how did you find your private wealth management internship?
Just wondering, how did you guys find your wealth management interships?
I'm a rising sophomore and I was interested in working in PWM this summer, as an unpaid intern (I doubt anyone will offer pay to a freshmen).
I was specifically interested in either Merrill Lynch and UBS's internships as they seem to be the most common with wealth management internships for freshmen.
I know it's a bit early to ask but how did you guys find it? Cold calling? via connections? networking?
Any input on this topic would greatly appreciated! Thanks!
I interned at Merrill's PWM back in the day (before it merged w/ BofA), and I did it both through networking / cold calling. While we did have quite a few family friends in the business, I didn't want to work at the location where most of our contacts worked.
I cold called one of the main offices asking who was in charge of the internship program, and asked for his name. Then, once I had his name, I emailed him introducing myself and letting him know I was interested in the program (It turned out that he was actually a close friend of my brother-in-law's).
From there, it was all about the interviews and then receiving the offer. I would say, if you have any family friends or connections into one of the offices you'd like to work at, exploit that connection and see if someone is willing to help you. Generally, at least from my experience, it's better to be at a main office rather than a branch office, as the main office will have a more rigid program for you to follow. If you're just looking to get a name brand on your resume, then a branch office may be easier in terms of actual work load.
Hope that helps.
Look at MS too...I have had pretty good luck with them as far as making inroads through cold calls/emails etc.
It basically boils down to networking through your school/family connections and really showing a genuine interest in learning and finance. I did a MS PWM internship in NYC after my sophomore year and I credit that to really getting me interested in finance. If not for the experience, do it for a resume builder and networking.
Hmm alright so I guess it's mostly via networking / cold calling telling you're interested..
Just wondering is there a certain time period for the "recruiting" process for unpaid internships? Or are the unpaid internships given at any point (of course before June) where one just signs and its done?
Why would you want to do an unpaid internship when you can get paid? Getting an Internship at PWM is cake and it also sucks except for the free lunch from wholesalers. good luck!
What school do you go to? A lot schools have "field studies" or formal programs to facilitate unpaid internships for a semester.
I networked my ass off. I cold called hundreds of firms, spoke with everyone from analysts to a CFO. Finally, got an interview at ML, did well and got an offer.
I attend a non-target btw.
Check with family friends. Usually your parents will know at least one person who works either selling insurance, stocks, or, if your lucky, works at a bb firm.
I was lucky because I was able to get my best friend's dad to hire me for half a year. Vendor lunches were pretty sweet and I also got paid. Unfortunately, networking sucked because I was stuck a regional office and not SF, NYC, etc.
Your Dad's friend or your friend's Dad is likely the most common networking right out of college.
Dang that sucks because I don't have any family connections...
I'm assuming that for an unpaid PWM position at a BB would be a lot harder to land if its in a major city such as NYC, as compared to a regional office?
best way to find an unpaid PWM internship for this summer? Is it too late? (Originally Posted: 04/05/2011)
Will take anything regional where I live
What other internships should I look into?
Email and call places.
nah it's not late. i started looking 2 weeks ago and got one unpaid offer and one paid offer with Merrill lynch. look up local branches in your area and it'll take you to total merrill.com. there you can find the email address' for financial advisors. email the head of every branch and tell them you're looking for something to help gain you experience. also ask them to please point you in the right direction if they can't hire you themselves. if you don't get a response call the local branch number and ask the receptionist to speak to whoever you emailed. if they ask what its concerning say its concerning some documents you sent him (which is true, your resume and cl). if you tell the receptionist its for an internship theyll transfer you to a vm and no one will ever call you back. keep calling until you get to talk to someone! don't give up, you'll find one. good luck!
Not too late. A friend of mine just got an offer last week. Also, don't make the mistake of taking an offer just because it's at a BB. Wait for the paid offer, you'll find one.
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