I happen to have a choice between PWM...(think GS/ML/UBS) and a consulting (LEK/Accenture) internship which would be better for an IB internship in my junior year?
thanks
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I would go the consulting route. PWM hasn't seemed to impress potential employers that I've interviewed with.
LEK yes, Accenture no.
i'm sorry.. what's PWM and what's LEK
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pwm= private wealth management, LEK is a firm
Definitely consulting - both LEK and Accenture, at least in my opinion, though it's contrary to what consultant is saying. There are plenty of projects you can work for that will be very valuable for ib. If you end up doing price consulting at Accenture, for example, should be great and relevant.
Anybody can get a pwm internship, even freshmen. Hell, freshman in hs could probably pull those. Plus they're not relevant whatsoever - no real financial modeling, no real analysis, no anything intellectual.
Are you sure about that? I'm sure anyone in PWM, like myself, would disagree with you. I do actually quite a lot of financial modeling, risk analysis, metrics, and contrary to your opinion, it is intellectually challenging and stimulating. Personal preference, I guess, but I came from a derivs background in a top tier bank, and lateraled within the firm to do this. And i'm not in a primarily sales/client interface role either. But I do find it more rewarding to work with real individuals.
Big difference between people who are IN pwm and people who will be doing a pwn INTERNSHIP. My own experience as well as basically all others I know who interned in pwm ended up doing some type of basic basic research - essentially a useless experience that was used solely for the purpose of putting a bb name on the resume. Sure if you consider basic financial modeling financial modeling then yes it was there, but it's not nearly the same - that is not to say that yours is, but in general, pwm INTERNSHIPs are useless.
I don't mean any disrespect to people in pwm btw. I know plenty of people doing it. But for a stepping stone to ib, in my personal opinion, pwm internships aren't very special. But if you WANT to do pwm, that's clearly a different story.
Accenture - that is the best stepping stone, and PWM at Goldmans isn't THAT bad.
I have to agree with ratul. Think the hours, think not having to deal with neurotic associates and even more neurotic clients and think being one step closer to the real money.
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kb81 i am doing pwm, sales. i feel consult internship should be better. i feel that they'll ask you in pwm to analyze client portfolios or work on some product. you will be tracking the markets on a daily basis, you'll also get to learn a lot about structured products (their pricing, adv, disadv etc) But in consulting you'll probably be looking at a corporate's business.and that's pretty close to what you do in ib.
i have a random question... is asset management a lot different from pwm? i know pwm is for High net worth individuals..but what else?
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