM internship, but that's another story.
jpm pb pays 12k a summer.
jpm pb pays 12k a summer. legit. rising seniors only though.
so are we saying search for
so are we saying search for corporate finance > PWM?
Just to clarify: Would the
Just to clarify:
Would the Rising Sophomore/Junior PWM/AM programs be compensated or are we only referring ot the rising senior roles?
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delete
i think a PWN internship is
i think a PWN internship is complete bullshit; theres not exactly a whole lot you will get involved with. also, some of the PWN branches will take on 50+ PWN sophomores for the summer just to work on tedious projects the full timers dont want to do themselves
corporate finance at a firm is much more valuable.. at least there is some finance/accounting exposure.
opportunities at hedgefunds and small PE shops are also available sometimes in addition to BB sophmore rotationals.
what exactly does one do in
what exactly does one do in PWM anyway?
best corporate finance
best corporate finance programs?
kingbling89 wrote: i think
i think a PWN internship is complete bullshit; theres not exactly a whole lot you will get involved with. also, some of the PWN branches will take on 50+ PWN sophomores for the summer just to work on tedious projects the full timers dont want to do themselves
corporate finance at a firm is much more valuable.. at least there is some finance/accounting exposure.
opportunities at hedgefunds and small PE shops are also available sometimes in addition to BB sophmore rotationals.
i love how kingbling misspelled PWM three times in one paragraph. "PWN"? someone plays a little too much world of warcraft. and as for doing "tedious projects the full timers dont want to do themselves" -- get used to it. from my understanding an IB summer analyst position is 10x worse, and analysts themselves are just doing "tedious projects" that the VPs dont want to do.
agreed, the work as a PWM intern is pretty crappy, but what do you expect from a (usually) unpaid internship? however, you will get pretty familiar and quick with excel, especially if you work on learning shortcut keys like i did. and you can potentially learn a lot about the markets, which isnt directly transferable to IB but it is good for one's own knowledge.
still, as a sophomore a PWM job at a BB firm is very useful in a lot of ways. having the BB name on your resume is sure to give you an edge getting an IB interview as a junior, unless im mistaken. and if you make friends and get to know everyone in the office, you can establish very valuable contacts. Personally, the wonderful people at my Private Banking gig last spring all together introduced me to 8-10 people in IB, and i still keep in touch with everyone.
my PWM internship was very valuable and i highly recommend it to any sophomore, especially during the school year if your school offers a field studies program to get credit for it. but you have to be proactice and know how to network if you want to get the most out of your experience. also working at one of the top banks like GS or JPM helps a lot, my friends at Merrill did not have as positive an experience as the people at GS/JPM.
yeah i totally misspelled
yeah i totally misspelled that shit
though pwm is definitely pretty bullshit
its better than doing nothing but there are better things to do
Emailing sub 500MM hedge
Emailing sub 500MM hedge funds is an option. In this market, anything to differentiate yourself from the usual BB PWM internship can't be a bad thing. Take it with a grain of salt, but I'm currently a rising junior and was able to get an internship with a very small 200MM L/S equities fund and I am learning more than I could have ever imagined.