How to enter Equity Research or Asset Management as an incoming Private Banking intern

To transition from a Private Banking (PB) internship to Equity Research (ER) or Asset Management (AM), here’s a strategic roadmap based on the most helpful WSO content:

1. Leverage Your PB Internship Experience:

   • Highlight transferable skills from PB, such as client relationship management, financial analysis, and exposure to investment products. These are valuable in both ER and AM.
   • If possible, seek opportunities during your PB internship to work on investment-related tasks, such as portfolio analysis or market research, which align more closely with ER/AM roles.

2. Network Aggressively:

   • Use your time at the BB to network internally with professionals in ER and AM teams. Attend firm events, reach out for coffee chats, and express your interest in transitioning to these areas.
   • Leverage LinkedIn and alumni networks to connect with individuals in ER/AM roles, especially those who have made similar transitions.

3. Secure a Relevant 2025 Internship:

   • Since you mentioned a likely offer in investment risk, aim to position this experience as a stepping stone. Focus on developing analytical and quantitative skills that are highly valued in ER/AM.
   • Simultaneously, apply for ER/AM internships for 2025. Tailor your applications to emphasize your passion for investing, technical skills, and any relevant coursework or certifications (e.g., CFA Level 1).

4. Build a Strong Technical Foundation:

   • Start building financial models and conducting equity research on your own. Platforms like WSO’s Financial Modeling Resources and Equity Research Prep can be invaluable.
   • Consider certifications like CFA Level 1 or relevant online courses to demonstrate your commitment to the field.

5. Position Yourself for 2026:

   • If you convert your PB internship, use it as a stepping stone to apply for ER/AM roles in 2026. Highlight your achievements and transferable skills during interviews.
   • If you don’t secure an ER/AM internship in 2025, focus on networking and self-study to strengthen your profile for 2026 applications.

6. Exploding Offer Strategy:

   • While it’s possible to use a PB offer as leverage, it’s more effective to focus on building a compelling case for why you’re a strong fit for ER/AM. Highlight your passion, relevant skills, and any investment-related experience.

7. Long-Term Transition:

   • If you start your career in PB, transitioning to ER/AM later is feasible but may require additional effort. Focus on gaining investment-related exposure, networking, and potentially pursuing an MBA or CFA to pivot into your dream role.

By following these steps and staying persistent, you can position yourself for a successful transition into ER or AM. Good luck!

Sources: Breaking into long only Asset Management, Moving from Asset Management into IB / PE, Incoming SA in a BB FIG group (MS/GS/JPM), but long-term goals are PE. How should I approach the summer?, Q&A: 1st year VC analyst (~750M AUM), The right time to lateral?