I think I may soon have an internship at a local office of Merrill Lynch. I will be a sophomore in the fall and I was just wondering if this would be at least a decent experience that I could perhaps leverage into PWM, or IBD intern position my sophomore summer at a smaller firm.
worth it or no?
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Yes
what work would you be doing at ML?
its after his freshman year, even if he's just gonna be cold calling i'd say its worth it
Well the guy I spoke with was honest and told me I wouldn't be doing a whole lot of hands-on stuff, that there would be a lot of envelope stuffing and calling clients to set up appointments etc. I realize that I probably won't learn a whole lot but I will hopefully get at least some exposure and experience to finance, even if it is in such a small scale.
How would the botique and MM banking firms look at this internship if I were to apply for soph. summer from a non-target? Would it even receive so much as a cursory glance or perhaps an interview, or just a quick trip to the rejection pile?
People do PWM to network. Maybe you'll be lucky to do other stuff if the advisors are willing to teach you some stuff. But PWM is mainly about networking. If they like you, they will help you get in touch with the right people in IB.
I transferred a similar internship into a S&T internship @ citi
I did a PWM stint after my sophmore year and got an IB internship after my junior. You may not be doing a lot of analysis, but it shows that you have interest in the finance field and you can probably pick up some industry lingo and a better familiarity with markets.
To make the most of it, you'll want to try to listen to any IPO or similar research calls that the brokers might have, try to find some analysis you could do to help out the brokers - comparing historical mutual fund returns or something - anything so that you have some analytical experience to talk about.
What do you mean by brokers at a PWM? I thought they were just advisors.
Thanks a lot for the advice guys, I was a bit reticent to even post my question after the cynical and downright rude attitudes of a lot of posters; good to see that that isn't the only kind of people on here.
One more thing, any advice on how to spin this position when readying for summer recruitment next year? Like, how did you describe your internship in your interview Skiloa? I'm wondering how you would spin your time there as to anything more than glorified coffee fetcher if you follow.
I'm in no way an expert at this (at least not yet ;) but the guy I spoke to said that they used to be called brokers back in the '80s and before but now they're known as "financial advisers"
Be honest. I had a local ML internship my junior year and turned it into a FT offer in IBD last year. Your interviewers will understand that you weren't an IB intern, but if you can express why you want to do IB it won't matter (much). Try to take some initiative and do something in the office above and beyond stuffing envelopes.
Be honest. I had a local ML internship my junior year and turned it into a FT offer in IBD last year. Your interviewers will understand that you weren't an IB intern, but if you can express why you want to do IB it won't matter (much). Try to take some initiative and do something in the office above and beyond stuffing envelopes.
There is no difference - its symantics. "Financial Advisor" sounds less like a used car salesman so they changed the name. In the end, they either work on commission or as a % of assets.
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