How to break into IB with wealth management internship?
Hello…I am a current Senior majoring in finance at a non-target school (but well respected in my city) with a 3.2 GPA (not ideal I know). I landed an internship my junior year with a PWM group under the Morgan Stanley umbrella. It was pretty cool to gain some experience there but I really was interested in the different PE firms that would pitch their funds to our advisors. I understand the only real way to break into PE is through IB. Would I be able to land an IB gig at a boutique bank with my background? Or is that pretty far fetched?
Ah, the classic tale of transitioning from wealth management to the high-octane world of investment banking! Based on the most helpful WSO content, here's a breakdown for you:
Non-Target School Hurdle: Being from a non-target school might not put you in the direct line of sight of big investment banks, but don't let that discourage you. It's about playing your cards right.
GPA Concern: A 3.2 GPA isn't the top of the class, but it's not a deal-breaker either. It's more about how you frame your experiences and skills.
PWM Internship Advantage: Your internship under the Morgan Stanley umbrella is a shiny badge on your lapel. It shows you've got some financial services experience, which is valuable.
Interest in PE: Your interest in private equity firms that pitched to your advisors is a great conversation starter and shows you have a genuine interest in the field.
Breaking into IB: Landing an IB gig at a boutique bank is definitely within the realm of possibility. Boutiques can be more flexible with their hiring criteria compared to bulge bracket banks.
Networking: This is your golden ticket. Use your connections from your PWM internship, reach out to alumni, attend industry events, and don't shy away from cold emailing.
Skill Set: Highlight any transferable skills from your wealth management internship, such as client interaction, financial analysis, and understanding of investment products.
Tailor Your Story: Craft your narrative to show a clear, logical interest in IB. Explain how your experiences have prepared you for the analytical and fast-paced world of investment banking.
Prepare for Interviews: Brush up on technical skills, market knowledge, and be ready to talk through your resume with a fine-tooth comb.
Consider an MBA: If you hit a wall, an MBA from a target school could be a catapult into the IB arena, especially if you leverage it for networking and internships.
Remember, it's not far-fetched; it's about strategy and persistence. Keep swinging for the fences, and you might just hit that home run!
Sources: https://www.wallstreetoasis.com/forum/investment-banking/do-i-stand-a-chance-in-investment-banking?customgpt=1, Lateraling Guide for Investment Banking, Breaking Into Banking: Your Timetable is Everything, Investment Banking Analyst: A True Day in the Life, If I don't get a banking offer, what's the next best thing?
I hate to say it, but it’s a major uphill battle - especially in this environment. As someone who started out of college in PWM, it offers zero transferable skills for IB.
Unless you have a major connection, you won’t even land an interview. Assuming you do land an interview, you will be competing with the thousands of people who had IB internships and didn’t get return offers. You would need to absolutely nail them on top of having major internal help.
If this is a real long term goal for you, I would suggest doing what I did and consider a T-15 MBA. Start in PWM and plan on being there for 2-4 years. Study your ass off for the GMAT and don’t stop taking it until you hit 720+. Get involved in some sort of non-profit. Maybe start a business on the side. Basically, do everything you can to bolster that application, because a 3.2 GPA + PWM won’t cut it alone. This is coming from someone who had the exact same profile. Good luck to you and happy to answer further questions
Hey thanks a lot really appreciate the advice
I did it - I went from WM to IBD… what I did was land a spot at a no name boutique and then lateral
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