Freshmen internship: BB PWM vs. Boutique Equity Research
Hi, I'm currently a freshmen at a target university and have received offers for BB PWM and an equity research internship at a Boutique (via networking and connections) for my freshmen summer. Which internship would you say is the better one to pursue for freshmen summer at a target university?
After reading several posts in WSO, I see that PWM is viewed as commonplace and nothing special (typically BS work), but regardless, still shows interest in finance and is a very good summer internship for a rising sophomore.
For the boutique equity research firm, I am confident I will gain more deeper, relevant experience (focusing mostly on fixed income and equities), yet the one major downside is that it is going to be an unknown name, that other people will most likely not recognize.
Which internship would you suggest taking for a freshmen summer internship?
*P.S. They are both unpaid internships and located at major cities; looking towards S&T in the long run.
In my humble opinion, go with the ER gig. I think that if you want S&T, having the Equity Research gig will help you more than the BB PWM gig. How well known is the Boutique and the ER franchise? When you say that you are discussing this occurring in a major city, does the Boutique have a big presence on a regional level? That may definitely work if you have people familiar with the area where the firm is located. While I think that the BB PWM gig will definitely have the big name appeal, you will stand out with the more unique internship opportunity.
That said, at the end of the day, it's your call and that's just my opinion.
Definitely ER... no brainer in my mind. Everyone does PWM, and most people realize its just BS work. I did an internship in ER at a boutique though and it turned out to be a great experience, learned a ton. Boutiques can be hit or miss though in terms of how good an experience you get, so try to get an idea of what its like for the interns.
Thanks for your response Frieds.
And yes I was thinking along the same lines too - that although the BB PWM name stands out more, the equity research gig be a bit more unique (and substantial).
And no, the boutique is relatively unknown and I highly doubt anyone in NYC or the like would recognize it (this internship is actually in HK). I guess there is a small chance they may know it but I'm not counting on it, lets just say that it is a name most professionals wouldn't recognize.
How well is the firm known in the HK area and do you plan to stay there/try and get a job there after you graduate? If you plan to stay in the region, go with the local name over the big brand. Local professionals, from what it sounds like, should at least be aware of it.
@downtown22
Good to hear you had a great experience in your boutique ER internship! Yea I see what you mean with the boutique experience being hit or miss. Because it's a smaller firm, I get to receive mentorship under upper management people so hopefully I think it'll lean more towards the good side haha.
@Frieds
Nah, I plan to get a job (hopefully) in NYC after graduation. In this case would you still recommend ER over BB PWM?
Looking towards S&T long-run especially, I would hands down go with the Research gig. Research is more competitive than PWM and, as you touched on, PWM gigs are a dime-a-dozen, but if you can pick up some real experience from a boutique (which is often the case since boutiques needs manpower due to their smaller size) in Research, you will have a strong resume builder ahead of soph year.
Is the BB PWM shop located in a major international city as well? If not, I think the experience working for the equity research firm would be better on two accounts: (1) you could be assisting with/learning how to value a company, and (2) international experience will differentiate you and make you more interesting amongst the pile of resumes.
Either way I'd say those are pretty great options for a freshman year internship. Great job dude.
@NYorker
Thank you, and yes the BB PWM shop is located in Singapore, so both internships would be considered international. However you are right that I'll learn a lot more under ER.
My main question is what is worth more for a freshmen internship: brand name or quality of experience gained?
It seems that the general consensus is quality of experience > brand name (commonplace) internship?
I'd still do the ER gig. Honestly, I think it's better, but I was just curious.
We should sticky this topic, maybe some other Freshmen will take the hint on how to approach this kind of topic. OP, good work, and good luck with it.
Denver, much agreed. OP, SB for the quality of the post... may other people learn from it when it comes to asking questions.
Refreshing to see someone come on and discuss the actual merits of different offers with a serious perspective instead of babbling about hypothetical 'if and when' scenarios.
I'd agree with most of the above posters - take the ER gig. At this point in your life you really want to learn as much as you can and gain USEFUL experience. The name on your resume isn't going to make or break you at this point... I think your knowledge will be more important over the long run... particularly since you go to a target school anyways (and you'll have that name at the top of your resume.... plus more internships the next few summers, etc)
First-Year: EqResearch or PWM? (Originally Posted: 04/10/2011)
I'm a first-year at a target school, and I've got two unpaid opportunities--one for UBS PWM and the other is in equity research at a MM IB. I feel like the latter would be better for the future in terms of skillset, but it's 7-7 every day, and while I don't mind long hours, it kind of sucks as an unpaid shrub.. Is the benefit going to be enough to be worth it?
Also, I'm interviewing for a paid job on Monday, but it's in back-office work (think compliance, clearance, asset servicing) at a big financial services company; I doubt I'll land it but if I do, would that pigeonhole me down the line?
Thanks guys. Just kind of unsure about what step to take, any advice would be useful.
I would definately take ER... sounds like a great opportunity for a freshman.
You will learn far more at the ER position. You're a freshman so unless you're strapped for cash I wouldn't take the back office job. Look at this as an opportunity to learn and gain experience for future SA positions and eventually a full time gig. An ER internship after your freshman year will look much more impressive than anything back office for future employers. If you can handle 12 hour days as an unpaid intern now then you have just answered every interviewer's question as to whether or not you have the work ethic for banking.
Second ER. If they have you working 7-7, it sounds like they'll be giving you some real responsibilities thus experience. If you need the money do the ops plus you can use it to move up through the company and apply for a better summer internship with them next year. PWM is pretty generic so pass on it if you can.
People have summarized it nicely so far. There's no reason to pass up the ER coming out of Columbia as a freshman. You're already in the city, this will absolutely stack your resume, and you'll have some incredible networking opportunities for how early in the game you are.
UBS PWM is perhaps the most generic of generic resume entries for frosh/sophs. Doing something different will differentiate you a bit, even if it were back office. If you absolutely need the money (which doesn't seem to be the case), go for it, but everything else you mention indicates that ER is a far better option at this point.
ER. It will be more than just a resume booster but the hours do suck...
ER, no question.
For a freshman gig, having to work 12 hours a day unpaid has to be kind of torture.
Help! Equity Research Internship vs. PWM Analyst (Originally Posted: 05/10/2013)
I have two offers right now. 1) A summer ER Internship at an Elite Boutique. 2) PWM Analyst at BB. FYI I have already graduated.
ER Internship: a. Better skill set. b. ER is the industry I want to get into. c. Could be a could stepping stone to FT gig. d. Greater risk, but much greater long term reward.
PWM: a. Pay is better right now. b. Stability i.e. It is not a 3 month position. c. Work/Life is better.
Any thoughts would be greatly appreciated.
ER Internship. It's what you want, and you're learn a lot more. Also, as long as you do well you should be able to convert it into FT. Take the position you want.
ER
If it was an internship, it would be a no-brainer even if you didn't want to do ER when graduating. Since you want to do ER, it's still a no-brainer. If you choose PWM, you're probably going to walk around thinking "what if I had chosen the ER gig..." which sucks.
Only go with PWM if you change your mind and decide that's what you want to do.
What's the liklihood the ER internship turns into FT?
High if you don't fk up because its at an elite boutique
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