I'm currently a junior going through the interview process for banking. What would be considered better: A PWM internship with Goldman Sachs NY office or doing IB with a middle market firm outside NY (Chicago, Philly, exc.)? For the record, Goldman is the only PWM internship I'm interviewing for, all my other interviews are IB, and regardless of where I land I'm planning to work my tail off so that this summer internship leads to a full-time offer.
Nov 19, 2014
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From 10 rejections to 1 dream investment banking internship
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What do you want to do FT? If IB take IB if PWM take PWM
I hate to be a dick but how the fuck can you ask us (strangers on the internet) to tell you what is 'better' if you don't even give us your criteria. What do you want to do later in life? How much do you care about pay, prestige, work-life balance? What do you find more interesting? At which firm/group did you feel a better click?
It sounds like you want to go into IB FT, as you are only interviewing for one PWM position. If that's the case, take the MM IB internship all day long. IB at a half way decent place will more easily lead to IB at a more prestigious venue than would PWM or Risk, even at a traditionally prestigious place (GS).
goldman pwm functions more like a PB, and you get IB type pay with similar career progression but less hours (@"rogersterling59" please confirm this).
if you aren't sure you want to do IB, PWM does sound appealing, and because of the name brand and the role (people realize that PB is more substantive work than a PWM internship), you could spin this to something else.
bottom line, if you want IB long term you should probably do that, but don't write off GS PWM, it's a different beast than being a phone jockey at edward jones.
I am not sure how it works once you get to the VP+ levels, but my understanding is the movements from analyst to associate to VP are similar to what you would see in the IB. Much more structured career trajectory than a wire house.
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