Got an interview at a small firm but question :)
Hey guys!
So I'll make this real short. Basically at the end of my second year at a Canadian non-target school (University of British Columbia), I changed from major from Biology to Statistics/Economics double major. I took a couple of courses in both Econ & Stats and enjoyed them and wish to pursue them and hopefully land a job in Private Equity or IB.
My grades are good but not the best around a 3.3 ish. At UBC its very hard to get good grades but I really am trying my best.
Nonetheless, I have been cold emailing lots of small firms in my city and just got an interview a really small Wealth Management firm. I was wondering if this is a good first step internship for the summer? I plan on getting a PE internship for the fall and go from there. I know WM is not that big of a deal but interning at a small firm that does WM is better than working at Starbucks right?
I mean I am taking 2 summer courses also so I'll be pretty busy.
Really appreciate the help guys, LONG LIVE WSO!!
Thanks in advance :)
Yeah it is way better than starbucks if you want to go into IB or PE. Hope you can work out your summer courses with work. Good luck!
Thanks for the response syoon91. Much appreciated. I am also talking to an advisor for ML. Do you know if it really makes a difference if I get some experience interning for WM at ML or a small boutique firm?
Like how much of a difference does the "brand name" make? Thanks again :)
Well, I'm an undergard still but most of my friends who did the brand name PWM or GWM, took the typical WM (Freshmen Year) -> Boutique/MM IBD (2nd year) -> BB IBD SA (3rd Year) -> BB IBD FT (after graduation). I guess since I never went through wealth management track can't say.
But honestly WM internship anywhere from what I've heard was cold calling and client relationship stuff not too heavy on modeling, or skills necessary in IBD or PE. So, it really depends if you can spin off the internship experience story well.
And I think if you work at ML, you might have a chance to network with people in other divisions maybe? I'm not too sure since your in Canada, might be different from the US in that they don't have as many analysts for IBD there.
I don't want to speak for syoon91, but I will say that the brand name definitely matters. All else being equal, you're far better off with ML than the boutique. IMO, i would prioritize your options as follows:
1.) ML PWM 2.) Boutique PWM 3.) Starbucks
Thanks to you both! I will definitely try for the ML PWM then. If not the boutique and if not then... :( Thanks again for your help though guys, I really do appreciate it!
You are incorrect, UBC Vancouver is a major target school for the finance industry in Canada.
All the Big 5 investment banks will be recruiting for summer analysts come September (you need to be a 3rd year student to apply). However, you are not a Sauder student so you will likely have difficulty getting in as those are the target students.
My advice is to take the summer internship to demonstrate an interest in finance, and simultaneously talk to the career centre to get yourself into the recruiting sessions come September.
I can almost guarentee you won't get into a PE firm without investment banking experience. Do a summer analyst stint, accept an offer and then start looking at exit opps. Also be prepared to leave Vancovuer as the finance industry is small compared to Calgary and Toronto.
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There might be a chance that you will do actual work at the boutique so inquire about the job duties if you get the offer.
Any kind of finance experience is better than none. Build contacts at the WM firm. Next year will be critical though. Getting a junior year PE internship can lead to a FT offer, so while WM this year is a good start what you do next year will be the difference.
Thanks a lot everyone. Really like this website lots of good advice. I do go to UBC Vancouver and I was not aware that it was a target school. That makes me feel a lot better :)
I looked for PE, IB, WM anything finance related near my area but I only got 2 interviews (one small boutique and another ML) both of which are WM. I'll keep you guys updated for sure.
So during the year I'll also try to get an internship in finance (hopefully PE) I do have one friend who got a PE offer second year of school (she goes to UBC Vancouver too) but the firm is very small so maybe I do have a chance. Here's hoping!!
Thanks again guys!
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