GPA FOR PWM

Hi Im currently a freshmen at rutgers university. I just finished my first semester with a 2.9 gpa. Is it still possible to get a PWM internship in the summer? They do only look at your first semester gpa right ? thanks

 

Had a PWM High Net Worth Individuals internship at a BB my sophomore year. They didnt give 2 shits what my GPA was granted I got the position through networking.

To be totally honest though 70% of what most interns did was cold call from a list. I was lucky enough to work for the VP who I networked with so my work didnt involve any of that and was actually interesting. I guess my point is go and network because A. they wont care about your GPA and B. you wont get stuck calling old uncle Bob for his life savings and setting up meetings for him and your VP.

"The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts." - Bertrand Russell
 
FINANCE975:
actually to be more specific my gpa was a 2.8875...so do you think I should put a 3.0 on my resume

yes just round it 3.0/4.0, no one will give a crap even if were 2.1/4.0 as pwm is about relationships and doesn't involve technical work/long hours. There is also a big vacancy in the profession, not enough wealth managers out there as needed which makes it easier to break into (even at high levels) vs investment banking which is bloated and where layoffs are common.

 

Lying/Rounding your GPA will only hurt you because they honestly dont care what your GPA is as long as your not failing your classes. A 2.9 is completely fine for PWM and I would just focus on the interview.

"The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts." - Bertrand Russell
 

Questions for PWM were mostly behavioral/fit stuff.

Questions like "Tell me how you've dealt with X situation" or "Give me an example where you dealt with a conflict at work". The most "technical" one that I got was "Give me your take on the current status of finance in Greece and how you see it progressing over the next 5 years." basically nothing you couldnt answer if you read the WSJ regularly.

"The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts." - Bertrand Russell
 
FINANCE975:
for those who got a PWM internships with a gpa below a 3.0 did you put your gpa on your resume?

You need to put your GPA on your resume or you will draw attention to it.

Because when you're in a room full of smart people, smart suddenly doesn't matter—interesting is what matters.
 

Okay, here's what I've got from this forum/friends:

1) PWM isn't that much different from retail banking. You're essentially a financial advisor, yes, but most of your job is going to be sales. You'll have to keep up with the markets, but it's not going to be anywhere close to actually actively managing assets.

2) AM is going tobe very difficult with your stats.

You may want to look into getting an MSF (check out ANT's website: www.msfhq.com) or an MBA. I don't think you'll be able to get in a good MBA program without some much better experience than 3 years of retail banking. I could very well be wrong.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

If you go for the MBA, I would be pretty worried about that UG GPA being an obstacle for any decent b-school...

I know I read somewhere that the longer you are out of undergrad, the less weight they put on your GPA, given all other qualifications are impressive (solid work exp., high GMAT, etc). How do you spin a sub 2.5 GPA from a non-target and 3 years in retail banking? I think you better have a hell of a story, something more enticing than "I didn't know what I wanted to do with my life so I decided to not give a f*ck in college".

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 

I'd probably shoot for an MBA. A 2.5 GPA can be offset by a 720+ GMAT if you are okay with attending a school ranked in the 30s/40s - which will mean IBanking will be almost impossible but a solid career in finance (corporate most likely) is definitely within reach.

Are you okay with working for a Fortune 500 doing project finance or P&L roll up?

 

Thanks a million for the replies so far guys, they are all quite insightful. I still have a few questions tho...

@ D M - Being that AM is looking like a longshot with my current stats, would it still be near impossible to break in after obtaining an MBA or MsF? Or would it be wiser to get some experience by getting a financial advisor position, the series 7/65 licenses, and after a few years (5-6yrs) of experience doing that, making the transition to AM from there?

