Private Banking for Internship/First Job
Hey guys I wanted to hear your thoughts on the Private banking/PWM route (I'm assuming they are the same thing?). A few people I am close to were once big traders in BB firms and now they advocate Wealth Management for BB banks. Is this bad advice for someone so early in their career path (Looking for an internship this summer for my Junior Summer)? It seems like it would be much easier to land a wealth management internship, however, I would not want it to limit my opportunities in other career paths of finance. Also, could a solely wealth management career path become very profitable (as in 500k +) in 10 years? Thanks in advance for helping me out.
bump
I have met with some Private Banking (investor) and I am really interested in the work. It looks interesting and I like the relationships you can build with clients of the UHNW class. What i have read J.P. Morgan is around 70-90k your first 3 years not including bonus as an analyst and after that they offer you an associate position which is around 100-120k roughly not including bonus. So if you look at a 10 view you should be managing well over 500Mil and or in a VP position you would make way over 500k it is a very profitable and lucrative career if you do well.
Where to intern for private banking? (Originally Posted: 01/30/2015)
Hi guys, Long story short, I have a 10 week internship opportunity at a financial advisory branch of local/regional company mainly dealing with life insurance. It is primarily marketed as a wealth/risk management type of internship program, and upon further research, I find that WM may not particularly be my cup of tea, due to it being very sales oriented/intensive. I find that I may be more interested in the private banking sector, or even Asset Management as compared to WM. However, would this WM internship create leverage for me to break into private banking in the future?
In addition, I get the feeling that I will be experiencing more of the role of an insurance agent rather than a wealth manager. Insurance agents are typically negatively looked upon in my country, and I will not take up this internship if it is true. What kind of internships should I take up if I want to break into private banking? I am still in my sophomore year so it is unlikely that the major players will be hiring someone like me.
I would like some opinions on this, and I would appreciate any input.
if its an insurance co and you have other options, just say no
Cold email as many ML/MS/UBS branch managers as you can until you land a position. PWM would be better than an insurance internship.
Are there well established smaller institutions in your country which are known for their private banking?
Would an internship in the markets divisioin make sense where you have to structure portfolios? That skill could be transferable to private banking if the client wants a portfolio tailored to his degree of risk aversity (that's the impression I got in one of my courses at uni at least).
Thanks for the replies guys, guess I shouldn't hop onto the internship then. I'll try the cold emailing thing as well. Just a quick question, would a banking internship open more doors than another role in say, corpfin?
Landed a Private Bank SA Internship (Originally Posted: 03/27/2013)
I came into a non-target school as a Computer Science major because tech has always been my specialty and hobby. After three brutal, stress-filled months of the internship hunting process, I finally landed one of my top choices - a Summer Analyst with a top PB (JPM/GS/CS) in a regional office . I have enjoyed following the markets and analyzing companies since I was young and have worked in customer service since I was 15 years old, so this is truly the opportunity of a lifetime for me. Private Banking attracted me because of the better work/life balance, similar pay to IBD, and great MBA placement as well.
Before I found WSO, I didn't know anything at all about banking - let alone all of the many career paths available. I don't have any family or friends in the finance or banking industry, so I was clueless about the process. All I knew was what I had read in books and the media and seen in documentaries. WSO offered something that no other site did - useful insight from professionals. I have learned more relevant information and advice from browsing this website for a month than I have in multiple finance classes. There are so many valuable posts on this site that really help bridge the gap between academia and real life - thanks to all contributing members who make this happen daily. Not to mention that my resume kind of sucked until fellow monkeys gave me a thorough review just to be helpful.
Thanks again to everyone at WSO for the help - it made the process so much easier for me, and I look forward to giving back one day when I'm old and wise.
PS - the WSO networking guide is an extremely helpful resource that I would highly recommend to anyone. It perfectly summarizes and consolidates all the advice you could possibly need to land a job.
I have been accused of being paranoid before, but this strikes me as a very odd and convoluted ploy to promote the Wall Street Playboys website. Wall Street Playboys setting up an account here, then setting up this 'student' account a week later, asking himself for a resume review and getting an incredibly detailed resume review to make this post seem believable....very strange and suspicious. This Wall Street Playboy guy reminds me of that Asian dating coach, "Human"....maybe it's him? The website is ridiculous, by the way.
Anyway, I hope I'm wrong and if so, congrats.
congrats on the offer bro
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