IB to PB/ PWM
I was recently reading an article where an IB analyst transitions over to PB after a couple of years. I'm a rising junior at Goizueta with a 3.7 and I'm currently considering a career in IB and PB/PWM, but I am leaning more towards IB. Let's say I'm able to get a summer internship and/or a FT offer after graduation in IB, but I end up wanting to move to PB/PWM at some point. Would experience in IB add worth to me as a candidate and how difficult would getting a job in PB/PWM after either a summer internship or a couple of years as an IB analyst be?
I've heard a lot of people do the opposite of going from PB/PWM to IB, but I was curious about the other way around.
Also, on another note, I just finished an internship at a brokerage firm for the summer. With the school year approaching, I'm trying to gain an internship at a boutique IB firm mainly through cold calling. However, a friend is trying to set me up with a PWM internship at UBS during which could play out fairly soon. If my goal is an IB SA position, should I take the UBS internship or hold off and try to cold call my way into a boutique firm. Cold calling is not guaranteed though.
I know this is a lot, but any help is greatly appreciated.
The boutique will help you much more than the PWM internship for an SA role, mostly due to the nature of the work itself (I assume you'll be doing models at the boutique and cold calling at UBS). And you don't need prior finance experience to go into PWM; a guy during my PWM internship was an Army pilot for 30 years, and another joined the field after a two-year IB stint.
Most people that move to PB from some other area of finance move from S&T, but there are some people that have moved from IB. It is a completely different skill set, but it can be done.
You know it, Roger. I got into advertising because I sold you a fur coat and then you got hammered. Anything is possible.
So with that even if I decide to continue to go with IB for a while like up to the associate level as an example would it be harder to transition to PB/PWM than as an analyst? I mean I should know what IB is all about for the most part by that point, I'm just curious.
IBD to PWM internship experience (Originally Posted: 11/02/2011)
Hey WSO,
So I am a junior at a school that is in the middle of nowhere and the closest bank is a BAML PWM branch. I also had an SA internship this past summer at a MM ib firm.
However, everyone I know is telling me that anyone can get PWM and it wont help my resume whatsoever... I'm thinking its at least experience to develop some cold calling skills and maybe a way to network my way into BAML ibd, all while earn some minimum wage...
My question is, if I go work at the BAML PWM will I be hurting my resume? Would it be something I could leave off of my resume or leave in a nonrelevant section on my resume?
And is there a relevant position I can ask the BAML MD for that might be more relevant than cold calling?
Thanks!
applying to PWM won't hurt you, so you should definitely do it. If you can't get a SA offer doing investment banking (IB boutique > BB PWM IMO), having some finance experience is better than nothing at all.
i don't know what you mean by develop "cold calling skills" if you end up working in PWM, but you will hone some of your financial skills and gain exposure working with clients. while not as rigorous as investment banking, there is definitely some overlap with skills that can help position yourself for full-time positions.
best of luck.
From IB to Private Banking (Originally Posted: 05/10/2013)
Hey everyone,
I may have the opportunity to intern with JP Morgan's private bank during the next academic year. If my ultimate goal is to go into IB and I am currently completing an IB internship for the summer at a boutique, would a private banking internship help me out or would it hurt my chances for SA recruiting next year.
Thanks,
Basically if I cannot continue my IB internship in the Fall/Spring would a Private Banking Internship still look good for SA recruiting next year
I would view private banking as a last resort if you can't find a part-time IB internship. If you're ultimate goal is IB then you should stick with it. Or else you'll get asked why you strayed from IB since Private Banking is entirely different. More client relations than anything else. However if your ultimate objective for PB is the name, then it won't hurt. Just have an explanation as to why PB.
PB is a great careers - don't discredit it.
I don't think it will hurt you. If you decide you want to do IBD you could make something up such as"...the reason I interned part-time in PB is because I needed a job during the school year, not because I lost interest in IBD" There are plenty of ways you can spin it.
IBD to PWM? (Originally Posted: 08/18/2009)
I know it's rare, but is this possible? Do the skills one acquires in IBD help him/her succeed on the PWM side of things? And do PWM recruiters see IBD experience as a plus or no? Thanks for any insight.
Actually fairly common at the mid-senior level, I've met a lot of PWM people who either did stints in IBD or started there and moved to PWM for the lifestyle.
I can't really speak to the skillset or recruiter question too much, but depending where you're at for IBD it might be worth it to internally move to PWM that way. I would imagine most any other job would look at IBD experience favorably.
IB Analyst at no name > PWM at a brand? (Originally Posted: 02/18/2011)
What is an IB analyst stint at a no name firm better than in the world of finance?
Is it better than a brand name PWM or Investment Management role?
Q: What do you want to do long-term? A: Do what you want to do long-term.
Use search feature. Use common sense.
It all comes down to your answers to the questions rebelcross posed above. But I can tell you this; going from PWM --> IB is not an easy transistion. However, going from IB --> PWM is a much easier thing to do. Starting out in IB broadens your opportunity set, while PWM does not.
I'm just asking what the forum thinks it is better than. I didn't say anything about me, I'm polling the forum.
culture. what time i can get home to look for a better job. will i learn anything. will i make relevant connections. will i file documents 24/7 so that i cannot get home and do something meaningful. will it give me a better idea of where iwant to be
Do IBD. You can transition into PWM from IBD fairly easily. At the analyst level, PWM is pretty boring/worthless because you don't have a book. Most of the revenue generators in PWM came from other areas in finance.
What does the answer become when looking at IBD at a lesser firm vs. leveraged finance at GS (which is in capital markets where they don't do modeling)?
IB -> Private Banking (Originally Posted: 09/01/2011)
Hi,
Do you know if a move IB -> Private Banking / Wealth Management is possible after say 4/5 years in IB ?
What are the conditions / skills required ?
How does compensations in PB compare with IB ?
Cheers.
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