As for PWM, would an MBA from a top 10 b-school be absolutely essential to break into that field as well? or would i be able to do that thru the FA route? I've read in some other forums that working as an FA and getting the CFP designation can help in breaking into PWM, how much truth is there to that realistically? Thanks so much for the advice and info! please keep it coming

@ Flake - my UG GPA is very much a concern, not just for MBA application purposes but for even landing a job or even an internship in an AM or PWM division. Since you mentioned that being out of UG longer dims the spotlight on one's UG GPA (assuming solid work exp. high GMAT, etc..) what route would you suggest taking? I know that Im pretty much screwed landing something in a BB to garner some work exp. because of their extremely rigid recruiting traditions, but what about a boutique or mid-market? I'm really looking for just a crack t get my foot in the door, i'm willing to bust my ass to move up but I reall just need an entry point and I feel like my GPA is pretty much shutting all the doors and sealing them with concrete for me :-/...i really appreciate your honesty btw

@ NorthEast - I really hope that I can get into decent (even if albeit not top 10) MBA program with a 720+ GMAT...I know how competitive the IB world is, hell even reading this site sometimes with people stressing and worrying about if they will get an offer with their UG 3.6 GPAs, and Morgan Stanley internships make me feel like roach sh*t smh...I'm not going to disillusion myself by thinking I have more than a 3% chance of landing in a BB coming from a 30s/40s ranked MBA...but what are my chances realistically of landing a boutique position or mid-market from a 30s/40s school?

As for the corporate finance career path, i would have no problem with that but how much differnt would it be from IB?

 
Best Response

Shit man decide what you want to do and start acting now. No point in sitting around and feeling sorry for yourself, you're just wasting time.

If you decide to go the MBA route, just get your ass up right now and start prepping for the GMAT. I'm guessing here, but I think that 2nd round application deadlines for most schools end around December (for Fall 2012). This gives you a good amount of time to get everything in order. Get the GMAT out of the way first in the next 2 months (shoot for something very high, 720-740+), spend the rest of the time on coming up with a story for your essays and figuring out who you can go to for recommendations (professors for you if you graduated within 6 months, I think that's the standard). I think a decent b-school would be achievable if you really focus. A good MBA program should shift attention away from your undergrad once you start looking for MBA summer internships and eventually FT roles.

I'm not MBA expert or anything, but that's something I would do I guess. Maybe even seek help from one of these MBA adviser people that help you with the entire process.

EDIT To answer that last question, do a search on WSO. You should be able to find plenty of posts that point out the differences between corporate finance roles (at F500, etc) and investment banking.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 

Time out, I'm not in industry and Flake probably knows better than me, but I wouldn't go for the MBA right now if I were you. Here's how I see this:

Option 1 (MBA): First, if you're going to get an MBA it has to be from either a top school that sends people into AM regularly (that is top 20ish, and I'm guessing here, but usually top 20 have the best job opportunities) OR a regionally strong firm. And by strong I mean the best in the region that you KNOW has sent people into AM. If you're not going to a top school or are even going to one ranked 10-20, you damn well better be at the top of your class and get a damn good internship. Your life should be school and networking. Keep in mind I'm an undergrad, and anybody please feel free to correct me if you think I'm wrong. To get into a top program, you're going to have to have some sort of experience that sets you apart. That means you need to get some good work experience and KILL the GMAT (as an above poster said). If you're going to a strong regional program that may be a little further down the rankings, you may be fine with your work experience, but once again KILL the GMAT.

Option 2 (MSF): I'm not sure about what this entails. Check out that site I mentioned before (MSFHQ.com). There are forums and the guy who runs the site is active as shit on them. You ask a question and it will be answered pretty damn quick. He knows his shit, so he can give you the best idea of what's up.

Option 3 (Financial Advisor): If PWM is something you think you'd want to really pursue, being an FA could give you some solid experience. Hell, even if you only got a couple of years into it and decided it wasn't for you, that would help your MBA applications.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

I was just using the mba path as an example. The point was that he should stop putting himself down and start working his ass off. Leave the abuse to us.

I also get the feeling he just wants any job in finance that doesn't suck. He wants pwm and am, but he seems receptive of other ideas.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 

10-4 on the advice guys...thinking my best option immediately is to hit the books like it's my job and SLAUGHTER the GMAT...dont think I'll have much control over anything else until then...Thanks a lot fellas.

 

I personally wouldn't go the MBA route unless A) I had good enough grades/work experience to goto a top 15 or B) My company was paying a substantial amount for it.

I think you'd be far better off hitting the pavement & networking. You don't need good grades or an MBA to get into PWM. In fact, some of the best people in PWM I know weren't Ivy League studs, but more like typical public school average joes who had lots of drive & personality.

Why waste time sitting behind books to get an MBA from a school that may not even get you into a job?

 

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Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

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